MD Board Of Revenue Estimates Lowered Projections For 2017

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The Maryland Board of Revenue Estimates voted Wednesday to make some changes to projections the next two years. The vote was to reduce revenue projections for FY 2017 by over $35 million but raise them for 2018 by $2.3 million. This still means a total reduction of $33 million for the next two years. These choices come directly from President Trump’s civilian federal hiring freeze. Comptroller Peter Franchot said the freeze will have a direct impact on Maryland’s economy though lost wages and lower sales tax revenue, but “we must continue to make prudent decisions that keep our state’s fiscal house in order.”