Revenues Were Slightly Higher Than Expected In Fiscal 2010

Despite an overall decline in revenues, the state ended the budget year with a total General Fund balance of $344 million, $180 million more than projected in the spring.

“The good news is that we managed to outperform the catastrophic revenue projections that we were living under by more than $180 million,” Comptroller Peter Franchot said.

The state has a total General Fund balance of $344 million. Budget Secretary Eloise Foster said that the projections at the close of the General Assembly anticipated that the General Fund balance would have been $150 million at the end of the fiscal year, June 30.

But revenues are still dwindling. In 2010, Maryland collected 3.7% less than it did in 2009 – and $1.1 billion less than in 2008.

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