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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).
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