Md. Revenues Boosted, But COVID-19 Concerns Remain
Maryland revenue forecasters are projecting revenues of $18.7-billion for Fiscal Year 2021 and $19.7-billion for FY ’22.
The Maryland Board of Revenue Estimates Tuesday boosted last May’s unofficial estimates by $1.4-billion for Fiscal Year 2021.
Fiscal Year 2022’s revenues are up $2.1-billion.
Comptroller Peter Franchot says Maryland is still influenced by volatile nationwide and worldwide factors, although numbers seem to indicate the state has avoided the worst-case scenario economically.
A relatively stable labor market and federal efforts such as paycheck protection and weekly unemployment subsidies appear to be factors in Maryland’s improving budget numbers.
The current FY ’21 estimate is still a drop of more than $672-million dollars since the Board last had a formal vote on projections last March, before the effects of the pandemic were being felt.
“With this public health and fiscal crisis far from over, it is no time to declare victory,” Governor Larry Hogan said in a statement. “Though we are in a better position both economically and health-wise than much of the country, this is still the biggest fiscal challenge we have ever faced. We will continue to plan for the worst, press Congress to act on additional relief, and make the tough decisions necessary to balance our budget.”