A proposal to change the funding method for state pensions that will reduce state contributions to the system and delay reducing the state’s unfunded liabilities was criticized by two private sector representatives on the special commission studying retirement benefits. “The pension plan will never get to 100% funding,” said George Roche, former chairman and president of mutual fund giant T. Rowe Price, at a hearing Monday. “The workers are really exposed to a lot of risk and I don’t like it.”Read More
Tag: 2011 budget
When legislative committees get together to cut the budget, it can be a harrowing experience for the people in the audience. Lawmakers follow along with the various proposals listed in staff-produced documents as they decide...Read More
The Senate won’t start making decisions on the state budget for another week, after pushing back the Monday date for subcommittees to start making cuts to Gov. Martin O’Malley’s $32 billion proposal.Read More
The tug-of-war over state spending was on vivid display at the State House Wednesday, with most of the participants tugging for more money or less cutting, but there were also some significant yanks for fiscal restraint.Read More
The Maryland Transit Administration may not have enough money for personnel and operations in next year’s budget, legislative analysts warn, but state transit officials insist that they’ll make do with the funding the governor gave them.Read More
The state’s longstanding practice of paying more for Baltimore City roads — then letting the city government handle its own paving — is coming under increasing scrutiny this year as other jurisdictions struggle with reduced state highway aid.Read More
Republicans in the House of Delegates say they are willing to participate in a special Feb. 23 hearing to offer their own budget plans, an invitation from Democratic budget chairman that Senate Republicans formally rejected Tuesday as “a sideshow.”Read More
The budget may have underestimated the number of Baltimore City public school students, and Maryland may get more slots money than expected, but ongoing deficits raise eyebrows.Read More
The amount of direct aid that Maryland sends to its local community colleges is set to take a hit under Gov. Martin O’Malley’s proposed budget, as increased employee benefits costs eat into program assistance.Read More
After Gov. Martin O’Malley releases his budget today, there may be some confusion about how much he actually plans to spend.
The overall state budget – the one that shows up every year around page 7 in the official budget highlights book – will likely be about $31 billion, same as this year after all the cuts.
Many media reports focus on the “general fund” budget that is less than half that total, about $13 billion. Some accounts have even referred to this the “operating budget.” It is not.Read More
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