Statement by Governor Martin O'Malley on Retention of State's AAA Bond Rating
ANNAPOLIS, MD (July 11, 2008) – Governor Martin O’Malley today issued the following statement regarding the retention of Maryland’s AAA bond rating by all three bond rating agencies:
“Today’s AAA bond rating is an affirmation of Maryland’s sound financial operations, diverse economy, and smart fiscal policy. I want to thank Treasurer Kopp for her leadership and sound management of our State’s finances, and the members of the General Assembly for working with us to close the $1.7 billion structural deficit that we inherited. We will continue to make our State government more accountable and efficient even as states across our county struggle to balance their budgets in these tough economic times.”
“This highest possible bond rating is granted only to those governments that demonstrate remarkable fiscal stewardship and the people of Maryland should be proud to be one of only seven states to receive this designation.”
Last month, Governor O’Malley announced over $75 million in reductions and cost containment measures, totaling more than $1.9 billion in cuts during the O’Malley-Brown administration. For two years in a row, Governor O’Malley’s proposed budgets have met the General Assembly’s spending affordability guidelines, while saving for our State’s future by allowing the Rainy Day Fund balance to grow to $739 million by the close of the fiscal year and allocating more than $100 million for future retiree health costs. The fiscal 2009 budget includes $340 million for school construction, another year of record funding for K-12 Education, full funding of Program Open Space, increased funding for the environment and public safety, and funding for the expansion of health care coverage.
