Governor Larry Hogan Announces FY 2016 Budget (VIDEO)
Maryland Governor Larry Hogan today announced his FY 2016 Budget with a theme of “Balance Today, Balance Tomorrow.”
“I am extremely proud to introduce a structurally balanced budget that puts our state on sound financial footing,” said Governor Hogan. “But this is just a start. We have much more to do in the days and weeks ahead to further strengthen our state’s fiscal course. My administration will continue to work to put Maryland’s economy back on track, attract new businesses, and create jobs for the long-term stability of our budget.”
You can watch the budget presentation below:
• The budget includes a $45.3 million increase in state aid to public schools, after contingent reductions, bringing the FY 2016 total to $6.1 billion.
• The FY 2016 capital budget provides over $290 million for K-12 education projects including $280 million for the Public School Construction Program, including $6.5 million for a new academic building and dormitory at the Maryland School for the Blind.
• The University System of Maryland (USM) receives $1.2 billion in State funding, a $15.4 million, or 1.3%, increase from last year. USM’s total FY 2016 budget is $5.10 billion.
Safety & Correctional Services:
• The FY 2016 budget for the Department of Public Safety and Correctional Services (DPSCS) totals $1.36 billion, funding the state’s correctional facilities, parole and probation programs, and a number of drug treatment and rehabilitation programs both in and outside of facility walls.
• In FY 2016, $390 million in capital funding is allocated for environmental programs and land preservation, including:
- $279 million for water quality improvement projects.
- $84 million for land preservation under Program Open Space, Rural Legacy, and Agricultural Land Preservation.
Health & Safety Net:
• The FY 2016 capital budget allocates $48 million for improvements to Maryland’s health infrastructure, including $30 million toward development of a new regional medical center in Prince George’s County.
• The FY 2016 budget provides $1.02 billion for the Developmental Disabilities Administration, an increase of 8% from the prior year.
Expanding Opportunities for Businesses:
• The FY 2016 allowance includes $12 million in biotechnology tax credits to leverage investment for life science companies, $9.4 million to further develop stem cell technology, and $2.5 million in investments and tax credits to promote cyber security research.
• The budget includes $16.9 million for job centers across the state which provide free assistance to job seekers through training referrals, career counseling, and job listings.
• The proposed FY 2016 capital budget for Department of Transportation projects totals $2.9 billion.
For more on the budget, see below: