Annapolis, MD —Governor Larry Hogan today issued the following statement regarding the Comptroller of Maryland’s closeout report showing that the state ended Fiscal Year 2022 with a revenue surplus of $2 billion in its general fund:
“When our administration took office in 2015, we inherited a $5.1 billion structural budget deficit and an economy struggling under the weight of 43 consecutive tax hikes. Eight years later, as we leave office, the state will have a record $4.4 billion in total reserves.
“We achieved this incredible turnaround by putting the state on an unabashedly pro-growth path. Instead of raiding special funds and resorting to budgetary gimmicks, we made tough choices and added to our reserve funds year after year. Instead of more tax hikes, we have cut taxes, tolls, and fees by $4.7 billion while making historic investments in education, crime prevention, and the environment.
“We weathered a global pandemic and led one of the strongest recoveries in America. Today, thanks to the hard work and resilience of Marylanders, the state’s fiscal health is stronger than it has ever been.”