Maryland’s fiscal outlook has a few bright spots, but state officials warn there are some clouds on the horizon.

The Maryland Board of Revenue Estimates — which consists of the state comptroller, budget secretary and treasurer — reported that the state is taking in nearly $320 million more than expected in revenues for this fiscal year, but the state still faces steep budget challenges.

“The forecast today illustrates a modestly improved revenue outlook,” but she added that forecast comes “in a landscape where growth remains uneven across the economy and uncertainty abounds,” Maryland Comptroller Brooke Lierman said of the report.

Maryland Budget Secretary Jake Weissmann underscored the cautionary tone.

“Maryland’s economy continues to weather the instability at the federal level. At the same time, I also want to be clear that today’s news is not so good that it changes the difficult decisions that we have ahead,” he said.

Earlier this month, state agency heads were advised to come up with budget plans that anticipate reductions of three percent, with some agencies advised to make deeper reductions of up to 10%.

“We know that a significant budget shortfall lies ahead. And addressing it will take hard work and difficult choices in the next legislative session,” Weissmann said Thursday.

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