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

I am pleased to present our second condensed and
simplified Annual Report of the financial affairs of
Maryland, covering the Fiscal Year ended June 30,
1962.

This report is not, intended to replace the much
more detailed official Annual Report which will be
released in the near future, but is designed to give,
in layman's language, an early and reasonably com-
plete picture of the sources from which money flowed
into the State Treasury and the purposes for which
it was spent. In order to accomplish this we have
eliminated from the "Receipts" and "Expenditures" of
the State Treasury, insofar as it is practicable to
do so, purchases and sales of investments, revolving
fund items, and transactions of a similar nature which
have no bearing on the financial position of the State
government.

You will note that there was an excess of receipts
over expenditures of $14,464,000. Receipts and ex-
penditures in any given year do not balance since a
portion of the money collected each year is carried
forward for expenditure in the subsequent year and,
conversely, some expenditures of each year relate
back to some receipts of the preceding year.

For purposes of simplicity the figures used in
this report have been rounded off to the nearest
$1,000.

We trust that this report will be both interest-
ing and informative.

Sincerely yours,

[signature]

Louis L. Goldstein

Comptroller of the Treasury

of Maryland
August 30, 1962