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Franchot Releases FY 10 Closeout Numbers

The Bay Net,

Emphasizing the need for fiscal caution during these turbulent economic times, Comptroller Peter Franchot’s office today released the final closeout numbers for Fiscal Year 2010.  General fund revenues totaled nearly $12.6 billion in the fiscal year, which was $183.7 million above the official state forecast.  Reflecting the ongoing impact of the national recession, the state’s baseline revenue collections declined by 3.7%, the third worst performance in more than 40 years. 

After final transfers and revenues were counted, the State of Maryland closed the fiscal year with a fund balance of $344 million.  By law, this money will be returned to the state’s Revenue Stabilization Account (Rainy Day Fund). 


Posted by: Sammy on 09/01/10 at 03:19 PM

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