ANNAPOLIS, Md. (AP) — Maryland’s Board of Revenue Estimates has revised state revenue projections downward by about $80 million for the current fiscal year and $50 million for the next one.
The board released the new estimates Wednesday.
The revisions are largely due to lower-than-expected individual income tax collections, which are down about $101 million this fiscal year. Corporate income taxes, however, are up about $21 million.
Comptroller Peter Franchot, one of three board members, says the numbers show Maryland’s economy remains fragile. At best, he says only modest economic growth can be expected for the foreseeable future.
T. Eloise Foster, Gov. Martin O’Malley’s budget secretary and a board member, says the revision is relatively modest and manageable. She says the budget contains enough balance to absorb the reduction without affecting current state services.
(Copyright 2012 by The Associated Press. All Rights Reserved.)