Additionally, my office requires an audit of the State's general purpose financial statements by a firm of
independent certified public accountants selected by an audit selection committee composed of members from the
Executive and Legislative branches of State government. This requirement has been complied with, and the
opinion of Arthur Andersen & Co. has been included in the financial section of this report. Arthur Andersen & Co.
performs audits to meet the requirements of the federal Single Audit Act of 1984, 0MB Circular A-128, and 0MB
Circular A-133; such information being contained in other reports.

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to the State of Maryland for its comprehensive annual
financial report for the fiscal year ended June 30,1992.

In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and
efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such
reports must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe our current comprehensive
annual financial report continues to conform to Certificate of Achievement Program requirements, and we are
submitting it to the GFOA to determine its eligibility for another certificate.

The preparation of the Comprehensive Annual Financial Report on a timely basis could not have been
accomplished without the efforts and dedication of the staff of the General Accounting Division with assistance
from other personnel from the various departments and agencies of the State.

I will be pleased to furnish additional information on the State's finances upon request.

Cordially yours,

Louis L. Goldstein
Comptroller of the Treasury
of Maryland

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