Maryland Ends Year With A Surplus — As Much As $990 Million

Maryland officially closed out fiscal year 2011 with a $400 million surplus (fund balance), collecting $314 million more in the general fund than expected – but $92 million less than anticipated in corporate income and sales taxes, according to Comptroller Peter Franchot. But the Baltimore Sun is quoting a memo to Gov. Martin O’Malley from his budget secretary that says Maryland finished the fiscal year with $990 million in unspent funds, showing an end-of-year surplus that was about 50% higher than expected.

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