ANNAPOLIS, Md. (AP) — Maryland Comptroller Peter Franchot says Maryland has a huge $2.5 billion fund balance in the state budget, largely due to federal stimulus aid during the pandemic.
Franchot made the announcement Wednesday as the state closed its books for the last fiscal year.
The $2.5 billion fund balance represents more than 5% of the state’s $48 billion operating budget for fiscal year 2021.
The unusually high amount of fund balance is driven by much larger-than-expected revenue growth from federal stimulus funding, which increased personal and business income and expanded consumer spending.
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