On Friday, January 21st, Governor O’Malley released the Maryland state budget proposal. Two areas are of most interest to libraries:
It appears that public libraries, the State Library Resource Center (SLRC) and the Regional libraries have all been flat funded, with only the formula causing a small change.
The Governor is proposing retaining the existing defined benefits system. However, the proposal includes a one-time choice for current employees to a) continue to contribute 5% with a 1.5% benefit multiplier (reduced from 1.8%) or b) increase their contribution to 7% and continue to earn benefits with a 1.8% multiplier. New employees will automatically contribute 7% and receive a 1.5% benefit multiplier. More information about the pension system and other benefits is available on the Governor’s web site.
To view the proposed budget, Powerpoint presentations, budget highlights, video of the announcement and more, visit the budget announcement on the Governor’s web site. The budget proposal has now been turned over to the General Assembly.