State Revenue Estimates Increase By More Than $212 Million

The Board of Revenue Estimates announced yesterday an increase in revenue projections for the current and upcoming fiscal year. This is in addition to the $295 million fund balance at the end of fiscal 2015.

As reported by the Baltimore Business Journal,

The board increased projected state collections by $212.2 million between the 2016 and 2017 fiscal years. That included $80.6 million more than originally projected for the current 2016 fiscal year, which started in July.

Although the increased projections indicate the State’s economy is improving, both Governor Hogan and Comptroller Franchot urged fiscal constraint.

…But Franchot urged restraint. The state’s economic indicators like growth in personal income, private sector wages and employment trail national levels, he said. He called the current recovery slow and tentative.

Hogan, a Republican in office since January, released a statement saying Monday’s numbers show Maryland’s business climate is improving along with some earnings and company job creation.

“While there’s no question that we are now headed in the right direction, we must continue to budget cautiously and keep spending under control,” said Hogan…

September Board of Revenue Estimates