December state tax revenue may
be $100 million less than forecast, prompting acting Governor Jane
Swift to make additional budget cuts before leaving office Jan. 2,
the Boston Herald reported, citing unnamed sources.
Swift is likely to cut $80 million from the budget next week
because of this month’s shortfall, the Herald said, citing sources
that were not identified. Taxes in October and November came in
$20 million more than state projections, the Herald said.
Swift cut $60.7 million from the budget earlier this month
that she said closed the state’s projected $297 million deficit
for this fiscal year, ending June 30. The budget deficit facing
Massachusetts and other states was brought on by a drop in tax
revenue because of the decline of the economy and stock losses.
Governor-elect Mitt Romney’s budget chief Eric Kriss has said
that the state’s budget shortfall could be as much as $500 million
for this fiscal year. Next year, Kriss said the state’s $23
billion budget could have a revenue deficit of more than $2
billion.
