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MD Governor's Budget Proposal, FY2012

MD Governor's Budget Proposal, FY2012

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Published by WAMU885news
Maryland Gov. Martin O'Malley unveiled his budget proposal for the 2012 fiscal year on Jan. 21, 2011.
Maryland Gov. Martin O'Malley unveiled his budget proposal for the 2012 fiscal year on Jan. 21, 2011.

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Published by: WAMU885news on Jan 21, 2011
Copyright:Attribution Non-commercial


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Governor Martin O’MalleyJanuary 21, 2011
Maintaining Fiscal Responsibility
Maryland remains 1 of only 8 states with a Triple A bondrating certified by all three rating agencies.
During the first term of the O’Malley-Brown Administration,the State adopted $5.6 billion of spending reductions andabolished almost 4,200 positions.
With the proposed FY12 budget, total spending reductionsrise to $6.6 billion and position abolishmentsexceed4,700.
Despite fiscal pressures, Maryland has preserved itsRainy Day Fund.
Maryland’s fiscal challenges are the result of the nationalrecession which dramatically reduced anticipatedrevenues.
Resolved an Inherited Structural DeficitDuring the 2007 Special Session
The inherited structural budget deficit approached$1.7 Billion
Special Session Actions
Reduced spending by $550 M in FY09
Increased General Fund revenues by more than$800M in FY09
Approved new recurring revenue source from VideoLottery Terminals (VLT’s)
Erased structural deficit by FY12
Projected FY12 Cash Surplus of $290M

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