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Revenue Estimates

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By John W. Frece and Tom Bowman and John W. Frece and Tom Bowman,Staff Writers | January 23, 1993
State legislators are so suspicious of the revenue estimates the governor used to prepare next year's budget that they are considering ways to cut programs automatically if the money doesn't materialize.They say they are particularly worried that the new keno lottery game will yield less than the $100 million estimated by the administration."We've been given another phony budget with wildly inaccurate revenue estimates," Sen. Howard A. Denis, R-Montgomery, complained to his Senate colleagues yesterday.
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NEWS
By Timothy B. Wheeler and The Baltimore Sun | March 7, 2014
Maryland faces a revenue shortfall of $238 million over the next 15 months, state officials warned Thursday , necessitating tough choices in balancing the state's budget in the final weeks of the General Assembly . The Board of Revenue Estimates adjusted downward what it had projected in December the state would collect in fiscal 2014 and 2015 from taxes, gambling proceeds and other sources. Revenue for the remainder of this budget year was expected to be $127 million short, while the shortfall for the next year was projected to be $111 million.
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NEWS
December 22, 1996
MARYLAND'S Board of Revenue Estimates has sent a mixed message to Gov. Parris N. Glendening. The state's economy is slowly strengthening, the board concluded last week, but don't expect the pace to quicken. Look for "steady, but unspectacular" increases in jobs and in tax revenue from now through the year 2001.This state is inching ahead on the economic front at less than half the rate of high-growth years. New jobs are being added at about 1.4 percent a year -- a pittance compared with a decade ago. Tax revenues over the next two years will rise only about 3.3 percent.
NEWS
By Ben Cardin | February 19, 2013
If Congress fails to deal with the looming threat of sequestration, March 1 will be devastating for millions of Americans. That will be the day that automatic, across-the-board spending cuts begin to take effect - cutting $1.2 trillion from defense and nondefense programs over the next 10 years. Sequestration was scheduled to take effect Jan. 1, but the American Taxpayer Relief Act delayed it until March 1. Time is running out, and we must find a way to work together to reduce our deficit and avoid sequestration.
NEWS
December 18, 1997
HERE'S ONE problem Gov. Parris N. Glendening doesn't mind grappling with. After three lean years, in which the governor scrambled to hold down spending, Maryland's chief executive finds himself in Fat City. Now his problem is dealing with all the supplicants seeking some of the state's $260 million estimated surplus.lTC The Board of Revenue Estimates confirmed on Monday what economists had been proclaiming: Maryland is finally a full participant in the nation's economic surge. Stock market profits, solid job growth and tight labor markets contributed to a projected 6.2 percent growth rate in income-tax collections for the year ending next June 30. That's $204.
NEWS
By Andrew A. Green and Andrew A. Green,SUN REPORTER | December 14, 2007
Maryland's tax collections are coming in on target this year, according to newly released state figures, but Board of Revenue Estimates members cautioned that the economic picture remains uncertain. The latest estimates are in line with those that state lawmakers used as the basis for tax increases and recommended cuts in future spending they enacted during last month's special session, meaning that barring an economic slowdown or huge new spending programs, the state will not likely return to the days of projected deficits anytime soon.
NEWS
By Michael Dresser and Michael Dresser,SUN STAFF | September 20, 2001
In a further sign of a slowing local economy, state officials have lowered their revenue estimates for the current budget year by $40.2 million to reflect sluggish sales and corporate earnings in July and August. Comptroller William Donald Schaefer said he was taking the unusual step of releasing the Board of Revenue Estimates' September revisions because of what he called "the precarious economic situation and the tragic events of Sept. 11." In a letter to Gov. Parris N. Glendening, Schaefer urged him to be "prudent" in preparing next year's budget because of the likelihood that the terrorist attacks in New York and at the Pentagon would cause revenues to fall more.
NEWS
By Andrew A. Green and Andrew A. Green,sun reporter | March 10, 2007
Maryland's Board of Revenue Estimates said yesterday that tax collections will be about $50 million less than expected in the current fiscal year and the next, a further sign that softening in the economy will exacerbate the state's budget problems in the next few years. Some fiscal leaders in Annapolis had worried that the revenue drop-off would be much worse, forcing Gov. Martin O'Malley and the General Assembly to make immediate, deep reductions to the current budget and the one now being debated in the legislature.
NEWS
By David Nitkin and David Nitkin,SUN STAFF | March 11, 2004
Maryland's recovering economy will generate $31 million more than expected for the state to spend, state fiscal monitors said yesterday in releasing updated revenue estimates. The state Board of Revenue Estimates said that much of the new money comes from one-time sources, so policy-makers should be careful as they include it in the state's $23.8 billion budget for the fiscal year that begins July 1. Maryland is getting more money than it expected from the sale of abandoned property, estimators said, and the comptroller's office has received nearly $14 million from court cases involving corporations that set up shell holding companies in Delaware but who now owe Maryland taxes -- money that will be available for spending next year.
NEWS
By Thomas W. Waldron and Thomas W. Waldron,SUN STAFF | March 11, 1998
State revenues are pouring in at such a robust pace that Marylanders will likely enjoy a new round of tax cuts this year, key lawmakers said yesterday.Adopting a distinctly partisan tone on what could be the No. 1 pocketbook issue in this year's election, Gov. Parris N. Glendening and legislative leaders said they were working on a Democratic tax relief package to be enacted before the General Assembly adjourns April 13.While no consensus has emerged, lawmakers said a tax plan would likely accelerate the five-year, 10 percent income tax cut passed last year and include new tax relief for the working poor.
NEWS
Michael Dresser, The Baltimore Sun | December 19, 2011
The Capital Debt Affordability Committee, dominated by appointees of Gov. Martin O'Malley, raised the state's debt limit by $150 million Monday over the dissent of Comptroller Peter Franchot. The move increases the state's capacity to borrow money for such projects as roads and school construction from $925 million to $1.075 billion. The committee's action in effect borrows lending capacity from the future, saying the extra spending during the coming budget year should be repaid in 2017.
NEWS
By Annie Linskey, The Baltimore Sun | December 9, 2011
After a series of cheerful announcements about better-than-expected tax revenues, Maryland's Board of Revenue Estimates reversed that Friday, projecting that the state would take in $120 million less, mostly blaming weaker-than-expected sales tax figures. "It means [the General Assembly] needs to be very careful about spending and borrowing," said Comptroller Peter Franchot, who chairs the revenue panel. "I've been very consistent to say we are in a very fragile, feeble recovery. We owe it to be very honest about jobs and the housing market and not be constantly cheerleading.
NEWS
By Annie Linskey, The Baltimore Sun | September 16, 2010
A panel of the state's fiscal leaders said Thursday that the government will have more money than legislators expected when they approved the state's spending plan, reversing a nearly three-year trend of downward revisions because of plummeting tax revenues. The projected $89 million increase is not enough to rescind hundreds of millions of dollars in cuts made to programs during the 2010 legislative session. But leaders said that when it is combined with the $180 million in extra revenue reported last month from the fiscal year that ended in June, it indicates that the economy is improving.
NEWS
August 19, 2010
In his Commentary disparaging both Maryland's life-saving one dollar per pack tobacco tax increase enacted in 2008 and our proposed dime a drink alcohol tax increase ("Alcohol tax: Haven't we been here before?" Aug. 13), Mark Kilmer left out some very important facts. Most importantly, he omitted the fact that the tobacco tax increase resulted in 74 million fewer packs of cigarettes being sold in our state, which helped to give Maryland the sixth lowest smoking rate in the country. This saves tens of thousands of lives from preventable tobacco caused illness and death, and saves us all billions of dollars in health care costs.
NEWS
By Marta H. Mossburg | August 16, 2010
When you're stuck in construction traffic on Pratt Street throughout the next year, take comfort that your sacrifice will allow Indy race car drivers and promoters to earn millions next August when Baltimore hosts the Grand Prix. Gov. Martin O'Malley, Mayor Stephanie Rawlings-Blake and other officials claim the event will inject about $70 million into the local economy, but the numbers do not compute. The Baltimore Racing Development report from which the figure is taken assumes hotel rooms booked would not have been captured otherwise through other activities.
NEWS
March 14, 2010
W hen the current fiscal year ends in June, Maryland's tax collections will likely have dropped 5.2 percent from the previous year, the worst showing on record. Personal income in 2009 is expected to show the lowest growth rate since 1954; unemployment is at its highest level since 1983 and is expected to get worse; and solid economic growth is not expected until 2012 at the least. Believe it or not, that counts as good news, at least in a relative sense. The figures released Wednesday by the Board of Revenue Estimates are about the same as they were in the group's last report, in December, and that one was largely unchanged from September.
NEWS
February 25, 1991
The legislature did not meet yesterday, the 48th day of the 1991 session.Todayp.m.: Senate Budget and Taxation Committee considers budget of the Department of Personnel, Room 100, Senate Office Building.4:15 p.m.: Board of Revenue Estimates delivers updated revenue estimates for fiscal years 1991 and 1992, Governor's Reception Room, State House.5 p.m.: Senate Executive Nominations Committee considers nominations for District Court judges and other executive department positions, Room 300, Senate Office Building.
NEWS
By John W. Frece and John W. Frece,Annapolis Bureau of The Sun | January 24, 1991
ANNAPOLIS -- The General Assembly's chief budget adviser warned yesterday that the revenue estimates on which Gov. William Donald Schaefer is basing next year's state budget may now be too high by $75 million to $100 million or more.William S. Ratchford II, director of the Department of Fiscal Services, said the economic effect of war abroad combined with a deepeningrecession at home were not anticipated when the state's Board of Revenue Estimates delivered its official revenue projections in December.
NEWS
March 14, 2010
When the current fiscal year ends in June, Maryland's tax collections will likely have dropped 5.2 percent from the previous year, the worst showing on record. Personal income in 2009 is expected to show the lowest growth rate since 1954; unemployment is at its highest level since 1983 and is expected to get worse; and solid economic growth is not expected until 2012 at the least. Believe it or not, that counts as good news, at least in a relative sense. The figures released Wednesday by the Board of Revenue Estimates are about the same as they were in the group's last report, in December, and that one was largely unchanged from September.
NEWS
By Laura Smitherman and Laura Smitherman,laura.smitherman@baltsun.com | December 17, 2009
Even as the fiscal picture in Maryland brightens, Gov. Martin O'Malley called on the federal government Wednesday to provide more help to states that are laboring to keep their budgets balanced. The governor's plea came as state analysts announced that Maryland's revenue projections have fallen $77 million more for the current fiscal year and the next. While that means O'Malley will have less money for next year's budget, which he will present to the General Assembly in January, the decline was far less precipitous than previous Maryland revenue adjustments during the recession.
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