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State Budget Shortfall Grows to $1.2 Billion

December 17th, 2014 by WCBC Radio

A projected two-year budget shortfall in Maryland has grown to nearly $1.2 billion after a revised forecast from a state panel on tax collections and the state's sluggish economic growth. The Washington Post reported the Board of Revenue Estimates projected Monday that revenues are falling short of previous projections for this fiscal year and next year. The board said the state will collect $123 million less than previously projected this fiscal year, which ends in June. The board also projected revenue will be another $148 million lower than expected the following year.  Comptroller Peter Franchot urged departing Gov. Martin O'Malley to present options in early January to the Board of Public Works, a panel that has the power to make budget cuts when the legislature is not in session.

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