ANNAPOLIS, Md. - Maryland Gov. Wes Moore on Wednesday released a proposed $70.8 billion budget for fiscal year 2027, including nearly $900 million in targeted reductions and other cost‑saving measures.
According to Moore’s office, the plan includes no new taxes or fees and eliminates a projected $1.5 billion cash shortfall. The proposal also meets all major Spending Affordability Committee requirements, including maintaining an 8% balance in the Rainy Day Fund.
The administration says the budget reduces government operating expenses by $154 million between FY 2026 and FY 2027.
What they're saying:
"We will continue to work with our General Assembly partners to deliver a balanced budget that makes record investments in education, law enforcement, and energy programs," Moore said in a release. "Marylanders are counting on us to deliver results, and this budget marks the next chapter in building a safer, more affordable, and more competitive Maryland."
Maryland Republicans blasted the proposal, saying it relies on one-time "quick fixes" by shifting money around, rather than addressing structural issues causing Maryland’s budget to constantly face deficits.
The Source: Information in this article comes from the Office of Maryland Gov. Wes Moore and FOX 5 reporting.