MD Will Have $195 Million Cushion This Year

September 21, 2011

Maryland’s revenues for the current budget year inched up by $195 million on better than expected income tax returns, Comptroller Peter Franchot announced this morning at the Board of Public Works.

Franchot warned that the figures mask soft sales tax returns, and urged caution spending the money. He also noted that the figures reflect revenues from the first half of the year, since then the economy has cooled. More details about the figures will be available later this afternoon.

Treasurer Nancy Kopp also released the first budget estimates for FY2013, saying the state is expecting 2.8 percent growth. “While it is very good to have growth, it is very slow growth,” Kopp said.

Despite the caution from public officials, the figures fill out a far sunnier picture of the state’s budget than in recent years. Earlier this month the first glimmer of good news came when Maryland budget writers announced a nearly $1 billion surplus at the end of FY2011.

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