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Governor Wes Moore unveils budget plan for FY 2024

Maryland Governor Inauguration
Posted at 4:32 PM, Jan 20, 2023
and last updated 2023-01-20 17:34:57-05

ANNAPOLIS, Md. — A new governor means a new direction and there's no better way to figure out what the Moore-Miller administration truly cares about than by looking at the budget.

The largest spending increases are going to education and transportation with 500 million going to the blueprint for Maryland's future funding and another 500 million to transportation projects.

"I was proud to support the blueprint, I was proud to testify on behalf of the blueprint. This work is critically overdue because too many of our students are trapped right now in a system that chronically fails them," said Governor Moore.

One of the biggest questions coming into this budget meeting was what would happen with the state's extra money and rainy day fund.

RELATED: Gov. Wes Moore reveals first budget proposal for Fiscal Year 2024

Moore is approaching it cautiously citing several benefits to the state's surplus that could go away like less federal money coming in, a possible recession and the state spending more on employees when it fills the nearly 10,000 open positions.

"While we do enjoy a surplus today, the drivers of that surplus are unlikely to continue," said Moore.

Moore plans to keep more than $3 billion in the state's accounts for issues that may come up.

During his breakdown, the governor said the state can be both responsible with its money and ambitions.

MORE: Gov. Moore presents 2024 FY budget with focus on education and transportation

A major focus is catching up to neighboring states we are falling behind.

"The economic indicators that you see here are clear. That our growth lags behind many of its peers in the region and frankly many of our peers in the United States," said Moore.

The plan gives record funding to public schools with nearly $9 billion being spent.

Other major topics include healthcare, public safety and the environment.

"We can both be more competitive and more equitable at the same time, it does not have to be a choice and this budget reflects that reality," said Moore.

Now the legislature gets their hands on the budget. This is the first time senators and delegates can cut parts of the plan then add in their own ideas.

Previously, they could only cut pieces out.