Analyst: Maryland faces between $925M and $1.1B budget hole

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Posted at 5:39 AM, May 15, 2020
and last updated 2020-05-15 05:39:14-04

A fiscal analyst for Maryland says the state faces a budget hole of between $925 million and $1.1 billion for the current fiscal year because of the impact of the coronavirus on the economy.

Board of Revenue Estimates analyst Andrew Schaufele gave board members an update on likely revenue estimates on Thursday.

He notes that it's a lot less than the worst-case scenario projected about a month ago of up to a $2.8 billion budget hit.

Maryland's fiscal year ends at the end of June. Comptroller Peter Franchot says the state's revenue projections will be revised more frequently than normal because of the evolving nature of the fiscal situation.