As previously reported, the Maryland Senate passed its fiscal 2015 budget plan today closing a larger than expected budget gap resulting from declining state revenues and leaving an approximate $100 million fund balance at the end of fiscal 2015.
In addition to the funding provided to local governments by the Governor in his proposed budget, the Senate approved the following budget actions:
TRANSPORTATION – Provides $10 million to county governments for pothole repairs
COMMUNITY COLLEGES – Although growth continues to be constrained through the formula, funding increases by 5.2% compared to 5.0% in the Governor’s proposed budget
LOCAL HEALTH DEPARTMENTS – Clarifies that for local health departments, inflationary increases are applied to the prior year appropriation providing for cumulative growth in the formula, instead of being applied to base funding level (additional information on this issue can be found in a previous post on Conduit Street)
EDUCATION FUNDING – Clarifies that, for the purpose of local education maintenance of effort requirements, the wealth per pupil is calculated using September 1 net taxable income for fiscal 2015 through 2017; beginning in fiscal 2018, November 1 net taxable income will be used
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION – Requires the State Department of Assessments and Taxation to establish a workgroup to study the calculation and administration of tax credits and exemptions and authorizes the agency to procure auditing assistance.
The posts listed below provide a summary of what was funded in the Governor’s Proposed Fiscal 2015 Budget.
The following documents summarize the Senate budget plan and all approved actions.
Report on Senate Bill 170 – the Budget Bill and Senate Bill 172 – the Budget Reconciliation and Financing Act
Report of the Senate Budget and Taxation Committee to the Maryland Senate
Senate Budget and Taxation Committee Reprint to Senate Bill 172
Senate Budget and Taxation Committee Reprint to Senate Bill 170