Governor Wes Moore unveiled a $63.1 billion fiscal 2024 budget proposal he calls a bold reflection of his priorities — education, transportation, and public safety — while being fiscally responsible.
The proposed budget, which does not include a tax increase, maintains a Rainy Day Fund at the target level of 10 percent of General Fund revenue or $2.5 billion and, to account for economic uncertainties, a higher-than-normal budgeted General Fund balance of $820 million for fiscal 2024.
The spending plan reallocates $500 million to the Blueprint for Maryland’s Future. In addition, it sets aside $500 million of the budget surplus for new investments in strategic transportation projects across the state (to be determined later). It also proposes accelerating Maryland’s minimum wage to $15 per hour as of October 2023 and indexing the wage to inflation in future years.
The governor’s proposed budget provides $10.4 billion in aid to local governments — $885.2 million over fiscal 2023. The primary increases include $784.3 million for K-12 education, $57.2 million for transportation, and $41.0 million for community colleges.
The proposed budget includes $393.3 million provided through the Cade formula. This $38.2 million annual increase in funding reflects an 18.5 percent increase in State support per student at local community colleges. In addition, the governor’s proposed capital budget includes $78.5 million for community colleges.
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