Several public school projects around Massachusetts have delayed construction amid the coronavirus pandemic, and the emergency’s full financial impact on the state agency that helps funds most of the work remains unclear.
Massachusetts School Building Authority officials said Wednesday that the organization will face some budget strain because of the widespread economic downturn, but MSBA Chief Financial Officer Laura Guadagno believes the agency is well-poised to weather the storm.
March tax revenue figures – which statewide were about $83 million above benchmarks – do not reflect the real impact of non-essential business closures and stay-at-home advisories. April revenues are tumbling, and they will likely remain low in the ensuing months as long as, or potentially even after, the crisis continues.
The Massachusetts Taxpayers Foundation estimated sales tax revenues will drop $1.5 billion due to closures in public life and loss of personal income as a result of widespread layoffs and furloughs.
For more information: BostonStateHouseNewsServiceBoston STate house news service
By: Chris Lisinski
April 15, 2020