[Maryland Governor] O'Malley to close $400 million budget shortfall
Source: Baltimore Sun
Gov. Martin O'Malley is poised to make budget cuts and take other steps to eliminate this year's revenue shortfall of more than $400 million before Gov.-elect Larry Hogan takes over, the administration said Tuesday.
O'Malley, who leaves office Jan. 21, will use his last opportunity to address Maryland's immediate budget woes by taking $211 million in cuts to the Board of Public Works, which is expected to approve them. The board's meeting Wednesday is the final one of the governor's term.
Ron Boehmer, a spokesman for the governor, said the remaining $200 million of the shortfall would be addressed through fund transfers, position eliminations and other actions O'Malley will propose to the General Assembly when it convenes next week.
Combined, the actions will leave the state with a minuscule $5.5 million cushion in this year's general fund budget of about $16 billion. Hogan will still need to deal with a projected $750 million shortfall in next year's budget.
Read more: http://www.baltimoresun.com/news/maryland/bs-md-omalley-budget-cuts-20150106-story.html
Hmm: outgoing governor does his best to be fiscally responsible. Whatever could that portend?
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