Thanks to an increase in revenue from Maryland’s state income taxes and the ongoing impact of federal stimulus aid, the state finished the 2022 fiscal year with a $2 billion revenue surplus. Of that total, $370 million will be transferred to a Fiscal Responsibility Fund used for public school, community college and higher education construction. It includes $60 million for pay increases for some state employees. The state’s Rainy Day Fund will automatically receive another $500 million of the total for emergencies, Democratic State Comptroller Peter Franchot said.
Maryland will see school construction, state employee raises with $2 billion surplus
September 15, 2022