Massachusetts finishes the fiscal year $431 million short

“Massachusetts ended a tumultuous budget year in 2017 with a revenue gap of $431 million, squarely within the ballpark that Gov. Charlie Baker said would be reasonably manageable as his administration attempts to balance the books on last year’s budget.

The state collected $431 million less than it had anticipated in tax revenue last fiscal year, falling 1.7 percent below the yearly benchmark for the budget year that ended June 30, the Department of Revenue announced Friday.

The $25.625 billion collected in fiscal year 2017 was a 1.4 percent increase over total collections in fiscal year 2016, but the rate of growth was still considerably slower than the three percent growth that will be needed in fiscal 2018 to hit the mark of $26.422 billion in tax collections that House and Senate budget writers projected as necessary to support spending in the fiscal 2018 budget they adopted.”

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