Maryland lawmakers give final approval to $43.5B budget
ANNAPOLIS, Md. (AP) – The Maryland General Assembly has given final approval to the state’s $43.5 billion budget for the next fiscal year.
Lawmakers voted Tuesday for an agreement reached between House and Senate negotiators, who worked out differences between the two chambers in the budget legislation.
Sen. Edward Kasemeyer says negotiators had to make extra cuts in order build up a general fund balance of about $100 million. That’s after the Republican Gov. Larry Hogan submitted two supplemental budgets, which the Baltimore County Democrat described as “welcomed.”
As part of the effort to build up savings, budget negotiators agreed to spread out a $20 million retention package over four years instead of one as an incentive to keep Marriott headquartered in Maryland.
The state has about $860 million in its Rainy Day Fund.