COOPERS & LYBRAND

CERTIFIED PUBLIC ACCOUNTANTS

The Honorable Louis L. Goldstein

Comptroller of Treasury of Maryland

Our report on our examination of the combined financial statements of the State of Maryland as of and
for the year ended June 30, 1980 appears on page 3. This examination was made primarily for the purpose of
expressing an opinion on the combined financial statements, taken as a whole, shown on pages 4 to 28 of
this report. The financial data identified in the Table of Contents on pages 1 and 2 as Supplementary Finan-
cial Data included in this report on pages 31 to 44, inclusive, although not considered necessary for a fair
presentation of financial position, results of operations, and changes in financial position in conformity with
generally accepted accounting principles, is presented primarily for supplemental analysis and compliance
purposes. The additional data included in this report on pages 31 to 39, inclusive, has been subjected to the
audit procedures applied in the examination of the combined financial statements and, in our opinion, based
upon our examination and the reports of other independent auditors on the financial statements of the
Maryland Transportation Authority, Maryland State Lottery Agency, Maryland Environmental Service and
the Maryland Food Center Authority, is fairly stated in all material respects in relation to the combined fi-
nancial statements taken as a whole. The other Supplementary Financial Data on pages 40 to 44, inclusive,
of this report, have not been auditied by us and, accordingly, we express no opinion on such data.

Baltimore, Maryland
November 21, 1980

30