The State’s Capital Debt Affordability Committee chaired by State Treasurer Nancy Kopp, unanimously approved a debt limit of $925 million for new State debt authorized for the next fiscal year, at their September 21 meeting in Annapolis. The materials and draft recommendations distributed at the meeting include trend analysis as well as multi – year projections for affordability, income and revenues.
The Capital Debt Affordability Committee, created pursuant to Section 8-104, et seq., of the State Finance and Procurement Article, is required to submit to the Governor and the General Assembly each year an estimate of the maximum amount of new general obligation debt that prudently may be authorized for the next fiscal year. The Committee is also charged with making a recommendation regarding additional funding for school construction and is required to submit an estimate of the amount of new academic facilities bonds that prudently may be authorized.
The recommendations that will be forwarded to the Governor will also include a request that will enable the Committee to revisit the authorization number in December after the Board of Revenue Estimates meets.