December 3, 2013
Maryland and Virginia are among the top five states in the nation in the dubious competition for most government-financed employment, according to a new economic study. It turns out Virginia, Maryland's closest fierce competitor for business, edges out Maryland in most categories for taxpayer-funded jobs. [...more]
November 26, 2013
Maryland may have a requirement for a balanced budget, but its audited financial statements show that its spent more than it took in from fiscal 2008 to 2012, according to the Institute for Truth in Accounting.
This made Maryland one of 13 "turkey states" that had more expenses than revenues in fiscal 2012. The list includes all of Maryland's neighbors except Virginia. [...more]
November 14, 2013
The legislature's fiscal staff told lawmakers Thursday that they should not follow an O’Malley administration proposal to increase Maryland's authorized debt by $375 million over the next five years.
The staff said this is one way to reduce debt service -- payments of principal and interest on the state's bonds -- that will grow by 24% in those five years. It would be the largest increase in any budget category. [...more]
October 27, 2013
When legislators finished the 2013 General Assembly session in April, they patted themselves on the back for putting the state on a glide path to wipe out Maryland’s long-running structural deficit in the next budget. Think again. That deep, dark fiscal hole has returned big-time, and many factors are to blame, but the failure to reduce spending by the governor and legislature are principally to blame. [...more]
October 16, 2013
Like a chronic skin rash that keeps coming back, the persistent structural deficits that legislators thought they had almost cured earlier this year are looming again for fiscal 2015, the legislature's top budget analyst told lawmakers Wednesday. There now appears to be a $400 million potential gap in next year's budget, Warren Deschenaux, the chief of policy analysis, told the joint Spending Affordability Committee. A nearly $300 million surplus estimated when the fiscal 2014 budget passed in April has disappeared in the face of unplanned expenses and reduced revenues, and there may instead be an $87 million deficit. [...more]
September 4, 2013
The CEOs of Maryland's major businesses have found the "elephant in the room" that stands in the way of economic growth here: the state's non-competitive tax structure, according to a new report from the Greater Baltimore Committee. [...more]
July 23, 2013
Government spending in Maryland grew 30.5% over 10 years beginning in 2001, according to a nonprofit group that researches tax policies.
The Tax Foundation report ranks Maryland 19th overall in terms growth of government spending, which spans the administrations of three governors and two political parties. [...more]
July 15, 2013
The governor and state treasurer cheered Maryland's retention of its AAA bond ratings released Friday, and the three New York rating agencies continued their praise of Maryland's high incomes, diversified economy and strong fiscal management.
But the agencies, which have given their top ratings to Maryland for decades, also sounded what have become routine warnings about the state's dependence on federal spending in an era of cutbacks and sequestration. They continued to worry about the state's high pension liabilities, particularly compared to the other eight states that also get AAA ratings. [...more]
May 16, 2013
Some Maryland state government workers more than doubled their salaries with overtime payments in 2012, and more than 3,300 topped $10,000 in overtime payments. Government workers who got paid overtime had total earnings of up to $160,000 annually, though only 212 out of tens of thousands of employees making overtime made more than $100,000 total from the state. [...more]
May 14, 2013
Thirteen Maryland correctional officers indicted last month in a corruption case that has outraged legislators and the public were getting paid between $28,000 and $47,000 in 2012, according to salary figures from the comptroller’s office. “The vast majority are doing [the job] at the current salary level,” said one union representative. “I don’t think offering someone more money makes them more honest.” [...more]