State revenue estimates are down $783 million over the next two years, biggest write-down since 2010  

Maryland tax revenues are expected to be down $365 million this fiscal year and another $418 million in fiscal 2018, a $783 million drop in what the state can spend, eating up all this year’s projected budget surplus. The estimate revision is the largest projected write-down since 2010, when the state was in the midst of recession recovery and the panel was off by 5%. “These are significant reductions in our estimates, and reflect the volatility that Maryland’s economy continues to experience,” Comptroller Peter Franchot said.