Enterprise, Fiduciary, and Higher Education Funds

All enterprise funds with the exception of the Maryland Deposit Insurance Fund Corporation reported
retained earnings for the year ended June 30, 1993. The Economic Development Insurance Programs, and the
Maryland Deposit Insurance Fund Corporation reported declines in retained earnings during the year. Overall
retained earnings for enterprise funds increased during 1993 by $2,849,000, compared to an increase of
$58,943,000 in 1992.

Fiduciary fund types include the expendable trust fund, pension trust funds and agency funds. Agency funds
are custodial in nature and do not report fund balances. All other fiduciary fund types reported fund balances of
$14,479,933,000 at June 30,1993, compared to $13,019,387,000 at June 30,1992.

The Maryland State Retirement and Pension Systems (System) was established to provide pension benefits
for State employees, the employees of the University of Maryland Medical System (a private, nonprofit, nonstock
corporation) and employees of 105 participating municipal corporations within the State. The annual actuarial
valuation continues to reflect a positive trend in the government's and employees' funding of the System.

The total fund balance for the higher education fund was $2,337,583,000 at June 30, 1993, compared to
$2,169,102,000 at June 30,1992.

Debt Administration

The ratios of net bonded debt to assessed property value, debt to present market value, and bonded debt per
capita are considered to be useful indicators of the State's debt position to State management, citizens and
investors. Data for fiscal years 1992 and 1993 are shown as follows:

		Ratio of Net	Ratio of
		Bonded Debt	Debt to
	Amount	to Assessed	Present	Bonded
	(expressed	Value (46.4% of	Market	Debt Per
	in thousands)	Present Market)	Value	Capita
General obligation bonds:
1992	$2,178,199	1.90%	.89%	$448.19
1993	2,279,390	1.83	.85	464.42

Additionally, outstanding limited obligation bonds of the Department of Transportation and the Maryland
Transportation Authority amounted to $1,098,635,000 and $302,457,000, respectively, at June 30, 1993. Debt
service on the Department of Transportation bonds is provided principally by excise taxes levied by statute. Debt
service on the Maryland Transportation Authority is payable from revenues of the projects of the Authority.
Self-supporting revenue bonds outstanding at June 30,1993 amounted to $3,112,671,000. Long-term obligations
for accrued annual leave of $135,268,000 represent the value of accumulated earned but unused annual leave for
general government employees at June 30,1993.

Limited obligation bonds issued by the Department of Transportation, Maryland Transportation Authority
and self-supporting notes payable and revenue bonds issued by enterprise agencies amounted to $75,000,000,
$164,372,000 and $299,396,000, respectively, during 1993.

In 1978, the Capital Debt Affordability Committee was created to study the State's debt structure and to
recommend maximum limitations on annual debt authorizations. Although the recommendations of the
Committee are not binding on the State's General Assembly, the amounts of annual general obligation bond
authorizations for 1993 were within the limits established by the Committee. For the fiscal year 1993, new general
obligation bond authorizations amounted to $369,995,000.

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