Yesterday, the Board of Revenue Estimates released its latest figures for Fiscal Year 2014. The Board now projects General Fund and Budget Restoration Fund revenues of $15.4 billion. While this is less than the previous projection, revenues are still expected to rise 3 percent from FY 2013.
Looking closer, the revisions are quite different depending the source of the income. The personal income tax estimate has been revised upward by $114 million, but corporate income taxes are now projected to be $67 million lower. Sales and use tax, state lottery receipts, and a variety of other revenue sources are also projected to perform below previously anticipated levels.
The reason for these downward revisions continues to be the stubbornly lackluster economic recovery, and the fiscal uncertainty emanating from Congress. That's why Maryland must continue to take the initiative by raising the funds necessary to keep investing in what makes our state great (education, health care, innovation, a strong safety net), regardless of what happens at the federal level.
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