(a) Market value approximates cost.
(b) The Department of Transportation, (Department) on behalf of the Consolidated Transportation Refunding
Bond Sinking Fund and the County Transportation Refunding Bond Sinking Fund, has entered into federal
securities purchase agreements with banks, thereby reducing the market risk to the Department. Under these
agreements the Department is required to invest a total of $246,000,000 of Sinking Fund deposits over the first
five and one-half years of the Bond issues. The invested funds are used to purchase federal securities from the
banks at predetermined yields and ranges of maturities. Investment maturities are scheduled in accordance with
bond redemption provisions and the Department anticipates that all investments will be held until maturity. As
of June 30, 1985, investment cost exceeded market value by approximately $24,673,000; however, no decline in
investment market value has been recognized in the financial statements since the Department intends to hold
the investments until maturity.
(c) Market value approximates $561,545,000.
(d) Market value approximates $5,539,405,000.
5. Taxes Receivable:
Taxes receivable (amounts expressed in thousands), as of June 30, 1985, consisted of the following:
|
|
Funds
|
|
|
|
|
Special
|
Debt
|
Trust and
|
|
General
|
Revenue
|
Service
|
Agency
|
Income taxes, current employee withholdings held by employers .........
|
..... $194,153
|
|
|
|
Retail sales and use taxes, current taxes held by collectors .............
|
..... 100,691
|
|
|
|
Transportation taxes, principally motor vehicle fuel and excise ..........
|
|
$37,790
|
|
|
Unemployment compensation taxes ..................................
|
|
|
|
$91,614
|
Other taxes, principally alcohol, tobacco and property ..................
|
..... 3,938
|
|
$5,332
|
|
|
298,782
|
37,790
|
5,332
|
91,614
|
Less allowance for doubtful accounts ................................
|
..... 648
|
|
|
|
Taxes receivable, net ..............................................
|
..... $298,134
|
$37,790
|
$5,332
|
$91,614
|
6. Loans and Notes Receivable:
Loans and notes receivable (amounts expressed in thousands), as of June 30,1985, consisted of the following:
|
|
Funds
|
|
|
|
Debt
|
Capital
|
|
|
General
|
Service
|
Projects
|
Enterprise
|
Higher Education
|
Notes receivable for advances of general obligation bond
|
|
|
|
|
proceeds:
|
|
|
|
|
Political subdivisions:
|
|
|
|
|
Public school construction ........................
|
$19,746
|
|
-
|
|
Other ..........................................
|
18,357
|
|
|
|
Hospitals and nursing homes .......................
|
36,654
|
|
|
|
Construction mortgage loans .........................
|
|
|
$ 20,003
|
|
Permanent mortgage loans ...........................
|
|
|
825,442
|
|
Savings and loan association loans ....................
|
|
|
51,215
|
|
National direct student loans .........................
|
|
|
|
$26,601
|
Health profession loans ..............................
|
|
|
|
8,445
|
Shore erosion loans .................................
|
|
$10,070
|
|
|
Other ............................................. $471
|
800
|
|
122
|
|
471
|
75,557
|
10,070
|
896,782
|
35,046
|
Less allowance for possible loan losses .................
|
103
|
|
|
8,292
|
Loans and notes receivable, net ....................... $471
|
$75,454
|
$10,070
|
$896,782
|
$26,754
|
39
|
|