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Six-state review

Author

Listed:
  • Lin Gong
  • Amanda Lydon
  • E. Matthew Quigley

Abstract

New England states are facing their worst fiscal crises in at least a decade. General revenues, especially those from the personal income tax, fell sharply in every New England state except New Hampshire in FY2002. All six states closed the fiscal year with deficits. Although preliminary reports suggest that FY2003 revenue collections in some states may be up from last year, deficits are still expected throughout the region. In response, all six states are cutting expenditures, drawing down reserve accounts, and/or raising taxes and fees.

Suggested Citation

  • Lin Gong & Amanda Lydon & E. Matthew Quigley, 2002. "Six-state review," Fiscal Facts, Federal Reserve Bank of Boston, issue Fall, pages 5-7.
    • Handle: RePEc:fip:fedbff:y:2002:i:fall:p:5-7:n:29
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    File URL: http://www.bostonfed.org/economic/neff/neff29/across.pdf
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