Comptroller Franchot releases revenue numbers for FY 2011
Posted: 12:31 pm Thu, September 1, 2011
ANNAPOLIS — Comptroller Peter Franchot has released final Maryland revenue numbers for fiscal year 2011, which ended June 30.
Franchot said Thursday that the state’s general fund revenues totaled $13.5 billion.
While that was $314 million above the official state forecast, the comptroller says corporate income and sales and use tax revenues fell short of estimates by more than $92 million.
The comptroller, who is the state’s tax collector, says after final transfers, reversions and revenues were counted, the state closed the fiscal year with a fund balance of $400 million. But he is urging the state to put the balance in the state’s rainy day fund, due to the weakness of the nation’s economy and continued financial problems that the state is facing,
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