Maryland’s long-swollen balance sheets are even more flush with cash this year, as Comptroller Peter Franchot (D) on Wednesday reported a new $2 billion surplus.
Inflation and higher-than-expected incomes, particularly among the wealthy, caused the windfall, state economists said.
Some state workers will get an automatic pay raise and at least half the money will automatically go to savings, leaving roughly $1.1 billion unspoken for headed into a year of economic uncertainty.
Franchot, who leaves office in January after 16 years as state tax collector and after a failed bid for governor, urged policymakers not to spend it.
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