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State Treasurer presents fiscal 2026 budget, details Prepaid College Trust changes and bond outlook
Summary
The State Treasurer testified on the office's proposed fiscal 2026 budget, updates to the Maryland Prepaid College Trust and ABLE savings program, investment returns, and recent bond rating developments. DLS recommended concurrence with the governor's allowance.
Micah Richards, analyst for the Department of Legislative Services, and the State Treasurer briefed the Public Safety and Administration Subcommittee on the State Treasurer's fiscal 2026 budget and related program updates.
Richards summarized the Department of Legislative Services analysis, saying the Treasurer's fiscal 2026 allowance increases by about $6 million to $116 million, with roughly $74 million of the total supporting insurance premiums. He told the subcommittee the largest spending increase in reimbursable funds—about $10 million—was driven by higher insurance-premium costs, while the financial systems modernization IT project declined from $5 million to $0 in the allowance.
The DLS presentation described three savings programs overseen…
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