The Board of Revenue Estimates, which includes Comptroller Brooke Lierman, Treasurer Dereck Davis, and Budget Secretary Helene Grady, met recently to review December revenue projections for the current and upcoming fiscal year. While projections show a slight revenue increase, the budget gap is expected to grow to approximately $6 billion by fiscal 2030. Maryland is [...]
Governor Moore released details yesterday of the Moore-Miller Administration's Fiscal Year 2025 proposed budget. The $63.1 billion plan follows a fiscally responsible framework to respond to the state’s budget challenges while making record investments in priorities that will make Maryland safer, more affordable, more competitive, and the state that serves. “This budget makes our values [...]
As operating budget deficits increase and the structural shortfall is projected to grow to $2.7 billion by fiscal year 2029, the Chairs of House and Senate budget and revenue committees look to new and increased revenue streams to make ends meet. As reported by the Daily Record, Senate Budget and Taxation Committee Chair Guy Guzzone [...]
At this week’s Spending Affordability Committee meeting, the Maryland Department of Legislative Services (DLS) said fiscal 2024 is projected to end with a fund balance of $528 million, with ongoing revenues exceeding ongoing spending by $125 million. A $413 million structural deficit is anticipated for fiscal 2025. Structural challenges continue for the remainder of the forecast [...]
The Report on the Fiscal 2023 State Operating Budget (SB 290) and the State Capital Budget (SB 291) and Related Recommendations, otherwise known as the “Joint Chairmen’s Report,” is now available on the General Assembly website. This report summarizes the final actions taken by the Senate Budget and Taxation Committee and the House Appropriations Committee [...]
Governor Hogan, joined by House Speaker Adrienne Jones and Senate President Bill Ferguson, signed an additional 140 bipartisan bills into law May 16, including the state’s historic capital budget, as well as measures to cap the cost of insulin, expand the state’s commitment to fight dementia and Alzheimer’s disease, and permanently allow paramedics and EMTs [...]
The Maryland General Assembly passed a $61 billion budget Friday that includes expansions of health care services, funding for public education, and tax cuts on baby products and other health care items, as well as for retirees in Maryland. Governor Hogan signed the tax cuts in a bill signing ceremony alongside President Ferguson, Speaker Jones, [...]
The Board of Revenue Estimates voted to increase the revenue projections for the current and upcoming fiscal years by $1.6 billion. The Board - comprised of Comptroller Peter Franchot, Treasurer Dereck Davis and State Budget Secretary David Brinkley - increased the state’s tax revenue projection for the current fiscal year to $22.5 billion, an $867 [...]
Governor Larry Hogan submitted a $480 million supplemental budget to the General Assembly for Fiscal Year 2023, including funding for first responders, economic development in rural counties, renters and homeowners, and restores Blueprint funding for Baltimore and Prince George's County school systems. From the Governor's press release: “With this supplemental budget, we are providing critical [...]
Governor Hogan released details yesterday of his Fiscal Year 2023 proposed budget. As described in the Governor’s press release, the surplus budget “strengthens the state’s Rainy-Day Fund to record levels, delivers major tax relief to retirees and working families, expands relief for vulnerable Marylanders, makes record investment in K-12 education and school construction, increases funding [...]
