Maryland’s FY25 Surplus Sets Stage for Deficit Years Ahead
Maryland closed fiscal 2025 with a $521 million surplus — a short-term win that masks deep volatility and looming deficits with significant consequences for both State and county budgets. Maryland closed fiscal 2025 with general fund revenues $521 million above estimates, according to the Department of Legislative Services (DLS) presentation this week to the House Appropriations Committee. However, the details reveal both the volatility of Maryland's revenue base and the risks that lie ahead for State and…