Budget deficit may reach $370 million this year

BOSTON – Dealing a severe blow to legislative negotiators charged with reaching a state budget accord this month, the Baker administration disclosed Tuesday this year's state budget hole has grown larger and may reach $370 million, while estimates of revenues available for next year's budget might be off by as much as $750 million.
The administration filed an updated financial disclosure statement on Tuesday predicting for state investors that tax collections will finish the current budget year $320 million to $370 million below benchmarks, and expected tax revenues for fiscal 2017 are now likely to run $450 million to $750 million below the expectations that Baker and the House and Senate budget writers have been using all year.