Massachusetts Senate Panel Proposes Budget

Piazza, Johanna
May 2003
Bond Buyer;5/22/2003, Vol. 344 Issue 31641, p3
Trade Publication
The state Senate Ways and Means Committee in Massachusetts has introduced a 22.5 billion dollar budget proposal for the fiscal year of 2004 on May 21, 2003 that avoids tax hikes and gambling as means of generating revenue and would instead achieve balance by raising various fees and closing a number of tax loopholes.Unlike the 22.5 billion dollar House budget introduced earlier in May 2003, the Senate version would drain the state's rainy-day account of 175 million dollar, leaving only 100 million dollar in reserves.In a press conference hours after the budget was released, Eric Kriss, the governor's secretary of administration and finance, praised the Senate proposal, calling it both balanced and straightforward as he expressed admiration for the Senate's proposal for reform.Under the proposed budget, local aid would also be deducted by 184 million, or 15 percent, from the original 2003 levels, but the proposal does ensure that no community will experience a deduction of more than 15.5 percent in school funding.


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