Maryland Comptroller Peter Franchot released data today showing better than expected revenues for the most recent fiscal year, and a more favorable forecast for the coming year.
State revenues for the fiscal year that ended 8/31/11 exceeded the budgetted amount by more than $314 million. For the current year (FY12) the Comptroller is adjusting the revenue forecasts up by an additional $195 million above that anticipated in the state's budget. Combined, that provides the state with $509 million more in revenue than anticipated.
This is encouraging news that the economy is improving in Maryland,. This should significantly lessen the pressure on the state to cut education funding - or attempt to shift the responsibility for pension funding onto local counties. This is also an encouraging sign that Montgomery County's local revenues should be improving as well.
You can read the full text of the Comptroller's Report to the Governor and see the revised revenue estimates.
State revenues for the fiscal year that ended 8/31/11 exceeded the budgetted amount by more than $314 million. For the current year (FY12) the Comptroller is adjusting the revenue forecasts up by an additional $195 million above that anticipated in the state's budget. Combined, that provides the state with $509 million more in revenue than anticipated.
This is encouraging news that the economy is improving in Maryland,. This should significantly lessen the pressure on the state to cut education funding - or attempt to shift the responsibility for pension funding onto local counties. This is also an encouraging sign that Montgomery County's local revenues should be improving as well.
You can read the full text of the Comptroller's Report to the Governor and see the revised revenue estimates.
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