In its annual scripted performance, the Spending Affordability Committee in Annapolis Thursday decided to just about eliminate the state’s structural deficit, but allow spending to rise about 4% next year, for an overall state budget of $37 billion in fiscal 2014. The Board of Revenue Estimates approved a slight uptick in revenues, but the big unknown is what will happen in Washington on the fiscal cliff.
Read MoreLegislative leaders Thursday night embraced a “balanced approach” to balancing next year’s state budget, recommending that the governor halve the ongoing billion-dollar deficit using both unspecified spending cuts and possible tax hikes.
Read MorePublic employee unions, nonprofit groups and education advocates have been huddling in recent weeks to organize support for what they call “a balanced approach” to the continuing fiscal mess facing Maryland.
Read MoreLegislative leaders took a new approach to setting budget targets Tuesday, telling the governor and lawmakers that they wanted to see the persistent $2 billion structural deficit cut by a third next year, meaning a $670 million real reduction in general fund spending.
The Spending Affordability Committee, made up of 21 fiscal leaders in the General Assembly, abandoned setting a percentage target for budget growth as they had for the last 28 years — a target sometimes disregarded by governors.
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