The Board of Revenue Estimates, composed of State Treasurer Nancy Kopp, Comptroller Peter Franchot, and Secretary of Budget and Management T. Eloise Foster, met last week to provide new revenue estimates for the current and upcoming fiscal years. As reported by MarylandReporter.com:
More economic uncertainty – brought on by potential cuts in federal spending, a lack of consumer confidence, and debt issues in Europe – led the Board of Revenue Estimates on Friday to reduce its projected revenues for fiscal year 2013 by $71 million to $14.4 billion in the general fund.
The $14.4 billion revenue projection is just 2.6% more than the board believes the state will collect during this fiscal year 2012.
Fiscal 2012 numbers are also taking a hit, with the total projection for the year’s revenues now $14 billion, falling $50 million from September’s figures. Corporate taxes are down $20 million from the estimate in September, leading the board to also reduce the corporate tax revenues for fiscal year 2013 by $32 million.