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REPORT
OF THE
COMPTROLLER OF THE TREASURY
OF THE
STATE OF MARYLAND
September 4, 1951.
To His EXCELLENCY
THEODORE R. MCKELDIN
GOVERNOR OF MARYLAND
In compliance with the provisions of Section 9 of Article
19 of the Annotated Code of Maryland, I submit herewith my
report for the fiscal year ended June 30, 1951.
Our Balance Sheet, the first statement in the report, shows.
in condensed form the complete situation as to the State's fiscal
condition. This year's statement may very well be said to reflect
a healthy condition, somewhat better than was anticipated when-
the General Assembly at its 1951 Session passed the budget for
the fiscal year which began July 1st last.
The General Fund Surplus at June 30, 1951 was $12,-
731,966-21. The budget for the fiscal year ending June 30, 1952
appropriates $8,345,763.50 of that surplus, leaving as free surplus
at the beginning of the new fiscal year the sum of $4,386,202.71.
The experience of the last six months of the fiscal year just closed
would seem to indicate that the unexpected increase in revenues
will continue for the time being at least and that the free surplus
of $4,386,202.71 will increase to the extent of the additional
revenues which will be received. I believe that before this report
is received from the printer the Board of Revenue Estimates
will have duly considered the revenue situation and revised its
estimates of revenues for the fiscal year 1952. Any change in
the surplus figure which may be occasioned by action of the
Board of Revenue Estimates will be duly publicized and taken
into account on our books.
One of the items in our Balance Sheet will doubtless attract
attention—the Bonded Indebtedness. At June 30, 1951 the State
bonds outstanding totaled $72,898,000, compared to $32,846,000
the year before. More bonds will be issued under authority
existing in laws heretofore passed. The total authorized at this
date but not issued is $65,656,000. The servicing of this debt
will, of course, require considerable tax money. All of the debt
will not be serviced by the State tax on real and personal prop-
erty since the State bonds issued under the General Public School
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