MTF Analysis of FY 2024 Tax Revenue Shortfall & 9C Cuts Press

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Massachusetts Governor Maura Healey and her budget team hit the reset button Monday, announcing emergency budget cuts following six straight months of lower-than-projected revenues.. 25 Investigative Reporter Kerry Kavanaugh first broke this story Sunday night.. The state is facing a nearly $1 billion revenue shortfall. As of December 2023, the revenues were $769 million less than the year-to.

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Updated 12:14 PM PDT, January 8, 2024. BOSTON (AP) — Massachusetts Gov. Maura Healey announced $375 million in budget cuts for the current fiscal year Monday as the administration seeks to close an expected $1 billion shortfall with monthly revenues coming in at a slower pace than expected. The biggest cut will be to MassHealth, the state's.

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The Governor enacted budget cuts of $375 million to the Fiscal Year 2024 budget, which ends at the end of June. Called "9C" cuts (a reference to the section of the law granting her this unilateral authority), the Governor's cuts were in response to lower than anticipated revenue collection so far in FY 2024.

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Spending Cuts, New Outlook Reshape Budget Landscape. Gov. Maura Healey and her budget team hit the reset button Monday, announcing a plan to cut $375 million from the current year's budget amid flagging tax collections, to downgrade the amount of tax revenue expected this budget year by $1 billion, and to build the next state spending plan on.

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COMMONWEALTH OF MASSACHUSETTS STATE HOUSE BOSTON, MA 02133 (617) 725-4000. Alongside our fiscal year 2024 budget, we are filing a package of tax cuts and reforms that will put money back into the pockets of families, renters, seniors, farmers, and commuters. It will create a new

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MTA statement on 9C cuts and tax cuts. January 9, 2024. Massachusetts Teachers Association President Max Page and Vice President Deb McCarthy issued the following statement about the spending cuts announced today. "Today, we are seeing the fall out: cuts in funding similar in size to the tax cuts given to the very wealthy - for education.

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FY24 9C Earmark Report. Sec. Dept. Acccount Earmark Description Location FY24 GAA FY24 9C Amount EED MMP 70081116 Massachusetts Women of Color Coalition, Inc. to build infrastructure and capacity and to expand program delivery Worcester $ 300,000 $ 150,000 EED MMP 70081116 South Middlesex Opportunity Council, Inc. for a transportation.

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The Governor has the authority (under Section 9C of Chapter 29 of the Massachusetts General Laws) to make spending reductions when there is a budget shortfall and there is no (supplemental) money to fund that shortfall. Learn more about Section 9C authority. Governor's FY24 9C filing letter . FY24 Adjusted Blueprint. FY24 9C Line Item Listing

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Earlier this week, the Healey administration announced a $1 billion tax revenue shortfall for FY 2024, downgrading the revenue benchmark from $40.41 billion to $39.41 billion. They also released a plan to solve the shortfall which includes approximately $375 million in net mid-year (9C) budget cuts. In total, 66 budget line-items were reduced by $545 million in gross spending.

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The cuts set to be announced by Healey are known as "9C cuts." The last time such cuts were made in Massachusetts was by former Gov. Charlie Baker in 2016, per Politico.

MTF Analysis of FY 2024 Tax Revenue Shortfall & 9C Cuts Press

The Governor has the authority to make such cuts under Section 9C of the Massachusetts constitution. When projections fall short of revenue, the Governor can make emergency cuts to balance the budget. As of December 2023, the revenues were $769 million less than the year-to-date benchmark. The Governor is targeting cuts that will total around.

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The Governor's 9C budget cuts eliminate the 10% cash assistance grant increases that we advocated for with the Lift Our Kids Coalition. Cash assistance grants in Massachusetts currently fall significantly below the federal poverty level, known as 'Deep Poverty," which is defined by a household income of $1,036 per month for a family of three.

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Embed. On Tuesday, December 6, Governor Charlie Baker, under his Section 9C authority, ordered $98 million in mid-year cuts from the $39.25 billion FY17 state budget. The administration has warned.

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Gov. Maura Healey is set to sign a bill to enact Massachusetts' first tax cuts in over two decades. Here's a look at what state lawmakers are hoping to tackle next, from child care to prescription.

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Section 9C of Chapter 29 of the Massachusetts General Laws requires that when projected revenue is less than projected spending, the Governor must act to ensure that the budget is brought into balance. The state's constitution requires a balanced budget. When the Legislature passes the budget at the beginning of the fiscal year, it must.