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Franchot releases FY 2020 revenue numbers

September 10th, 2020 by WCBC Radio

Maryland Comptroller Peter Franchot announced Wednesday the state general fund took in $18.6 billion during the 2020 fiscal year, slightly less than what was projected by the Board of Revenue Estimates. The total is 2.4% more than the previous fiscal year and 0.5% short of the projection issued in March. The state ended the fiscal year on June 30 with an unassigned balance of $585.8 million, or less than 1.2% of the total operating budget. The figures reflect strong revenues from wage growth even as average wages came in lower than expected due to job losses suffered due to the coronavirus. Sales tax revenue was down as consumers shifted spending to untaxed essential items like food and online sellers who don't collect sales tax. Franchot tells WCBC news he would suggest the money be earmarked to provide assistance for the many small businesses that have been devastated by the Coronavirus pandemic…

 



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