MARYLAND (WDVM) — It’s no secret that COVID-19 impacted many residents financially. Governor Hogan said he understands the hardships placed on many, which is why he recently announced a five-step process for how he plans to use a $2.5 billion surplus to help provide financial relief to Marylanders.
The Governor plans to use these funds to first increase the Rainy Day Fund, meaning he will take a portion of the money and put it aside for potential emergencies.
Next, Hogan plans to address tax burdens placed on retirees. He also plans to provide additional direct tax relief for working families and Underserved Marylanders across the state, who are struggling to get by.
Finally, the Governor directed the Maryland Department of Budget and Management to find ways on how to best utilize funds to benefit state employees.
“The entire mission of my administration has been to leave our state in a stronger fiscal position than when we found it, and that is exactly what we have done,” said Governor Hogan. “With this budget framework, my message is simple—as long as I am governor, I will continue to fight for fiscal discipline, I will continue working hard every single day to make it easier for Maryland families, small businesses, and retirees to stay in our state, and I will continue fighting to allow Marylanders to keep more of their hard-earned money in their own pockets so that we can continue changing Maryland for the better.”
This is the first time since Fiscal Year 1999 that the State of Maryland is projecting a long-term balanced budget.