http://mlis.state.md.us/2010rs/misc/2010_IssuePapers.pdf
Page 14: The U.S. economy has been in recession since December 2007. This recession has
resulted in substantial reductions in Maryland’s projected general fund revenues. The
September 2009 revenue estimate projects $12.3 billion in general fund revenues, which
is $2.4 billion less than projected in September 2008. In response, $429 million was
withdrawn from agency fiscal 2010 general fund appropriations by the Board of Public
Works in July and August of 2009. Additional reductions are expected in
November 2009. The reductions were necessary in spite of federal stimulus funds, which
total $1.1 billion in fiscal 2010. A $2.0 billion cash deficit is projected in fiscal 2011, even
with $898 million in federal stimulus funds. The fiscal 2012 cash deficit increases to
$2.5 billion as federal stimulus funds end. This deficit is so large that revenue growth
alone will not address the general fund shortfall, thus a multi-year approach combining
spending and revenue actions and the use of reserves will be needed.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment