|
14. Segment Information—Enterprise Funds:
Activity segments included in enterprise funds are described in Note IB. Selected financial information with
respect to these segments at and for the year ended June 30,1992, is as follows (amounts expressed in thousands):
|
|
|
|
Warehouse
Development
|
Toll
Facilities
(Maryland
|
Segments
|
Water
Supply
|
|
Student
Loan
|
Savings
and
Loan
|
|
|
|
Insurance
|
Loan
|
and
|
Transportation
|
|
Waste
|
|
Insurance
|
Deposit
|
Stadium
|
|
|
Programs
|
Programs
|
Rentals
|
Authority)
|
Lottery
|
Disposal
|
Manufacturing
|
Program
|
Insurance
|
Authority
|
|
Operating revenues ......
|
$ 13,535
|
$ 224,743
|
$ 3,108
|
$ 122,155
|
$ 812,273
|
$28,229
|
$19,178
|
$ 16,202.
|
$ 6,688
|
$ 7,062
|
|
Depreciation and
|
|
|
|
|
|
|
|
|
|
|
|
amortization ..........
|
52
|
2,026
|
482
|
415
|
3,163
|
2,703
|
727
|
10
|
|
2,619
|
|
Operating income (loss)
|
3,579
|
(6,314)
|
604
|
51,255
|
344,373
|
(27)
|
(668)
|
(32,109)
|
8,426
|
119
|
|
Operating grants ........
|
|
1,739
|
|
|
|
|
|
34,222
|
|
|
|
Operating interfund
|
|
|
|
|
|
|
|
|
|
|
|
transfers:
|
|
|
|
|
|
|
|
|
|
|
|
In ...................
|
|
|
|
|
|
|
|
|
|
20,141
|
|
Out ..................
|
|
|
|
|
(343,864)
|
|
|
|
(9,000)
|
(1,252)
|
|
Net income (loss) ........
|
3,579
|
(4,575)
|
354
|
41,647
|
(974)
|
(647)
|
(827)
|
2,113
|
242
|
16,816
|
|
Current capital
|
|
|
|
|
|
|
|
|
|
|
|
contributions ..........
|
1,000
|
39,831
|
|
|
|
4
|
58
|
|
|
|
|
Property, plant, and
|
|
|
|
|
|
|
|
|
|
|
|
equipment:
|
|
|
|
|
|
|
|
|
|
|
|
Additions .............
|
1
|
88
|
377
|
33,339
|
|
6,126
|
369
|
|
|
70,384
|
|
Deletions .............
|
|
136
|
|
|
|
|
|
10
|
|
|
|
Total assets .............
|
170,381
|
3,047,539
|
24,646
|
2,097,654
|
372,834
|
41,252
|
13,966
|
23,396
|
334,391
|
264,742
|
|
Bonds and other long-term
|
|
|
|
|
|
|
|
|
|
|
|
liabilities payable from
|
|
|
|
|
|
|
|
|
|
|
|
operating revenues . . .
|
|
2,422,253
|
4,669
|
272,760
|
13,079
|
20,860
|
|
|
|
158,436
|
|
Total capital (deficit) .....
|
'. 138,743
|
527,740
|
13,086
|
1,796,752
|
(322)
|
11,566
|
10,909
|
9,579
|
6,940
|
101,542
|
15. State of Maryland Deposit Insurance Fund Corporation:
In 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 Maryland Savings Share Insurance Corporation (MS SIC).
All savings and loan associations that were members of MSSIC automatically became members of MDIFC. 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 required all member associations to obtain alternative insurance or
liquidate. Of the 103 associations initially insured by MDIFC, 98 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. Five institutions are currently in receivership. As of December 31, 1989, depositors of all
insured accounts at the associations in receivership were paid in full.
As successor to MSSIC, MDIFC assumed approximately $189,000,000 in assets of MSSIC. In addition, the
State has made available to MDIFC approximately $396,000,000 ($55,000,000 from direct general fund
appropriations, $241,000,000 from general fund appropriations to the State Reserve Fund designated for the use
of MDIFC, and a $100,000,000 transfer from the Transportation Trust Fund). To date, MDIFC has expended
approximately $576,000,000 to facilitate the acquisition of certain savings and loan associations by other financial
institutions, to fund payments to depositors of associations in receivership, to settle Internal Revenue Service tax
claims, and to settle litigation. In addition, MDIFC has recovered $107,000,000 from depositor distributions and
the general fund has received $45,000,000 in recoveries from litigation and the $71,200,000 balance remaining in
the Dedicated Purpose Account of the State Reserve Fund was not required and therefore reverted June 1,1990.
Through June 30, 1992, MDIFC has remitted to the general fund $83,000,000 received as distributions from
receiverships.
Additionally, MDIFC and MSSIC are parties to numerous lawsuits. Furthermore, there may be additional
future litigation involving MDIFC. Management believes that the allowance for estimated insurance losses
remaining at June 30, 1992, of $321,748,000, will be sufficient to provide for MDIFC's ultimate liability after
liquidation of the remaining assets of the five institutions in receivership, after adjudication of the numerous
lawsuits and upon completion of MDIFC's operations.
54
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