An article by MarylandReporter writer Megan Poinski, shares the good news that was discussed at the September 1 Board of Public Works meeting; the State has a Fiscal 2010 General Fund balance of $344 million. That’s over $180 million more than anticipated. However, revenues are still down.
In 2010, Maryland collected 3.7% less than it did in 2009 – and $1.1 billion less than in 2008. Revenues are still down for county governments as well. In the August income tax distribution to counties released by the comptroller this week, most counties received less money last month than in August 2009 based on projected tax collections.
By law, the fund balance goes into the State’s Rainy Day Fund.