- Associated Press - Wednesday, September 24, 2014

ANNAPOLIS, Md. (AP) - Maryland officials have revised the state’s revenue estimates downward by about $405 million for fiscal year 2015 and 2016.

The Maryland Board of Revenue Estimates made the revision Wednesday.

The state has about $177 million less than expected for the current fiscal year, which began in July. The state’s Board of Public Works cut about $83 million from the budget at the start of the fiscal year, an action helps keep Maryland’s budget in balance even after Thursday’s revision.

The revision reflects lower-than-expected income tax collections.

The estimates mean the state will have about $228 million less to work with than initially projected when the governor submits the next state budget in January, when the state’s general fund will be an estimated $16.4 billion.

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