Read more about the article Comptroller Lierman to Launch Online Constituent Engagement Tool
County News / Intergovernmental Relations / News You Can Use / Taxes and Revenues
Comptroller Lierman to Launch Online Constituent Engagement Tool

The Comptroller’s Office is launching a new online tool that allows the public – from residents and community leaders to members of the media and government officials – to sign up for regular agency updates. As Comptroller Brooke Lierman outlined in the Transition Report, released earlier this year, the Comptroller’s Office is prioritizing building active partnerships with local governments, community leaders, small businesses, and Maryland residents, ensuring the agency is accessible to everyone and increasing…

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October 11, 2023
Read more about the article Casino Revenue Down, Sports Wagering Revenue Ticks Up
Education / News You Can Use / Taxes and Revenues
Casino Revenue Down, Sports Wagering Revenue Ticks Up

Sports wagering contributes $3.2 million in tax revenue in September. Maryland’s 13 retail and 12 mobile sportsbooks generated $3,231,427 in contributions to the State, up from the $2.555,671 million for August 2023. Each sportsbook contributes 15 percent of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programs. The statewide handle (amounts players wagered, including free promotional wagers) in September totaled $442,450,666, with mobile handle accounting for 95.1 percent of…

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October 10, 2023
Read more about the article MD Cannabis Sales Exceed $90 Million in September
Cannabis / County News / MACo Events / News You Can Use / Taxes and Revenues
MD Cannabis Sales Exceed $90 Million in September

In September, collective adult-use and medical cannabis purchases reached $91 million, just short of the $91.7 million total for August — which was more than double the $42.7 million total for June, before the launch of adult-use retail sales, according to the Maryland Cannabis Administration (MCA). As previously reported on Conduit Street, as of July 1, adult-use cannabis is legal under Maryland law. Nearly all existing medical dispensaries (approximately 100 locations statewide) have converted their licenses…

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October 9, 2023
Read more about the article State Revenue Forecast Largely Unchanged: Inflation, Looming Shutdown Elevate Risk
County Budgets / County News / Feature / NACo and Federal Issues / State Budget and Fiscal Issues / Taxes and Revenues
State Revenue Forecast Largely Unchanged: Inflation, Looming Shutdown Elevate Risk

This week, the Board of Revenue Estimates adopted a revised estimate for fiscal 2024 – a  minor write-down of $14.1 million – and the first official estimate for fiscal 2025. The Board forecasts total general fund revenues of $24.566 billion in fiscal 2024, an increase of 3.8 percent over the prior year, and $25.081 billion in fiscal 2025, an increase of 2.1 percent over fiscal 2024. On an ongoing basis, taking out one-time distributions and…

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September 29, 2023
Read more about the article This Week: State to Unveil Latest Revenue Estimates
State Budget and Fiscal Issues / Taxes and Revenues
This Week: State to Unveil Latest Revenue Estimates

The Board of Revenue Estimates will meet Thursday afternoon to vote on the revised general fund revenue estimates for fiscal years 2024 and 2025. The forecasts for the current fiscal year and the one that begins in July 2024 will provide budget writers and policymakers with the latest revenue projections and economic trends. The three-member panel, which includes Comptroller Brooke Lierman, State Treasurer Dereck Davis, and Secretary of Budget and Management Helene Grady, is responsible…

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September 27, 2023
Read more about the article Moody’s: Government Shutdown Would Jeopardize US Credit Rating, Hurt Maryland Economy
County Budgets / Finance and Procurement / NACo and Federal Issues / News You Can Use / State Budget and Fiscal Issues / Taxes and Revenues
Moody’s: Government Shutdown Would Jeopardize US Credit Rating, Hurt Maryland Economy

As previously reported on Conduit Street, the US government is barreling toward yet another government shutdown as Congress struggles to reach a consensus on a series of appropriations bills that fund government operations before the start of the new fiscal year on October 1. Moody's, a leading credit agency, warns that a possible federal government shutdown this week could tarnish the country's credit rating and that the economic effects of a shutdown would be most…

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September 26, 2023
Read more about the article Maryland Closes Out Fiscal 2023 with $555M Surplus, But Budget Deficits Loom
County News / State Budget and Fiscal Issues / Taxes and Revenues
Maryland Closes Out Fiscal 2023 with $555M Surplus, But Budget Deficits Loom

Comptroller Brooke Lierman announced that the State of Maryland closed its books on fiscal 2023 with an unassigned general fund balance of $555 million. According to the Closeout Report, Maryland closes fiscal 2023 with a general fund balance of $2.584 billion. Of this amount, the General Assembly allocated $2.392 billion for fiscal 2024 operations. Previous estimates made in March by the Board of Revenue Estimates were within 2/10th of a percent of the Closeout Report.…

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September 18, 2023
Read more about the article Top US Health Officials Recommend Moving Cannabis to Lower-Risk Tier
Cannabis / Health and Human Services / NACo and Federal Issues / Taxes and Revenues
Top US Health Officials Recommend Moving Cannabis to Lower-Risk Tier

After completing an almost year-long evaluation of cannabis's current status as a Schedule 1 substance, the US Department of Health and Human Services recommended to the Drug Enforcement Administration that cannabis be moved from Schedule I to Schedule III. While the DEA has the final say on such a change, the HHS recommendation is significant. Reclassification is a step short of legalizing the drug entirely. Still, it would mark a critical shift away from cannabis's…

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September 6, 2023
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