Budget Matters

Budget Presentation to the General Assembly February, 1997

The Archives' appropriation request for FY 1998 incorporated a 7% reduction in general funds for baseline activities. We were successful in obtaining funds for an additional position to care for the Maryland Electronic Capital and we anticipate additional support from MEC will be forthcoming from the Technology Investment Fund. We also received funds for a contractual position to revitalize our program of biographical research. The support of the Governor and the General Assembly for the program of the Archives in the course of adopting the FY 1998 budget was most gratifying.

The financial position of the Archives for the current fiscal year is still positive. We expect to close without a deficit. We will have expended almost $2.5 million this year of which more than 30% has been earned revenue in the amount of $730,000. The FY 1998 budget will require about the same level of income to match our general fund support.

Endowment

We began the fiscal year with a balance in the Endowment of $196,314 and it is now valued at $214,979. Proceeds from two genealogical workshops contributed $2,500 while another $6,637 was donated. The balance of the $18,665 received into the Endowment to date are interest earnings of $9,528.