|
13. Segment Information—Enterprise Funds:
Activity segments included in enterprise funds are described in Note IB. Selected financial information (amounts
expressed in thousands) with respect to these segments is as follows:
|
|
Economic
|
Development
|
Warehouse
Development
|
Toll Facilities
(Maryland
|
Segments
|
Water Supply
|
|
Student Loan
|
Savings and
|
|
|
Insurance
|
Loan
|
and
|
Transportation
|
|
Waste
|
|
Insurance
|
Loan Deposit
|
|
|
Programs
|
Programs
|
Rentals
|
Authority)
|
Lottery
|
Disposal
|
Manufacturing
|
Program
|
Insurance
|
|
Operating revenues ........
|
$ 11,484
|
$ 127,253
|
$2,720
|
$ 93,165
|
$688,146
|
$18,566
|
$8,254
|
$ 6,343
|
$ 3,441
|
|
Depreciation and
|
|
|
|
|
|
|
|
|
|
|
amortization ............
|
|
1,274
|
374
|
139
|
3,559
|
1,358
|
165
|
17
|
10
|
|
Operating income (loss) ....
|
6,885
|
8,662
|
415
|
43,899
|
249,801
|
(1,529)
|
575
|
(11,774)
|
1,954
|
|
Operating grants ..........
|
|
11,183
|
|
|
|
|
|
13,907
|
|
|
Operating interfund
|
|
|
|
|
|
|
|
|
|
|
transfers:
|
|
|
|
|
|
|
|
|
|
|
In .....................
|
|
|
|
|
|
|
|
842
|
105
|
|
Out ...................
|
|
(324)
|
|
|
(250,170)
|
|
|
(2,023)
|
|
|
Net income (loss) ..........
|
6,885
|
19,521
|
415
|
43,899
|
(369)
|
(1,529)
|
575
|
952
|
2,059
|
|
Current capital contributions
|
4,298
|
14,254
|
|
|
|
6,155
|
|
|
|
|
Property, plant, and
|
|
|
|
|
|
|
|
|
|
|
equipment:
|
|
|
|
|
|
|
|
|
|
|
Additions ..............
|
|
1,300
|
985
|
19,293
|
1,176
|
|
529
|
36
|
54
|
|
Deletions ...............
|
|
|
|
|
|
(2,859)
|
|
|
|
|
Total assets ..............
|
111,517
|
1,463,817
|
23,687
|
910,441
|
77,614
|
24,716
|
5,983
|
25,079
|
299,841
|
|
Bonds and other long-term
|
|
|
|
|
|
|
|
|
|
|
liabilities:
|
|
|
|
|
|
|
|
|
|
|
Payable from other sources
|
|
25,231
|
|
|
|
|
|
100,862
|
|
|
Payable from operating
|
|
|
|
|
|
|
|
|
|
|
revenues .............
|
|
1,155,016
|
|
115,495
|
|
5,170
|
|
|
|
|
Total capital (deficit) .......
|
104,213
|
229,043
|
7,686
|
782,661
|
11,800
|
14,599
|
2,570
|
10,623
|
(159,703)
|
14. State of Maryland Deposit Insurance Fund Corporation:
During the first half of calendar year 1985, several State-chartered savings and loan associations, the savings
accounts of which were privately insured by the Maryland Savings-Share Insurance Corporation (MSSIC),
experienced unusually heavy withdrawals of funds by depositors. This unanticipated situation caused a substantial
decline in the liquid assets held by some associations and, as a result, MSSIC was appointed by the Circuit Court
for Baltimore City to act as conservator for two of the associations. On May 17, 1985, the Governor convened
a special session of the General Assembly which enacted legislation creating the State of Maryland Deposit Insurance
Fund Corporation (MDIFC), an agency of the State Department of Licensing and Regulation and the successor
by statutory merger to MSSIC. On May 18, 1985, all savings and loans associations that were members of MSSIC
automatically became members of MDIFC.
Funding of MDIFC's operations to date consist primarily of capital deposits and capital notes from member
associations. Capital deposits by members are based on the savings accounts on deposit with the members and
are refundable upon termination of membership in MDIFC subject to the terms and conditions adopted by the
Fund Director and approved by the Board of Directors of MDIFC. Capital notes are issued by MDIFC for
subscriptions of members based on their savings accounts and are redeemable upon termination of membership
in MDIFC under the same conditions as capital deposits. Interest earned on capital notes is returned to members.
MDIFC insures members' savings deposits deposited prior to May 18, 1985 up to $100,000 per account and
amounts deposited after that date up to the amount insured by the Federal Savings and Loan Insurance Corporation
(FSLIC). The savings accounts of all associations operating in the State must be insured by either MDIFC or FSLIC.
The enabling legislation required that a member association with total assets of $40 million or more apply
for Federal insurance on or before June 1, 1985 and be approved no later than December 31, 1985. It may remain
a member of MDIFC past that date only under certain terms and conditions approved by the State. An association
with total assets of at least $15 million but less than $40 million is not eligible for new or continued membership
in MDIFC on or after July 1, 1987. An association with total assets of less than $15 million is not eligible for
new or continued membership in MDIFC after July 1, 1989.
48
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