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 r c h i v e s   o f   M a r y l a n d   O n l i n e

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Report of the Comptroller, 1997-98
Volume 197, Page 58   View pdf image (33K)
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B. General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30, 1998, are as follows (amounts
expressed in thousands).

Land and improvements ........
Structure and improvements.
Equipment...............................
Construction in progress.......
Total.......................................
Classification
Balance
July 1,1997
$1,261,459
5,962,598
1,569,876
803,504
$9,597,437
Additions
$ 34,791
239,420
78,282
240,370
$592,863
Deletions
$ 821
32
52,980
$53,833
Transfers
in (out)
$ 62,304
326,293
93,847
(482,444)
$ —
Balance
June 30,
1998
$ 1,357,733
6,528,279
1,689,025
561,430
$10,136,467

C. Component Units:
Property, plant and equipment of the discretely presented Component Units, as of June 30, 1998, consists of the
following (amounts expressed in thousands).


Higher Education Fund
Proprietary Funds

Land and improvements (proprietary funds include $4,261 of land held
for development)...............................................................................................
Structure and improvements...............................................................................
Equipment.............................................................................................................
Construction in progress.....................................................................................
Less: Accumulated depreciation.........................................................................
$ 61,287
2,340,686
608,480
230,365
$ 7,334
48,549
12,932
81


3,240,818
68,896
39,534


$3,240,818
$ 29,362

9. Long-Term Obligations:
A. General Long-Term Debt:
Changes in general long-term debt, for the year ended June 30, 1998, are as follows (amounts expressed in
thousands).

Balance, July 1,1997........................
Bond issuances..................................
Bond accretion.................................
New obligations underr capital
General
Obligation
Bonds
. $3,025,394
. 500,000
Transportation
Bonds
$935,355
93,645
Maryland
Transportation
Authority
Bonds
$391,938
16,380
3,496
Accrued
Self-
Insurance
Costs
$123,895
Accrued
Annual
Leave
$144,340
Obligations
Under
Capital
Leases
$ 85,847
Obligations
Under Capital
Leases with
Component
Units
$267,193
Total
Long-Term
Obligations
$4,973,962
610,025
3,496

leases...............................................





3,734
50,252
60,046

Reduction in bond principal............
Retirements of obligations under
. (254,869)
(178,855)
(36,870)




(470,594)

capital leases..................................





(16,288)
(4,550)
(20,838)

insurance costs..............................
Net increase in accrued annual



4,025



4,025

leave................................................




8,448


8,448

Balance, June 30,1998......................
. $3,270,525
$850,145
$374,944
$127,920
$152,788
$ 79,353
$312,895
$5,168,570

General Obligation Bonds —
General obligation bonds are authorized and issued primarily to provide funds for State owned capital
improvements, including facilities for institutions of higher education and the construction of public schools in
political subdivisions. Bonds have also been issued for local government improvements, including grants and loans
for water quality improvement projects and correctional facilities, and to provide funds for loans or outright grants
to private, not-for-profit cultural or educational institutions. Under constitutional requirements and practice, the
Maryland General Assembly, by a separate enabling act, authorizes loans for particular objects or purposes.
Thereafter, the Board of Public Works, a constitutional body comprised of the Governor, the Comptroller of the
Treasury and the State Treasurer, by resolution, authorizes the issuance of bonds in specified amounts for part or
all of the loans authorized by particular enabling acts.
General obligation bonds, which are paid from the general obligation debt service fund, are backed by the full
faith and credit of the State and, pursuant to the State Constitution, must be fully paid within 15 years from the

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Report of the Comptroller, 1997-98
Volume 197, Page 58   View pdf image (33K)
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