Maryland analyst says revenues above projections

(AP) – A top Maryland budget analyst says the state’s revenues ended up being about $200 million above projections for the last fiscal year.

Warren Deschenaux, the Legislature’s chief budget analyst, gave an update on the state budget Friday at the Maryland Association of Counties summer conference in Ocean City, Maryland.
    
He says the state’s revenue boost largely came from income taxes on capital gains. While that’s good news for the state budget, he points out that state revenues from capital gains are hard to estimate. That means the state can’t count on seeing that kind of extra bump with regularity.
    
Deschenaux says the state will have about $146 million carry over into next year’s budget process. He says that will give Republican Gov. Larry Hogan a chance to reduce borrowing.