Closing the $540 Mln Massachusetts Budget Gap (Gov. Patrick Press Release)

December 4, 2012 – Due to slowing economic growth and lower than anticipated tax revenue collections, Governor Deval Patrick today outlined a plan for closing an estimated $540 million gap in the Fiscal Year 2013 budget. The Patrick-Murray Administration revised the FY13 tax revenue estimate from $22.01 billion to $21.496 billion, a reduction of $515 million. Because $25 million of the tax revenue already collected this year is from tax settlements that are one-time in nature and already committed to certain one-time costs, the total shortfall in tax revenues available to support the budget is $540 million.

Link to Press Release: http://www.mass.gov/governor/pressoffice/fy13-budget.html

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