Maryland general fund revenues will come in roughly $300 million above initial projections for the 2011 fiscal year, according to a report from Comptroller Peter V.R. Franchot.
The overage can be attributed in part to a strong tax filing season, Franchot stated in a July 22 letter to Gov. Martin O’Malley and the presiding officers of the legislature.
The fiscal year, which concluded at the end of June, saw a $300 million overage in the estimated income taxes; however the corporate income tax is $40 million under predicted revenues and sales tax revenue is expected to come in $30 million under expected totals.
For fiscal 2011, Maryland has so far collected $12.669 billion in general fund revenue, an increase of 8.3% over the previous year, Franchot wrote. He added that roughly $700 million in fiscal 2011 general fund revenue remains to be collected.
“While these aggregate numbers offer cause for relief and even guarded optimism that economic recovery is on the horizon, this report also provides ample basis for continued caution,’ Francot wrote. “The lackluster pace of corporate income tax collections serve as a reminder that Maryland's employers continue to struggle with the effects of the economic crisis.”
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