September 25, 2013
The O'Malley administration on Wednesday successfully pushed to raise next year's bond authorization to $1.16 billion, $75 million more than this year, rejecting objections by state Comptroller Peter Franchot that "we're adding another Christmas tree ornament."
"We can't afford it," Franchot told the Capital Debt Affordability Committee, saying it should stick to this year's bond authorization of $1,085,000,000. [...more]
July 17, 2013
The Maryland state pension system achieved a 10.6% return on its investment portfolio for the fiscal year that ended June 30, bringing the fund assets to a total of $40.2 billion, Chief Investment Officer Melissa Moye told the pension trustees Tuesday.
The return exceeded the system's target of 7.75% annual return, and was far better than the dismal results of less than 1% for fiscal 2012. [...more]
June 13, 2013
REVISED AND CORRECTED: The Maryland Board of Public Works on Wednesday approved 44 new contracts for child residential care services in locations throughout Maryland totaling over $364 million over five years.
But one Montgomery County provider did not win an award for a group home that the state and Montgomery County have previously invested in, virtually ensuring the foreclosure of the Sandy Spring group home, its founder said .Hattie Washington of Aunt Hattie’s Place Inc. vociferously protested the lack of funding. [...more]
April 17, 2013
The outside advisor for the Maryland pension system told its Board of Trustees Tuesday that he was "very disappointed" that the legislature reduced the state's payment into the retirement fund by $100 million in budget action this month. The money comes from $300 million in added contributions of state employees and teachers passed in 2011. It is being set aside for the possible federal budget cuts from sequestration. [...more]
February 12, 2013
As fiscal brinkmanship continues in Congress, state treasurer Nancy Kopp warned a Maryland Senate committee that a federal sequester and the resulting cuts to the state budget could result in a downgrade of Maryland’s triple-A credit rating from Moody’s Analytics, one of America’s three major credit rating agencies. [...more]
For most of the last decade, Maryland has been putting less money into the pension system for state employees and public school teachers than actuaries said it should, as much as $2.4 billion less.
For years, the trustees of the pension system have been urging the legislature to phase out the “corridor” method of funding. This year the General Assembly’s Joint Pension Committee has agreed to go along, and approved a plan to phase it out over the next 10 years. [...more]
December 5, 2012
The bimonthly meetings of Board of Public Works in the Governor’s Reception Room at the State House often get started late. But Wednesday’s meeting of the board that approves all major state contracts got started four hours after the originally scheduled 10 a.m.
October 2, 2012
The Capital Debt Affordability Committee Monday recommended that the state could afford to float an additional $150 million bonds in fiscal 2014, bringing the total to $1.075 billion – but not the extra $750 million over five years the O’Malley administration had requested. [...more]
August 23, 2012
It was a bad day for bureaucrats at the Board of Public Works Wednesday – at least for several state officials who had to defend their spending plans to the three-member board that must approve all major state contracts.
In the end, most of the state agencies got the money they came for, but not before some uncomfortable questions and critical remarks came their way about slow payments and outsourcing loan-making and faculty hiring.
June 6, 2012
Comptroller Peter Franchot had waited long enough for the other two members of the Board of Public Works, the treasurer and the governor, to show up for their biweekly 10 a.m. meeting Wednesday. He told the packed room of "busy people" that the meetings should start on time. [...more]