REPORT

OF THE

COMPTROLLER OF THE TREASURY

OF THE

STATE OF MARYLAND

September 1st, 1944.
To The Honorable
The General Assembly of Maryland

Again I have the privilege of submitting to you a report of the
fiscal condition of the State of Maryland. The within report is for
the fiscal year which ended June 30th, 1944. It is the first report for
a full period of twelve months since the fiscal year was changed by
action of the 1943 Session. The report which I submitted to the
Governor last year, a copy of which was sent to each member of
the Assembly, was for the period of nine months beginning October
1st, 1942, and ending June 30th, 1943. Any comparison of figures
in the within report with figures in the preceding report would
naturally show wide differences in many items, both as to revenues
and expenditures.

The complete story of the State's fiscal activities is told in the
statements which follow these remarks. However, there are certain
items upon which attention usually focuses, and I shall mention
some of them as being of special interest to persons who do want
fiscal facts without having to analyze financial statements to get
them.

The Cash Balance at June 30th, 1944, was $29,863,452.63. This
balance ordinarily would have been $34,863,452.63; but the State
purchased out of its general funds cash $3,100,000.00 and out of
funds appropriated for post-war construction $1,900,000.00, of the
Fourth War Loan. The bonds purchased are redeemable one year
from date of purchase, at which time the cash received from the
redemption of the bonds will be restored to the cash balance.

The Surplus at .June, 30th, 1944, was $8,961,000.87. This surplus
is the amount which is left of the cash balance of $29,863,452.63
and the $5,000,000.00 to be received from the redemption of the
U. S. Fourth War Loan, after deducting the monies which we call
special funds, and which must be used for the purposes specified in
the laws under which they are collected or received. Some of such
special funds are gasoline taxes, motor vehicle license revenues,
money received from the sale of State bonds, money received from
taxes to service the State debt, money received from the United
States for road construction, welfare, etc. This surplus of