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Federal stimulus package reflected in Maryland revenues

ANNAPOLIS — Maryland officials say federal stimulus money has made a big impact on the state’s economic outlook, even as the COVID-19 pandemic continues.

The Maryland Board of Revenue Estimates voted Tuesday for updated revenue projections.

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The updated revenue estimates project a 1.5% increase in fiscal year 2022 revenues. That’s nearly $300 million more from previous estimates for a total of about $20.1 billion.

Comptroller Peter Franchot, who is one of the board members, said while the report is good news for the state’s bottom line, it doesn’t represent the experience of many Maryland families who continue to face some of the toughest financial times of their lives.

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“This report may allow us to be more confident about Maryland’s overall fiscal picture for the next two years, but there is still much uncertainty in the future,” Franchot said. “The pandemic has taught us that months and even years of planning and projections can change in an instant.”

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