In his latest budget message the Governor points to achievement of a "real, but fragile fiscal balance. " On the credit side of the ledger, he cites four balanced budgets, reduced reliance on one-time revenues, no new taxes, five tax cuts, no deficit borrowing, and a triple upgrade in bond rating. On the debit side are continued spending pressures, slow tax revenue growth and burdensome levels of debt.
But is the fiscal condition of the Commonwealth stable, albeit fragile? Or would a careful reading of the numbers transmit another message?
The purpose of this report is to measure the Commonwealth's financial health against a generally accepted list of performance indicators in order to render an independent judgment about the state's fiscal progress and condition.
Slavet, Joseph S. and Barresi, Joseph R., "Fiscal Smell Tests: A Mid-Term Reality Check of Massachusetts Finances" (1993). John M. McCormack Graduate School of Policy and Global Studies Publications. 12.