General Fund................................................ $7,828,295.71

Special Funds................................................ 9,429,282.85

Federal Funds................................................ 223,878.01

Annuity Bond (Sinking) Fund.................................. 9,141,689.76

Loan Funds.................................................. 8,249,937.32

Other Funds................................................. 16,074,100.63

$50,946,684.18

Investments of cash funds in excess of daily operating requirements, which totaled $387,315,700
at June 30,1972 are set forth in detail in Statement A-3. An analysis of these investments by fund is as

follows:

General Fund................................................ $95,278,000

Special Funds................................................ 58,815,000

Loan Funds.................................................. 16,997,050

Annuity Bond (Sinking) Fund.................................. 25,238,128

Other Funds................................................. 190,987,522

Total Investments............................................ $387,316,700

$19,699,359 of the above is held by the Trust Department of the Equitable Trust Company, for
account of the State Accident Fund, under an agreement dated January 2, 1964 between that Agency
and the bank. The remainder of the investments are held in the custody of the State Treasurer in safe
deposit boxes maintained at the Maryland National Bank, Baltimore, Maryland.

Under the provisions of Section 197 of Article 41 of the Annotated Code of Maryland, on the warrant
of the Comptroller, the Treasurer is authorized to advance to the State departments, agencies, etc.,
cash working funds to enable them to make prompt payment for certain expenses exempted from general
regulatory control. Such advances, totaling $5,248,598 are presented in detail in Statement A-2 and
consist of the following funds:

General Fund................................................ $1,852,460

Special Funds................................................ 1,436,090

Non-Budgeted Funds......................................... 1,960,048

$5,248,698

The amount of $1,852,460 which represents advances from the General Fund is an unappropriated
portion of the General Fund Surplus Account. Although it is not in the State Treasury, it is considered
as cash receivable and due from the various State departments, agencies, etc.

Financial statements contained in this report are presented generally in accordance with standards
of financial reporting promulgated by the National Committee of Governmental Accounting through the
Municipal Finance Officers Association of the United States and Canada. The accounting system and
records of this office are in conformance with generally accepted accounting principles applicable to
government fiscal operations, and have been set up to achieve both current and effective management
reporting. To accomplish this, every effort has been made to utilize the most current and advanced
technology and equipment to maintain our accounting controls and procedures.

It is my opinion that the exhibits, supporting statements and schedules presented herein cover all
areas of fiscal operations of our State Government which by Constitutional and Legislative mandate
have been entrusted to the office of the Comptroller of the State of Maryland. However, if any additional
information relative to the contents of this report is desired, my co-workers and I will be most pleased
to furnish it to you.

Cordially yours,

LOUIS L. GOLDSTEIN
Comptroller