|
5. Taxes Receivable:
Taxes receivable (amounts expressed in thousands), as of June 30, 1987, consisted of the following:
|
|
|
Funds
|
|
|
|
|
|
Special
|
Debt
|
Trust and
|
|
|
General
|
Revenue
|
Service
|
Agency
|
|
Income taxes, current employee withholdings held by employers
|
$228,860
|
|
|
|
|
Retail sales and use taxes, current taxes held by collectors
|
119,086
|
|
|
|
|
Transportation taxes, principally motor vehicle fuel and excise
|
|
$49,676
|
|
|
|
Unemployment compensation taxes
|
|
|
|
$57,715
|
|
Other taxes, principally alcohol, tobacco and property
|
19,328
|
|
$3,904
|
|
|
|
367,274
|
49,676
|
|
57,715
|
|
Less allowance for doubtful accounts
|
648
|
|
|
|
|
Taxes receivable, net
|
$366,626
|
$49,676
|
$3,904
|
$57,715
|
6. Loans and Notes Receivable:
Loans and notes receivable (amounts expressed in thousands), as of June 30, 1987, consisted of the
following:
FUNDS
|
|
|
Debt
|
Capital
|
|
Higher
|
|
|
General
|
Service
|
Projects
|
Enterprise
|
Education
|
|
Notes receivable for advances of general obligation
|
|
|
|
|
|
|
bond proceeds
|
|
|
|
|
|
|
Political subdivisions
|
|
|
|
|
|
|
Public school construction
|
|
$13,320
|
|
|
|
|
Other
|
|
17,806
|
|
|
|
|
Hospitals and nursing homes
|
|
34,837
|
|
|
|
|
Permanent mortgage loans
|
|
|
|
$1,028,394
|
|
|
Savings and loan association loans
|
|
|
|
16,763
|
|
|
National direct student loans
|
|
|
|
|
$28,977
|
|
Health profession loans
|
|
|
|
|
6,423
|
|
Shore erosion loans
|
|
|
$12,108
|
|
|
|
Other
|
$783
|
1,083
|
|
123
|
2,818
|
|
|
783
|
67,046
|
12,108
|
1,045,280
|
38,218
|
|
Less allowance for possible loan losses
|
|
1,178
|
|
|
8,867
|
|
Loans and notes receivable, net
|
$783
|
$65,868
|
$12,108
|
$1,045,280
|
$29,351
|
Notes receivable for advances of general obligation bond proceeds bear interest at rates ranging from 3%
to 11.1% and mature over the next 30 years. Notes receivable maturing after fiscal year 2002 in the amount of
$20,135,000 are deemed to be not available for debt service because all related general obligation bonds are
scheduled to be retired by that date. Accordingly, the amount has been reflected as a reservation of debt
service fund balance. Such amounts will become available to fund debt service when the due date of the
outstanding amounts becomes equal to or less than the maturity dates of general long-term debt.
Savings and loan association loans are purchased from or made to member associations of the Maryland
Deposit Insurance Fund Corporation (see Note 14).
National direct student loans and health profession loans are made pursuant to student loan programs
funded through the U. S. Government.
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