|
14. Segment Information - Enterprise Funds:
Activity segments included in enterprise funds are described in Note IB. Selected financial information
with respect to these segments is as follows (amounts expressed in thousands):
|
|
|
|
|
|
Segments
|
|
|
|
|
|
|
|
|
|
Warehouse
|
Toll Facilities
|
|
|
|
|
|
|
|
|
|
|
Development
|
(Maryland
|
|
Water Supply
|
|
Student Loan
|
Savings and
|
|
|
|
Insurance
|
Loan
|
and
|
Transportation
|
|
Waste
|
Manufac-
|
Insurance
|
Loan Deposit
|
Stadium
|
|
|
Programs
|
Programs
|
Rentals
|
Authority)
|
Lottery
|
Disposal
|
turing
|
Program
|
Insurance
|
Authority
|
|
Operating revenues .......
|
$ 14,213
|
$ 174,912
|
$ 2,608
|
$ 112,250
|
$ 746,326
|
$16,476
|
$15,922
|
$14,928
|
$ 2,588
|
$ 1,014
|
|
Depreciation and
|
|
|
|
|
|
|
|
|
|
|
|
amortization ............
|
48
|
1,372
|
418
|
419
|
1,012
|
1,586
|
373
|
22
|
|
22
|
|
Operating income (loss) ....
|
6,023
|
(1,636)
|
735
|
36,148
|
333,933
|
(688)
|
1,676
|
(27,812)
|
1,602
|
229
|
|
Operating grants ..........
|
|
19,021
|
|
|
|
|
|
29,151
|
|
|
|
Operating interfund
|
|
|
|
|
|
|
|
|
|
|
|
transfers:
|
|
|
|
|
|
|
|
|
|
|
|
In .....................
|
|
|
|
|
|
|
|
|
15,568
|
16,221
|
|
Out ...................
|
|
|
|
|
(335,825)
|
|
|
|
|
|
|
Net income (loss) ..........
|
6,023
|
17,385
|
598
|
29,834
|
(1,892)
|
(923)
|
2,176
|
1,339
|
17,170
|
18,254
|
|
Current capital
|
|
|
|
|
|
|
|
|
|
|
|
contributions .............
|
2,750
|
23,838
|
|
|
|
518
|
|
|
|
|
|
Property, plant, and
|
|
|
|
|
|
|
|
|
|
|
|
equipment:
|
|
|
|
|
|
|
|
|
|
|
|
Additions ...............
|
11
|
40
|
3,783
|
73,619
|
97
|
1,228
|
771
|
3
|
|
150
|
|
Deletions ...............
|
|
|
|
|
|
|
|
|
69
|
|
|
Total assets ..............
|
153,798
|
2,076,326
|
25,745
|
1,897,840
|
238,239
|
24,067
|
13,024
|
31,442
|
223,089
|
97,189
|
|
Bonds and other long-term
|
|
|
|
|
|
|
|
|
|
|
|
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Payable from other sources
|
1,658
|
|
|
|
|
|
|
|
355
|
60,845
|
|
Payable from operating
|
|
|
|
|
|
|
|
|
|
|
|
revenues ..............
|
1,681,468
|
4,820
|
198,215
|
|
|
4,700
|
|
|
|
|
|
Total capital
|
|
|
|
|
|
|
|
|
|
|
|
(deficit) ................
|
138,598
|
318,227
|
10,420
|
1,672,812
|
4,215
|
12,947
|
10,551
|
17,504
|
(173,483)
|
34,390
|
15. State of Maryland Deposit Insurance Fund Corporation:
During 1985, several State-chartered savings and loan associations, whose deposits were insured by the
Maryland Savings-Share Insurance Corporation (MSSIC), experienced unusually heavy withdrawals of funds
by depositors which caused a substantial decline in their liquid assets. As a result, MSSIC was appointed by
the Circuit Court of Baltimore City to act as conservator for two of the associations. On May 17, 1985, the
Maryland General Assembly enacted legislation creating the State of Maryland Deposit Insurance Fund
Corporation (MDIFC), an agency of the State of Maryland Department of Licensing and Regulation and the
successor by statutory merger to MSSIC. On May 18, 1985, all savings and loan associations that were
members of MSSIC automatically became members of MDIFC.
The savings accounts of all associations operating in the State must be insured by either MDIFC or the
Federal Savings and Loan Insurance Corporation (FSLIC). MDIFC has assumed the insurance liabilities of
MSSIC with respect to deposits made prior to May 18, 1985, and insures amounts deposited after that date
up to $100,000 per depositor. The legislation establishing MDIFC provides that: "It is the policy of this State
that funds will be appropriated to the (Maryland Deposit Insurance) Fund to the extent necessary to protect
holders of savings accounts in member associations." The enabling legislation also established July 1, 1989,
as the date by which all member associations must obtain alternative insurance or liquidate.
As of June 30, 1989, of the 103 associations initially insured by MDIFC, 97 have received federal
insurance, have been acquired by a federally insured institution, have converted to a mortgage company or
a credit union, or have voluntarily liquidated. Six institutions are currently in receivership: Old Court
Savings and Loan, Inc. ("Old Court"), First Maryland Savings and Loan, Inc. ("First Maryland"), Community
Savings and Loan, Inc. ("Community"), Universal Savings and Loan, Inc. ("Universal"), Ridgeway Savings
& Loan Association, Inc. ("Ridgeway"), and Arrow Savings and Loan Association ("Arrow"). All of the insured
accounts of Community have been acquired by Mellon Bank Corporation ("Mellon"); the insured accounts of
Arrow have been acquired by the First National Bank of Maryland; the insured deposits of Ridgeway have
been acquired by Concord Savings Bank; and the insured deposits of Universal have been acquired by
Washington Bank Corporation. The deposits of the six institutions in receivership have been frozen and earn
no interest pending liquidation of the institution's assets.
54
|
 |
