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Governor Larry Hogan Applauds $504 Million End-of-Year Budget Closeout

$144.2 Million Saved By State Agencies

ANNAPOLIS, MD – Governor Larry Hogan today applauded the end-of-year budget closeout report showing that Maryland finished the fiscal year with $503.8 million in unassigned fund balance. $144.2 million of the total comes from money saved by state agencies, which is $54.6 million more than estimated, reflecting the Hogan administration’s careful management of state agency budgets. Additionally, the state benefited from $339.3 million in higher-than-anticipated revenues in the 2018 fiscal year, according to data released today by Comptroller Peter Franchot.

“These strong revenue and budget results are great news for our taxpayers and provide further proof that we are continuing to make living in our state more affordable and changing Maryland’s economy for the better,” said Governor Hogan. “We are proud to be responsibly managing our state agencies, resulting in nearly $150 million in savings that will benefit all Marylanders.”

In addition to the funds saved by state agencies, Maryland’s revenues also performed better than projected in all four of the largest categories: personal income, corporate income, sales, and lottery.

“Our revenue growth, especially in the personal income, corporate income, sales, and lottery categories, show that both Maryland citizens and businesses are making and spending more money, illustrating our growing economy and further affirming that we have our state on the right path moving forward,” said Governor Hogan.

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