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Franchot Foresees Economic Uncertainty Ahead, Despite Upbeat Revenue Projections

March 11th, 2021 by WCBC Radio

Maryland officials say federal stimulus money has made a big impact on the state’s economic outlook, even as the COVID-19 pandemic continues. The Maryland Board of Revenue Estimates voted this week for updated revenue projections. The updated revenue estimates project a 1.5% increase in fiscal year 2022 revenues. That’s nearly $300 million more from previous estimates for a total of about $20.1 billion. Comptroller Peter Franchot, during Wednesday’s Board of Public Works meeting, said while the report is good news for the state’s bottom line, it doesn’t represent the experience of many Maryland families who continue to face some of the toughest financial times of their lives. He says while the report may allow for more confidence about Maryland’s overall fiscal picture for the next two years, there is still a high level of uncertainty moving forward…