On July 22, the Comptroller transmitted to Gov. Martin O'Malley and legislative leaders the revenues from June 2011 - the last month of the fiscal year. According to the letter, individual income tax revenues for the fiscal year that just ended are expected to be $300 million above estimates. On the other hand, corporate tax revenues are $40 million under the forecast, and sales tax revenues will finish at least $30 million below the estimate. Because of economic volatility, the Comptroller recommended that the governor and legislative leaders place the money in the state's rainy day fund. The revenue figures will be finalized in the closeout report for fiscal year 2011, which will be issued in late August.