ANNAPOLIS, MD—Governor Larry Hogan today announced that all employees across state government will receive a 4.5% cost of living adjustment (COLA )increase— effective November 1, 2022—as part of a series of measures to enhance statewide workforce recruitment and retention efforts.
The governor’s action follows official budget projections from the Board of Revenue Estimates showing that, for the second consecutive year, the state is reporting a multi-billion dollar surplus. Overall, after inheriting a $5.1 billiion structural budget deficit, the governor will leave office with a record $5.5 billion in reserves—a more than $10 billion swing in the state’s fiscal fortunes under the Hogan administration.“