ANNAPOLIS, Md. (AP) — Maryland officials have revised state revenue projections down by $365 million for the current fiscal year.

The Board of Revenue Estimates on Wednesday also reduced projections for the next fiscal year by $418 million. The state’s budget for the current fiscal year is approximately $17 billion.

Comptroller Peter Franchot, a board member, says these are significant reductions that reflect continued volatility in Maryland’s economy.

They are largely due to reduced state revenue from individual income taxes and corporate income taxes.

David Brinkley, who is Gov. Larry Hogan’s budget chief and also is a board member, says Maryland’s economy is growing, but not as quickly as officials had projected. He says the new projections show the Republican governor has been prudent to be fiscally cautious when putting together the state’s budget.