Local aid would be a last resort for state budget cuts according to state House Speaker DiMasi in this S-T article Still the speaker could not rule out the possibility. This is very bad news for cities and towns who are struggling with budgets. The cuts would be made to ...
...money which the state had given for this year's (FY09) budget. The cities and towns have already assigned the funds and would need to go back and make changes to budgets adopted this spring. In Dartmouth, the Town Meeting is the appropriating authority, so a special Town Meeting might be needed.
Wednesday, October 8, 2008
More talk of state budget cutbacks
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The state pension fund has lost $8billion this year alone. Don't worry though, if you are a member of this exclusive club, there is no need to worry. Your benefits are defined. All those cheapskate taxpayers who think you should take a pay freeze until the worst fiscal crisis since the Great Depression is over will pick up the tab. I wonder how much the Bristol County Retirement Fund lost this year. Last year the liability was around $3.5million. Even if employees paid an average of ten percent, which they didn't, that left a $2.5mil hit for the taxpayers. I'm afraid to ask what the numbers are looking like this year.
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