Franchot Documents Continued Fiscal Woes
Comptroller Peter Franchot (D) this morning offered the latest evidence that Maryland's fiscal challenges are continuing: Revenue collections for June -- the final month of the state's 2009 fiscal year -- were down 12 percent from last June.
In a letter to Gov. Martin O'Malley (D) and legislative leaders, Franchot said he is not ready to issue a final figure for tax collections for the entire 2009 fiscal year but said it is clear that they will "fall substantially short of the official estimate."
Last week, Warren Deschenaux, the legislature's chief budget adviser, warned that the state could be facing a $700 million shortfall in the 2010 budget. That amounts to about 5 percent of the state's roughly $14 billion general fund.
The comments to this entry are closed.