With about half of the legislative session remaining, the General Assembly turned its attention to the FY 2013 budget. O’Malley’s proposal included a 50% shift of the retirement costs to the local governments. Earlier this week, the “Doomsday Budget” was released. This report outlines the significant cuts to local and state budgets that would be necessary if legislators do not raise taxes or cut spending.
Yesterday, the Senate Budget & Tax Committee approved a revised budget plan that shifts the cost of teacher pensions to the local school boards and county/local governments in phases over the next four years. This proposal would only apply to public school teachers, and not library or community college employees. The proposal is expected to go before the full Senate next week. For more information on this proposal, see the Gazette article.