ANNAPOLIS, Md. — The Board of Revenue Estimates met today to write down revenue estimates for fiscal years 2014 and 2015 by $238 million. Comptroller Peter Franchot, as chairman of the Board, released the following statement.
“Today we are writing down our already cautious revenue projections by $238 million. These figures should provide emphatic confirmation of the obvious that this remains the slowest and most anemic economic recovery that most experts can remember. In fact, for far too many Maryland families and small businesses, this hasn’t felt like an economic recovery at all.
The same challenging conditions discussed in previous meetings of the Board remain firmly in place today. Wages and salaries are relatively stagnant; local, independent businesses are struggling to meet payroll, cover mandatory costs and turn a net profit; and working families have cut back their spending because they just don’t have the money.