Governor Deval Patrick's leadership in challenging economic times has set Massachusetts on a path towards a stronger, faster economic recovery and a better future.
Governor Deval Patrick's record of fiscal leadership in challenging economic times has set Massachusetts on a path towards an economic recovery that will be faster and stronger than other states. The difficult decisions he has made to keep the budget balanced while preserving core services and programs for residents most in need demonstrates his understanding of not only the importance of strong fiscal management but also the human impact of state budgeting. The following are highlights of the Patrick-Murray Administration's record of fiscal leadership.
Maintained a 'AA' bond rating with a stable outlook throughout the global economic recession, with rating agencies citing as the Commonwealth's top credit strength the Administration's proactive budget management during the worst recession since the Great Depression.
Worked collaboratively with the Legislature to sign into law four on-time balanced budgets.
Quickly and aggressively managed revenue losses resulting from the global economic recession. Proactively adjusted revenue estimates and took the difficult but necessary steps to keep the budget in balance.
Responding to the worst recession since the Great Depression, closed a cumulative budget gap of more than $12 billion, using a balanced approach of cuts, savings and reforms, federal stimulus funds, modest rainy day funds and additional revenues.
Reduced the state workforce by nearly 3,000 positions as of September 2010; required employees to pay more for their health insurance; implemented wage cuts through two rounds of furloughs; and suspended all merit pay increases.
Secured contributions from quasi-public agencies and unprecedented concessions from unions so that all in government contributed to closing budget gaps.
Limited average annual spending growth to just 0.6 percent, compared to much higher average annual growth in spending of 4.6% during the 16 years preceding the Patrick-Murray Administration.
First Governor to manage the Commonwealth's debt under a formal, transparent debt affordability policy, which has been positively reviewed by the rating agencies.
Signed into law an FY11 budget that included $372 million in cuts tied to enhanced federal aid because Congress failed to act before the start of the new fiscal year.
Has already reduced the state's reliance on one-time resources by 56 percent from its highest point in FY09 when the global recession began.
Proposed and signed into law a fiscally responsible budget reform that reduces the Commonwealth's reliance on volatile capital gains tax revenue and rebuilds our reserves.
Maintained a healthy balance in the state's Rainy Day Fund of $560 million at the end of FY10, resulting in the 5 th highest stabilization fund balance among states following the worst economic recession since the Great Depression.
First MA Governor to earn national honors for budget transparency-- one of fewer than a dozen states to earn the award.