Gov. Hogan provides Maryland budget update
ANNAPOLIS, Md. – Governor Larry Hogan provided an update on Maryland’s budget in a Thursday afternoon press conference.
For the first time since Fiscal Year 1999, the State of Maryland is projecting a long-term balanced budget, including a $2.5 billion surplus, which is the biggest in state history. As a result of the state’s strong health and economic recovery, tax revenues are expected to be $1.6 billion higher than projected, and state agency reversions are $195 million more than expected.
Also for the first time since FY99, Maryland is projecting that we will take in more money than we are spending.
“Already some politicians see this as a chance to go on a big spending spree with pet projects, big payouts to special interests, and new mandated increases in spending. That is not going to happen on my watch,” said Hogan.
Governor Hogan also announced a 5-point plan for utilizing the state’s surplus, practicing fiscal discipline while prioritizing relief that advances the state’s recovery. The plan includes the following:
- Increase the Rainy Day Fund
- Major tax relief for retirees
- Direct tax relief for Marylanders
- More relief for underserved Marylanders
- Enhancements for state employees