ANNAPOLIS, MD (AP) – Maryland officials have announced that estimated revenues have dropped by about $255 million in two fiscal years. The Board of Revenue Estimates cited slowing growth rates while also noting that the state was not experiencing a recession. The board revised the state’s general fund down by $120.3 million to $24.5 billion for the current fiscal year. Revenue projections for the next fiscal year, which begins July 1, were reduced by nearly $135 million to about $24.8 billion. The drop in estimated revenues comes as lawmakers have been working on Gov. Wes Moore’s proposed budget for the next fiscal year.
