Maryland's FY 2015 Budget Presentation
-
Upload
mdgov -
Category
News & Politics
-
view
11.138 -
download
1
description
Transcript of Maryland's FY 2015 Budget Presentation
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
Creating Jobs by Rebuilding Schools, Highways, Roads and Bridges
4
Jobs Supported
Public School Construction 7,416Rental Housing Works 2,500Bay Restoration Fund 283Transportation Capital Budget 16,317Other Capital Spending 21,637
This is a Jobs Budget
48,000+
Biotech and Life Sciences (20% Increase)Cyber Security (33% Increase)Research & Development (12.5% Increase)Sustainable Communities (Level Funded)
Accelerating Innovation for Jobs$12 M
$4 M$9 M
$10 M
84 Cents of Every FY 2015 General Fund Dollar Goes to Education, Health, & Public Safety
4
$0.48Education
$0.16 Other
$0.25 Health
$0.11 Public Safety
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
Resolving Structural Budget Deficit
In October 2007, budget officials projected a $1.7 billion structural deficit in FY 2010.
Structural Deficit Eliminated by FY'17
Nat
iona
l Rec
essi
on
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
$0 TAX OR FEE INCREASE
$800 MRAINY DAY FUND
FY 2017 SURPLUS
$31 M
8 BUDGETSIN A ROW THAT
MEET SPENDING AFFORDABILITY
GUIDELINES
$457 MIN CUTS
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, visitwww.governor.maryland.gov