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Maryland will see school construction, state employee raises with $2 billion surplus

September 15, 2022

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.

Article Source: Baltimore Sun

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