COOPERS & LYBRAND

CERTIFIED PUBLIC ACCOUNTANTS

The Honorable Louis L. Goldstein

Comptroller of the Treasury of Maryland

We have examined the combined financial statements of the State of Maryland as of and for the year
ended June 30, 1981, as listed in the Table of Contents on page 1. Our examination was made in accordance
with generally accepted auditing standards and, accordingly, included such tests of the accounting records
and such other auditing procedures as we considered necessary in the circumstances. We did not examine
the financial statements of the Maryland Transportation Authority, Maryland State Lottery Agency, Mary-
land Environmental Service, Maryland Food Center Authority and one loan insurance program of the Mary-
land Department of Economic and Community Development which statements reflect total assets, revenues,
and expenses constituting 56 percent, 88 percent and 83 percent, respectively, of the related combined totals
for Other Enterprise Funds. These statements were examined by other auditors whose reports thereon were
furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for the above
mentioned units, is based solely upon the reports of other auditors.

In our opinion, based upon our examination and the reports of other auditors, the combined financial
statements referred to above present fairly the financial position of the State of Maryland as of June 30,
1981 and the results of its operations and the changes in financial position of its Other Enterprise Funds,
Nonexpendable Trust Fund and Pension Trust Fund for the year then ended, in conformity with generally
accepted accounting principles which, except for the change, with which we concur, in the method of deter-
mining pension expenditures and costs as described in Note 15 to the financial statements, have been ap-
plied on a basis consistent with that of the preceding year.

2100 Mercantile Bank &

Trust Building
Baltimore, Maryland 21201
November 13, 1981

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