Haverhill Rep. Brian S. Dempsey, House Ways and Means Committee chairman.
Lawmakers, including Rep. Brian S. Dempsey of Haverhill, will monitor tax revenues as state revenues are reportedly falling $36 million behind estimates two months into the fiscal year.
Gov. Charlie Baker faces an Oct. 15 deadline to decide whether to make cuts in the $39 billion current year budget, which took effect July 1, after tax revenues in August were reportedly $42 million below the monthly projection, according to State House News Service. However, revenues since July have reportedly shown a 1.3 percent growth rate. Dempsey, House Ways and Means Committee chairman, is among those described as “not yet flipping the panic switch.”
“While it is early in the fiscal year, it is important that we continue to monitor revenue collections closely. I am confident that we will work with our partners in the Senate and the Baker-Polito administration to ensure fiscally responsible decision making,” Dempsey was quoted as telling State House News Service, through a statement.
As WHAV reported June 30, Haverhill, under the budget passed by the legislature, is to receive $9.5 million in unrestricted state aid—an increase of $390 thousand over last year—and $49.6 million in education funding—an increase of $3.1 million in additional money from the state. In addition to local aid, the budget again includes $2.4 million to offset the debt from the former city-owned Hale Hospital.
Also, this is what happens when you spend you do not yet have. The Mayor is great at doing this. Begging for money only to spend it before he has it. The day will come but sadly he will be ignored once again.
Nothing another bond issuance can’t fix.
They may be falling BELOW expectations but are HIGHER than last years numbers. So, WHERE has all the money gone ?