ANNAPOLIS, Md. (AP) -- Maryland officials have revised the state's revenues down by about $238 million.
The Maryland Board of Revenue Estimates released the revised numbers on Thursday.
Revenue projections are down $127 million for the current fiscal year. They have been revised downward by about $111 million for fiscal year 2015.
Comptroller Peter Franchot, the board chairman, says much of downward revision reflects poor economic and revenue performance in the fourth quarter of 2013, rather than the state's revenue outlook moving forward.
The board revised sales and use tax receipts down by nearly $48 million.
A top state budget analyst has scheduled a 4 p.m. briefing with a Senate budget committee Thursday to talk about the revision.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.