Len Lazarick

Pension system gains $6 billion on investments, 20% rate of return

Thanks to an improving national economy and careful portfolio management, the State Retirement and Pension System blew past its estimates and gained $6 billion in fiscal 2011, a 20% rate of return. The performance was nearly three times the benchmark rate of return of 7.75%, set by the system’s board of trustees.

Free public wi-fi coming to State House in 2012; website redesign planned

The entire State House complex will provide free public wi-fi access starting with the 2012 legislative session. The Joint Advisory Committee on Legislative Data Systems unanimously approved a measure on Wednesday to allow the public to access the Internet for free from all meeting rooms and office areas throughout the complex. The committee also supported a recommendation to redesign the General Assembly website which has changed little in the last decade.

Franchot urges cabinet secretaries to abandon $1.5B State Center project

Questioning the practicality of “undertaking a commercial real estate venture of this magnitude in the midst of the worst economic climate since the Great Depression,” Comptroller Peter Franchot has joined the chorus of voices objecting to the $1.5 billion State Center project in midtown Baltimore.
Franchot wrote a letter to General Services Secretary Alvin Collins and Transportation Secretary Beverley Swaim-Staley saying he’s concerned about the economic impact – both on the government’s coffers and on taxpayers – of moving forward with the project right now.

Bongino challenge of Sen. Cardin looks crazy, but he has a compelling story

Dan Bongino concedes that his campaign as a conservative Republican to unseat Democratic Sen. Ben Cardin next year looks pretty crazy.

He gave up a 12-year career in the Secret Service, where he had led the protection details for Presidents Barack Obama and George W. Bush, forgoing his government pension. He’s got seven months of savings set aside, his wife is pregnant with their second child and, of course, he’s never run for public office.

Municipal, county governments do more cooperating than arguing

The Maryland Municipal League representing 157 municipal government is marking its 75th anniversary. “Cities and towns provide basic grassroots meat and potatoes services,” said Scott Hancock, executive director of the Maryland Municipal League. But counties provide those services — like water and sewer, emergency responders, trash and recycling pickup, and parks and recreation — too. Their overlapping duties require a lot of give-and-take.

State Roundup, July 15, 2011

State retains AAA bond rating; O’Malley chides GOP governors for silence on debt ceiling talks; Edwards breaking through as voice of Democrats; Parrott spends under $14,000 on DREAM Act petition campaign; Pipkin wants independent investigation of toll hikes; Blue Dogs coming to Annapolis; former delegate, employees and customers charged with illegal gambling at Minnick’s Restaurant; some lawmakers want a “Caylee’s law” in Maryland, while others question the need.

Maryland keeps AAA rating, but analysts still concerned by pension liabilities, dependence on federal spending

The three national rating agencies have renewed their AAA rating for Maryland’s upcoming $718 million bond issue, but all three continue to be concerned about the state’s pension funding and dependence on federal government spending. These factors were outweighed by the state’s strong economy, its high income and sound fiscal management. The analysts acknowledged the improvements made by the pension changes made earlier this year.

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