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Annual Report of the Comptroller, 1990
Volume 354, Page 37   View pdf image (33K)
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The State also provides post-retirement health insurance benefits to retired employees and their dependents.
During fiscal year 1990 these benefits amounted to $65,676,000. The cost of these benefits are recognized as the
benefits are paid.

Principally all full-time employees accrue annual leave based on the number of years employed up to a
maximum of 25 days per calendar year. Earned annual leave may be accumulated up to a maximum of 45 days as of
the end of each calendar year. Accumulated earned but unused annual leave for general government employees is
accounted for in the general long-term debt account group. Liabilities for accumulated earned but unused annual
leave applicable to the proprietary fund type and the higher education fund are reported in the respective funds.

Total Memorandum Only:

The "Total Memorandum Only" column represents an aggregation of the individual combined financial
statements and does not represent consolidated financial information.

B. Governmental Fund Types, Expendable Trust and Agency Funds:
Basis of Accounting:

The accounts of the general, special revenue, debt service, capital projects, expendable trust and agency funds
are maintained and reported using the modified accrual basis of accounting. Under the modified accrual basis of
accounting, revenues are susceptible to accrual and recognized in the financial statements when they are
measurable and available to finance operations during the year or liquidate liabilities existing at the end of the
year. Material revenues susceptible to accrual include: federal grants, income taxes, sales and use tax and motor
vehicle fuel and excise taxes. Expenditures are recognized when obligations are incurred as a result of receipt of
goods and services. Modifications to the accrual basis of accounting include:

• Interest on long-term obligations reflected in the general long-term debt account group is recognized in the
debt service funds when it becomes payable.

• Inventories of materials and supplies are recorded as expenditures when purchased. Such inventories are
not material.

• Obligations for retirement costs, workers' compensation costs and employees' vested annual leave and sick
leave are recorded as expenditures when paid.

• Encumbrances represented by executed and unperformed purchase orders and contracts, which are
approved by the Department of Budget and Fiscal Planning, are recorded as reservations of fund balance as
of the end of the fiscal year.

Income Taxes:

The State accrues an income tax receivable for those estimated income tax revenues relating to fiscal year
1990 that will not be collected until fiscal year 1991. The receivable is computed based on historical experience
using statistical analysis.

Sales and Use Taxes:

The State accrues as a receivable June sales taxes that are unremitted at June 30, 1990. These taxes are
considered measurable and available as they represent June collections that are remitted to the State in July.

Property Taxes:

The State levies an annual tax for the fiscal year beginning July 1 and ending June 30 on all real and personal
property subject to taxation, due and payable each July 1 (lien date), based on assessed values as of the previous
January 1, established by the State Department of Assessments and Taxation at various rates of estimated
market value. Each of the counties, Baltimore City and incorporated municipalities establishes rates and levies its
own tax on such assessed values. The State tax rate since 1982 has been maintained at 21 per $100 of assessed
value. Unpaid property taxes are considered in arrears on October 1 and penalty and interest of 1% is assessed for
each month or fraction of a month that the taxes remain unpaid. Current collections are 98.7% of the total tax levy
for fiscal year 1990.



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Annual Report of the Comptroller, 1990
Volume 354, Page 37   View pdf image (33K)
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