September 29th, 2022 by WCBC Radio
With a worrying eye towards the future, the Maryland Board of Revenue Estimates voted today to boost state revenue projections for Fiscal Year 2023 to $23.7 billion, an increase of $1.2 billion. The adjustment reflects continued economic growth stemming from federal stimulus aid, which has led to larger individual and corporate income tax receipts, as well as higher-than-expected sales tax collections.
Additionally, the Board, which consists of Comptroller Peter Franchot, Treasurer Dereck Davis and Budget Secretary David Brinkley, set the first official revenue forecast for Fiscal Year 2024 at $25.3 billion.
"The fact that Maryland's economy is still growing despite unforeseen factors over the past two years is a testament to the sound, long-term fiscal decisions made by this board, the Governor and the General Assembly," Franchot said, after the official revenue forecast was delivered by Bureau of Revenue Estimates Executive Secretary Robert Rehrmann.
But the Comptroller also warned that the past few years of rosy revenue estimates, driven by pandemic dollars, are likely done, with higher interest rates, rising inflation and a volatile political climate — both at home and abroad — all contributing to current and future economic troubles.
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