Governor Larry Hogan Announces Fiscal Year 2017 Budget
Provides Record Investment in Education and Positive Tax Relief, Holds Line on Spending
ANNAPOLIS, MD – Governor Larry Hogan today announced his Fiscal Year 2017 Budget, which is both fiscally responsible and balanced; it controls spending while
fully funding all education formulas and all legislatively mandated spending.
The FY 2017 operating budget totals $17.1 billion, and includes a Rainy Day Fund balance of almost $1.1 billion and a cash balance of $449 million going into FY 2018. In 2015, the Hogan administration inherited $5.1 billion in accumulated structural deficits, including a $2.1 billion deficit in 2015 and 2016. Over the course of the last year, almost 90 percent of that inherited $5.1 billion deficit has been eliminated. The governor’s proposed budget continues to build on this progress and provides for sound fiscal management in future years.
“Our proposed FY 2017 budget brings fiscal restraint back to Annapolis and holds the line on spending, while increasing funding for top priorities like education and infrastructure,” said Governor Hogan. “I am hopeful that this budget will set the stage for bipartisanship, while helping us clean up problems of the past, take care of our current issues, and make provisions for a better future.”
https://governor.maryland.gov/2016/01/20/governor-larry-hogan-announces-fiscal-year-2017-budget/
