Maryland Ends 2021 Fiscal Year With $2.5 Billion Budget Surplus

BALTIMORE (WJZ) — Maryland volition person a caput commencement connected adjacent year’s spending acknowledgment to a $2.5 cardinal fund surplus.

The surplus, representing implicit 5% of the state’s $48 cardinal operating fund successful 2021, was driven by national stimulus aid, which boosted income for residents and businesses, Comptroller Peter Franchot said Wednesday.

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Besides national stimulus funding, the comptroller’s bureau credited the surplus to elevated income and income taxation collections.

But portion the $2.476 cardinal surplus gives Maryland a sizable cushion erstwhile it comes to the authorities budget, Franchot — a Democrat who is moving for politician — said it’s important to marque definite the backing is spent wisely and accounts for those successful request of the astir help.

“The state’s surplus is simply a once-in-a-generation accidental to put successful programs that assistance each Marylanders and assistance stabilize lodging and different captious expenses for our lower- and middle-income families,” said Franchot, who recommends mounting speech astir of the wealth successful reserves until the authorities tin find however it tin champion beryllium spent. “We indispensable present this wealth rapidly to those who request it astir and not into the hands of fraudsters.”

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Notably, Maryland was among a fig of states that tapped into reserve funds to capable fund holes past year, according to the Pew Charitable Trusts.

In underscoring the request for the authorities to cautiously see spending priorities, the comptroller pointed to what helium called a “tale of 2 Marylands.”

On 1 hand, helium said, astir of the colonisation is made up of residents and businesses who person not lone survived but thrived during the pandemic. On the other, helium said, galore families look homelessness owed to deficiency of timely nationalist assistance for the unemployed and resuming evictions.

It’s for that reason, Franchot said, officials should clasp disconnected connected allocating astir of the backing until they fig retired however to walk it successful a mode that volition payment struggling families and section businesses.

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“We should enactment astir of the surplus successful the state’s Rainy Day Fund and make a due operation for addressing these urgent needs that our existent systems are failing to bash effectively,” Franchot said.

Paul Gessler