I attended at noon today a meeting of the Massachusetts Municipal Association’s Massachusetts Select Board Association (NB – MSA changed its name this year from “Selectmen”). Bleak news about the state budget and the financial aid we will get from the state next fiscal year starting July 1 – may be down 20% this coming year. The legislative delegation is coming to the Select Board meeting next Tuesday to personally share the bad news.
The only good news was at the end of this slide –
State Revenue and Budget Outlook
• Legislature has Announced that the Fiscal 2021 Budget Process is Delayed
• Administration & Legislative Budget Writers Held New Revenue
Hearing to Revisit Revenue Forecast, with $4B to $6B Shortfall Estimated
• State Budget Process Unclear (Joint Budget? Temporary Budgets?)
• GOOD NEWS … $3.5 Billion in the State Rainy Day Fund should Help to
Mitigate Fiscal 2020 Revenue Shortfalls (and Increased Expenditures)
• GOOD NEWS … Massachusetts Received $2.67 Billion from the Federal
CARES Act to Pay for Unexpected/Unbudgeted COVID-19 Expenses
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