The FY2014 budget is balanced between $325 million in cuts to state spending and modern investments. Since taking office, we have made more than $8 billion in cuts to state spending and reduced the size of our state government by eliminating more than 5,738 positions.
Working together we've recovered 97% of the jobs lost during the recession. The most important job we create is the next one. We still have work to do.
Creating Jobs by Rebuilding our Infrastructure
Investing in 21st century infrastructure for Maryland creates jobs and prepares our schools, transportation and communities for the future. The FY2014 budget includes a $3.7 billion capital budget with State infrastructure and construction spending that will create and support over 43,000 jobs.
Investing in Our People
The FY2014 budget fully funds K-12 Education, keeps college affordable and continues record investments in our Community Colleges. Eighty-three cents of every General Fund dollar goes to education, health and public safety. The FY2014 budget includes $229 million in direct aid to Maryland's community colleges- a $10.9 million increase from FY2013.
Expanding into a Global Market
In 2012, Maryland's exports grew for the third year in a row- up 9% to a record $11.8 B. Maryland's 400 foreign-owned companies, representing 30 different countries, employ over 100,000 fellow Marylanders. Governor O'Malley launched the Maryland Export Initiative in 2011 to continue to grow our international presence. Since October 2011, 51 Maryland small businesses have been awarded ExportMaryland grants. These grant recipients have turned that small investment into over $125 million in estimated increased export sales and created over 270 new jobs.
Governor O'Malley's FY14 budget includes:
$13 million to support cancer reasearch at the State's academic health centers- more than doubling FY2013 funding- $10.4 million to continue the State's investment in Stem Cell Research bringing the State's total investment since 2007 to $124.4 M
- $10 million in Biotechnology tax credits to leverage private investment in Maryland’s biotech companies- a 25% increase over FY 013
- $8 million in Research and Development tax credits to spur additional investments- a 33% increase over FY2013
- $31.1 million to support Maryland's high-performing tourism, hospitality and arts industries including $2 miliion for funding of the Arts Council
- $25 million for tax credits to capitalize on our continuing success promoting Maryland as a premier film production destination
- $10 million for Sustainable Communities tax credits that revitalize Maryland's Main Streets and create jobs, benefitting small businesses and communities
- $27.9 million for InvestMaryland to invest in seed and early-stage companies developing innovative technologies
- $5 million to continue the Maryland Innovation Initiative- a State/university partnership to foster transition of promising technologies to the commercial sector
- $4 million to advance Maryland's rapidly growing cyber sector including $3 million for a new Cyber Tax Credit
- $2.5 million to bridge the gap between specific employer workforce needs and the skills of Maryland's workers through the EARN Act
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Maryland Ranks
- 1st: Best public school system – Education Week
- 1st: Entrepreneurship and innovation – US Chamber of Commerce
- 1st: Research and development investment – Milken Institute
- 2nd: Economic opportunity - The States Project
- 2nd: Science and technology assets - Milken Institute
- 3rd: Lowest state and local tax burden as a share of income - Federal Funds Information for States
- 3rd: Talent pipeline- US Chamber of Commerce
- 5th: Abilty to suceed in the new economy - Kauffman Foundation
- 6th: Fastest STEM job growth-US Chamber of Commerce
- 8th: Lowest tax burden on mature firms- Tax Foundation
- 8th: Lowest sales tax- Tax Foundation
- 12th: Lowest tax burden on new investment – Ernst & Young