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Headlines : Maryland
Governor O'Malley's Maryland state budget proposal
Maryland Gov. Martin O'Malley is proposing an array of tax, fee and rate increases totaling nearly $1 billion to balance the state's budget and increase spending on transportation and environmental projects.
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Headlines : Maryland
Governor O'Malley's budget raises taxes on Maryland's high-earners
Marylanders making six-figure salaries or more would pay higher income taxes to help cover the state's budget shortfall and rising teacher pension costs under a spending plan that Gov. Martin O'Malley is scheduled to release Wednesday.
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Headlines : Maryland
O'Malley springs sales-tax surprise on assembly
Gov. Martin O'Malley surprised Maryland lawmakers by suggesting an increase in the state sales tax, jump-starting the 2012 General Assembly on what was expected to be a largely ceremonial first day.
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Headlines : Maryland
State budget woes remain top priority as session nears
Public schools and Medicaid are the biggest budget appropriations in Maryland, but taking the large price-tag items off the table makes it harder for the legislature to find a half-billion dollars to cut from the budget
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Headlines : Maryland
Md. panel backs halving structural deficit
The Spending Affordability Committee decided this year not to specify that the deficit reduction be achieved through budget cuts alone, leaving the governor with flexibility to make up some of the deficit by increasing taxes or shifting responsibility for paying some bills to other sources.
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Gov. Martin O'Malley
Office of Governor Martin O'Malley
State House
100 State Circle
Annapolis, MD 21401
Phone: (410) 974-3901
Fax: (410) 974-3275
http://www.gov.state.md.us/
Eloise Foster
Secretary of Budget and Management
Department of Budget & Management
45 Calvert Street
Annapolis, MD 21401-1907
Phone (800) 705-3493
www.dbm.state.md.us
efoster@dbm.state.md.us
2012 Legislative Calendar: Regular Session convenes January 11, adjourns April 19.
Legislative Budget Leaders:
Rep. Norman H. Conway (D), Chair, House Appropriations Committee, norman.conway@house.state.md.us (410) 841-3407
Rep. James E. Proctor, Jr. (D), Vice-Chair, House Appropriations Committee, james.proctor@house.state.md.us (410) 841-3083
Rep. Sheila E. Hixson (D), Chair, House Ways & Means Committee, sheila.hixson.annapolis@house.state.md.us (410) 841-3469
Rep. Samuel I. Rosenburg (D), Vice-Chair, House Ways & Means Committee, samuel.rosenberg@house.state.md.us (410) 841-3297
Sen. Edward J. Kasemeyer (D), Chair, Senate Budget and Taxation Committee, edward.kasemeyer@senate.state.md.us (410) 841-3653
Sen. Nathaniel J. McFadden (D), Vice-Chair, Senate Budget and Taxation Committee, nathaniel.mcfadden@senate.state.md.us (410) 841-3165
Sen. Thomas M. Middleton (D), Chair, Senate Finance Committee, thomas.mclain.middleton@senate.state.md.us (410) 841-3616
Sen. John C. Astle (D), Vice-Chair, Senate Finance Committee, john.astle@senate.state.md.us (410) 841-3578
The current state budget can be found here.
Maryland is required to pass a "balanced budget." According Article III, Section 52 of the 1867 Constitution, in the budget the governor submits, the balance for total appropriations shall not exceed the balance of total revenues. Neither the governor nor the general assembly shall cause the total appropriations to exceed total revenues. Maryland law forbids the carrying over of a deficit from one year to the next. Even with these requirements, the State reported budget deficits (negative net transactions) on the CAFR's Budgetary Comparison Schedule for each of the years reviewed.
The State maintains five governmental funds: (major) the General Fund and the Department of Transportation-Special Revenue Fund, and (non-major, which are combined for reporting purposes) the debt service fund, the debt service fund for transportation revenue bonds and the capital projects fund. Maryland budgets on a cash basis. Funds that are budgeted include: the General, Special Revenue, and Federal funds. Most, but not all funds, are budgeted.
There are no statutory requirements that govern what kinds of assumptions can be made about revenue or expenses, and so the Maryland budget may be "unbalanced" in different ways in different years. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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Pensions :
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SOLUTIONS: Maryland
A Better Solution to Maryland’s Pension Problem?
Article saying Maryland should create a voluntary "buy back" program in which the state would pay cash to public workers who agree to forego some of their pension benefits. If structured correctly, and if many Maryland workers have preferences similar to their Prairie State counterparts, this program could significantly reduce state pension fund liabilities while giving workers the cash they want.
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HEADLINES: Maryland
Md. House debates budget blueprint
Democratic lawmakers, who control the House, portrayed the $14.6 billion spending plan as a fiscally prudent and socially responsible approach to closing an estimated $1.6 billion shortfall. Republicans characterized the proposal as not going far enough to address Maryland's budget mismatch between spending and revenue.
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State Debt :
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HEADLINES: Maryland
Maryland lawmakers discuss using state’s capital budget to spur jobs through infrastructure
House Speaker Michael Busch says the idea is to make larger investments in schools and roads sooner rather than later in order to increase jobs in the state, while also taking advantage of low interest rates and competitive labor costs. After that, lawmakers plan to slow the borrowing down.
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Solutions: Maryland
A Better Solution to Maryland’s Pension Problem?
Article saying Maryland should create a voluntary "buy back" program in which the state would pay cash to public workers who agree to forego some of their pension benefits. If structured correctly, and if many Maryland workers have preferences similar to their Prairie State counterparts, this program could significantly reduce state pension fund liabilities while giving workers the cash they want.
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Solutions: Maryland, Nevada, Oregon, Vermont, Washington, Alaska, Michigan
State Budget Solutions with Bob Williams
Video of Bob Williams addressing the underfunded state pension fund problem facing so many states. He states that the public cannot afford the benefits and suggests defined contribution programs as a solution.
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Maryland
A Better Solution to Maryland’s Pension Problem?
Article saying Maryland should create a voluntary "buy back" program in which the state would pay cash to public workers who agree to forego some of their pension benefits. If structured correctly, and if many Maryland workers have preferences similar to their Prairie State counterparts, this program could significantly reduce state pension fund liabilities while giving workers the cash they want.
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Maryland
Md. House debates budget blueprint
Democratic lawmakers, who control the House, portrayed the $14.6 billion spending plan as a fiscally prudent and socially responsible approach to closing an estimated $1.6 billion shortfall. Republicans characterized the proposal as not going far enough to address Maryland's budget mismatch between spending and revenue.
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OPINION : Maryland
O'Malley's pension plan makes sense. Does that mean it's doomed?
The state's huge unfunded pension liability cannot be addressed effectively without changes for current employees. But the changes being proposed are hardly draconian or unfair.
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Maryland
Hit and Run Politics: Baltimore City and Maryland State Pensions: A Short History
History of pensions in the state of Maryland and city of Baltimore detailing how pension plans ended up in a fiscal predicament.
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Maryland
Creative accounting at the state pension agency
The state's fiscal watchdogs this summer voted to "smooth" massive investment losses in 2009 at the state fund over 10 years instead of the usual five. Smoothing is a technique used by pension funds to account for market volatility. Major upticks or downturns are accounted for over five years to make it easier to budget for annual contributions.
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