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The increase in property values and transfer taxes have generated a 60 million dollar surplus for the city of Baltimore. Instead of finding a way to return some of this money, the Mayor Martin O’Malley is going to spend the money on “the children”. Why is it whenever the government gets money from the taxpayers that they do not want to return, they find a way to invoke the words, “for the children.”

We are going to be seeking ways to invest the $60 million surplus in continuing the city’s progress,” O’Malley said. WBAL-TV 11 News reporter Barry Simms reported the housing market keeps building and boosting Baltimore’s economy.

According to a statement issued by the mayor’s office, more than half of the surplus comes from transfer and recordation taxes. The statement says the city’s finance department anticipates as much as $15 million in additional income tax revenue and almost $3 million in additional property tax revenue in 2006.

…

So, what does the mayor want to do with those extra funds generated by home sales? Similar to last year, he wants to invest it in education. “The real goal here is that our children learn in a better, cleaner environments — better classrooms, better bathrooms,” O’Malley said. Simms reported the mayor hopes the City Council will agree to spend $25 million on school construction and renovation.

via TheWBALChannel.com

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