State revenues for the coming fiscal year are expected to get a downward revision when the Board of Revenue Estimates meets later today.
The panel is expected to discuss the details of the changes, estimated to be less than $100 million for fiscal 2017.
The March announcement comes a day before the Senate Budget and Finance Committee is expected to finalize recommendations on the budget for the year beginning July 1. And while the amount is comparatively small in a $17 billion budget, some of the underlying economic indicators within the state could be something to watch.
Maryland was slow to slip into the recession that gripped the country for most of the eight years under former Gov. Martin O’Malley. And as the economy has started to turn, Maryland’s recover has been equally slow.
Previously, state officials have expressed their concerns regarding a sluggish local economy, continued higher than normal unemployment, wage stagnation and a reduction in high paying middle class jobs that have been replaced with lower paying positions .
Gov. Larry Hogan and Comptroller Peter V.R. Franchot have each called for fiscal discipline at various times over the last several months.
“While we have seen several strong quarters and an improving state economy, I’ve warned that the next recession, federal government shutdown, riot, weather-related event or other unforeseen event could plunge our state back into a fiscal crisis,” Gov. Larry Hogan said Tuesday during a news conference.