In a virtual meeting on Dec. 11, the Maryland Board of Revenue Estimates voted to increase the revenue projections for Fiscal Year 2021 by 0.3 percent to $18.8 billion – a $64 million increase from the September estimates.
Although the figures seem like a positive sign, state officials say they also reflect that Maryland’s lowest wage earners and small businesses continue to be highly impacted economically by the COVID-19 health crisis.
State Comptroller Peter Franchot suggests that some of the available state reserved funds be dedicated to low wage earners and small business owners who need it the most.
“We have hundreds of thousands of Marylanders who are unemployed and as of today are facing evictions, hunger, lack of medical care, and the end of relief payments through no fault of their own. In addition, tens of thousands of small businesses have permanently closed, and tens of thousands more are hanging on by a thread. I have identified $1.5 billion in state reserves that could be spent immediately to prevent evictions, feed the hungry, provide medical care, and also support small businesses,” said Comptroller Franchot.
“I join Governor Hogan, our Congressional Delegation, and leaders across our state in calling on Congress to pass a second stimulus before they adjourn for the year,” Franchot continued.
Click here to watch the entire Board of Revenue Estimates virtual meeting.
The Board of Revenue Estimates met today, presenting an uptick in state revenues. The write-up in revenues is due to higher-than-expected sales tax revenue, higher capital gains from a strong stock market this fall, the multi-billion-dollar federal stimulus program, /1 pic.twitter.com/AaLrgP0M4l
— Comptroller of Maryland (@MDComptroller) December 11, 2020
What we're watching. đŸ‘€These are probably some of the most closely watched revenue estimates in recent memory. https://t.co/UUhlmZCKXr
— Maryland Center on Economic Policy (@mdeconomy) December 11, 2020
