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Franchot Says State Still Mired In Economic Slump

September 5th, 2012 by WCBC Radio

Although Maryland ended fiscal year 2012 with nearly $230 million more than expected- Comptroller Peter Franchot says those numbers cannot mask the fact that the state is still mired in an economic slump.  Franchot reported last week that general fund revenues were about $14.3 billion- with the extra $230 million on top of about $200 million in fund balance that also is available for the upcoming budget cycle. Maryland is facing a budget deficit of roughly $500 million a year. While revenues were higher than expected, the comptroller says revenue data reflects ongoing weakness in the state's job market…

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