Franchot: “Stunning” Revenue Shortfall Numbers
Maryland Comptroller Peter Franchot warned of “stunning” revenue figures yesterday, suggesting Maryland can expect a large budget shortfall.
According to the Baltimore Business Journal:
“We’re going to announce some figures that are going to be stunning,” Franchot told the audience Thursday at the Maryland SBA Small Business Week Awards Program at Martin’s West.
“The economy is very iffy,” Franchot added. “The reason is the consumers are so strung out with the costs rising.”
Franchot did not elaborate on the numbers when pressed by reporters but said his statement was based on his viewing of preliminary numbers on capital gains and estate tax receipts.
The Department of Legislative Services already noted in its assessment of the 2014 legislative session, that the next governor will inherit a $400 million structural deficit.
Will the revenue estimates Franchot’s office is set to announce mean an even widening gap between spending and revenue?
