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, 1989
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,
1989, 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 independent auditor's report on the financial
statements and schedules. The statistical section includes selected financial and demographic information,
generally presented on a multiyear 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 Water Quality Revolving Loan Fund

Maryland Food Center Authority

Maryland Transportation Authority

Maryland State Lottery

Maryland Environmental Service

State Use Industries

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