In this subtitle the following words have the meanings indicated.
“Board” means the Maryland’s Future Board.
“Fund” means the Maryland’s Future Fund.
“Project” includes:
an allocation of funds in the operating budget of the State;
an allocation of funds in the capital budget of the State; and
the implementation of any policy that will advance the State’s socioeconomic wellbeing and resiliency.
“Visionary plan” means a plan that envisions a State that is equitable, prosperous, livable, and provides opportunities for all residents to thrive, including:
a forward–thinking strategy that would incorporate core values and principles as envisioned by the Board;
a strategy that covers broadly issues that the State faces;
a strategy that is not constrained by existing technology, infrastructure, or fiscal conditions of the State; and
strategies that imagine future trends in the following areas:
robotics and automation;
artificial intelligence;
advanced manufacturing;
data aggregations; and
other industry disruptive technologies.
There is a Maryland’s Future Board in the Department.
The Board consists of the following members:
three members appointed by the Governor;
the Comptroller, or the Comptroller’s designee;
two members appointed by the President of the Senate; and
two members appointed by the Speaker of the House.
The Board shall consist of individuals who, collectively, are visionary thinkers for an economic future of the State that attracts individuals who want to live, work, and learn in the State, including:
entrepreneurs;
members of academia;
ethicists;
artists;
philanthropists; and
leaders in:
labor organizations;
business;
higher education; and
nonprofit organizations.
When appointing members consideration shall be given to geographic representation.
The members appointed to the Board shall reflect the demographics of the State.
The term of a member appointed to the Board is 4 years and begins on July 1.
A vacancy shall be filled immediately for the remainder of the unexpired portion of a term.
At the end of a term, a member continues to serve until a successor has been appointed.
A member appointed by the Governor, the President of the Senate, or the Speaker of the House serves at the pleasure of the appointing officer.
A member of the Board:
may not receive compensation as a member of the Board; but
is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.
The Board is subject to the Public Information Act and the Open Meetings Act.
The Board members are subject to the Maryland Public Ethics Law.
The Board shall meet at least four times per year.
The Board shall carry out the purpose of this subtitle by:
developing and revising a visionary plan under § 2.5–303 of this subtitle;
in alignment with the visionary plan, recommending projects that move the State forward and contribute to ensuring the economic strength of the State into the future; and
consulting with entities and State agencies, as needed.
On or before January 1, 2027, the Board shall develop a visionary plan for the future of the State that carries out the purpose of this subtitle.
The Board shall evaluate the visionary plan at least annually and revise the plan accordingly.
The Board shall submit the visionary plan to the Governor and the General Assembly, in accordance with § 2–1257 of the State Government Article, within 30 days after the completion of the visionary plan or a revision to the visionary plan.
On or before August 1, 2027, and each August 1 thereafter, the Board shall submit recommendations for projects to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.
There is a Maryland’s Future Fund.
The purpose of the Fund is to fund the projects recommended by the Board made under § 2.5–303 of this subtitle.
The Department shall administer the Fund.
The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
The Fund consists of:
money appropriated in the State budget to the Fund;
interest earnings; and
any other money from any other source accepted for the benefit of the Fund.
The Fund may be used only for projects recommended by the Board under § 2.5–303 of this subtitle.
The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
Any interest earnings of the Fund shall be credited to the Fund.
Expenditures from the Fund may be made only in accordance with the State budget.
Money expended from the Fund is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the same purpose.
The Department may adopt regulations necessary to carry out this subtitle.