Maryland has almost $217M more than projected last year
ANNAPOLIS, Md. (AP) — Maryland’s state revenues are almost $217 million more than projected in the last fiscal year.
Comptroller Peter Franchot provided the new numbers Wednesday while also warning of some troubling economic indicators.
The stronger-than-expected revenue resulted from growth from capital gains. Last year’s U.S. Supreme Court decision allowing states to collect tax from online sales also helped by adding to sales and use tax collections.
The additional revenue means the state’s general fund balance is now about $351 million. That’s compared to the overall operating budget last year of $46.6 billion.
Still, Franchot says some indicators increase the possibility of economic contraction. He says unpredictable swings in trade policy, a ballooning federal deficit and an unprecedented 121 consecutive months of economic expansion suggest national economic volatility.
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