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Md board approves cuts, budget transfers

January 7th, 2015 by WCBC Radio

A Maryland board has approved a plan to address about $410 million of a budget shortfall for the current fiscal year to better position the state to tackle a deficit in the next fiscal year.  The Board of Public Works voted 3-0 Wednesday for the plan. It includes about $206 million in cuts. Another $108 million will come from spending transfers. There also are some savings from early retirement offerings and cutting vacant positions. The cuts include a 2-percent reduction across state agencies. There are about $18 million in reductions to higher education.  There are no layoffs.  The adjustments were made to address a drop in revenue projections. Maryland faces a shortfall of about $1.2 billion this fiscal year and the next, which begins July 1.

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