Statement from Governor Martin O'Malley on Board of Revenue Estimates Budget Projections
ANNAPOLIS, MD (December 16, 2009) –Governor Martin O’Malley released this statement today following the projections from the Board of Revenue Estimates indicating state funding projections are beginning to stabilize. The Board projected a $15 million write down for FY2010, which previously withheld reserve funds will offset, and a $62 million write down for FY2011.
“While today’s budget projections clearly show we are not nearly out of the woods, they do serve as an indication that state revenue is beginning to stabilize. Still, we face a nearly $2 billion deficit for FY2011 that, together with the General Assembly, we will make the difficult decisions necessary to address.
“Together as One Maryland, we have implemented $4.6 billion in budget cuts and spending reductions, bringing this year’s General Fund spending below the level it was at three years ago. We’ve reformed our state agencies to be more effective and efficient while operating within their means, and we’ve returned an era of fiscal responsibility to Annapolis once and for all by closing an inherited structural deficit and implementing the necessary reductions to bring our budget into balance.
“While most economic indicators suggest we have turned the corner of recovery, we still have work to do to transform that recovery into prosperity for all Marylanders. We will continue to engage our small business community to create jobs, fuel innovation, and drive economic progress in every part of our State.”
Tonight, Governor O’Malley will participate in a special hour-long “Ask the Governor” broadcast on Maryland Public Television tomorrow evening, where the discussion will focus exclusively on the state budget. Senate President Thomas V. Mike Miller and House Speaker Michael Busch will join the Governor live via satellite from Annapolis to take viewer calls and emails on the state’s fiscal outlook. Viewers can email questions to askthegovernor@mpt.org or call live at 1-800-926-0629.
