Maryland lawmakers will have a little bit more cash to work with come budget season ― but not a whole lot more than previously projected.
The Bureau of Revenue Estimates on Wednesday voted to revise the state’s revenue projections for the current fiscal year up by 0.1%, or a $26.4 million increase to the $18.7 billion total. The board also voted to project an additional $115 million in revenues for the 2021 fiscal year, an increase of 0.6%.
The revision ― which sets the final figures on which Republican Gov. Lawrence J. Hogan’s 2021 budget proposal will bill based ―was driven by a slight uptick in the bureau’s outlook for wage growth and anticipated increases in tax revenue from capital gains, said Andrew M. Schaufele, director of the Bureau of Revenue Estimates.
Other changes to estimates include a decrease in expected state lottery revenue, as multi-state games haven’t generated big jackpots to drive ticket sales and state games are paying out higher-than-expected sums.
The new estimates also assume that the federal government will not shut down when a budget resolution expires on Dec. 20.
Click here to read the rest of the article written by Danielle E. Gaines over at Maryland Matters