Md.’s revenue falls short of estimates

Daily Record Staff//September 17, 2013//

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Maryland’s revenue intake in Fiscal Year 2013 fell short of expectations by $61.9 million, state Comptroller Peter Franchot told the Board of Revenue Estimates on Tuesday.

He blamed the shortfall on the slow economy, noting that many Marylanders “have less income to spend in an economy that’s primarily based on consumer spending.”

State tax withholding receipts fell short in FY 2013 by $171.3 million, and are being written down by $324.2 million in the current fiscal year, Franchot said in a statement.

He urged state officials to continue to exercise “tremendous caution and restraint” in view of the weak economy.

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