10 REPORT OF THE COMPTROLLER OF THE TREASURY

The Bonded Debt was........................................ $137,075,000.00

Bonds authorized but not yet issued ................ 56,960,550.00

The Cash Balance in the Annuity Bond Fund

was.................................................................... 6,945,497.30

The State tax rate for the taxable (calendar)

year 1954 is........................................................ 5.67 cents

As I have stated in previous reports, it has been my purpose in
submitting these annual reports to include in them complete informa-
tion as to the State's financial transactions. This year's report
follows the pattern of the reports for the past several years. I trust
you will find the report informative and interesting, and if you should
wish information as to any matters in the report please do not
hesitate to ask for it.

I want, however, to recommend that consideration be given to
relieving the Comptroller's Office of the work of handling the' Social
Security coverage for employees of approximately eighty govern-
mental units in the State who are covered under the Federal Social
Security program of the Health, Education, and Welfare Depart-
ment. This work has been done by the Comptroller's Office since
the State entered into the agreement with the Federal department
under the provisions of Article 73B of the Code. The work has
grown in volume, and now, with the 1954 Amendment to the federal
law, the work will be increased, resulting in our inability to take care
of it without seriously interfering with the regular work of the office.
A separate agency should be created to take care of the work, or, if
the State is to become interested in coverage of its employees under
the Federal law, consideration might be given to assigning the work
to our existing retirement system.

Respectfully,

Comptroller.