For the first time in 2½ years, Maryland officials are forecasting state government revenues will grow slightly more than expected this year and next -- but Comptroller Peter Franchot is urging that this new revenue “be saved and not spent.”
Franchot, who heads the Board of Revenue Estimates, said it was “extremely important … that we do not confuse revenue stability with economic recovery.”
In its letter to Gov. Martin O’Malley, the board -- which includes the treasurer and the budget secretary -- predicted fiscal 2010 revenue would be up $88 million and will grow $484 million in fiscal 2012, about 3.6%.
The economic forecast is largely unchanged from what it was in March, and anticipates “a drawn out recovery,” but personal income is supposed to be “slightly stronger.”
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Yes Peter, it's an election year. How humble of a comment for someone who wants to get re-elected. Democrats tax and spend, there is not a saving bone in their body.
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