Gov. Larry Hogan’s decision to withhold $25 million that would have helped local governments pay education costs is not helping the credit of Baltimore and most of Maryland’s 23 counties.
Moody’s, one of the nation’s three large bond rating agencies, said Thursday that the governor’s refusal to spend the money the General Assembly allocated for teachers pensions and aging schools is a “credit negative” for 21 counties and the city.
The governor’s move was part of a larger decision to forgo spending $80 million that lawmakers had “fenced off” to fund a variety of programs — some favored by the legislature and some proposed by Hogan. The budget bill specified that Hogan had to spend all of it or none of it.
Click here to read the rest of the article written by Michael Dresser over at Capital Gazette