preceding December 31 or June 30, as the case uncollected or over-collected (Code 1957, Art. 41,
may be. The statement shows: 1) estimated reve- sec. 194). The appropriation for the Bureau of
nue from all sources, by funds, for the current Revenue Estimates is included in the budget of
budget period; 2) collections for the next preced- the Comptroller of the Treasury.
ing six-month period; and 3) amount of revenues

Lucille Maurer, Treasurer of the State
Edwin J. Schamel, Chief Deputy
Bemadette T. Benik, Deputy
Samuel P. Callahan, Jr., Deputy
Marion B. Meidenbauer, Deputy
Mark A. Reger, Deputy
Robert L. Richter, Deputy
Margaret H. Terry, Deputy

Goldstein Treasury Building, Room 109

60 Calvert St.

Annapolis 21401 Telephone: 974-3533

Under the Constitution of 1776 there were two State Treasurers—the Treasurer of the Eastern Shore
and the Treasurer of the Western Shore. In 1841 a constitutional amendment consolidated the two of-
fices. The present constitution provides that the Treasurer of the State shall be elected by joint ballot of
both Houses of the General Assembly for a term of four years.

The Treasurer of the State is responsible for accounting for all deposits made each day by State agen-
cies in depositories designated and authorized by the Treasurer. The Treasurer prepares all checks
drawn for disbursement of State cash funds, and the Treasurer (or one of the Deputies) signs these
checks, which are then countersigned by the Comptroller or one of the Comptroller's authorized Depu-
ties. The Treasurer invests any unexpended or surplus funds in the State Treasury, representing both
the general and special funds of the State which are not currently required to meet State needs.

The Treasurer is the custodian of all stocks, bonds, or other investments of the State, as well as secur-
ities that are pledged by insurance companies, foreign building and homestead associations, and all col-
lateral that is pledged by banks that have State funds on deposit. The Treasurer administers the insur-
ance for the State of Maryland, which includes the State Insurance Trust Fund, the self-insurance
program, and private commercial insurance. The Treasurer does the preliminary planning, preparation,
and advertising for State of Maryland bond issues, receives bids and arranges for settlement, and signs
and delivers State of Maryland bonds. The Treasurer renders a quarterly report of cash receipts and
cash disbursements to the Comptroller of the Treasury.

By law, the Treasurer is a member of the Board of Public Works, the Board of Trustees of the Mary-
land State Retirement and Pension Systems, the State Board of Canvassers, the Maryland Industrial
Development Financing Authority, and a number of other boards and commissions. The Treasurer is
also the custodian of such special deposits as may from time to time be prescribed by law (Const. 1867,
Art. VI, sees. 1-6; Code State Government Article, sees. 5-101 through 5-107, sec. 12-104).