STATE OF MARYLAND

Combining Statement of Revenues, Expenses

and Changes in Retained Earnings

Component Unit Proprietary Funds

for the year ended June 30,1994

(Expressed in Thousands)

			Maryland
	Maryland		Higher
	Food	Maryland	Education
	Center	Environmental	Loan
	Authority	Service	Corporation	Total
Operating revenues:
Charges for services and sales ...............................................................................................................	. $ 3,187	$33,101	$ 2,526	$ 38,814
Interest and other investment income ..................................................................................................			988	988
Other ............................................ ...............................................................................................................	23		18,849	18,872
Total operating revenues .....................................................................................................................	. 3,210	33,101	22,363	58,674
Operating expenses:
Cost of sales and services .......................................................................................................................			37,694	37,694
Operation and maintenance of facilities...............................................................................................		25,141		25,141
General and administrative .....................................................................................................................	. 2,475	4,334	9,099	15,908
Depreciation and amortization ...............................................................................................................	496	3,778	7	4,281
Other ......................................................................................................................................................	214			214
Total operating expenses .....................................................................................................................	. 3,185	33,253	46,800	83,238
Operating income (loss)......................................................................................................................	25	(152)	(24,437)	(24,564)
Non-operating revenues (expenses):
Investment income....................................................................................................................................	136	567		703
Interest expense........................................................................................................................................	. (225)	(1,356)		(1,581)
Operating grants........................................................................................................................................			26,408	26,408
Other .................................................................................................................................................... .......		60		60
Net income (loss).........................................................,..........................................,.............................	(64)	(881)	1,971	1,026
Add: Depreciation of cost of assets acquired from contributed capital.............................................	12	1,323		1,335
Increase (decrease) in retained earnings..........................................................................................	• (52)	442	1,971	2,361
Retained earnings, July 1, 1993 ..................................................................................................................	. 12,909	3,621	11,687	28,217
Retained earnings, June 30, 1994 ...............................................................................................................	. $12,857	$ 4,063	$ 13,658	$ 30,578

The accompanying notes to general purpose financial statements are an integral part of these financial statements.

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