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Maryland's FY 2015 Budget Presentation
 

Maryland's FY 2015 Budget Presentation

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Governor Martin O'Malley unveiled his fiscally responsible budget for Maryland. More info here: http://www.governor.maryland.gov/budget.html

Governor Martin O'Malley unveiled his fiscally responsible budget for Maryland. More info here: http://www.governor.maryland.gov/budget.html

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    Maryland's FY 2015 Budget Presentation Maryland's FY 2015 Budget Presentation Presentation Transcript

    • Better Choices, Better Results
    • Highlights: 2007 - 2015  $9.1 B in cumulative cuts to State spending  Eliminating the structural deficit by FY 2017  Budget growth held to lowest levels in a generation  Reduced the executive branch to 1973 levels, per capita ► More than 5,800 positions abolished since 2007  8 consecutive budgets in compliance with Spending Affordability Guidelines  Rainy Day Fund Preserved at 5% of General Fund Revenues  State’s AAA Bond Rating Secured ► 1 of only 7 States to maintain an AAA rating from all three rating agencies throughout the entire recession
    • Maryland is one of only 17 states to have recovered over 100% of the jobs lost during the recession 3
    • This is a Jobs Budget Creating Jobs by Rebuilding Schools, Highways, Roads and Bridges Public School Construction Rental Housing Works Bay Restoration Fund Transportation Capital Budget Other Capital Spending Jobs Supported 7,416 2,500 283 16,317 21,637 48,000+ Accelerating Innovation for Jobs Biotech and Life Sciences (20% Increase) Cyber Security (33% Increase) Research & Development (12.5% Increase) Sustainable Communities (Level Funded) $12 M $4 M $9 M $10 M 4
    • 84 Cents of Every FY 2015 General Fund Dollar Goes to Education, Health, & Public Safety $0.48 Education $0.25 Health $0.11 Public Safety $0.16 Other 4
    • The O'Malley Brown Administration Mission Statement  To strengthen and grow an upwardly-mobile middle class and our family-owned businesses and farms.  To improve public safety and public education in every part of our State.  And, to expand opportunity – the opportunity to learn, to earn, and to enjoy the health of the people that we love, as well as enjoy the health of the land, the water, the environment that we love – to more people rather than fewer.
    • College Affordability Since 2007, we have done more to hold down the rising cost of college tuition than any other state in the nation
    • Health
    • Public Safety Since taking office, we've driven down juvenile homicides 47 percent.
    • Sustainability Oyster production and planting driven up 234% since 2006
    • National Recession Resolving Structural Budget Deficit Structural Deficit Eliminated by FY'17 In October 2007, budget officials projected a $1.7 billion structural deficit in FY 2010.
    • Total 8-Year Spending Cuts: $9.1 B
    • Record Funding for K-12 Education
    • Average Annual Budget Growth Rate General Fund Spending Growth *Excludes Appropriations to the Rainy Day Fund
    • A Balanced FY 2015 Budget  After the federal shutdown, revenue estimates deteriorated, contributing to a $584 M shortfall ► $193 M in FY 2014 and $391 M in FY 2015  This budget fully closes the projected shortfall with no tax or fee increases  $621 M in balancing actions achieved through… ► 74% ($457 M) in spending reductions, 26% ($163 M) in sale of old helicopters, transfers and payments ► These actions close the shortfall and leave a $37 M balance
    • A Fiscally Responsible Budget  FY 15 budget includes $457 M in spending cuts and no tax or fee increases  Total spending cuts since 2007 now reach $9.1 B  Securing cash reserves to total $837 B ► Rainy Day Fund - $800 M (5% of General Fund) ► Unallocated General Fund balance – $37 M  Closing Maryland’s Structural Deficit ► Nearly 50% of the structural gap closed in FY '15 ► Projected surplus of $31 M in FY '17  8th Consecutive Budget in Compliance with General Assembly’s Spending Affordability Guidelines ► Spending held below 4% recommendation ► Deficit cut by more than the $125 M recommendation $457 M IN CUTS IN CUTS $0 TAX OR FEE TAX OR FEE INCREASE INCREASE $800 M RAINY DAY FUND RAINY DAY FUND FY 2017 SURPLUS FY 2017 SURPLUS $31 M 8 BUDGETS 8 BUDGETS IN A ROW THAT IN A ROW THAT MEET SPENDING MEET SPENDING AFFORDABILITY AFFORDABILITY GUIDELINES GUIDELINES
    • Highlights: 2007 - 2015  $9.1 B in cumulative cuts to State spending  Eliminating the structural deficit by FY 2017  Budget growth held to lowest levels in a generation  Reduced the executive branch to 1973 levels, per capita ► More than 5,800 positions abolished since 2007  8 consecutive budgets in compliance with Spending Affordability Guidelines  Rainy Day Fund Preserved at 5% of General Fund Revenues  State’s AAA Bond Rating Secured ► 1 of only 7 States to maintain an AAA rating from all three rating agencies throughout the entire recession
    • For more info, visit www.governor.maryland.gov