Gov. Wes Moore Reveals First Budget Proposal For Fiscal Year 2024

By WMAR2NEWS
Posted on 01/20/23 | News Source: WMAR2NEWS

On his second official day in office Governor Wes Moore revealed his administration's first budget proposal for Fiscal Year 2024.

If revenue projections hold up, Moore estimates a $2.3 billion general fund surplus at the close of Fiscal Year 2023.

That's more than $2 billion less than the current surplus left by former Governor Larry Hogan.

The Moore administration says that should be no surprise considering the state is preparing to no longer receive unprecedented amounts in federal stimulus and enhanced Medicaid funding. That on top of income taxes last year that generated $1 billion more than expected.

In his 2024 budget, Moore notes the potential for a future recession but commits to cutting the general fund surplus by more than half to $820 million while maintaining $2.5 million in Rainy Day Funds.

A good chunk of money ($500 million) from that surplus is being allocated to the Blueprint for Maryland’s Future, with another half-a-billion going towards various state transportation projects.

Overall $8.8 billion of the FY24 budget is being earmarked for K-12 education.

Nearly $15 billion of the proposed budget will be reserved for Maryland’s Medicaid program, which Moore says would give 1.6 million residents access to the program, including almost 150,000 children.