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Budget Chief Planning Based on $5 Billion Revenue Drop

Matt Murphy9/17/20 4:09 PM

Despite signs that the state's finances have not completely cratered during the pandemic, the Senate's top budget official said this week he anticipates tax collections in fiscal 2021 to be down $5 billion from last year, and said lawmakers will need to dip "deeply" into the state's $3.5 billion "rainy day" fund unless new federal aid arrives from Washington.

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