September 15th, 2022 by WCBC Radio
Comptroller Peter Franchot on Wednesday announced that the state of Maryland has closed its books on Fiscal Year 2022 with a revenue surplus of $2 billion in its general fund. The comptroller said this is the second straight year that the state’s coffers have seen a massive unanticipated influx of revenues in the year-end report. Officially, the state closed Fiscal Year 2022 with a balance of $5.5 billion in the General Fund. Of this amount, the General Assembly allocated $3.5 billion for fiscal year 2023 operations. As mandated by statute, $870 million of the $2 billion fund balance was transferred to the Rainy Day Fund and the Fiscal Responsibility Fund, leaving a final balance of $1.121 billion in unassigned revenues. Moving forward, Franchot urged state lawmakers to proceed with caution…
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