This week, the Board of Revenue Estimates adopted a revised estimate for fiscal 2024 – a minor write-down of $14.1 million – and the first official estimate for fiscal 2025. The Board forecasts total general fund revenues of $24.566 billion in fiscal 2024, an increase of 3.8 percent over the prior year, and $25.081 billion in fiscal 2025, an increase of 2.1 percent over fiscal 2024. On an ongoing basis, taking out one-time distributions and…
The Board of Revenue Estimates will meet Thursday afternoon to vote on the revised general fund revenue estimates for fiscal years 2024 and 2025. The forecasts for the current fiscal year and the one that begins in July 2024 will provide budget writers and policymakers with the latest revenue projections and economic trends. The three-member panel, which includes Comptroller Brooke Lierman, State Treasurer Dereck Davis, and Secretary of Budget and Management Helene Grady, is responsible…
As previously reported on Conduit Street, the US government is barreling toward yet another government shutdown as Congress struggles to reach a consensus on a series of appropriations bills that fund government operations before the start of the new fiscal year on October 1. Moody's, a leading credit agency, warns that a possible federal government shutdown this week could tarnish the country's credit rating and that the economic effects of a shutdown would be most…
Comptroller Brooke Lierman announced that the State of Maryland closed its books on fiscal 2023 with an unassigned general fund balance of $555 million. According to the Closeout Report, Maryland closes fiscal 2023 with a general fund balance of $2.584 billion. Of this amount, the General Assembly allocated $2.392 billion for fiscal 2024 operations. Previous estimates made in March by the Board of Revenue Estimates were within 2/10th of a percent of the Closeout Report.…
After completing an almost year-long evaluation of cannabis's current status as a Schedule 1 substance, the US Department of Health and Human Services recommended to the Drug Enforcement Administration that cannabis be moved from Schedule I to Schedule III. While the DEA has the final say on such a change, the HHS recommendation is significant. Reclassification is a step short of legalizing the drug entirely. Still, it would mark a critical shift away from cannabis's…
In August, collective adult-use and medical cannabis purchases reached $91.7 million, more than the $87.4 million total for July -- which was more than double the $42.7 million total for June, before the launch of adult-use retail sales, according to the Maryland Cannabis Administration (MCA). As previously reported on Conduit Street, as of July 1, adult-use cannabis is legal under Maryland law. Nearly all existing medical dispensaries (approximately 100 locations statewide) have converted their licenses and…
This article is part of MACo’s Deep Dive series, where expert analysts explore and explain the top county issues of the day. A new article is added each week – read all of MACo’s Deep Dives. Local autonomy is a core principle of Maryland’s political system. At its most basic level, local autonomy means empowering county leaders to solve county problems. This empowerment lends counties a unique and, at times, misunderstood perspective. Often, advocates and stakeholders…
At the MACo Summer Conference, an expert panel provided insight into Maryland's adult-use cannabis law, including best practices for navigating the fast-changing political, social, and regulatory landscape. After an overwhelming share of Marylanders approved a referendum to legalize adult-use cannabis, the Maryland General Assembly passed sweeping legislation to address cannabis taxes, licensing, oversight, and more. However, many questions remain about the burgeoning industry. Ambiguous restrictions on local zoning, incommensurate revenue sharing, human resources considerations, public…