Comptroller Visits St. Mary’s

Originally Published: August 17, 2023

Comptroller of Maryland Brooke Lierman, elected last year as Maryland’s first female Comptroller, visited St. Mary’s County on Monday, meeting with the Commissioners during her trip. Lierman outlined her top priorities for the Comptroller’s office, discussed the state of Maryland’s economy, and answered questions from the Commissioners.

Comptroller Lierman’s top three priorities are:

-Making agency improvements so the government works better for the people, through modernization of technology.

-Ensuring resources of the Comptroller’s office are truly benefitting Marylanders

-Preparing Maryland for future economic success

Commissioner Colvin asked Lierman her thoughts on the economy. Lierman said the economy is still growing, albeit at a slower rate due to the end of pandemic assistance. But spending is strong, growth is happening, and she has no concerns about a recession. A full report on Maryland’s economy is due in September, she said. Lierman highlighted Maryland’s rapidly aging workforce, and loss of over 100K women who didn’t return to work post-pandemic, a higher number compared to other states.

Housing affordability is a challenge across the state. Lierman noted a split opinion among economists about whether interest rates will remain the same or be lowered, and what effect that could have on the market. An overall lack of inventory, combined with high demand, creates a market where prices are increasing. This will need creative ways to address the problem according to Lierman.

Commissioner Hewitt asked about Lierman’s experience with the state carrying a fund balance, explaining the County’s policy of maintaining a fund balance of 15% of the general fund. At the state level, there usually is a fund balance left in the “rainy day fund,” but 5% of the general fund is the mandated amount according to Lierman. While she deferred on whether the 15% policy is too high, Lierman said the County should assess needs of the community and consider the County’s bond rating when setting policy. Further, any policy will depend on the willingness of Government to put the money to work she said.

Finally, Commissioner Alderson inquired about revenues from legalized cannabis. Lierman previewed that initial sales since July 1 are estimated at $87M, and a full report will be issued in October showing where all funds went. Afterward, a report will be issued quarterly on cannabis revenues.