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David R Brinkley

Maryland revenue projections drop by $269 million over two years; comptroller urges 'caution' in spending

Maryland revenue projections drop by $269 million over two years; comptroller urges 'caution' in spending

Maryland’s government will receive hundreds of millions less in revenue than officials previously expected, members of a state fiscal panel said Thursday.

The three-member Board of Revenue Estimates reported that the state now expects about $138 million less than anticipated for the fiscal year 2019 budget and about $269 million less over the next two years.

In response, Democratic Comptroller Peter Franchot, a member of the board, called on Maryland lawmakers to “exercise caution with respect to spending.”

In December, the board had estimated $18.070 billion in general fund revenues for fiscal year 2019 and $18.622 billion for fiscal year 2020.

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