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Analyst flags unusual 2026 dip in debt costs; treasurer defends bond strategy
Summary
DLS analyst Patrick Frank told the Appropriations Committee that FY2026 shows an unusual decline in debt service because large issues matured and were not replaced, increasing reliance on general funds later in the forecast. Treasurer Davis defended the state's bond strategy and disputed that Moody's downgrade reflects a deterioration in payment capacity.
Patrick Frank, the Department of Legislative Services analyst, told the Appropriations Committee that Maryland’s public-debt forecast includes an unusual dip in debt service in fiscal 2026 because a large set of bonds matured and were not replaced. Frank said the forecast shows state property tax receipts around $1.1 billion in 2026 while projected debt service is roughly $1.4 billion, meaning the general fund must cover the difference and that general-fund contributions rise through the forecast period.
"I had to check my numbers three times when I looked at all that…
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