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Headlines
Needy States Use Housing Aid Cash to Plug Budgets
Only 27 states have devoted all their funds from the banks to housing programs, according to a report by Enterprise Community Partners, a national affordable housing group. So far about 15 states have said they will use all or most of the money for other purposes.
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Headlines : Massachusetts
Massachusetts Senate leaders unveil $32.2 billion state budget with record amount of education aid, measures to increase oversight of community colleges
The Senate budget represents a 3.7 percent increase from projected spending for this fiscal year.
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Headlines
Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Headlines
Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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Headlines
Local and state governments look for creative ways to fund transportation projects
Constrained budgets and deficit reduction efforts mean federal fewer dollars for infrastructure. As such, the burden is shifting more to state and local governments, which are being forced to find creative funding solutions.
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Budget timeline: Annual
Fiscal Year starts: July 1
Gov. Deval Patrick
Office of Governor Deval Patrick
State House
Room 360
Boston, MA 02133
Phone: (617) 725-4000
Fax: (617) 727-9725
Jay Gonzalez, Secretary
Fiscal Affairs Division
Room 272, State House
Boston, MA 02133
Phone (617) 727-2081
Fax (617) 727-2050
http://www.mass.gov/eoaf
2012 Legislative Calendar: Regular Session convenes January 4, meets throughout the year.
Rep. Antonio F. D. Cabral (D), Chair, House Committee on Bonding, Capital Expenditures, and State Assets, Antonio.Cabral@mahouse.gov 617-722-2017
Rep. Thomas A. Golden Jr. (D), Vice-Chair, House Committee on Bonding, Capital Expenditures, and State Assets, Thomas.Golden@mahouse.gov 617-722-2020
Sen. Brian A. Joyce (D), Chair, Senate Committee on Bonding, Capital Expenditures, and State Assets, Brian.A.Joyce@masenate.gov 617-722-1643
Sen. John F. Keenan (D), Vice-Chair, Senate Committee on Bonding, Capital Expenditures, and State Assets, John.Keenan@masenate.gov 617-722-1494
Rep. Brian S. Dempsey (D), Chair, House Committee on Ways and Means; House Chair, Joint Committee on Ways and Means, Brian.Dempsey@massmail.state.ma.us 617-722-2990
Rep. Stephen Kulik (D), Vice-Chair, House Committee on Ways and Means; House Vice-Chair, Joint Committee on Ways and Means, Stephen.Kulik@mahouse.gov 617-722-2380
Sen. Stephen M. Brewer (D), Chair, Senate Committee on Ways and Means; Senate Chair, Joint Committee on Ways, and Means, Stephen.Brewer@masenate.gov 617-722-1540
Sen. Steven A. Baddour (D), Vice-Chair, Senate Committee on Ways and Means; Senate Vice-Chair, Joint Committee on Ways and Means, Steven.Baddour@masenate.gov 617-722-1604
Rep. Jay R. Kaufman (D), House Chair, Joint Committee on Revenue, Jay.Kaufman@mahouse.gov 617-722-2320
Rep. Kevin Aguiar (D), House Vice-Chair, Joint Committee on Revenue, Kevin.Aguiar@mahouse.gov 617-722-2320
Sen. Gale D. Candaras (D), Senate Chair, Joint Committee on Revenue, Gale.Candaras@masenate.gov 617-722-1291
Sen. James E. Timilty (D), Senate Vice-Chair, Joint Committee on Revenue, James.Timilty@masenate.gov 617-722-1222
The current state budget can be found here.
Want a more robust, long-term look at your state's fiscal health, beyond the budget? There are two parts: Click here for the FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government, and click here for information on the state's pension liabilities.
Massachusetts is required to pass a "balanced budget." Article 63, Section 2 of the 1780 Constitution addresses the need for the governor to set forth all expenditures and all revenues and other means "by which such expenditures shall be defrayed." More importantly, Chapter 29, Section 6E of the State law requires the governor to submit, and the general assembly to pass, a general appropriations bill which constitutes a balanced budget. If a deficiency in revenue exists, Chapter 29, Section 9C requires the governor to reduce spending or propose ways to generate additional revenue. Massachusetts law does not forbid the carrying over of a deficit from one year to the next.
The State maintained four major funds for FY07: General Fund, Highway Fund, Lotteries Fund, and Massachusetts School Building Authority. For FY06 and FY05, the State maintained several additional major funds. Each year, the State's CAFR includes a single Budgetary Comparison Schedule with no specific title, simply named Budgeted Funds. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Solutions: Massachusetts
Out of the Shadows
In Massachusetts, quasi-public agencies perform vital government functions. They employ thousands of people and sometimes control billion- dollar budgets. Because they are not directly accountable to the legislature and exempt from many kinds of public oversight, these agencies should make their decisions and budgets especially open to public scrutiny.
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Census state pension survey 2007-1010
The U.S. Census collects key data from selected state and municipal pension funds every year. State Budget Solutions consolidated the data for the 222 largest state administered defined benefit pension funds from fiscal years 2007 through 2010 to present an overview of each state's pension funds. See how your state is doing.
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Latest studies show growing pension peril
Recent studies by the U.S. Census Bureau, GAO, Federal Reserve Bank of Cleveland and the Harvard Kennedy School detail the continued deterioration and chance of failure of public pension systems within the overall local and state government fiscal crisis. Read these studies and be aware of the extent of this pressing problem.
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"GASB Won't Let Me" - A False Objection to Public Pension Reform
Pension reform is a separate issue from amortization. These two issues have been conflated by those invoking the GASB proviso for closed DB plans, but this has only sown confusion. This is clearly demonstrated when the reform is structured with amortization payments on total payroll. In this way, the growth in the base for amortization payments is unaffected by the reform, so there is no policy reason for changing the schedule of these payments. The funding schedule for amortization is a red herring, irrelevant to the fundamental policy decision for pension reform. Amortization pays for past debts; pension reform lays a path toward a responsible future.
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OPINION
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
- View All Pensions
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OPINION: Pensions
Public pension 'best practices' omit 1 thing: How do we pay benefits?
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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OPINION: Pensions
COMMENTARY Municipal, state workers should take their pension money and run, fast
Public employees should take their pension money now and run to avoid risk of getting reduced benefits - or nothing - in the future. It's the best deal for them and for taxpayers. A growing chorus of credible voices including the Government Accountability Office, a Federal Reserve bank and now the Harvard Kennedy School Mossavar-Rahmani Center for Business and Government confirm state and local government finances are "spiraling out of control" and even draconian reforms only make it "more likely" that future benefits will paid in full.
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BLOG: Pensions
COMMENTARY: This plan could save municipal, state workers' pension checks
Hey, young public employees, what are you going to do when your pension checks bounce after you paid in for decades? That is what will happen in many - maybe all - states and municipalities sooner or later if they do not reform right now. If you want to see the future, just look at Illinois. One citizen there did, and came up with a real reform plan that might work.
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BLOG: Pensions, Federal Government Impact
COMMENTARY: Fed screams softly in warning about public pension crisis
This is what it sounds like when the Federal Reserve Bank screams: "Much has been written about the various headwinds restraining economic activity over the near term. However, our economy also has other headwinds to confront over the medium- to-longer-term. ... the finances of some state and local governments are also under stress and in need of serious adjustments." - Federal Reserve Bank of Cleveland President Sandra Pianalto
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BLOG
Weekly State Budget Update
This week's state budget update from Bob Williams, President of State Budget Solutions.
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