clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
Annual Report of the Comptroller, 1989
Volume 353, Page 49   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

11. Changes in General Long-Term Debt:

Changes in general long-term debt, for the year ended June 30,1989, are summarized as follows (amounts
expressed in thousands):

 

     

Accrued

 

Obligations

 

General

 

Accrued

Workers'

Accrued

Under

 

Obligation

Transportation

Retirement

Compensation

Annual

Capital

 

Bonds

Bonds

Costs

Costs

Leave

Leases

Balance, July 1, 1988 ..................

$2,090,820

$388,900

$444,783

 

$ 93,808

$38,224

Bond issuances .......................

160,000

107,285

       

Establishment of accrued workers'

           

compensation costs ..................

     

$40,653

   

Increase in obligations under capital leases

         

12,384

Bond principal retirements .............

(245,460)

(26,895)

       

Retirement of obligations under capital

           

leases .............................

         

(5,236)

Excess of expenditures in governmental fund

           

types over actuarially determined

           

retirement costs .....................

   

(63,827)

     

Amortization of prior years' liability for

           

unfunded retirement costs ............

   

(13,328)

     

Net increase in accrued annual leave ....

       

11,374

 

Balance, June 30, 1989 ................

$2,005,360

$469,290

$367,628

$40,653

$105,182

$45,372

12. Other Long-Term Obligations:

A. Governmental Fund Types:
Accrued Workers' Compensation Costs:

The State is insured for workers' compensation losses by the State Accident Fund (Fund) under a contract,
which provides for the State to pay premiums based upon loss experience plus a proportionate share of
administrative costs. In the event of termination of the contract, the State is obligated for any premium
deficiency existing at the time of termination.

A liability for accrued workers' compensation costs in the amount of $40,653,000 exists at June 30, 1989.
This amount represents the liability for anticipated claims and claims expense for State employees
(governmental fund types) less the cumulative excess of premiums paid to the Fund and net investment
income over net claims paid and operating expense applicable to State coverage. This liability was not
recognized previously in the general long-term debt account group because the Fund was a part of the State
financial reporting entity. As an effect of legislation which became effective July 1,1988, the State Accident
Fund was removed from the financial reporting entity (see Note 1).

Obligations Under Capital Leases:

Obligations under capital leases of $45,372,000 exist as of June 30, 1989 bearing interest at annual rates
ranging from 4.6% to 9.25%. The following is a schedule of annual future minimum payments under these
obligations, along with the present value of the related net minimum payments as of June 30,1989 (amounts
expressed in thousands):

Years ending

 

June 30,

Amount

1990

$ 8,443

1991

7,210

1992

6,076

1993

5,455

1994

3,820

1995 and thereafter

48,378

Total future minimum

 

payments

79,382

Less amount

 

representing interest

34,010

Present value of net

 

minimum lease

 

payments

$45,372

49

 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Annual Report of the Comptroller, 1989
Volume 353, Page 49   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  August 16, 2024
Maryland State Archives