REPORT

OF THE

COMPTROLLER OF THE TREASURY

OF THE

STATE OF MARYLAND

September 15, 1953.
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, 1953.

A look at our Balance Sheet (Exhibit "A") shows the State's
fiscal condition to be good. The cash balance was $38,820,277.31;
the general fund surplus $14,485,207.33. The surplus stated is
considered in our fiscal estimates for 1954, and reference to Ex-
hibit "S" in the report will show that $8,584,797.00 of the 1953
surplus is used to supplement 1954 revenues for budget balancing,
and $3,055,250.00 transferred to the Annuity Bond fund, resulting
in an estimated unencumbered surplus at June 30, 1954 of
$2,845,160.33. This estimated figure will, of course, be subject
to change because of the vicissitudes of revenue estimating and
possible unusual reversions of appropriations, but at present the
estimate represents our best judgment.

It may be apropos at this time to call attention to the sky-
rocketing of the funded debt of the State in recent years. It is
true that demands for increased services have made necessary the
expenditures of large sums of money for capital purposes, particu-
larly for State institutions and schools, but I trust that when the
projects already provided for shall have been completed, most of
our large spending will be behind us, and that requests for the next
several years will be very carefully considered and approval for
further bond issues limited to absolute essentials. I should like
very much to see some definite policy decided upon for decreasing
the outstanding debt, to the end that in ten years, by limiting the
issuance of bonds for absolutely necessary purposes and retiring
the outstanding debt as it comes due, the funded debt will be re-