The slowly improving economy could pump $1 billion in new revenue into the state system next fiscal year — but watchdogs warn the cash could be eaten up by debt, Medicaid and pension costs.
Growth is projected to be between 4.3 percent and 5.2 percent over what was expected, Department of Revenue Commissioner Amy Pitter told lawmakers. Other projections went as high as 7.9 percent.
The housing market and other improved economic fundamentals and investment decisions in response to federal tax law changes caused tax collections to improve "significantly" in fiscal year 2013 and the first five months of fiscal 2014, Pitter said.
The Massachusetts Taxpayers Foundation urged the governor to use the extra cash to stabilize the pension system and warned the economy could slow again next year and transportation costs could add up fast.
State House News Service contributed to this report.
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