expenditures. A summarization of the effect of the fund structure differences and exceptions to the modified
accrual basis of accounting, as of June 30,1991 follows (amounts expressed in thousands):

	Total Budgetary
	Fund
	Equities			Financial	Statement	Funds
	and Other						Trust
	Accounts		Special	Debt	Capital		and	Higher
	June 30, 1991	General	Revenue	Service	Projects	Enterprise	Agency	Education
Classification of budgetary fund equities and other
accounts into GAAP fund structure:
General ...................................	$35,983	$ 35,983
Special ...................................	337,757	108,580	$46,679	$66,305	! $16,489	$ 99,707
Current unrestricted ........................	91,070							$ 91,070
Current restricted ..........................	1,009							1,009
Other accounts (a):
Non-budgeted ............................	39,196	37,932	496			768
Debt service transportation bonds ...........	94,416			94,416
Capital projects ...........................	136,670				39,286	97,384
Enterprise ...............................	2,326,610					2,326,610
Expendable trust .........................	384,413						$ 384,413
Pension trust .............................	11,325,358						11,325,358
Higher education .........................	1,861,130							1,861,130
Budgetary fund equities and other accounts
classified into GAAP fund structure: ...........	$16,633,612	182,495	47,175	160,718	5 55,775	2,524,469	11,709,771	1,953,209
Accounting principle differences:
Assets recognized in the GAAP financial
statements not recognized for budgetary
purposes:
Taxes receivable ..........................		29,733
Intergovernmental receivables ..............		87,728
Other accounts receivable ..................		15,405
Liabilities recognized in GAAP financial
statements not recognized for budgetary
purposes:
Accounts payable and accrued liabilities .......		(208,299)
Local income taxes payable to local income
taxes agency fund .......................		(123,841)
GAAP financial statement fund equities,
June 30, 1991 ..............................		$(16,779)	$47,175	$160,718	$55,775	$2,524,469	$11,709,771	$1,953,209

(a) The State's accounting system is maintained by the Comptroller in compliance with State Law and in
accordance with the State's Budgetary Funds. In addition to the accounting system maintained by the
Comptroller, certain individual agencies which are not subject to the State budget maintain accounting systems
which permit financial reporting on the basis of generally accepted accounting principles. The changes in net
assets of agencies whose accounting systems are not entirely maintained by the Comptroller are recorded in the
State's accounting system as of June 30 each year.

4. Cash and Short-Term Investments and Investments:

Substantially all cash and short-term investments of the governmental fund types and certain proprietary and
fiduciary funds are maintained by the State Treasurer on a pooled basis. The State Treasurer's Office invests
short-term funds on a daily basis. The investments consist of purchases of securities or repurchase agreements.
Under the State Finance and Procurement Article of the Annotated Code of Maryland, Title 6, Subtitle 2, the
State Treasurer may only invest in the following:

? Any obligation for which the United States has pledged its faith and credit for the payment of principal and
interest.

? Any obligation that a federal agency issues in accordance with an act of Congress.

? Repurchase agreements that any of these obligations secure.

? Bankers acceptances.

? Mutual Funds that invest solely in federal obligations.

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