Comptroller Peter Franchot speaks out on Maryland’s $6 billion surplus

Maryland

HAGERSTOWN, Md. (WDVM) — Maryland has a historic $6 billion surplus that comes from unexpected tax revenue, according to Maryland Comptroller Peter Franchot.

“First, the state should immediately enact another round of economic survival payments for the most financially insecure, but this time, increase the amount to $2,000. Second, we must provide immediate financial support to our child care industry. Over the past 20 months, more than 750 child care providers in Maryland have closed due in large part to the government’s inability to distribute promised financial assistance in a timely manner,” Franchot said.

He continued to say, “Third, we should support the mom-and-pop stores that represent the beating heart of the state’s economy by providing direct financial relief to small businesses. Fourth, the state should shore up our Rainy Day Fund. COVID-19 caught us flat-footed; we must do a much better job at financially preparing for the next economic crisis. Lastly, the state should allocate the remaining $2 billion to fund its share of high-priority infrastructure projects that will have a lasting, meaningful impact.”

Franchot says this is a once-in-a-lifetime opportunity to invest in meaningful, life-changing ways that deliver immediate results for our citizens.

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