Revenues Stay Steady, But Painful Budget Cuts Are On The Way

The final revenue prediction for the fiscal 2012 budget left the numbers largely unchanged. That’s a good thing, said Bureau of Revenue Estimates Director David Roose, because revenues are stable, but a bad thing because the economy is continuing its sluggish rebound from the recession.

The crawling revenue growth, board members said, will likely mean more hard times for the state’s budget. During the recession, revenues have been rather stagnant. And in fiscal year 2012, with most federal stimulus funds gone, the state will be struggling to make ends meet.

“We are towards the end of a very prolonged recession, but we’re not through it,” said Gov. Martin O’Malley.

“We’re on our last year or two.”

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