With federal largesse continuing to rain on the states, Maryland’s fiscal leaders upgraded their revenue estimates for the next two fiscal years on Thursday, and Gov. Larry Hogan (R) used the economic forecast to expand a scheduled pay increase for state employees. But the fiscal officials also cautioned that the U.S. economy has entered a new period of uncertainty and warned that state budget-writers must prepare for an economic slowdown. “Amidst all these good vibes and another quick uptick in revenues, let me be very clear: The party’s over,” said state Comptroller Peter Franchot (D) at a meeting of the Board of Revenue Estimates.
