A key fiscal panel revised its revenue estimates downward slightly for the current fiscal year, saying Thursday that it expects revenues to be less than one-tenth of a percent lower than the March forecast.
The three-member Board of Revenue Estimates said the revenue forecast would likely have been higher if not for federal tax changes made this summer in President Donald Trump’s so-called One Big Beautiful Bill.
Given the continued economic uncertainty related to that bill, and to a looming government shutdown and threatened layoffs of federal workers, panel members said the state has dodged a fiscal bullet so far.
The meeting Thursday also offered a first forecast of revenues for fiscal 2027. The initial estimate of about $27.1 billion — 1.7% higher than the current fiscal year projection — will be revised in December, in time for a legislative spending committee to make recommendations on state spending as lawmakers set the next budget.
“The forecast remains relatively unchanged, with a slight write down of $19.1 million, and I want to note that this actually feels like a big win for us,” said Comptroller Brooke Lierman, chair of the board, of the revisions to the fiscal 2026 revenue estimates.
Click here to read the rest of the article written by Bryan Sears over at Maryland Matters
