In December 2024 the Department of Legislative Services reported a historic $2.95 billion General Fund projected shortfall for the State’s Fiscal Year 2026 (beginning July 1, 2025)—greater than any shortfall in at least 20 years including during the Great Recession. The $2.95 billion projected shortfall (before any budget actions) represents a projected 11 percent operating loss–62 percent of projected State expense for Medicaid or 27 percent of all State aid to local governments including funding for public schools. Former Maryland Governor Larry Hogan posted the following statement to Facebook on Tuesday, January 14, 2025. “When we left office two years ago, Maryland was in the strongest fiscal position in its history, with $5.5 billion in financial reserves. As Governor Moore himself said at the time, he inherited a “fortunate financial position.” Despite our warnings to protect the surplus, this progress has been squandered, and we are being told that tax hikes are on the way again. This is the wrong path for Maryland. We know where it leads–to more people and more jobs being driven out of the state. Maryland doesn’t need tax hikes to balance its budget. We proved that. In our first budget, we closed a record $5.1 […]
The post Former Maryland Governor Larry Hogan Releases Statement Following Governor Moore’s $3 Billion Deficit Announcement, Tax Increases, and Budget Cuts appeared first on Southern Maryland News Net.
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