State Lawmakers Weigh Spending Cuts, Revenue Enhancements to Address Looming Budget Deficits
With the 2024 legislative session rapidly approaching, lawmakers will face considerable budget challenges that could drive spending cuts, tax increases, or other remedies to resolve significant structural deficits projected through fiscal 2029. At this week's Spending Affordability Committee meeting, the Maryland Department of Legislative Services said fiscal 2024 is projected to end with a fund balance of $528 million, with ongoing revenues exceeding ongoing spending by $125 million. A $413 million structural deficit is anticipated…