For FY28, the Maryland Capital Debt Affordability Committee voted unanimously to stick with the prior year general obligation bond authorization limit of $1.75B.
In the third and final meeting of the Maryland Capital Debt Affordability Committee (CDAC) last Friday, October 9, 2026, state leaders voted to keep capital borrowing at the current limit that was established in 2023. Prior to the vote staff from the Maryland Treasurer’s Office outlined affordability limits based on maintaining the current $1.75B authorization but with slight changes in debt issuances and expenditures over the next ten years.
When Maryland Treasurer Dereck Davis asked for a motion on the recommendation of the new general obligation bond authorization for FY28 Secretary Jake Weissmann of the Department of Budget and Management recommended continuing with the $1.75B.
In his brief remarks Secretary Weissmann shared that this amount is within the statutorily set affordability limits and maintains the planned borrowing levels in a time of great strain on the State’s operating budget. He also noted that even with maintaining the $1.75B for FY28, there remains $5B in authorized but unissued debt that will be issued over time as projects move forward and expenditures are made.
From Secretary Weissmann:
We believe the $1.75B strikes the right balance between investing in Maryland’s needs and managing what we can afford and deliver.
The motion to support the $1.75B recommendation was approved unanimously by committee members.
