ANNAPOLIS, MD—Governor Larry Hogan today addressed the National Association of State Budget Officers (NASBO) Fall Meeting, welcoming 65 budget officers from 35 states and territories to downtown Annapolis and sharing Maryland’s fiscal success story.
“As the chief financial advisors to the nation’s governors, you are the reason that we are able to deliver results and get things done, and Maryland is a shining example of that as our state’s fiscal health is stronger now than it has ever been before,” said Governor Hogan. “There is no higher calling than public service, and I want to thank the entire membership of NASBO for your years of dedicated service and support for supporting the nation’s governors.”
Earlier today, the governor announced that all employees across state government will receive a 4.5% cost of living adjustment increase as part of a series of measures to enhance statewide workforce recruitment and retention efforts. This announcement follows official budget projections from the Board of Revenue Estimates showing that the state is reporting a multi-billion dollar surplus for a second year in a row. Overall, after inheriting a $5.1 billion structural budget deficit, the governor will leave office with a record $5.5 billion in reserves—a more than $10 billion swing in the state’s fiscal fortunes under the Hogan administration.
For over 75 years, NASBO has enabled states across the country to advance their budget practices and have collaborated with groups, including the National Governors Association, to further develop and implement policy positions on various state fiscal issues.
Since Governor Hogan took office in 2015, Maryland has experienced record job creation and economic growth by cutting taxes eight years in a row, eliminating thousands of job-killing regulations, and reducing tolls across the state.
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