Maryland State Budget FY2024 Analysis
ActualsAll-funds expenditure, general fund, revenue, reserves and category-wise allocation for Maryland in fiscal year 2024.
Maryland Budget FY2024 at a Glance โ Key Numbers
Total Expenditure
$67.7 billion
-2.0% YoY
General Fund
$27.4 billion
-2.1% YoY
Total Revenue
โ
All sources
General Fund Revenue
$24.9 billion
+5.0% YoY
Rainy Day Fund
$2.4 billion
-18.5% YoY
State GDP
$568.1 billion
Nominal
Spending by Category FY2024
Share of Spending FY2024
Maryland's Fiscal Position in FY2024
Maryland spent $67.7 billion across all funds in FY2024, or $10,807 per resident. All-funds spending counts the general fund, federal grants, and dedicated state funds together โ the fairest basis for comparing states, since they differ widely in how much they route outside the general fund.
The general fund โ the discretionary portion the legislature actually debates โ was $27.4 billion, or 40.5% of total spending. The remainder is largely federal grants (Medicaid above all) and dedicated revenues such as fuel taxes earmarked for highways.
Reserves in the rainy day fund stood at $2.4 billion. Because nearly every state is constitutionally required to balance its operating budget, reserves rather than borrowing are how states absorb revenue shortfalls in a downturn.
Maryland FY2024 โ Revenue & Expenditure Summary
| Particulars | FY2024 | FY2023 | Change |
|---|---|---|---|
| Total Expenditure (all funds) | $67.7 billion | $69.1 billion | -2.0% |
| General Fund Expenditure | $27.4 billion | $28.0 billion | -2.1% |
| Total Revenue | โ | โ | โ |
| General Fund Revenue | $24.9 billion | $23.7 billion | +5.0% |
| Rainy Day Fund | $2.4 billion | $3.0 billion | -18.5% |
| State GDP | $568.1 billion | $568.1 billion | 0.0% |
Category-wise Allocation FY2024
| Spending Category | Amount โผ | Share |
|---|---|---|
1. All Other | $25.5 billion | 37.7% |
2. Medicaid | $14.3 billion | 21.1% |
3. K-12 Education | $10.7 billion | 15.8% |
4. Higher Education | $9.3 billion | 13.8% |
5. Transportation | $5.8 billion | 8.5% |
6. Corrections | $2.1 billion | 3.1% |
Maryland Budget โ Multi-Year Trend
Year-over-year comparison of key fiscal metrics
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total Expenditure | $55.1 billion | $62.8 billion | $69.1 billion | $67.7 billion |
| General Fund | $18.8 billion | $21.0 billion | $28.0 billion | $27.4 billion |
| Total Revenue | โ | โ | โ | โ |
| Rainy Day Fund | $631 million | $1.7 billion | $3.0 billion | $2.4 billion |
How to Read Maryland's State Budget
All Funds vs General Fund
State budgets are reported two ways. All-funds spending counts everything: the general fund, federal grants, and dedicated funds. The general fund is the discretionary pot โ mostly income and sales taxes โ that legislators actually argue over. Headlines usually quote the general fund; comparisons between states should use all-funds.
Why Medicaid Dominates State Spending
Medicaid is typically the largest single line in a state budget, and most of it is federal money passing through: Washington matches state spending at rates that vary by state income. That is why a state with high all-funds spending is not necessarily a high-taxing state โ it may simply draw more federal match.
Balanced Budget Requirements and Reserves
Nearly every state must balance its operating budget, unlike the federal government. States therefore manage downturns through rainy day funds rather than deficits. Capital projects are usually exempt and financed with bonds, which is why states still carry debt.
Fiscal Years Differ Between States
Most states run a July-to-June fiscal year; Alabama and Michigan run October to September and New York runs April to March. Several states โ Texas, Oregon and Washington among them โ budget in two-year cycles. Figures labelled with the same fiscal year therefore cover slightly different periods across states.
Explore More Budget Data
Official References & Data Sources
- NASBO โ State Expenditure Report โ the all-50-state series with consistent categories
- US Census Bureau โ Annual Survey of State Government Finances โ consistent multi-year revenue and expenditure series
- NASBO โ Fiscal Survey of States โ general fund and rainy day fund balances
- Pew Charitable Trusts โ Fiscal 50 โ state fiscal health indicators