The Board of Board of Revenue Estimates on Thursday will hold a virtual nonvoting meeting to review updated projections on the impact of the COVID-19 pandemic on Maryland’s economy.

As previously reported on Conduit Street, the COVID-19 pandemic will likely have a devastating impact on state and local tax revenues.

Bureau of Revenue Estimates Director Andrew Schaufele will deliver an adjusted revenue forecast for FY 2020 and explain the economic indicators that are driving the prognosis. Comptroller Franchot, Treasurer Kopp, and Secretary Brinkley also will share their perspectives on the revamped outlook.

The Board typically meets three times a year — in March, September, and December — but the severe economic impacts brought on by the pandemic prompted this additional session to better understand the budget reductions that will be necessary to close the revenue shortfall.

The briefing will begin at 10:00 a.m. and can be viewed on the Comptroller of Maryland Facebook page (https://www.facebook.com/ComptrollerofMaryland).

Stay tuned to Conduit Street for more information.

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