The coronavirus pandemic could cause a $2.8 billion overall loss in Maryland’s general fund through June 30, the state government’s top economist warned on Friday.
“This is a direct impact of the stay-at-home order,” Andy Schaufele, director of Maryland’s Bureau of Revenue Estimates, said at a virtual news conference on Facebook Live with state Comptroller Peter Franchot on Friday.
That projected figure represents 15% of the state’s general fund, which includes revenue from income and sales taxes, he said.
“The impacts are amplified due to the general fund’s reliance on revenue sources that are directly impacted by the pandemic.”
The impact of the pandemic on the state’s fiscal health is magnified by its timing, Schaufele said.
“Never have we seen such a torrent of a negative economic hit with only three months before the end of the fiscal year.”
The projections indicate that in May, 44% of the state’s annual fund would be lost and in June, 50% of the revenues would be missing.
Click here to read the rest of the article written by Regina Holmes over at MD Reporter