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Franchot Calls for Fiscal Restraint Given Declined General Fund

August 31st, 2016 by WCBC Radio

Renewing his call for caution in a tepid economic recovery,  Maryland Comptroller Peter Franchot released the final closeout numbers for Fiscal Year 2016 Wednesday. General Fund revenues totaled $16.2 billion in the fiscal year, 1.5 percent or $250 million below estimate. The unassigned general fund balance is $196.5 million. The revenue data reflected sustained weakness in wage growth and taxable spending as well as significantly less revenue from collections with tax returns.  The net revenue from tax returns with checks and tax returns with refunds decreased 30 percent from fiscal year 2015.  The estimate had called for a decline of 1 percent.  The downturn likely is due to volatility in non-wage income, particularly capital gains. Comptroller Franchot is calling for fiscal restraint in light of the continued economic uncertainty…


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