In light of Governor Moore’s foreshadowing of budget shortfalls last month, Comptroller Brooke Lierman announced Monday morning that the state will move into its next budget season with a $555 million surplus. Maryland’s closeout report for the 2023 fiscal year denotes a current general fund balance of $2.6 billion — $2.39 of which is already assigned to maintain state operations in 2024. Lierman said that in light of lagging revenue brought in from personal income and sales taxes, Moore “struck the right tone” in urging officials to be more frugal.
What’s next: The Board of Revenue Estimates will meet on Sept. 28 and is expected to provide guidance for many policymakers looking toward the budget process for the 2024 legislative session.
