Maryland's FY 2014 Budget Highlights
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Maryland's FY 2014 Budget Highlights

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Maryland's FY 2014 Budget Highlights Maryland's FY 2014 Budget Highlights Presentation Transcript

  • Budget Highlights: FY 2014A Balanced Approach Marty Department of Budget & Management T. Eloise Foster, SecretaryMartin O’Malley, Governor  Anthony G. Brown, Lt. Governor January 16, 2013
  • This is a Jobs Budget By investing $3.7 B in Maryland’s roads, schools, bridges and other capitalprojects we will support over 43,000 jobs this year Jobs SupportedPublic School Construction Program 8,199Rental Housing Works Initiative 1,900Bay Restoration Fund 437Transportation Capital Budget 16,238Other Capital Spending 16,345 2
  • Post-Recession Jobs RecoveryMaryland has recovered over 80% of the jobs lost in therecession - at the 8th fastest rate in the nation 3
  • 83 Cents of Every FY 2014 General Fund Dollar Goes to Education, Health, & Public Safety $0.47 $0.25 $0.11 $0.17 Education Health Public Other Safety 4
  • Improving Education► #1 public schools in the nation for the 5th consecutive year► Cut achievement gap among elementary students by more than a quarter► Record number of kindergarteners entering school fully ready► Record high MSA scores in elementary reading, elementary math and middle school math► #1 in America: AP success for the 4th consecutive year► Highest graduation rate in history 5
  • Making College More Affordable Maryland Leading the Nation 6
  • Choosing a Healthier Maryland Insuring 367,000 more Parents and Children 7
  • Driving Down Violent Crime Nearly 25% Since 2006 8
  • Protecting the Bay
  • Drivers of the Structural Deficit Thornton Plan: Education spending increased byRevenues Spending 2002-2006: Insufficient Action $1.5 B structural deficit remains unresolved 2002 1997 2006 2009 Income Tax Cuts: 2007-2009: Great Recession Revenues reduced by Avg. Annual Shortfall of $1 B $2 B
  • Closing the Structural Deficit with a Balanced Approach► Upon taking office in 2007, the structural deficit was $1.7 B► Together, in that first year, we chose a balanced approach to reduce the deficit and to protect our priorities ► We cut spending more than any other Administration in Maryland history ► We made responsible decisions to restore General Fund revenues and protect priorities like education and job Then… creation 11
  • The national recession hit, andreduced revenues by approximately$13 B between FY08 and FY13 12
  • We Cut, Cut, and Cut Again Total 7-year Spending Cut: $8.3 B This Year: $325M 13
  • We Made Government SmallerFewest Executive Branch Employees per capita since 1973 More than 5,600 positions abolished since 2007 14
  • Average Annual Budget Growth RateO’Malley Brown *Excludes Appropriations to the Rainy Day Fund
  • A Fiscally Responsible Budget► FY 14 budget includes $325 M in spending cuts $325 M► Total spending cuts since 2007 now reach $8.3 B IN CUTS► Increasing Rainy Day Fund to 6% of revenues ($921 M)► Securing cash reserves to total $1.157 B $921 M ► General Fund balance - $236 M (18% more than RAINY DAY FUND recommended) ► Rainy Day Fund - $921 M $1.15 B ► Safeguard Maryland against the impact of CASH RESERVES Congressional fiscal uncertainty► Reducing the structural deficit by $318 M; putting CUTS STRUCTURAL DEFICIT BY Maryland on the verge of closing the structural deficit ► 91% of structural gap closed in three years $318 M► Keeping spending below the General Assembly’s Spending Affordability Guidelines for the 7th CONSTRAINS consecutive year GROWTH BELOW SPENDING ► Cuts structural deficits by $17 M more than GUIDELINES 7YRS IN recommended A ROW 16
  • This is a Jobs Budget► This is a jobs budget with capital budget support for over 43,000 jobs rebuilding schools, roads, bridges, community colleges and other projects.► This is a jobs budget which makes the largest investment ever in public education- our best tool for job creation and opportunity.► This is a jobs budget which makes responsible choices to protect our Triple A bond rating, improving investor confidence in Maryland.
  • Governor.Maryland.gov FY 2014 For more info