LOUIS L GOLDSTEIN

COMPTROLLER OF THE TREASURY
LOUIS L. GOLDSTEIN TREASURY BUILDING

P.O. BOX 466

ANNAPOLIS, MARYLAND 21404-0466
301-974-3801

October 31, 1988
Honorable Members of the General

Assembly and the Governor
State of Maryland

INTRODUCTION

The Comprehensive Annual Financial Report of the State of Maryland, for the fiscal year ended June 30,
1988, submitted herewith includes financial statements of the State of Maryland as well as information required
by Title 2, Section 102 of the State Finance and Procurement Article of the Annotated Code of Maryland.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the Office of the Comptroller. I believe the data, as presented, is accurate
in all material respects; that it is presented in a manner designed to fairly set forth the financial position and
results of operations of the State as measured by the financial activity of its various funds; and that all disclosures
necessary to enable the reader to gain the maximum understanding of the State's financial affairs have been
included.

This report is presented in three sections; introductory, financial, and statistical. The introductory section
includes this transmittal letter, the State's organizational chart, and a list of principal officials. The financial
section includes the general purpose financial statements and the combining and individual fund and account
group financial statements and schedules, as well as the auditor's report on the financial statements and
schedules. The statistical section includes selected financial and demographic information, generally presented
on a multi-year basis.

The financial statements include the various departments, agencies and other organizational units governed
by the General Assembly and/or constitutional officers of the State of Maryland. The following criteria was
utilized to determine the entity for the State of Maryland: selection of governing authority, appointment of
management, constitutional officers' ability to significantly influence operations and accountability for fiscal
operations and scope of public service.

In addition to general government activities, the State exercises, or has the ability to exercise, oversight of
the following organizations which are included in the State's financial statements:

Maryland Industrial Development Financing Authority

Maryland Housing Fund

Community Development Administration

Maryland Small Business Development Financing Authority

Maryland Food Center Authority

Maryland Transportation Authority

Maryland State Lottery

Maryland Environmental Service

State Use Industries

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