Maryland residents are “hunkering down” and not spending because of worries about the economy, and that means there will be less revenues for the state next year, Comptroller Peter V. R. Franchot said.

The state collected more revenue than expected for the current fiscal year, but officials should not count on that again in the current economy, Franchot (D) said.

Maryland took in $195 million more than expected from the state income tax, Franchot said.

The Maryland Board of Revenue Estimates this week released updated revenue estimates for fiscal years 2012 and 2013, with the 2012 estimate of $14.105 billion $195 million higher than the March estimate. The fiscal 2013 estimate is $14.495 billion.

But with consumers and businesses continuing to hold back on spending because of economic worries, the state is now forecasting lower sales taxes and corporate income taxes from slower than projected growth in 2012 and 2013, Franchot said.

“According to recent surveys, more than 60 percent of Americans are concerned that they, or someone else in their household, will be losing their job in the next year,” Franchot said.

“Let me state the obvious: Those folks aren’t going to be heading out to buy new washing machines, deck furniture or hardwood floors anytime soon. They are hunkering down.”

Maryland’s unemployment in August was 7.3 percent, below the national level of 9.1 percent but an uptick from the previous month, Franchot said.

cford@gazette.net