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Gov Hogan to New Gov Moore-Don't Mess with Rainy Day Fund

On Thursday morning, Hogan held a news conference in Annapolis to offer a glimpse of his proposal, including a lengthy list of budget recommendations. He said, “We are leaving a long-term budget surplus at a record $5.5 billion in reserves...” 

Under the state’s budget process, the outgoing administration has prepared a preliminary budget to be submitted to the incoming administration, which will ultimately be tasked with submitting the final budget to the General Assembly no later than Friday, January 20. 

The recommended FY24 budget plan calls for preserving the state’s solid fiscal position by maintaining a substantial budget surplus and keeping the Rainy Day Fund at a record 12% of general fund revenues—all while continuing to fund core priorities fully.

The governor's office says the recommended FY24 budget plan includes:

  • Continuing to fund K-12 education at record levels;
  • $10 million in support for non-public schools to address learning loss caused by the COVID-19 pandemic, and
  • $10 million for the highly successful BOOST program, which provides scholarships for low-income, high-need students to attend the school of their choice. (To date, the program has provided over 15,000 scholarships, most of which have gone to students in the state’s four largest jurisdictions.)
  • $100 million to advance the University of Maryland Medical System’s plan to construct a new Regional Medical Center in Easton to ensure advanced clinical care is available in the Mid-Shore region.
  • Continuing the state’s $500 million Re-Fund The Police Initiative to increase support for state and local police;
  • An additional $30 million to Victims of Crime Assistance (VOCA) grant recipients
  • Continuing to fully fund Chesapeake Bay Restoration 
  • $102 million to fully replenish Program Open Space eight years ahead of schedule to accelerate land conservation projects

More recommendations can be found here:



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