How bad will the state budget get?
As if designed to illustrate Laura Smitherman’s front page story in the Baltimore Sun, the comptroller’s office today released March revenue figures that show the state continues to be on shaky financial footing.
While March income tax receipts were 2.2 percent higher than a year ago, the year-to-date growth is in the negative range – down 1.5 percent.
General fund sales tax collections fell 9.6 percent in March, and revenues from the lottery were down 2.6 percent, even though sales grew.
“Collections remain depressed relative to last year, consistent with current economic conditions and on par with expectations,” said Comptroller Peter Franchot. “I remain concerned, however, about the risks of a more rapid deterioration in revenues than currently expected.”