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Report of the Comptroller, 1997-98
Volume 197, Page 51   View pdf image (33K)
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A summary of the effects of the fund structure differences and exceptions to the modified accrual basis of
accounting, as of June 30, 1998, follows (amounts expressed in thousands).
(a) The State's accounting system is maintained by the Comptroller in compliance with State Law and in
accordance with the State's Budgetary Funds. In addition to the accounting system maintained by the Comptroller,
certain individual agencies, which are not subject to the State's budget, maintain accounting systems which are
required to be included to properly present the State's financial reporting in accordance with generally accepted
accounting principles.
4. Cash and Cash Equivalents and Investments:
Substantially all cash and cash equivalents of the governmental fund types and certain fiduciary, enterprise and
component unit funds are maintained by the State Treasurer on a pooled basis. The State Treasurer's Office invests
short-term cash balances on a daily basis, primarily in repurchase agreements, U.S. government agencies
obligations and money market mutual funds. Under the State Finance and Procurement Article of the Annotated
Code of Maryland, Title 6, Subtitle 2, the State Treasurer may only invest in the following:
• Any obligation for which the United States Government has pledged its faith and credit for the payment of
principal and interest.
• Any obligation that a United States agency issues in accordance with an act of Congress.
• Repurchase agreements that any of the above obligations secure.
• Banker's acceptances.
• Money Market Mutual funds.
• Commercial Paper.
• Maryland Local Government Investment Pool.

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Report of the Comptroller, 1997-98
Volume 197, Page 51   View pdf image (33K)
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