If 2023 is any form of information to what is going to play out on Beacon Hill this yr, it’s clear that politicians must buckle up for a possible monetary rollercoaster with no clear exit path.
From fragile state revenues to discovering a option to put together for a greater than $900 million invoice for shelters in Massachusetts, taxpayers, lawmakers, and lobbyists are doubtless gearing up for a 2024 stuffed with tough choices and straightforward solutions which can be few and much between.
Expect the opening salvos of the yr to give attention to fiscal 2025 as Gov. Maura Healey outlines and finally information her state price range proposal.
With tax collections this fiscal yr persevering with to come back in beneath expectations, many might be watching to see how Healey shapes her monetary plan, together with whether or not state spending will stay flat, develop, or shrink.
Alongside the principle price range, Healey has pledged to file early this yr a standalone spending invoice that makes an attempt to handle the emergency shelter system’s $224 million price range hole through the use of surplus revenues leftover from the pandemic.
Top Democrats within the Legislature haven’t but made clear whether or not they agree with the thought however Republicans have expressed hesitancy. Legislative conservatives is not going to have the identical leverage over the spending invoice this time round as they did with a controversial closeout price range within the fall.
A plan to handle the shelter system operating into the purple in 2024 comes as high housing and finance officers stated they anticipate Massachusetts to cough up an estimated $915 million in fiscal yr 2025 for emergency help shelter and associated providers.
How lawmakers and the Healey administration plan to cowl that tab stays up within the air however in Beacon Hill time, fiscal 2025 is lightyears away.
Fretting over the state’s monetary state of affairs will happen throughout a presidential election yr that might see former President Donald Trump and President Joe Biden on the high of the ticket.
That’s a matchup not many are excited for and one that might have ramifications for native races in Massachusetts.
The influence is likely to be felt probably the most in a Senate race for a South Shore and Cape Cod seat that the MassGOP views as significantly aggressive with the best candidate however Democrats suppose they’ll retain with a widely known native on the poll who drew an endorsement from Healey.
If the circumstances are proper, the matchup might be a blockbuster.
Source: www.bostonherald.com”