Thanks to an increase in revenue from Maryland’s state income taxes and the ongoing impact of federal stimulus aid, the state finished the 2022 fiscal year with a $2 billion revenue surplus.
Of that total, $370 million will be transferred to a Fiscal Responsibility Fund used for public school, community college and higher education construction. It includes $60 million for pay increases for some state employees. The state’s Rainy Day Fund will automatically receive another $500 million of the total for emergencies, Democratic State Comptroller Peter Franchot said.
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That leaves $1.1 billion to be used however the next gubernatorial administration chooses, Franchot said Wednesday in announcing the surplus for the year ended June 30 at a meeting of the state Board of Public Works in Annapolis. Republican Gov. Larry Hogan will leave office in January because of term limits.
Click here to read the rest of the article written by Hannah Gaskill over at The Baltimore Sun
