'Support our small businesses': Maryland comptroller issues call amid new economic numbers

Dwight A. Weingarten, The Herald-Mail
·2 min read
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Maryland Comptroller Brooke Lierman called for supporting the state’s small businesses during a meeting of the Board of Revenue Estimates as the latest financial projections showed a slow in consumer spending.

“Decreased consumer spending especially hits Maryland’s small businesses, and those small businesses really operate on tight margins,” said Lierman, “I just strongly encourage you to support our small businesses.”

Maryland Treasurer Dereck Davis also drove home the importance of small businesses, calling them the “economic engine” of the state.

Maryland Comptroller Brooke Lierman, left, speaks during a Board of Revenue Estimates meeting at the Louis L. Goldstein Treasury Building in Annapolis on Dec. 14, 2023. Lierman and Maryland Treasurer Dereck Davis, right, spoke about the importance of small businesses.
Maryland Comptroller Brooke Lierman, left, speaks during a Board of Revenue Estimates meeting at the Louis L. Goldstein Treasury Building in Annapolis on Dec. 14, 2023. Lierman and Maryland Treasurer Dereck Davis, right, spoke about the importance of small businesses.

More: Small businesses the focus of senators’ trip to ‘America’s Coolest Small Town’

Executive Secretary of the Board of Revenue Estimates Robert Rehrmann cited “slower growth rates in taxable consumer spending” during the Dec. 14 meeting held at the Louis L. Goldstein Treasury Building in Annapolis.

“Notwithstanding that we did not see a broad-based decline in the economy that indicates a recession,” he said. Instead, Rehrmann pointed to “modest growth rates.”

‘We must exhibit fiscal responsibility and foresight’

The board showed $24.6 billion projected for fiscal year 2024 in general fund revenues, which is a 4.1% increase from the revenue received during fiscal year 2023. Maryland Gov. Wes Moore’s Secretary of Budget and Management Helene Grady noted $150 million added to that total from reserves, stating that “core structural revenue,” is up just 0.6% in fiscal year 2024.

At the beginning of the meeting, Lierman noted that the general fund represents about 40% of the state’s annual revenues, and includes the “big three taxes”—personal income, corporate income, and sales and use taxes. In a release sent after the meeting, she also noted a decline in the state’s lottery revenues.

The general fund is separate from the transportation trust fund, which pays for road improvements. Based off that budget, projected cuts were made by the Maryland Department of Transportation earlier this month.

More: Funds shifted by MD for roads that received federal Bipartisan Infrastructure Law cash

The Louis L. Goldstein Treasury Building in Annapolis, Maryland pictured on Dec. 14, 2023. The building is home to both the state treasurer and comptroller's offices.
The Louis L. Goldstein Treasury Building in Annapolis, Maryland pictured on Dec. 14, 2023. The building is home to both the state treasurer and comptroller's offices.

The Maryland General Assembly is scheduled to return on Jan. 10, 2024 for its 90-day legislative session and Moore is scheduled to release his budget plans the following week. Maryland’s treasurer, a former state delegate, expressed a tone of prudence before the new year.

“We must exhibit fiscal responsibility and foresight,” he said.

Dwight A. Weingarten is an investigative reporter, covering the Maryland State House and state issues. He can be reached at dweingarten@gannett.com or on Twitter at @DwightWeingart2.

This article originally appeared on Salisbury Daily Times: Latest update from revenue board shows Maryland's economic trend