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Maryland Officials Call For Fiscal Prudence Despite Surplus

/ WDAC

ANNAPOLIS, MD (AP) – Officials on a Maryland fiscal panel are calling for caution in state budgeting as state lawmakers head into next session with more than $1 billion in unspent revenues. Comptroller Peter Franchot, a member of the Board of Revenue Estimates, said there’s no guarantee the nation’s long-running economic expansion will continue much longer. He’s recommending lawmakers bank the money in the state’s Rainy Day Fund to prepare for a potential downturn. David Brinkley, Gov. Larry Hogan’s Budget Secretary and a board member, noted that the cost of a state commission’s recommendations to increase education spending remains unknown. He says it’s also unclear which of those recommendations will be enacted by lawmakers.

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