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Moore Made Some Necessary Changes In Funding, Aiming Economic Growth For Maryland

Governor of Maryland revealed financial budget plan

The Governor of The Maryland state, Wes Moore, had appeared in front of the public eye in the morning of January 7th and discussed the budget plans for the financial year of 2024-2025 in detail.

Maryland, like many of its neighboring states, struggled with a visible setback in the financial budget this year. The governor wanted to pinpoint issues they are currently facing and suggested some strategies to develop the weakened departments. 

Explanation of the current financial state of Maryland 

The governor had informed that the state is in serious crisis. The post COVID years had not been very generous towards the financial condition of the state.

The federal funding that the state had received during COVID pandemic also ran out not long before the year started. According to the speech given by Moore, some departments would have to face some cost cuttings. 

Moore turned into a wordsmith

Moore was very careful with his choice of words while addressing the media. He used the word “rebasing” instead of “cost cutting”.

He explained, “rebasing is looking at the fact that during the COVID years and with federal COVID dollars we were spending and adding that to a long term balance sheet that was not sustainable”. 

Governoe Moore

The effect on the departments 

He further added that the two departments which are getting cuts in their fundings were the lottery commission sector and the private institutions that offer higher learnings.

He had emphasized on providing the essential departments with funding boost in this financial year. These fortunate departments include public safety, housing and Pre-k through 12 education.

As he went on explaining his financial goals for the upcoming year, he mentioned that his major aim is to promote economic growth in the state.

The main goal of the state 

He presented some data in front of everyone and pointed out that in previous years the state of Maryland had observed only 0.2% economic growth, which is a lot lesser than the economic growth that their fellow states experienced.

The citizens of the state were happy to hear that the strategy of improving the economic growth of the state did not include increasing the taxes. 

Republicans are watching carefully

Senator Justin Ready, a Republican from Carroll County, stated that they were keeping a close eye on the tax increment as he believes increasing taxes is not a way of increasing revenue.

He also shared that he never thought that Maryland had any problem with earning revenues, the area that the state needs to work on is to control the spendings. 

Senate President Bill Ferguson said,”We’re blessed to have an incredible state with great transit options, but you gotta pay for it. Same thing with education, if we’re going to have a strong economy we have to have an educated workforce.

We gotta make sure kids are meeting their potential in the global environment so we have to invest in our education system”. The budget plan is currently handed over to the general assembly where it will wait for a while before getting approved and applied. 


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