From Today's webinar for:
Massachusetts Selectmen Association/MA Municipal Councillors Association
State Revenue and Budget Outlook
• Some History May Provide Some Guidance: ◦ In the Great Recession, State Tax Revenues Dropped by 10%, and Unrestricted Aid was Cut by More than 25% ◦ Yet Education Aid (Chapter 70) was Not Cut as Deeply Due to Federal Stimulus Aid (ARRA)
• The Key Question is Whether the Federal Government will Provide New Stabilization Aid to Support Local Government ◦ The MMA is Working with National Organizations to Call for AT LEAST $250 Billion in Direct Aid to Cities and Towns During the Coming Recession & at Least the Same for States ◦ This would Provide MA Communities with Nearly $6 Billion for over 2 Years
• Without Federal Aid, the Budget Crisis will be Unnecessarily Painful ….
Now back to Geoff to moderate the Q&A part of our program