The Maryland state budget for each fiscal year, covering a period ending on June 30, is approved by the Maryland General Assembly. For the fiscal year ending June 30, 2018, Maryland had a budget of $43.6 billion. [1]
Income for the Maryland budget is received from corporate tax, sales tax, individual income tax, and property tax.
Maryland's budget is invested in the following departments:
The portion of Maryland's budget invested in University System of Maryland is $5.48 billion. USM is a public corporation and charter school system comprising 12 Maryland institutions of higher education, this budget is distributed among its universities:
Another portion of the budget is invested in the State of Maryland's 23 counties:
For example, FY 2018 Maryland state budget included $2.3 billion for Montgomery County, of which $1.48 billion was invested in Montgomery County Public Schools and $128 million in Montgomery College. Montgomery County Public Libraries received $40.6 million of the budget. Other departments receiving a share of the FY 2018 budget included Montgomery County Police Department, Montgomery County Fire and Rescue Service, and Department of Recreation. [2]
Government budget balance in 2018 presents a gap between budget proposed and Maryland income of US$250 million. In 2018, there was no surplus in Maryland finances. [3] By 2025, there was budget deficit of more than US$3 billion. [4]