FOR IMMEDIATE RELEASE

Statement of Comptroller Franchot Regarding the Fiscal Year 2008 Closeout Figures

ANNAPOLIS, MD (August 28, 2008) - Comptroller Peter Franchot issues the following statement regarding the final closeout out numbers for Fiscal Year 2008:

"With the books now officially closed, it is clear that whatever happens in November, we will still have a significant budgetary shortfall. Some have estimated it to be as much as $1 billion.

My office is currently hard at work preparing next year's revenue estimates, but it is safe to say that in the current economic climate, we're in for more bad news.

Last year, we were told we had to pass the largest tax increase in State history to solve the deficit; yet here we are nearly one year later - and we still have a deficit. And now we're being told we need to amend our State constitution to legalize slot machine gambling casinos. Slots won't solve our fiscal problems; in fact, they will only make them worse.

We need to get serious about the financial mess we find ourselves in. Like hardworking families all across Maryland, we need to tighten our belt and take a comprehensive look at State spending. Whatever happens in November, we're in for tough fiscal sledding and we need to get about the business of offering us some long-term solutions."

Contact: Joe Shapiro, 410-260-7305, office, 443-871-2244, cell