Anne Arundel County Chamber of Commerce issued the following announcement on Feb. 19.
The Blueprint for Maryland’s Future Fund
The debate about the recommendation of the Kirwan Commission continues to dominate a large portion of the legislative session. The issue of quality education is vital to help create a strong pool of workers for Maryland businesses. At the same time, there is a need for stable economic conditions and a reasonable tax climate to support the businesses that create the jobs. Therefore, the debate over the funding mechanism for the improvements will be so intense that we will hear legislators and other key stakeholders use the famous line from the movie Jerry McGuire, “Show Me the Money”.
On Friday, February 14th, the House of Delegates overwhelmingly passed legislation to boost funding of school construction projects across the state by $2.2 billion. HB 727, The Built to Learn Act, passed by a vote of 128-6 with all chamber Democrats and most Republicans supporting the measure. It’s designed to address the concerns of counties across Maryland that say they’re struggling to keep up with aging school buildings that are in desperate need of repair.
The $2.2 billion would be distributed to counties over five years from bonds issued by the Maryland Stadium Authority. The bonds would be paid back over 30 years using $125 million a year in casino revenues set aside in a so-called “education lockbox.” Each county in Maryland would get a different amount depending on population and the current level of local school funding already in place. Anne Arundel would get $250 million.
On Monday, February 17, the education and budget committees began the process of holding hearings to take a deeper dive into the specifics of the Kirwan recommendation and hear for key stakeholders about the recommendations and potential funding mechanisms. Under the legislation, the state’s share of the increased school funding would grow to $2.8 billion a year by 2030, while local governments would pay a combined $1.2 billion more annually. At the county level, there has been little conversation about the source of these funds.
Original source can be found here.
Source: Anne Arundel County Chamber of Commerce
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