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Maryland's general fund has positive balance going into next fiscal year

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Posted at 11:51 AM, Sep 09, 2020
and last updated 2020-09-09 11:54:42-04

ANNAPOLIS, Md. — Maryland Comptroller Peter Franchot on Wednesday released the state's general fund revenues, which totaled $18.634 billion as the 2020 fiscal year came to a close.

That amounts to a 2.4 percent increase or $435.1 million over Fiscal Year 2019.

The State will close out fiscal year 2020 with $585.8 million of unspent money in its General Fund, which equates to less than 1.2 percent of the year's $42.27 billion operating budget.

Franchot says the final closeout numbers are stronger than expected when it comes to overall wage growth, but lower in average wages due to COVID-19 related job losses.

“These closeout figures for Fiscal Year 2020 underscore Maryland’s fundamental economic strength. Our state is home to world-class institutions and federal agencies, the most educated workforce in the nation, and some of the finest public universities and colleges. While this higher-than-expected General Fund balance is a positive development, we must not lose sight of the tremendous damage the COVID-19 pandemic has caused to the financial security and livelihoods of millions of Marylanders and small businesses throughout our state.

“More than 1.1 million Marylanders have filed for unemployment since March, and all segments of our economy have been forced to lay off workers and have seen plummeting revenues. The measures that state and local governments put in place were necessary to safeguard public health and safety, but the economic and fiscal challenges before us require leaders at all levels of government to address these monumental problems."