The state of Maryland recently closed out the fiscal year with a $2 billion surplus. This produced all kinds of bipartisan self-congratulatory talk about fiscal discipline and good budgetary stewardship at the Sept. 14 Board of Public Works meeting with Republican Lt. Gov. Boyd Rutherford and Comptroller Peter Franchot, a Democrat, taking bows. Much of that money is already slated to go to what is known as the “Rainy Day Fund,” which is essentially a savings account for when state government faces unexpected expenses such as a natural disaster, an abrupt economic downtown or a serious drop in tax revenue.
Where is the concern for Maryland’s deficits?
September 16, 2022