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To The Honorable Members of the General Assembly
and The Governor
December 31, 1979
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Ladies and Gentlemen;
It gives me great pleasure to
furnish you with this Annual
Financial Report of the State of
Maryland for the fiscal year ended
June 30, 1979. This report was pre-
pared in compliance with Article 19,
Section 9, of the Annotated Code of
Maryland and shows the financial
position of all funds and account
groups of the State and the results of
operations for the year.
This year's report is in a different
format from that used in prior years
and is the result of a project under-
taken by the State in September
1978. The objective of the project
was to change the State's financial
reporting practices to bring them
into conformity with generally
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accepted accounting principles
(GAAP) and to have an annual audit
performed by an outside firm of
independent certified public
accountants. The accompanying
financial statements, exhibits and
economic and social data reflect the
results of the project to date. They
have been prepared to satisfy the
budgetary reporting requirements
of the State and to present the
State's financial data on a GAAP
basis. A reconciliation is also
presented to provide the linkage
between the budgetary and GAAP
financial data. The independent
outside auditor's report adds
credibility to the financial
information contained in this report.
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Fund Balances
Ending balances for all governmental type funds totaled $742,106,000, The
general fund balance included in this total amounted to $283,691,000. The rev-
enues for all governmental fund types for the year improved in almost every
major category. The major revenues contributing to this improvement are as
follows: ......
_1979 1978 Improvement
Income Taxes $1107 $997 $110
Sales Taxes 699 628 71
Motor Vehicle Taxes and Fees 431 415 16
Federal Revenues 882 835 47
Expenditures
Consistent with prior years, the State's governmental fund expenditures
were maintained within available resources. A comparison of major expendi-
ture categories for 1978 and 1979 follows: Millions
1979 1978
Current $3,528 $2,983
Debt Service 270 283
Capital Outlay 208_ 282
Total $4,006 $3,548
General Obligation Debt Declines
Maryland's outstanding general obligation debt declined from
$2,172,960,000 at June 30,1978 to $2,154,075,000 at June 30,1979, A summary of
the changes in the debt is as follows: Milfons
1979 1978
Outstanding at beginning of year $2,173 $2,066
Add Bonds Issued 115 218
Deduct Bonds Redeemed (134) (111)
Outstanding at end of year $2,154 $2,173
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