Maryland emerged from the last fiscal year with about $479 million in uncommitted surplus after benefiting from a record amount of interest income and stronger-than-expected revenue growth, the state comptroller said Friday.
The state ended the previous fiscal year with $555 million in uncommitted funds, which was a fraction of its multibillion-dollar surpluses from the prior two years.
The more recent amounts resemble years when the state wasn’t awash with the COVID-19 relief funding that bolstered personal and business incomes and expanded consumer spending, inflating the state’s budget surpluses to $2 billion in fiscal year 2022 and $2.5 billion in fiscal year 2021.
“I’m pleased that state revenues remain on a positive trajectory as we confront some challenges in our state’s economic performance,” Comptroller Brooke Lierman said in a statement. “We hope this data is helpful for budget planning and for our policymakers.”
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