ANNAPOLIS, MD—Governor Larry Hogan today issued the following statement after the Bureau of Revenue Estimates reported a $2.5 billion surplus for the state:
“I was elected governor to rein in years of out-of-control spending in Annapolis, to eliminate the $5.1 billion structural deficit we inherited, and to turn around our state’s floundering economy. This historic surplus is further proof that we have done exactly that.
“We succeeded in creating one of the biggest economic turnarounds in America, and when the COVID-19 pandemic threatened to wipe out all of our progress, we took decisive actions to protect the state’s fiscal health. As chairman of the National Governors Association, I successfully led the charge for federal aid for the states, and we reached a historic bipartisan agreement with legislative leaders to expeditiously allocate relief across all 24 jurisdictions.
“Maryland is experiencing one of the strongest health and economic recoveries in the nation. As we move forward, we will continue to practice fiscal discipline while prioritizing relief that advances our recovery.”