Thursday, October 16, 2008

Mass. budget cuts shut funding for Lynn biotech incubator

By Mass High Tech Staff

A biotechnology incubator space in Lynn, part of the Massachusetts Biotech Research Institute, was originally proposed by Mass. Gov. Deval Patrick to receive no less than $60,000 in the coming fiscal year but has had its funding axed in just a minor slice of the $1 billion in cuts and spending controls the governor announced Wednesday.

The commonwealth carries a budget deficit of $1.4 billion on an overall $28.2 billion budget, prompting the governor’s fiscal action plan to be implemented. Gov. Patrick said about 1,000 state jobs would be cut.

Among the Massachusetts’ high-tech related entities affected by cuts and spending controls are the Massachusetts Technology Collaborative, which will see $187,500 in spending cuts; Massachusetts Office of Business Development, which will reduce $100,000 in payroll and administrative expenses; and State Laboratory and Communicable Disease Control Services, which will eliminate $530,000 in earmark spending.

Voluntary cuts at overall quasi-public agencies and independent authorities affected include MassDevelopment, with $4.5 million in cuts; Massachusetts Educational Finance Authority, with $2 million in cuts; and MassHousing, with $9.5 million in cuts.

The governor said the cuts will preserve financial aid to cities and towns.