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Fiscal Year Wraps up With a Bang for Their Buck! $2.5 Billion Budget

Fiscal Year Wraps up With a Bang for Their Buck! $2.5 Billion Budget
  • Post category:News

The last fiscal year in a local Atlantic region had a multi-billion dollar balance officially closing that book. In fact, Comptroller Peter Franchot said the federal stimulus is the main reason for the $2.5 billion balance. Plus higher than normal income and sales tax collections. Franchot is saying he wants a majority of that money to go into the state’s rainy day fund. Also, he thinks it should go to that fund until the officials identify the most pressing needs. Franchot is also running for governor.

Fiscal Year End Financial Surplus will Help a lot of People

“Moreover, that money should, in fact, go to the people who need it the most,” said Chrissy Holt of Our Revolution Maryland. A political action committee chaired by Holt is Our Revolution. This committee has been pushing for eviction relief. In addition to other protections for the vulnerable throughout the COVID-19 pandemic.

“You wouldn’t fully fund the government agencies that are primarily designed to help people?” “Especially if you have excess, surplus money?” she wondered.

Rainy Day Funds

Maryland is among other states that went into its rainy day funds to fill the budget hopes during the COVID-19 pandemic. In fact, now, it has the opposite problem.

Franchot said it was a “once-in-a-generation opportunity to invest in programs that lift all Marylanders. Then help stabilize housing and other pertinent expenses for lower- and middle-income families.”

“We should not just spend it,” Franchot said. “Remember, this is one-time-only money.”

What’s unique is the hefty balance is 25 times more than the state usually has. It is estimated that the state has collected approximately 30 percent more in corporate taxes. However, Franchot has said the main reason for the surplus was stimulus money.

“It is really a fire hydrant of federal cash totaling $70 billion. This has occurred over the last 16 months,” he said.

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