Closeout Reports

Fiscal Year End Closeout Reports provide the General Fund Balance for the end of the fiscal year. Additionally, the reports provide an analysis of the variances between estimated and actual revenues prepared by the Bureau of Revenue Estimates.

The State closed Fiscal Year 2023 with a fund balance of $2.584 billion in the General Fund. Of this amount $2.029 billion was assigned by the 2023 General Assembly for fiscal year 2024 operations leaving an unassigned fund balance of $555 million.

In the Fiscal Year 2022 Closeout Report, Maryland reported a $2 billion unassigned fund balance, and in the Fiscal Year 2021 Closeout Report, Maryland had a $2.5 billion unassigned fund balance. Both years’ balances were a reflection of federal stimulus funding that significantly increased personal and business income and expanded consumer spending. In Fiscal Year 2020, Maryland reported a $585.8 million unassigned fund balance.

The FY 2023 Closeout Report reflects the challenges families and small business owners have faced. Although there are signs that inflation is slowing, many families and small businesses are still adjusting to the economic impact of COVID and rising costs – from rent, mortgages, to financing the purchase of a new vehicle. These factors highlight the need for more research into the ‘new normal’ that we find ourselves in post-pandemic. The Comptroller of Maryland is engaging in such research to better understand the structural changes in Maryland’s economy, the revenue base, and the risks, challenges, and opportunities we have.