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Thursday, March 11, 2010
Bill Would Improve Maryland’s “Cushion” Against Future Recessions
Southern Maryland Online
By BRADY HOLT
Maryland needs to strengthen its “rainy day” reserve fund to prepare for future budget crises, a state senator testified Wednesday at the Senate Budget and Taxation Committee.
Sen. Jim Rosapepe, D-Prince George’s, was speaking in support of his bill that would divert unexpected budget surpluses—extra money that the state’s analysts had not projected—into the rainy day fund until it swells from 5 to 22.5 percent of general fund revenues.
“The whole point of it is to save money in good times to cushion impacts in bad times,” Rosapepe said in an interview before the bill hearing.
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