STATE REVENUES DOWN: Maryland’s economy isn’t doing nearly as well as state officials had hoped. Erin Cox of the Sun writes that Comptroller Peter Franchot announced Tuesday afternoon that revenue collection is down $250 million from the estimates used to build the budget last year. Wages did not rise as much as expected, nor did how much people spent. While employment increased, most of the new jobs were low paying ones, Franchot said.
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Revenue from state income-tax withholdings and sales tax rose 3.4% and 2.2%, respectively. Those modest gains were offset by an 8.5 percent increase in tax refunds, with the state sending out $905 million more than expected, Josh Hicks of the Post reports.
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The state finished the budget year ending June 30 with $16.2 billion in revenue, with $196.5 million headed to the unassigned general fund, according to figures released Tuesday afternoon by the Office of the Comptroller. Bryan Sears writes the story for the Daily Record.
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