TO THE GOVERNOR, THE MEMBERS OF
THE GENERAL ASSEMBLY AND THE
PEOPLE OF MARYLAND .

It is a pleasure to present for the first time
this condensed and simplified report of the finan-
cial affairs of Maryland for the fiscal year ended
June 30, 1961. This is not intended to replace the
much more detailed official annual report which
will be released several months hence but is de-
signed to give in layman's language an early and
reasonably complete picture of the sources from
which money flowed into the State Treasury and the
purposes for which it was spent.

The concepts "Income" and "Outgo" as used in
this report are not synonymous with total cash re-
ceipts and disbursements of the State from which
we have eliminated, insofar as it is practicable
to do so, all cash transactions involving purchase
and sale of investments, revolving fund items and
transactions of a similar nature.

The excess of income over outgo of twenty-five
million dollars is the result of the inclusion of
the bond issue account receipts and disbursements
in this report. The funds obtained from bond is-
sues totalled thirty million dollars more than the
disbursements for debt service during the year.

We trust that this report will be both inter-
esting and informative.

Cordially yours,

Louis L. Goldstein
Comptroller of the Treasury
of Maryland

August 4, 1961