MD will have $195 million cushion this year
Franchot warned that the figures mask soft sales tax returns, and urged caution spending the money. He also noted that the figures reflect revenues from the first half of the year, since then the economy has cooled. More details about the figures will be available later this afternoon.
Treasurer Nancy Kopp also released the first budget estimates for FY2013, saying the state is expecting 2.8 percent growth. "While it is very good to have growth, it is very slow growth," Kopp said.
Despite the caution from public officials, the figures fill out a far sunnier picture of the state's budget than in recent years. Earlier this month the first glimmer of good news came when Maryland budget writers announced a nearly $1 billion surplus at the end of FY2011.