Analyst: Maryland faces between $925M and $1.1B budget hole

Popular News

Mayor Jake Day elected President of Maryland Municipal League

SALISBURY, Md. – The Maryland Municipal League announced on Thursday that Salisbury Mayor Jake Day...

Salisbury University announces new Center for Healthy Communities

SALISBURY, Md. – Salisbury University’s College of Health and Human Services is announcing its new...

Maryland instructs providers to order virus tests on request

ANNAPOLIS, Md. (AP) — Maryland's health department is instructing health care providers to order a...

Analyst: Maryland faces between $925M and $1.1B budget hole

Star InactiveStar InactiveStar InactiveStar InactiveStar Inactive
 

ANNAPOLIS, Md. (AP) — A fiscal analyst for Maryland says the state faces a budget hole of between $925 million and $1.1 billion for the current fiscal year because of the impact of the coronavirus on the economy.

Board of Revenue Estimates analyst Andrew Schaufele gave board members an update on likely revenue estimates on Thursday. He notes that it's a lot less than the worst-case scenario projected about a month ago of up to a $2.8 billion budget hit. Maryland's fiscal year ends at the end of June.

Comptroller Peter Franchot says the state's revenue projections will be revised more frequently than normal because of the evolving nature of the fiscal situation.

 

Source: AP - All contents © copyright 2020 Associated Press. All rights reserved.