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.
Read MoreIf property values don’t start increasing, the state may need to increase property taxes or tap the general fund to pay off its bond debt, legislative analysts told lawmakers.
Read MoreThe governor and legislative leaders want to boost jobs in the hard-hit construction industry, but are struggling to find the money to do it. More debt and higher taxes are some of the options.
Read MoreIf the dispute between the White House and Congress over lifting the U.S. debt ceiling is not resolved soon, the state may put off its scheduled bond sale for upwards of $500 million set for July 27, the state treasurer’s office told a legislative committee Tuesday. “If they don’t have the debt ceiling issue resolved, the markets will be chaotic, and we will probably postpone the sale,” said Patti Konrad, manager of state debt.
Read MoreAs the state prepares to issue $512 million in new bonds next month, it is also making preparations to reduce the state’s debt nearly $7 million by refunding as much as $550 million in existing bonds.
Read MoreThe governor’s new budget may be $425 million to $500 million short on cash to fully fund some programs and pension costs, legislative analysts told lawmakers Monday.
In its first swipe at Gov. Martin O’Malley’s $34 billion spending plan, the Legislative Services staff fiscal briefing identified key issues the legislature has to deal with in handling the budget. The analysts noted over $200 million in bond debt that would be sold to replace money taken out of the special funds for Program Open Space, Chesapeake Bay Restoration and the Transportation Trust Fund.
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