Budget Cycle

Governor Submits Budget
January (3rd Wednesday)

Fiscal Year Begins
July 1 

Governor Signs Budget 
Not applicable*

*Governor is not required to sign budget.

Budget Links

FY2024 (enacted)
FY2024 (proposed)
FY2023 (enacted)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)

Enacted Budget – Fiscal Year 2024

On April 24 Maryland Governor Wes Moore approved the state’s fiscal 2024 budget, which provides approximately $63.1 billion in all funds appropriations, a decrease of roughly $932.8 million (1.5 percent) from adjusted fiscal 2023 appropriations. The budget includes $27.2 billion in general fund appropriations, a decrease of 3.2 percent compared to fiscal 2023. Federal fund spending decreases by $1.8 billion (8.7 percent) in fiscal 2024 compared to fiscal 2023, primarily driven by the end of the federal enhanced Medicaid match provided during the COVID-19 pandemic and anticipated enrollment declines due to the redetermination process. The size of the regular state workforce increases by 735 positions to 82,582 regular positions in fiscal 2024 and the budget includes $929 million in salary actions including a 2 percent cost of living adjustment for most state employees, a 5 percent cost of living adjustment for certain law enforcement employees, and salary reviews that increased salaries for nearly 6,000 positions across state government in classifications with particularly high vacancy rates. The fiscal 2024 budget provides an estimated structural surplus of $150 million and a cash balance of $367 million, along with an estimated balance of $2.5 billion for the Rainy Day Fund. Priorities funded in the budget include $900 million toward future education reform implementation costs; $200 million in tax relief from separately passed legislation to expand the state’s Earned Income Tax Credit and Child Tax Credit programs; a record $8.7 billion investment in public K-12 schools; $409 million for provider rate increases; more than $154 million to expand adult dental coverage to Medicaid clients; and increased support for the state’s universities, colleges and community colleges.

Proposed Budget - Fiscal Year 2024

On January 20, Maryland Governor Wes Moore released a $63.1 billion all funds budget for fiscal 2024, a decrease of 3.3 percent compared to fiscal 2023. General fund spending totals $26.9 billion, a decrease of $1.2 billion, or 4.4 percent, from fiscal 2023. Estimated general fund revenues for fiscal 2024 are $25.2 billion, an increase of 2.3 percent over fiscal 2023. The proposed budget would leave a general fund unappropriated balance of $819.8 million and maintains the rainy day fund at the state’s target level of 10 percent of general fund revenue, or $2.5 billion. The budget includes $171 million to permanently extend the enhanced Earned Income Tax Credit (EITC) and expand the Child Tax Credit (CTC), making approximately 40,000 families eligible for the CTC. The governor also proposed $33 million to exempt a portion of military retirement income from state income tax and called for an acceleration of raising the minimum wage to $15 per hour by October while also indexing the wage to inflation.

Proposed Budget Highlights 

The governor’s first budget submission reflects his administration’s priorities of ending child poverty, providing a world-class education for every child in Maryland, building a competitive economy, promoting environmental stewardship, and rebuilding state government.  



  • Record funding for K-12 education, investing $8.8 billion in public schools. Per pupil funding increases nine percent from $9,199 to $10,015.
  • Allocates $500 million in surplus general fund cash as a contribution to the Blueprint for Maryland’s Future Fund. The Blueprint legislation was enacted in 2021 and includes comprehensive changes to nearly every aspect of the state’s public education system.
  • Provides $15 million for a new teacher recruitment incentive program to address chronic staffing shortages in schools and $22 million for bonuses for non-certificated education support professionals.
  • Expands access to early childhood education programs, including $99.6 million to support full-day pre-K for low-income 4-year-olds and 3-year-olds.
  • Includes $10 million in additional state funding for the Child Care Scholarship Program for a total of $68.5 million in general fund support.


Building a Competitive Economy

  • Includes $413 million ($218 million general fund) to fund adjustments to state service providers to help them accommodate the acceleration of the minimum wage to $15/hour.
  • Invests $500 million in general funds to support investments in strategic transportation projects, with a goal of leveraging this funding with matching federal support.
  • Provides $34 million for the More Jobs for Marylanders tax credit program, expected to create over 2,600 jobs and enroll over 30 projects.
  • Includes approximately $5 million for the Apprenticeship Training Program and an additional $1 million to establish the Career Pathways for Healthcare Workers Program.
  • Includes more than $2.4 billion for state-operated institutions of higher education, which represents annual growth of $286 million or 13 percent.
  • Provides record funding of $112 million for the state’s largest need-based student aid program, projected to serve more than 30,000 students in fiscal 2024.
  • Increases funding for the state’s 15 local community colleges by $38.2 million, or 18.5 percent per student.


Health Care

  • Includes more than $14.7 billion in total funds for the state’s Medicaid program with an increase in general funds of $287 million. The budget assumes fiscal 2024 enrollment remains nearly 12 percent above pre-pandemic levels.
  • Provides an additional $51 million to expand services and reduce the waiting list for community services for developmentally disabled Marylanders.
  • Allocates more than $616 million to fund provider rate increases in the fields of behavioral health, developmental disabilities, Medicaid, and other healthcare services (including $413 million for minimum wage increase).
  • Provides record funding for mental health and substance abuse programs, with almost $1.4 billion in direct state support.


Public Safety

  • Provides $122 million in aid to local police departments.
  • Includes nearly $69 million in direct local law enforcement grants.
  • Allocates $35 million in general funds for Victims of Crime Act funding to provide victim services.
  • Invests $8.6 million over two fiscal years for parole and probation agents salary enhancements to help recruit and retain staff plus $17.8 million for retention incentive bonuses for agents and correctional officers.
  • Provides $3.6 million for step increases and bonuses for resident advisors within the Department of Juvenile Services to support recruitment and retention.
  • Includes $1 million to convert an existing depopulated correctional facility into a geriatric care facility.


Environment and Natural Resources

  • Provides $103.4 million for renewable energy programs, an increase of 15 percent, and $51.6 million for energy efficiency grants, an increase of 44 percent.
  • Includes $1.7 million and 24 new Water Supply positions to increase enforcement of drinking water standards.
  • Provides $106.9 million for critical maintenance and other improvements at state parks.


Rebuilding State Government

  • Establishes a new cabinet-level agency, the Department of Service and Civic Innovation, to provide service opportunities to Marylanders.
  • Invests to strengthen the state workforce including:
    • Salary increases for most state employees will reach 18 percent over the period of January 2022 through July 2023 by a combination of cost-of-living adjustments and step increases.
    • An additional $39.4 million in salary adjustments for several difficult to fill positions like registered nurses, attorneys, emergency response technicians and certain educator positions.
    • The budget over two fiscal years includes $1.3 billion for employee salary and benefit enhancements ($875 million in general funds).
    • Assumes state agency vacancy rates will be reduced by about half to 6 percent overall in fiscal 2024 and includes an additional 589 positions, including 143 contractual conversions.