Maryland Fiscal 2010 Surplus to Reach $324 Million
(Washington Examiner) — Maryland is raking in millions of dollars more than expected in revenue for fiscal 2010, but taxpayers won’t see a cent from the surplus, stateofficials say. The state is estimating a minimum $170 million increase in the projected $153.8 million surplus for fiscal 2010, giving Maryland coffers an extra $324 million.
The extra money will help plug a nearly $400 million hole left by stalledfederal health care funding, which Gov. Martin O’Malley included in the fiscal 2011 budget that started July 1. The funding hit an impasse in Congress over concerns about the ballooning federal deficit.