Welcome to budget day, when Gov. Wes Moore will send his proposal for a balanced state spending plan to lawmakers. After months of discussion about a $1.4 billion budget shortfall, we will finally learn how Moore plans to close the gap.

Here’s what we’re watching today:

• 💰 Money crunch: Moore has promised to balance the budget without raising revenues, which means no new taxes or fees. It also means that we will likely see cuts to programs, postponements of projects, and other financial maneuvers designed to find cash in the state’s couch cushions. Check back here for updates throughout the day.
• 🗳️ Redistricting vote: Moore’s redistricting commission voted Tuesday to advance a new congressional map that would create a district stretching from Howard County to Ocean City in an effort to build an 8-0 Democratic map and push out Maryland’s only Republican, U.S. Rep. Andy Harris. Without support in the Maryland Senate, the proposal may be dead on arrival. Read more.
• 🛒 Dynamic pricing legislation: Legislative leaders want to ban grocery stores from using electronic labels that can change food prices minute-by-minute. But is that really a problem in Maryland? Read more.

We’ll have a team of reporters analyzing the governor’s budget proposal as soon as it becomes available. Check back here for updates.

6:02 p.m.: Budget takeaways

Blame Washington, police funding and lessons learned: what we observed during Gov. Moore’s budget announcement Wednesday.

Read more here.

11:45 a.m.: No new taxes or fees

We’re still reading through the details of Gov. Wes Moore’s budget proposal, but here are the early takeaways from his press conference Wednesday morning:

• No new taxes or fees: As promised, the budget does not use revenue-raising measures to fill a $1.4 billion shortfall in the state’s coffers.
• $900 million in cuts: Without new taxes or fees to raise money, the proposal uses “strategic reductions” to balance the budget. We’re still learning where those reductions come from, but cuts to Maryland’s Developmental Disabilities Administration account for at least $150 million. The administration tried to make similar cuts last year but was hit with swift backlash. The proposal also includes cost-sharing with local governments, for a savings of about $40 million.
• Cash transfers: As has been done in the past, Moore is proposing moving money around to fill the general fund. That will include a transfer of $322 million from the capital budget to the general fund and $292 million from the Strategic Energy Investment Fund.

Read more here.