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“Nationals October 2019

Maryland closes out fiscal year with a $502M surplus

| September 17, 2018, 01:46 PM

Peter V. R. Frachot, Comptroller (D)

Comptroller Peter Franchot  released the final closeout numbers for Fiscal Year 2018, which were heavily influenced by strong Capital Gains tax revenues as well as tax policy uncertainty and shifts in consumer finances. Revenues came in 2 percent, or $339 million, ahead of estimates to help the State of Maryland finish the fiscal year with an unassigned General Fund balance of $504 million.

“The good news is we’ve managed to outperform our modest estimates, but that doesn’t mean the state’s economy is out of the woods yet,” said Comptroller Franchot. “Consumers are still cautious about spending their discretionary dollars, and continued political volatility in Washington is likely to persist. I urge our state’s leaders to regard this year-end boost like an unexpected bonus to be saved for future use, not to be spent immediately.”

General fund revenues totaled $17.372 billion in the fiscal year, 2 percent or $339 million above estimates. Read the full Fiscal Year 2018 Closeout Report here.

Severn Bank

Category: Local News, NEWS

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