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Treasury warns of medium‑term fiscal pressure; details on cash balances, IFO projections and bond refunding
Summary
Treasury testified the Commonwealth should expect cash balances to decline under current projections, cited Independent Fiscal Office (IFO) deficit forecasts and explained recent general obligation bond refunding actions and expected savings.
The State Treasurer told the Appropriations Committee Treasury expects a healthy cash balance this fiscal year but warned of a likely drawdown of reserves if current projections hold.
"We anticipate we'll end the year with $11,300,000,000 cash balance," Treasurer Garrity said, and she relayed Independent Fiscal Office projections showing a $3.5 billion budgetary deficit for the current fiscal year, widening to $6 billion the following year and $6.9 billion thereafter under those assumptions. Garrity said those projections imply the…
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