|
Investments of the higher education institutions are stated at cost, adjusted for amortization of premiums
and accretion of discounts. Certificates of deposit and other short-term investments in the Fund aggregating
$11,697,000 at June 30, 1988, are reported as cash and short-term investments.
The investments at June 30, 1988 for the higher education fund are as follows (amounts expressed in
thousands):
|
|
|
Category
|
|
Carrying
|
Market
|
|
|
1
|
2
|
3
|
Value
|
Value
|
|
U. S. Treasury and agency obligations . . .
|
$42,224
|
|
$856
|
$43,080
|
$42,734
|
|
Corporate debt securities ...............
|
2,275
|
|
|
2,275
|
2,281
|
|
Corporate equity securities .............
|
18,256
|
|
|
18,256
|
24,759
|
|
Other ...............................
|
1,060
|
$461
|
|
1,521
|
1,508
|
|
Total ............................
|
$63,815
|
$461
|
$856
|
$65,132
|
$71,282
|
5. Taxes Receivable:
Taxes receivable, as of June 30, 1988, consisted of the following (amounts expressed in thousands):
|
|
|
Funds
|
|
|
|
|
|
Special
|
Debt
|
Trust and
|
|
|
General
|
Revenue
|
Service
|
Agency
|
|
Income taxes, current employee withholdings held by employers .......
|
. . . . . $261,008
|
|
|
|
|
Retail sales and use taxes, current taxes held by collectors ............
|
. . . . . 129,054
|
|
|
|
|
Transportation taxes, principally motor vehicle fuel and excise ........
|
|
$51,162
|
|
|
|
Unemployment compensation taxes ................................
|
|
|
|
$55,861
|
|
Other taxes, principally alcohol, tobacco and property ................
|
. . . . . 3,313
|
|
$3,359
|
|
|
|
393,375
|
51,162
|
3,359
|
55,861
|
|
Less allowance for doubtful accounts ...............................
|
. . . . . 648
|
|
|
|
|
Taxes receivable, net ............................................
|
. . . . . $392,727
|
$51,162
|
$3,359
|
$55,861
|
6. Due From/To Other Funds:
Interfund receivables and payables, as of June 30,1988, consisted of the following (amounts expressed in
thousands):
|
Receivable Fund
|
Payable Fund
|
Amount
|
|
General fund
|
Special revenue fund
|
$ 1,581
|
|
|
Enterprise fund - Maryland State Lottery
|
32,519
|
|
|
Agency funds -
|
|
|
|
Local admissions and amusement taxes
|
1,142
|
|
|
Payroll taxes and fringe benefits
|
9,107
|
|
Debt service fund - transportation bonds
|
Special revenue fund
|
717
|
|
Agency fund - local income taxes
|
General fund
|
153,959
|
|
|
|
$199,025
|
45
|
 |
