January 20th, 2016 by WCBC Radio
Governor Larry Hogan today announced his Fiscal Year 2017 Budget, which is both fiscally responsible and balanced; it controls spending while fully funding all education formulas and all legislatively mandated spending.
The FY 2017 operating budget totals $17.1 billion, and includes a Rainy Day Fund balance of almost $1.1 billion and a cash balance of $449 million going into FY 2018. In 2015, the Hogan administration inherited $5.1 billion in accumulated structural deficits, including a $2.1 billion deficit in 2015 and 2016. Over the course of the last year, almost 90 percent of that inherited $5.1 billion deficit has been eliminated. The governor’s proposed budget continues to build on this progress and provides for sound fiscal management in future years.
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