Maryland Gov. Wes Moore released his $63 billion budget plan for the state Friday, outlining education and transportation as priorities amid a large budget surplus while maintaining an ample Rainy Day Fund to be prepared for an economic downturn.
Moore, a Democrat, described his budget plan as being “bold without being reckless.”
“It prepares us to weather the downside risk in the larger economy, but it also makes long-needed investments to position us for long-term growth," Moore said at a news conference.
While Maryland, like other states, has had a large budget surplus with the help of enormous federal pandemic aid, officials say they are preparing to do without that kind of help with a potential economic downturn on the horizon.
The budget, which will now be taken up by the General Assembly, maintains a Rainy Day Fund of about $2.5 billion, or 10% of the state's general fund. In addition, it has a fund balance of $820 million on top of that.
“It serves as a strong hedge against revenue volatility and as dry powder for critical strategic investments particularly in the areas that the governor has begun to speak about," said Helene Grady, Moore's budget chief.
Moore highlighted a $500 million allocation to the state’s sweeping education reform law known as the Blueprint for Maryland’s Future, which is being phased in with costs rising in later years. The blueprint focuses on expanding early childhood education, increasing teachers’ salaries, and providing aid to help...
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