The state estimates today released that revenues will fall $432 million short this year (Letter from Board of Estimates), and could expand to $950 million next year (Baltimore Sun Article). The Board of Public Works plans to immediately put the breaks on a number of capital projects, many of which could affect you. In this fiscal year (2009 Capital Budget Draft), the University System of Maryland is slated to receive the second greatest amount of capital dollars, right behind public school construction, with a nearly $144 million allocation. The Governor has provided a response.
Also, check out the statement by Comptroller Peter Franchot.
Implications could be rough for higher education. First, capital projects could get hit, and later, we could suffer in the operating budget.
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3 comments:
This is very unfortunate, but hopefully with the possible slots proposal (depending on what voters decide) along with some sacrifices, we will be able to get through this tough time.
Do think they will ever learn in this state. You increase taxes, people (or least their money) leave.
@Anon--
You have raised a valid point. As they say, there are never free lunches. What we must decide is whether we want K-12 and higher education to truly be public goods. Broadly, just as much as it hurts us for people to leave, the opportunity lost by not engaging those who are less fortunate is a great loss as well. Touch issues, but I think its really important that we discuss these issues.
I do ask what your thoughts are on subsidized in-state tuition. I am not sure where you attend, but if you are a Maryland resident, your tuition is subsidized anywhere from just over 5k per year (Towson) to 13k per year at UMCP. What are your thoughts on raising tuition to lower the burden on the State, both from a student's perspective and a taxpayers perspective?
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