Today the Board of Revenue Estimates has adjusted its official forecast for state revenues, showing a $115 million reduction in expected yields from FY 13 and FY 14. Of that amount, nearly $77 million is attributable to expected declines in the current year.

See the online summary of the revised figures.

From a statement by Comptroller Peter Franchot:

For starters, the expiration of the payroll tax holiday has delivered quite a noticeable blow to workers’ paychecks and coupled with escalating gas prices that have reached $4 a gallon in parts of our state, the working families and small businesses struggling most through these precarious economic times continue to be disproportionately affected.

This revenue write down of $115.3 million assumes that despite Congress’ inability to reach a deal by the March 1 deadline, the draconian cuts associated with sequestration will ultimately be averted and replaced by smaller, alternative cuts that will spare Maryland from the potential economic disaster that would otherwise ensue.