Maryland is well-equipped to survive a mild recession, fiscal analysts told state lawmakers Tuesday — thanks in part to all the federal largesse that has come the state’s way in recent years. The General Assembly’s Spending Affordability Committee and other fiscal panels held an online budget briefing Tuesday, digging into an array of statistics, revenue estimates and economic projections ahead of Spending Affordability’s annual meeting next month to set targeted spending levels for the upcoming fiscal year. Overall, the news was pretty good. David Romans, coordinator of fiscal and policy analysis at the Department of Legislative Services, conceded that while there were fears of the state taking huge financial hits during the early stages of the COVID-19 pandemic, federal aid has bolstered the state budget along with stronger than projected tax revenues.
Budget analyst: ‘Days of miracle and wonder’ have bolstered state’s fiscal standing
November 16, 2022