Tag: Board of Revenue Estimates
Schaufele says he is ‘very very bullish’ about the state’s fiscal outlook over the next two years
The state’s fiscal outlook appears to be very bright over the next two years even as the COVID-19 pandemic continues to bring about considerable economic uncertainty, Bureau of Revenue Estimates Director Andrew Schaufele said Tuesday.
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Franchot: ‘We are still $600 million or $700 million less than what we should have been pre-pandemic’
MarylandReporter.com spoke with Comptroller Peter Franchot on Friday afternoon following a Board of Revenue Estimates meeting in which the board unanimously voted to slightly increase the state’s revenue projections for FY 2021 and FY 2022. The board previously met in September and is comprised of Franchot, Treasurer Nancy Kopp and Budget Secretary David Brinkley.
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Franchot: Second stimulus package is vital for Maryland’s economy
Despite better than expected revenue projections for Maryland’s budget, Comptroller Peter Franchot said he is still very concerned about the state’s economic future and that federal assistance is needed.
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Md.’s top economist: Projected general-fund revenue loss may not be as bad as was expected
State Comptroller Peter Franchot calls the projections by Andy Schaufele, director of Maryland’s Bureau of Revenue Estimates, an “economic nightmare.”
Read MoreScripted spending: Legislators propose deficit cut and 4% budget hike
In its annual scripted performance, the Spending Affordability Committee in Annapolis Thursday decided to just about eliminate the state’s structural deficit, but allow spending to rise about 4% next year, for an overall state budget of $37 billion in fiscal 2014. The Board of Revenue Estimates approved a slight uptick in revenues, but the big unknown is what will happen in Washington on the fiscal cliff.
Read MoreAlcohol industry blames flat sales in Md. on 9% tax
Representatives from the alcohol industry told the Maryland Board of Revenue Estimates Wednesday that the state’s year-old 9% sales tax on alcoholic beverages has produced stagnant growth in liquor sales in the past year, while growth in neighboring Virginia and Delaware was above the national average. Banking and real estate panelists also speaking at the board’s economic advisory forum said state and federal regulations will hinder potential private sector growth as the federal fiscal cliff approaches.
Read MoreMay tax hikes help drive slight Md. revenue growth, as fiscal cliff still looms
May tax hikes are helping drive a $181 million uptick in Maryland revenues forecast this fiscal year, the Board of Revenue Estimates determined Monday. But state financial officials are still concerned that Congress has not acted to keep the national budget from falling off a fiscal cliff in 2013, with expiring tax cuts and mandatory spending reductions sending the economy into a second recession.
Read MoreSlow growing economy reduces state revenue estimates
Because of lower-than-expected income tax revenues, the Board of Revenue Estimates lowered Maryland’s projected revenues for the coming year by $80 million, and Comptroller Peter Franchot warned against any policies that would impact individual taxpayers.
Read MoreNext year’s revenue estimates reduced slightly
More economic uncertainty – brought on by potential cuts in federal spending, a lack of consumer confidence, and debt issues in Europe – led the Board of Revenue Estimates on Friday to reduce its projected revenues for fiscal year 2013 by $71 million to $14.4 billion in the general fund.
Read MoreMd. businesses uneasy about economic growth
Comptroller Peter Franchot concluded “there is a sense of uneasiness about the economy” after three hours of testimony from Maryland business executives at a Board of Revenue Estimates meeting on Tuesday.
Read MoreMd. revenues up slightly, but fiscal boards cautious about slow growth
The state’s economy is growing extremely slowly, and two fiscal regulatory bodies recommended caution on Wednesday as the state goes forward.The estimates for the rest of fiscal year 2012 indicate that the state will take in $195 million more than initially anticipated, showing revenue growth of 4.2%.
Read MoreNFL strike could cost Maryland $40 million in state revenues
If negotiations between the NFL Players’ Association and team owners are unsuccessful in ending the current lockout, Maryland stands to miss out on as much as $42 million in revenues from the lost football season, according to a study done by Comptroller Peter Franchot and the Bureau of Revenue Estimates.
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