Mid-Year Budget Reductions in Maryland
In December 2014, the Spending Affordability Committee of the Maryland General Assembly issued its , which makes budgetary recommendations to the governor and the Legislative Policy Committee. The report projected a $414 million deficit at the close of the 2014-15 fiscal year that requires spending reductions or the identification of additional revenues. The projected deficit comes despite the Board of Public Works in July 2014, which included reductions of $6.3 million from the University System of Maryland and $3 million from state aid to nonpublic institutions of higher education.
On January 7, 2015, the Board of Public Works approved further mid-year budget adjustments, including a $197.8 million general fund reduction. That total includes a $6.6 million reduction to community college formula funding, a $40.3 million reduction to the University System of Maryland, and a $2.8 million reduction to the state Department of Education. In addition, the adjustments include an estimated $37.5 million in savings by abolishing currently vacant employee positions as well positions vacated as a result of a voluntary early retirement program, and $108.1 million in fund transfers.