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Franchot: Optimism about state revenue projections may be premature

September 30th, 2020 by WCBC Radio

The Maryland Board of Revenue Estimates unanimously voted Tuesady to approve revenue projections of $18.7 billion for Fiscal Year 2021 and $19.7 billion for Fiscal Year 2022.  The FY 2021 forecast reflects a $1.4 billion increase (and a $2.1 billion increase for FY 2022) from unofficial estimates that the Board heard at a special nonvoting session in May to better understand the State's fiscal posture and review several revenue scenarios in the midst of the COVID-19 pandemic. Comptroller Peter Franchot tells WCBC News that while it may be tempting to view these numbers as indicators that the state’s economy has avoided a worst-case scenario and is on a path to recovery- that would be premature…