Maryland officials expressed cautious optimism about the state’s economic recovery on Tuesday after raising the revenue estimate for fiscal year 2022 by $298.6 million.
The Board of Revenue Estimates now projects revenue in fiscal 2022 will total $20.1 billion, representing a 1.5% increase from the prior forecast in December. Fiscal 2022 begins on July 1.
For the current fiscal year, the board lowered its projection slightly by $800,000 from its previous estimate in December to $18.8 billion. Both estimates include the impact of legislation already passed by the General Assembly this year, including a $1 billion relief package.
