Maryland announces tax revenue drop, no plans for cuts

September 25, 2014
Mariah Timms
News Writer
Maryland News

State tax revenue projections for 2014 and 2015 have been lowered by a total $405 million by Maryland officials Wednesday. Officials blame a slower-growing economy than expected, but did not announce immediate plans to cut the state’s $16 billion general fund budget. Some cuts are necessary, including more than $80 million that will come mostly from operating budgets of state agencies and the university system. Maryland also retains a “rainy day fund” of $800 million for emergencies that will not be affected by this news. Maryland is in a much better place than Virginia, for example, which announced a $2.4 billion shortfall in August.