A key state fiscal panel approved a sharp increase in state borrowing for the next year as fiscal leaders look for ways to offset a projected structural deficit while improving schools and aging buildings and infrastructure.
The recommended $500 million increase over anticipated levels comes as Gov. Wes Moore (D) and others express concerns about the state’s fiscal future. It also represents a potential reduction of cash once intended for capital projects.
State Budget Secretary Helene Grady said the additional borrowing would help offset projected structural deficits and limit drastic changes to the current capital spending plan.
The state’s Board of Revenue estimates decreased state revenue estimates in March and September.
Click here to read the rest of the article written by Bryan P. Sears over at Maryland Matters
