BALTIMORE – Gov. Wes Moore released a $70.8 billion budget proposal on Wednesday for fiscal year 2027 that makes nearly $1.8 billion in program cuts and fund transfers to eliminate a projected $1.4 billion shortfall, in part by reducing cost-sharing with local governments.
The Maryland governor told reporters that the plan, which represents a 5.2% increase from $67.3 billion in FY2026, will lower costs for Marylanders and enhance the state’s economic competitiveness by giving businesses $100 million in tax cuts.
Moore said that the proposal will maintain an 8% rainy day fund, unchanged from fiscal year 2026, and a minimum cash balance of $100 million. The budget also includes a record $124 million allocated to public safety efforts, a $2 million increase from last year – an announcement he made earlier this month. The budget also expands investment in housing supply to $352 million…