As the state and its municipalities begin to formulate their budgets for the next fiscal year, it’s worth considering the major components of government funding.
Income tax is the largest contributor, representing 23 percent of state revenue. The sales tax, which represents 10 percent of the budget, is third largest single source, behind federal reimbursements.
When it comes to cities and towns, property taxes represent the largest single portion of the city of Worcester spending plan, roughly 46 percent of the $611 million fiscal 2017 budget.
However, revenue from those three taxes — income, sales and property — has been affected, and continues to be affected, by the rise of the nonprofit sector of the economy.
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