The most recent 90-day legislative session swung Maryland’s fiscal picture from hundreds of millions in surplus to increasing projected deficits over the coming four years, according to the Department of Legislative Services.
Deficits projected in the report for 2028 exceed $1 billion and approach levels not seen since The Great Recession. The new projections pose a test to the ability of Gov. Wes Moore (D) to deliver on a number of priorities and promises.
Lawmakers said they were not surprised by the numbers but acknowledged challenges lie ahead.
“We’ve made some real commitments, and they are robust,” said House Appropriations Chair Ben Barnes (D-Anne Arundel and Prince George’s), noting new investments in education reform and transit. “…We need to fulfill these commitments and to do that we certainly are going to need to take a hard look at more revenues.”
In January, Moore and lawmakers came to Annapolis with a historic $5.5 billion budget reserve. Much of that was the result of discontinued federal pandemic spending.
When Moore introduced his budget in January, legislative analysts projected hundreds of millions in structural surpluses — $232 million and $263 million in fiscal years 2025 and 2026 respectively.
Following the 2023 session, analysts now say those surpluses have evaporated, according to a new report.
It is now projected that the fiscal 2025 budget will start with a $418 million deficit. That represents a $650 million decrease compared to the January estimate. In the next year, the deficit rises to $572 million. This marks a significant difference of $835 million compared to the January projection.
How much is Anthony Brown asking for his 5 new lawyers to resist the will of the American ppl?
Thanks to Larry Hogan for the budget surplus…
Thanks again for endorsing this Mooron who promptly wasted it!
Les Moore goes through big money at the same rate that Kamala does! That’s pretty fast! What the hell happened to the surplus that Hogan left him?
Sooner or later parasites devour the hosts.
When Moore introduced his budget in January, legislative analysts projected hundreds of millions in structural surpluses — $232 million and $263 million in fiscal years 2025 and 2026 respectively.
Following the 2023 session, analysts now say those surpluses have evaporated, according to a new report.
It is now projected that the fiscal 2025 budget will start with a $418 million deficit. That represents a $650 million decrease compared to the January estimate. In the next year, the deficit rises to $572 million. This marks a significant difference of $835 million compared to the January projection.
Okay, can somebody a lot smarter than me show me ( not tell me ) where the big difference lie ? Where did all of the surplus go ?