Maryland Budget Shortfall Grows to $1.2 Billion - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Maryland Budget Shortfall Grows to $1.2 Billion

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ANNAPOLIS, Md. (AP)- A projected two-year budget shortfall in Maryland has grown to nearly $1.2 billion.

The Board of Revenue Estimates projected Monday that revenues are falling short of previous projections. The board projected revenue will be $123 million short this fiscal year, which ends in June. The board projects revenue will be $148 million lower than expected the following year.

The revised projections increase the expected budget gaps of $300 million this year and $600 million next year.

In a statement, Gov.-elect Larry Hogan says the latest numbers are "no surprise," but he says they growing deficit adds to the challenge he faces when taking office in January.

The latest shortfalls are blamed largely on federal spending cuts. Revenue projections have been lowered for personal income taxes.

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