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Maryland Revenues Higher Than Expected

ANNAPOLIS, Md. (AP) — Maryland has ended fiscal year 2012 with nearly $230 million more than expected.

Comptroller Peter Franchot on Thursday released the final numbers for the fiscal year that ended July 1. Franchot says general fund revenues were about $14.3 billion.

The extra $230 million is on top of about $200 million in fund balance that also is available for the upcoming budget cycle.

While revenues were higher than expected, the comptroller says revenue data reflects ongoing weakness in the state’s job market. He says the extra money should go into the state’s Rainy Day Fund.

Maryland is facing a budget deficit of roughly $500 million a year. While the extra money could help fill the budget gap, it would only be a one-time fix because the deficit is ongoing.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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