MARYLAND MANUAL 245

SUPPLEMENTAL BUDGET
FISCAL YEAR 1954

Pursuant to the authority conferred on me by Article 3, Section 52
(Sub-sections 3 and 5), of the Constitution of Maryland, and in
accordance with the consent of the (State Senate)-(House of
Delegates), duly granted, I hereby submit a supplement in the form
of revised General Fund Revenue estimates for the fiscal year ending
June 30, 1953 and June 30, 1954 to the budget plan heretofore sub-
mitted by me on January 26, 1953.

I have been advised by the Board of Revenue Estimates after a
complete review of all previous revenue estimates and in full con-
sideration of all the statistics and data now available that the said
Board of Revenue Estimates has increased the State's anticipated
revenues for the fiscal years 1953 and 1954 by $5,282,000.00.

The Board of Revenue Estimates has also recommended to me tax
reduction measures to which these increased revenues can be applied.
In concurrence with the Board's recommendation I am recommending
to you a 15% reduction in individual income taxes payable for the
1952 year; and am further recommending that $1,151,600.00 be trans-
ferred into the Annuity Bond Account to provide for a two cent
reduction in the proposed real estate tax of 11.29 cents.

The application of the revisions in the General Fund Revenue
estimates and the recommended tax reductions will affect the pre-
viously estimated General Fund surplus as of June 30, 1954, as
follows:

Estimated General Fund Surplus as of	June 30, 1954,
as per Budget Book		$ 291,090.64
Add: Additional General Fund Revenues
as per revised estimates:
Fiscal Year, 1954	$3,657,000.00
Fiscal Year, 1954	1,625,000.00	5,282,000.00
Total		$5,573,090.64
Deduct :
Reserved for individual income tax
reduction	$4,127,000.00
Reserved for transfer to Annuity
Bond Fund Account	1,151,600.00	5,278,600.00
Revised Estimated General Fund Surplus
as of June 30, 1954		$294,490.64
	[THEODORE R.	McKELDIN,
		Governor."]