Annapolis, Maryland – The Maryland Office of the Comptroller released the Annual Comprehensive Financial Report for Fiscal Year 2025 on February 2, 2026, detailing the state’s financial position for the period from July 1, 2024, to June 30, 2025.
The ACFR serves as Maryland’s official financial document, presenting audited financial statements that include estimated and actual revenues, expenditures, assets, liabilities, and other fiscal data for governmental and business-type activities. SB & Company LLC conducted the independent audit in accordance with generally accepted government auditing standards. The firm was selected by an audit committee comprising representatives from the Comptroller’s Office, the University System of Maryland, and other Executive Branch units. SB & Company also audits federal grants received by the state to comply with Office of Management and Budget requirements.
Comptroller Brooke E. Lierman emphasized the report’s role in public accountability. “Each year, the Annual Comprehensive Financial Report provides Marylanders with a clear, detailed picture of how their tax dollars are managed. While the report is a requirement, it is also an opportunity to demonstrate the strength of our financial management and our commitment to transparency in government,” Lierman said. “By delivering this report, we aim to strengthen public trust, demonstrate accountability, and foster understanding about the state’s fiscal performance.”
Key financial highlights from the FY 2025 ACFR include total expenses for governmental activities of $59.8 billion against revenues of $56.8 billion. Business-type activities reported expenses of $5.4 billion and program revenues of $7.4 billion. Overall, the state recorded total revenues of $64.4 billion and total program costs of $65.2 billion. The known tax gap—the difference between documented taxes receivable and revenues collected—stood at approximately $2.392 billion as of June 2025.
Maryland has produced an ACFR for decades and earned recognition for excellence in financial reporting. The state received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada for the FY 2024 report, continuing a pattern of awards dating to the 1980s.
The report provides a consolidated view of the state’s fiscal operations, covering major funds such as the General Fund, special revenue funds, capital projects, and enterprise activities including transportation and higher education systems. It incorporates notes on accounting policies, risk management, pension obligations, and post-employment benefits, along with management’s discussion and analysis of financial condition.
Comptroller Publishes Annual ACFR for FY25Release of the ACFR aligns with statutory requirements and supports informed oversight by the Maryland General Assembly, local governments, bond rating agencies, and the public. The document aids in evaluating fiscal trends, revenue sources including income, sales, and property taxes, and expenditure patterns across education, health, public safety, transportation, and human services.
For Southern Maryland residents in counties such as Anne Arundel, Calvert, Charles, and St. Mary’s, the report reflects statewide fiscal management that influences local funding allocations through education aid, transportation projects, and other shared revenue streams. The tax gap figure underscores ongoing efforts to improve compliance and collection efficiency, which affect overall state resources available for regional priorities.
The full FY 2025 ACFR is accessible through the Comptroller’s Office website, where residents can review detailed statements, statistical sections, and audit opinions. Maryland’s consistent pursuit of transparency and award-winning reporting standards positions the state as a leader in governmental financial disclosure.