A Capital Budget That Works

Governor O’Malley and the Presiding Officers signed the FY2014 Capital Budget into law to make the investments that educate, innovate and rebuild our infrastructure. The $3.7 billion capital budget makes investments to support and leverage almost 43,000 jobs.
The capital budget invests over $698 million in K-12 and higher education. We’re investing $338 million to renovate, rebuild, and improve Maryland’s #1 public schools creating, supporting, and leveraging nearly 8,200 jobs. We’re dedicating over $285 million to our four-year public colleges and universities and $52 million to our community colleges.

Additionally, Governor O’Malley signed the Baltimore City Public Schools Construction and Revitalization Act of 2013, which invests approximately $1 billion to build as many as 15 new schools and renovate and replace approximately 30 of the City’s aging schools. Baltimore City, the School System, and the State will each invest $20 million annually to raise roughly $1 billion in construction funds through the sale of bonds.

To prepare our workforce to compete and win in this global economy, the budget makes investments to spur innovation. The budget devotes $11 million to the One Maryland Broadband Network and $5 million to the East Baltimore Biotechnology Park.

To prepare for our future and protect our quality of life, the capital budget invests $182.5 million for Bay restoration projects and $110 million for land preservation programs. We are investing $20 million in the Rental Housing Works initiative launched last year to build 900 new affordable housing units for working families and support over 1,500 jobs. And, $10.9 million for energy efficiency and renewable energy projects will ensure that we make smarter choices about the way we power our State.

This morning, Governor O’Malley also signed the job-creating Transportation Infrastructure Investment Act of 2013.

Through the FY14 operating budget, we took action to encourage private investments in Maryland for innovation and job creation. Learn more about the key investments and tax credits here.