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Maryland maintains its accounts to conform with generally accepted accounting principles and also to comply
with the legally mandated budget. Financial control is generally exercised under the budgetary system.
GENERAL GOVERNMENTAL FUNCTIONS
Revenues of the general governmental functions (excluding capital projects) totaled $16,159,992,000 for the
fiscal year ended June 30, 2000. This represents an increase of 8.1% over revenues for the fiscal year 1999.
Income tax, the largest source of revenue, produced 32.3% of general governmental revenues compared to 32.4%
last year. The revenues from various sources and the changes from last year are shown in the following tabulation
(amounts expressed in thousands):
Increase(Decrease)
Over 1999 Actual
|
Revenue Source
|
Amount
|
Amount
|
Percent
|
|
Income taxes .................................................................
|
........ $ 5,223,740
|
$378,334
|
7.8%
|
|
Sales and use taxes .........................................................
|
........ 2,497,531
|
198,265
|
8.6
|
|
Motor vehicle taxes and fees .........................................
|
........ 1,570,433
|
62,535
|
4.1
|
|
Other taxes....................................................................
|
........ 1,366,807
|
162,900
|
13.5
|
|
Other licenses and fees. .................................................
|
........ 459,063
|
130,621
|
39.8
|
|
Charges for services ......................................................
|
........ 793,722
|
35,024
|
4.6
|
|
Interest and other investment income...........................
|
........ 177,980
|
20,895
|
13.3
|
|
Federal revenue .............................................................
|
........ 3,973,662
|
291,970
|
7.9
|
|
Other ............................................................................
|
........ 97,054
|
(67,868)
|
(41.2)
|
|
Total........................................................................
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........ $16,159,992
|
$1,212,676
|
8.1%
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General Government Revenues by Source
Source: Revenue Reports by General Accounting Division of Maryland State Comptrollers Office, June 30, 2000
Individual and corporate income tax totaled $4,804,399,000 and $419,341,000 respectively, representing an
increase of $360,462,000 and $17,872,000, compared to the prior year. The individual income taxes increased
8.1% due to continued increases in jobs, wages and capital gains while corporate income tax revenues increased
by 4.5% reflecting increases in productivity and strong gains in corporate profitability.
Sales and use taxes increased $198,265,000 or 8.6% over the previous year primarily due to the strong economy
and to an overall increase in sales of goods to the utility and construction industries.
Introductory Section
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