BOSTON (AP) — Gov. Charlie Baker’s administration says it is “reviewing all options” after a disappointing April revenue report leaves an even deeper hole in the state’s budget.
The Department of Revenue said late Wednesday that tax collections in April missed forecasts by $241 million, falling nearly eight percent below expectations.
April is the biggest month for tax collections, accounting for about 12 percent of total annual revenues.
Ten months into the fiscal year ending June 30, the state is running $462 million below its benchmark for the year.
Revenue Commissioner Michael Heffernan said it’s unlikely Massachusetts will meet its revenue target for the fiscal year given the steep shortfall.
Secretary of Administration and Finance Kristen Lepore said in a statement the administration was carefully reviewing options for maintaining the state’s fiscal stability.
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