and exceptions to the modified accrual basis of accounting, as of June 30, 1993 follows (amounts expressed in
thousands):

	Total Budgetary
	Fund
	Equities			Financial	Statement	Funds
	and Other						Trust
	Accounts		Special	Debt	Capital		and	Higher
	June 30, 1993	General	Revenue	Service	Projects	Enterprise	Agency	Education
Classification of budgetary fund equities and
other accounts into GAAP fund structure:
General .................................	$ 109,941	$109,941
Special .................................	436,857	131,765	$121,647	$ 61,926	$18,882	$102,637
Current unrestricted ......................	126,647							$ 126,647
Current restricted ........................	7,202							7,202
Other accounts (a):
Non-budgeted ..........................	241,462	41,290	163,487	36,153		532
Debt service transportation bonds .........	66,744			66,744
Capital projects .........................	124,753				21,632	103,121
Enterprise .............................	664,905					664,905
Expendable trust ..................... i .	324,963						$ 324,963
Pension trust ...........................	14,154,970						14,154,970
Higher education .......................	2,203,734							2,203,734
Budgetary fund equities and other accounts
classified into GAAP fund structure: .........	$18,462,178	282,996	285,134	164,823	40,514	871,195	14,479,933	2,337,583
Accounting principle and timing differences:
Assets recognized in the GAAP financial
statements not recognized for budgetary
purposes:
Cash and cash equivalents ................		1,154
Intergovernmental receivables ............		(12,000)
Other accounts receivable ................		2,201
Other assets ...........................		(1,468)
Liabilities recognized in GAAP financial
statements not recognized for budgetary
purposes:
Accounts payable and accrued liabilities .....		(32,742)
Local income taxes payable to local income
taxes agency fund .....................		(106,893)
Deferred revenue .......................		(19,326)
Loans from other funds ..................			(75,000)	i
GAAP financial statement fund equities,
June 30, 1993 ............................		$113,922	$210,134	$164,823	$40,514	$871,195	$14,479,933	$2,337,583

(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's 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 the end of the fiscal year.

4. Cash and Cash Equivalents and Investments:

Substantially all cash and cash equivalents 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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