ANNAPOLIS, Md. — The Maryland Office of the Comptroller issued its Annual Comprehensive Financial Report (ACFR) for fiscal year 2024 on March 31, 2025, detailing the state’s financial performance from July 1, 2023, to June 30, 2024. The report, Maryland’s official financial statement, includes audited data on revenues and expenditures, offering a clear view of the state’s fiscal health.
The ACFR, prepared under Generally Accepted Auditing Standards, was independently audited by CliftonLarsonAllen LLP. The firm also audits federal grants to Maryland, ensuring compliance with Office of Management and Budget requirements. “The Annual Comprehensive Financial Report is Maryland’s official financial statement. It provides insight into the financial health of our state and helps our state plan more strategically,” said Comptroller Brooke E. Lierman. “Understanding our financial position helps ensure policymakers and the public are informed and adequately equipped to make choices that will support the long-term economic health and prosperity of our state.”
For FY 2024, Maryland’s governmental activities recorded $55.5 billion in revenues against $54.8 billion in expenses, yielding a modest surplus. Business-type activities, such as state-run enterprises, generated $7.1 billion in program revenues while incurring $5.1 billion in expenses. Statewide, total revenues reached $62.8 billion, surpassing the $60 billion in program costs. However, a notable tax gap of $3.622 billion—the difference between taxes owed and collected—remained as of June 2024.
The report reflects Maryland’s fiscal stability, bolstered by diverse revenue streams including taxes and federal funds. Governmental activities encompass core services like education and public safety, while business-type activities include entities like the Maryland Lottery. The $2.8 billion excess of revenues over costs signals a positive financial position, though the tax gap highlights ongoing collection challenges.
Maryland has produced the ACFR for decades, earning a Certificate of Achievement for Excellence in Financial Reporting for 43 consecutive years from the Government Finance Officers Association. This streak underscores the state’s commitment to transparency, a priority Lierman emphasized as vital for strategic planning and public trust.
CliftonLarsonAllen LLP’s audit ensures the data’s reliability, providing a foundation for policymakers to address future needs. The report, available on the Comptroller’s website, serves as a tool for residents and officials to assess Maryland’s economic standing as the state navigates post-pandemic recovery and infrastructure demands.
