State's budget surplus revised by more than $200 million

June 06, 1999|BY A SUN STAFF WRITER

Maryland's budget situation is even rosier than previously reported, as revenues are expected to exceed forecasts by more than $200 million by the end of the month, a spokesman for Gov. Parris N. Glendening said yesterday.

Legislative analysts had said last week that the surplus would top $100 million, but Glendening spokesman Michael Morrill said that figure was too conservative.

Morrill said Glendening was likely to use much of the unexpected revenue on one-time needs such as building or renovating schools and working on the backlog of construction projects at state colleges.

The projected surplus of about $200 million is the latest piece of good fiscal news for the state in the past few years.

State analysts had forecast -- and budgeted during the recent General Assembly session -- $249 million in unexpected revenue.

The almost $450 million surplus represents a significant increase in the state's budget, which totals $17 billion for the fiscal year that begins July 1.

In addition to the $200 million surplus projected in Maryland's General Fund, the state's separate Transportation Trust Fund is bringing in an estimated $79 million in unexpected revenues, officials said.

The projection of additional transportation revenues is based on higher-than-expected payments of motor vehicle fuel taxes, title taxes and vehicle registration fees during the first three quarters of the fiscal year.

Pub Date: 6/06/99

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