News

Actions

Md. revenue estimates drop $51M

CORP-Digital-Default-Image-1280x720-WMAR.png
Posted at 8:30 AM, Mar 10, 2016
and last updated 2016-03-10 08:30:53-05
ANNAPOLIS, Md. (AP) -- Maryland revenue estimates have been revised down by $51.4 million for fiscal years 2016 and 2017. 
 
The state's Board of Revenue Estimates announced the revisions Wednesday. Officials say the less-than-expected revenue indicates consumers are still being cautious.
 
Comptroller Peter Franchot says the state continues to see "lackluster growth in wages and minimal growth in high-paying jobs." He says "very weak sales" during the holiday shopping season are part of the reason for the revenue drop off.
 
Hannah Marr, a spokeswoman for Gov. Larry Hogan, says the revision "perfectly illustrates why we must use extreme caution moving forward when making decisions on our funding priorities."
 
A Senate panel is expected to vote on Maryland's budget this week.