September 3rd, 2015 by WCBC Radio
Governor Larry Hogan today applauded the end-of-year budget closeout report showing that Maryland finished the fiscal year with $295 million in the estimated fund balance. $84 million of the total comes from state agency reversions, which is $54 million more than estimated. This is the state's largest over-attainment in reversions since FY 2003 and reflects more careful management of budgets in state government. Additionally, the state benefited from $214 million in higher-than-anticipated revenues, the largest contribution coming from the personal income tax.
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