The Board of Revenue Estimates released its March revision today, and the result — a write-down of $66 million compared to previous estimates — is widely seen as a relief for the budget. Last year the March revenue adjustment, following extreme weakness in collections, resulted in more than $1 billion in write-downs in FY 2009 and 2010.
From the Baltimore Business Journal coverage:
The state has cut its estimate of tax revenue for the current fiscal year by $66 million, largely because personal income is expected to have fallen substantially in 2009.
But the downward slide may end soon. Maryland’s Board of Revenue Estimates held steady its revenue projections for fiscal year 2011, which begins July 1.