Massachusetts Readies Reserves, If Needed

Piazza, Johanna
June 2003
Bond Buyer;6/11/2003, Vol. 344 Issue 31654, p2
Trade Publication
Governor of Massachusetts Mitt Romney filed a bill this week that would allow the state to tap its reserve funds for as much as $150 million in the fiscal year 2003 ending July 1, 2003 to avert a possible budget shortfall. Though for several months the administration has touted the fiscal 2003 budget as balanced, governor's aides are calling this a precautionary measure against typically large June swings in revenues. The state's rainy-day fund currently contains approximately $350 million. The House and Senate each passed $22.5 billion budgets for the coming fiscal year.


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