State revenues are declining, but not as rapidly… so, good news?

In an unavoidably confusing message, State Comptroller Peter Franchot announced the latest State revenue projections — expressing optimism that the modest write-down of $77 million marks a turn for the better for the Maryland economy and accompanying government revenues.

For the first time in more than two years, state budget officials reported that tax revenue had stopped falling significantly faster than expected and, in fact, would probably begin growing again by the end of the current budget year.

“I don’t want to jinx us,” said Comptroller Peter Franchot (D), “but I’m hoping the days of massive write-downs are behind us.”

The state’s latest forecast — $77 million less in tax revenue than projected — represents a loss about one-tenth the size of those in each of Maryland’s previous four quarterly reports, and it amounts to a fraction of the $3.2 billion in combined revenue write-downs since last December.

see Washington Post coverage

Michael Sanderson

Executive Director Maryland Association of Counties

This Post Has One Comment

  1. The full report is available on the Comptroller’s Web site.

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