Maryland Liquidation Proposal
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How to fill out Liquidation Proposal?
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FAQ
The Maryland General Assembly enacted a balanced budget for the state government on the constitutional target date of April 3. The budget totals $63.1 Billion. The total actually is $933 million under this year's amount. That reduction is mostly due to the large amount of Covid-related federal aid last year.
The surplus reflects pre-pandemic balances, Lierman's office said. In FY 2020 the state had a $585 million surplus, while in 2021 and 2022 the state had $2.5 billion and $2 billion surpluses, respectively, thanks to federal stimulus funding. Read the Closeout Report here.
Maryland uses an annual budget. The legislature must pass a balanced budget, but it can carry a deficit over into the following year. While the General Assembly recommends a spending limit to the governor, there are no enforced tax and expenditure limits.
General Fund (GF) revenues in Fiscal Year (FY) 2023 totaled $23.673 billion, a decrease of 1.5% over FY 2022, and -0.2%, or $39.2 million, below the estimate.
On April 24 Maryland Governor Wes Moore approved the state's fiscal 2024 budget, which provides approximately $63.1 billion in all funds appropriations, a decrease of roughly $932.8 million (1.5 percent) from adjusted fiscal 2023 appropriations.
Wes Moore is the 63rd Governor of the state of Maryland.
What is a Budget Surplus? Budget surplus occurs when government's tax revenue is more than government spending. In other words, in a budget surplus, a government has more money coming in than going out, which results in a positive balance at the end of a fiscal year.
Although Alaska's balance is high, revenue has been lower and the state has pulled back on spending compared with earlier in the decade. Other states with the largest accumulated surpluses since fiscal 2006 were North Dakota (123.4%), Wyoming (122.1%), Utah (110.5%), and Montana (108.9%).