ANNAPOLIS, Md. (AP) - A Maryland board has revised the state's revenue estimates up by $212 million for fiscal years 2016 and 2017.
The Maryland Board of Revenue Estimates approved the estimates Monday. The estimates went up $80.6 million for fiscal year 2016, which began in July. Revenue estimates increased $131.6 million for fiscal year 2017.
The revisions come after Maryland ended fiscal year 2015 with a fund balance of $295 million.
Comptroller Peter Franchot, a Democrat who is one of the board members, says the upward revision provides reason for "restrained optimism." He cautions that Maryland continues to trail the nation in some key economic indicators.
Republican Gov. Larry Hogan says the state is headed in the right direction. He says the state must continue to budget cautiously and keep spending under control.
Delaware
NEW CASTLE, Del. (AP) - The panel that sets Delaware's official revenue projections has bumped up its estimates, but only slightly.
The Delaware Economic and Financial Advisory Council on Monday increased it revenue estimate for the current year by $11.4 million above its June estimate. The change is mostly due to personal income tax refunds being lower than previously expected.
Personal income taxes also played a role in the council's decision to increase its revenue estimate for next fiscal year by $29.8 million.
The meeting was the panel's first since lawmakers passed a $3.9 billion spending plan for the current year, which began July 1.
Although this year's budget is about 2.5 percent higher than last year's, lawmakers are bracing themselves for potentially painful decisions in the future, given troubling revenue projections for fiscal 2017.
