ANNAPOLIS, Md. — Maryland closed out fiscal year 2023 with an unassigned general fund balance of $555 million, according to a report released Wednesday by Comptroller Brooke Lierman.
There would have been an additional $2.029 billion leftover, but the 2023 Maryland General Assembly already earmarked that amount towards various projects in 2024.
The reserve funding is nearly $1.5 billion less than what former Governor Larry Hogan left in the coffers at the close of fiscal year 2022.
Lierman says the difference reflects federal stimulus funding which significantly increased consumer spending and personal and business income.
This year's report indicates the effects of national inflation, especially impacting low- to moderate-income families.
Despite that, the Comptroller says withholding income tax revenues increased by more than 5 percent in the fiscal year.
For an in depth look at Maryland's financial outlook, click here.
