Thu July 3, 2014
MD Board of Public Works Cuts Spending
ANNAPOLIS, Md. (AP) - The Maryland Board of Public Works has voted to cut about $77 million from the state budget to address underperforming state revenues.
The board voted 3-0 on Wednesday for the cuts.
The board, which includes Gov. Martin O'Malley, Comptroller Peter Franchot and Treasurer Nancy Kopp, also approved about $7 million in fund transfers to make up for less-than-expected revenue.
The cuts come just two days into the new fiscal year. T. Eloise Foster, O'Malley's budget chief, says it's important to address the issue early, because it will better position state agencies to make adjustments.
Foster says the cuts add up to about 0.5 percent of the state's general fund.