To the Governor,
the Members
of the General
Assembly
and the People
of Maryland

I am pleased to present our
fourteenth condensed and
simplified Annual Report of the
financial affairs of Maryland,
covering the Fiscal Year ended
June 30, 1974.

This report is not intended to
replace the much more detailed
official Annual Report, also being
published, which will be releasec
in the near future, but is designe
to give, in layman's language, a
reasonably complete picture of th
sources from which money flowec
into the State Treasury and the
purposes for which it was spent.

The report is based on the total
State Treasury receipts and dis-

bursements during the year. How-
ever, in order to obtain the clear-
est possible picture of the regular
financial operations of the State
government, we have eliminated
the investment transactions,
inter-fund transfers, etc., from
the totals, leaving receipts of
$2,505,066,000 and disburse-
ments of $2,576,542,000 in this
report to reflect the basic govern-
mental operations of the State.

Excluded from the revenue
receipts are $85,000,000,
representing postponement of the
June 1974 bond sale.

I trust this report will be both
interesting and informative, and
I will be happy to furnish
additional information on the
State's finances upon request.

Cordially vours.

Louis L. Goidstein

Comptroller of the Treasury of Maryland

September 15, 1974

[See image for photograph]