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Maryland Reports $230M Tax Surplus

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The state of Maryland has ended the fiscal year 2012 with more money than expected, and that could have implications for next year's budget.

Comptroller Peter Franchot released the final numbers for the fiscal year that ended July 1, showing that the state took in $230 million more than expected. The extra money is on top of about $200 million in fund balance that also is available for the upcoming budget cycle.

While revenues were higher than expected, Franchot says revenue data reflects ongoing weakness in Maryland's job market. He says the extra money should go into the state's Rainy Day Fund. The state is facing a budget deficit of roughly $500 million a year. While the extra money could help fill that, it would only be a one-time fix, because the deficit is ongoing. 

To close the gap last time, lawmakers approved a series of fee increases and an income tax hike on the state's highest-earners.


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