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Annual Report of the Comptroller, 1990
Volume 354, Page 35   View pdf image (33K)
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Debt Service Fund:

Transactions related to resources obtained and used for the payment of interest and principal on general
long-term debt obligations and transportation debt (other than Maryland Transportation Authority revenue
bonds) are accounted for in debt service funds.

Capital Projects Fund:

Transactions related to resources obtained and used for the acquisition, construction or improvement of
certain capital facilities, including those provided to political subdivisions and other public organizations are
accounted for in the capital projects fund. Such resources are derived principally from proceeds of general
obligation bond issues, federal grants and operating transfers from the State's general fund.

The State enters into long-term contracts for construction of major capital projects and records the
commitments as encumbrances. Since the fund's resources are received, in many cases, after the long-term
contracts are executed and recorded as encumbrances, the undesignated fund balance of the capital projects fund
reflects a deficit. This deficit will be funded by future bond proceeds and capital appropriations from the general
fund (see Note 9).

Enterprise Funds:

Transactions related to commercial activities operated by the State are accounted for in the enterprise funds.
Proprietary funds differ from governmental funds in that the focus is on income measurement which, together
with the maintenance of equity, is an important financial indicator. The enterprise funds include:

1. Economic Development; direct loan and loan insurance programs of the Maryland Departments of Housing
and Community Development, Economic and Employment Development and Environment.

2. Maryland Food Center Authority, which owns and operates warehouse facilities for use by wholesale food

3. Maryland Transportation Authority, which constructs, maintains and operates transportation toll

4. Maryland State Lottery Agency, which operates the State Lottery.

5. Maryland Environmental Service, which constructs, maintains and operates water supply and liquid and
solid waste disposal facilities.

6. State Use Industries, which utilizes inmate labor from State correctional institutions to manufacture
goods, wares and merchandise to be sold to State agencies, political subdivisions and charitable, civic,
educational, fraternal or religious associations or institutions.

7. Maryland Higher Education Loan Corporation, which assists resident students in meeting costs of
attending approved institutions by guarantying loans made by commercial lenders.

8. Maryland Deposit Insurance Fund Corporation, which insured the deposits of member state-chartered
savings and loan associations.

9. Maryland Stadium Authority, which is constructing and will maintain and operate facilities for the primary
purpose of holding professional baseball and football games in Baltimore.


Transactions related to assets held by the State in a trustee or agency capacity are accounted for in fiduciary
fund types. Fiduciary fund types are comprised of:

1. The expendable trust fund, which reflects the transactions, assets, liabilities and fund equity of the
Unemployment Insurance Program. This fund is used to account for the unemployment taxes collected
from employers, federal revenue received and remittance of benefits to the unemployed and is accounted
for on a flow of current financial resources measurement focus.

2. The pension trust fund, which reflects the transactions, assets, liabilities and fund equities of the
State-administered retirement and pension systems and is accounted for using the flow of economic
resources measurement focus.



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Annual Report of the Comptroller, 1990
Volume 354, Page 35   View pdf image (33K)
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