Certificate of

Achievement

for Excellence

in Financial

Reporting

Presented to

State of Maryland

For its Comprehensive Annual

Financial Report
for the Fiscal Year Ended

June 30, 1987

A Certificate of Achievement for Excellence in Financial

Reporting is presented by the Government Finance Officers

Association of the United States and Canada to

government units and public employee retirement

systems whose comprehensive annual financial

reports (CAFRs) achieve the highest

standards in government accounting

and financial reporting.

President

Executive Director

9