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Franchot Wants to See Funds Reach Broader Group

September 30th, 2021 by WCBC Radio

Comptroller Peter Franchot Wednesday announced that the State of Maryland closed its books on Fiscal Year 2021 with an unassigned balance of the State’s General Fund of $2.5 billion, which represents more than five percent of the state’s $48 billion operating budget for FY21. The massive fund balance is driven by much larger-than-expected revenue growth that is a direct reflection of federal stimulus funding, which significantly increased personal and business income and expanded consumer spending. Franchot tells WCBC News that even with this great financial news- there remains a tale of two Marylands. While some people have prospered in the past year- there are hundreds of thousands of residents facing dire economic circumstances. He said a part of this windfall should go toward fixing some of the problems that have kept many people and businesses from receiving benefits…