|
the option of transferring to the new Pension Systems. The new Pension Systems contain substantial changes
in benefits, including a 3% annual ceiling on cost of living increases and elimination of employee contributions
on earnings subject to social security tax. In addition, a change to the accrued benefits cost method with
amortization of the unfunded actuarial liability over a period of forty years and certain changes in actuarial
assumptions will occur for both systems. The effects of these changes are expected to result in an increase in
the amounts of annual pension and retirement costs to be funded over the amounts currently funded, and a
decrease in the amounts of annual pension and retirement costs to be provided in the financial statements.
Because, existing employees have the option of transferring to the new retirement plans, the financial effects
of the changes in annual funding and pension costs cannot be determined until the option period expires on
July 1,1980.
16. Segment Information—Other Enterprise Funds:
Activity segments included in Other Enterprise Funds are described in Note 1B. Selected financial
information with respect to these segments is as follows:
|
|
Economic Development
|
Warehouse
|
Segments
Toll
|
|
|
|
|
|
(Principally Mortgage
|
Development
|
Facilities
|
|
Water Supply
|
|
|
|
Lending and Mortgage
|
and
|
(Maryland Transportation
|
|
and Water
|
|
|
|
Insurance)
|
Rentals
|
Authority)
|
Lottery
|
Disposal
|
Manufacturing
|
|
Revenues ...........................
|
$ 27,501
|
$ 1,530
|
$ 54,386
|
$333,871
|
$12,144
|
$6,148
|
|
Income (loss) before extraordinary item . .
|
6,785
|
739
|
30,378
|
130,243
|
17
|
(16)
|
|
Extraordinary item-gain on re-
|
|
|
|
|
|
|
|
funding of revenue bonds ............
|
|
|
36,216
|
|
|
|
|
Depreciation ........................
|
101
|
127
|
|
|
|
117
|
|
Total assets .........................
|
331,356
|
13,627
|
697,238
|
34,625
|
25,233
|
3,212
|
|
Additions to property, plant
|
|
|
|
|
|
|
|
and equipment ....................
|
115
|
265
|
5,558
|
|
997
|
127
|
|
Proceeds from issuance of
|
|
|
|
|
|
|
|
long-term debt ....................
|
111,915
|
|
121,900
|
|
|
|
All information is presented as of June 30,1979 and for the year then ended, except for toll facilities which
is presented for the period August 24,1978 to June 30,1979 (See Note 1A).
|
 |
