MARYLAND – 2019 Revenues Higher Than Expected, But Outlook Is Somber

Mixed economic indicators have Comptroller Peter V.R. Franchot (D) warning about future state budgets – even as he announced Wednesday that last year’s revenue came in slightly higher than anticipated once all the accounting was finished.

Revenue in fiscal year 2019 came in at $216.6 million above projections from the state’s Board of Revenue Estimates. The money remains a part of the state’s unassigned general fund balance.

The final figures reflect stronger-than-expected revenue growth from capital gains, as well as an increase in the state’s sales and use tax collections as a result of the U.S. Supreme Court 2018 decision in South Dakota v. Wayfair that allowed states to collect tax from online remote sellers.

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maryland matters
danielle e. gaines
august 28, 2019