Also Signs Pension Relief for School Boards
ANNAPOLIS, MD – Governor Larry Hogan today was joined by Senate President Thomas V. “Mike” Miller and Speaker of the House Mike Busch for the second bill signing ceremony at the State House in Annapolis.
“Today, I am proud to sign legislation that will help ensure Maryland’s fiscal stability in years when revenues are less than projected,” said Governor Hogan. “I’d like to thank the majority leadership for working with us in a bipartisan way to enact meaningful, common sense budget reforms.”
The governor today signed HB 503 - State Budget - Appropriations - Income Tax Revenue Estimate Cap and Revenue Stabilization Account. The legislation incorporates the governor's Fiscal Responsibility Act of 2017, which places a cap on the estimate of non-withholding (e.g. capital gains) revenues assumed in the budget process. This cap is designed to reduce revenue volatility by ending the practice of using temporary revenue spikes to fund known recurring future expenses. It will also create a process whereby excess state income during years with a revenue surplus will be automatically moved into the Rainy Day Fund to make that excess revenue available for use in years where revenues are less than projected.
This bipartisan legislation is based on recommendations from a joint report by the Department of Budget and Management, the Department of Legislative Services, and the Office of the Comptroller.
The governor also signed HB 1109 - Teachers' Retirement and Pension Systems - County Boards of Education Payments. This legislation reduces public school pension costs by nearly $20 million in response to an unanticipated cost issue this year. This legislation will provide a one-year suspension of the local administrative costs incurred by the pension system. The State will fund the difference ensuring that the pension system remains secure. This legislation was part of a bipartisan compromise between Governor Hogan and the presiding officers to provide incentives for Marriott and Northrop Grumman to remain and expand in Maryland.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Hogan is making sure the Teachers Retirement Pension system stays secure with tax dollars but he takes / robs the State Employees Retirement Fund without paying the fund back. This is absurd. Even though I am a registered Republican I have my doubts I will be voting for Hogan in next election. At least I knew when the DumbocRATs robbed / stole the money from the Employees Retirement Fund there was very little doubt / belief it would be paid back, since they are the worst for spending and not paying back. I did not believe Hogan would continue this trend. This proves he is just as bad.
I'm sorry......I must be a little dense. What does Marriott and Northrop Grumman have to do with the Teachers Retirement and Pension. In other words the Teacher's Union. I just don't get it. I see/smell a rat. And if looks like a rat and smells like a rat....It's a rat.
Post a Comment