Citing $2.8 Billion Estimated Revenue Loss, Hogan Freezes State Budgets, Hiring
Budgets are frozen and new employees aren’t being hired, Gov. Lawrence J. Hogan Jr. (R) said Friday afternoon, moments after the state’s comptroller painted a grim picture of the Maryland’s financial future in light of dramatic revenue losses caused by the COVID-19 pandemic.
In the space of three months, state revenues are estimated to contract by about $2.8 billion, according to new estimates released Friday by Comptroller Peter V.R. Franchot (D) and the Bureau of Revenue Estimates.
Both income tax revenues and sales tax revenues are expected to fall by almost $1 billion before June 30, according to the new predictions. Other smaller pots of revenue, like lottery sales and court fees, have also contracted.
The losses since March and estimated through the end of June amount to about 15% of the state’s overall annual revenues.
Read more: https://www.marylandmatters.org/2020/04/11/citing-2-8-billion-estimated-revenue-loss-hogan-freezes-state-budgets-hiring/
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