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ARTHUR
ANDERSEN
ARTHUR ANDERSEN & Co, SC
Arthur Andersen LLP
November 2, 1994
120 East Baltimore Street
Baltimore MD 21202
410 727 5800
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
The Honorable Louis L. Goldstein,
Comptroller of the Treasury of Maryland:
We have audited the accompanying general purpose financial statements of the State of Maryland as of June
30,1994, and for the year then ended, as listed in the table of contents. These general purpose financial statements
are the responsibility of the State of Maryland's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit We did not audit the financial statements of (1) Maryland
Transportation Authority; (2) four insurance programs and six loan programs of the Maryland Departments of
Housing and Community Development, Economic and Employment Development and Environment; (3) State Use
Industries; (4) Maryland Stadium Authority; (5) Maryland State Retirement and Pension Systems; (6) Maryland
Food Center Authority; (7) Maryland Environmental Service and (8) Maryland Higher Education Loan Corporation,
which represent the percentages of the total assets, revenues and expenditures or expenses of the fund types listed
below for each fund type.
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Percentage
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of Total
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for Fund Type
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Agency
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Total Assets
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Revenues
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Expenditures or Expenses
|
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Maryland Transportation Authority
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|
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- Special Revenue Fund
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28.4%
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7.6%
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5.2%
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- Debt Service Fund
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26.1
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0.4
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4.0
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Four Insurance Programs
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|
|
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Six Loan Programs
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State Use Industries
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|
|
|
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Maryland Stadium Authority
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|
|
|
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- Enterprise Fund
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17.0
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4.9
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7.8
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Maryland State Retirement and Pension Systems
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|
|
|
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- Pension Trust Fund
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99.9
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99.6
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99.6
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Maryland Food Center Authority
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|
|
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Maryland Environmental Service
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|
|
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Maryland Higher Education Loan Corporation
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|
|
|
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- Component Unit Proprietary Fund
|
100
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100
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100
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Those financial statements were audited by other auditors whose reports thereon have been furnished to us,
and our opinion, insofar as it relates to the amounts included for the above mentioned agencies and component
units, is based solely on the reports of other auditors.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the general purpose financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
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