September 25th, 2018 by WCBC Radio
The Board of Revenue Estimates voted today to write up the revenue projections for the State of Maryland for Fiscal Year 2019 by $325 million, representing a 4.1 percent increase over prior estimates. The Board also unveiled the first official estimates for fiscal year 2020, which is projected to be $18.7 billion, representing a 3.3 percent increase over fiscal year 2019 and a $407 million increase over the prior planning numbers. The actions are primarily influenced by changes in federal tax law as well as positive developments in the state's economy, such as low unemployment and wage growth. Comptroller Peter Franchot cautioned that while all of this is positive news for the state’s fiscal picture, now is not the time to stray from the fiscally conservative path that the state has been taking in recent years…
