|
Component Units—Maryland Food Center Authority (Authority) —
In 1970, the Board of Public Works loaned to the Authority $4,000,000, which was obtained from the issuance
of general obligation bonds by the State. The Authority is obligated to pay interest and principal on these bonds
after all principal and interest has been paid on any revenue bonds which may be issued by the Authority. The loan
accrued interest until June 30, 1993.
In 1972, the Authority assumed a non-interest bearing obligation in the amount of $795,000 due to the State
pursuant to the transfer of New Marsh Market assets and obligations to the Authority. The Authority is obligated to
repay the State after all principal and interest has been paid on any revenue bonds which may be issued by the
Authority.
Total principal and interest due to the State is summarized as follows (amounts expressed in thousands):
Greater Baltimore Regional Consolidated Wholesale Food Market Loan of 1967................................................................................. $5,577
Debt assumed from New Marsh Wholesale Produce Market.................................................................................................................... 795
$6,372
11. Equity:
Fund Balances/Retained Earnings —
Fund Balances and retained earnings are reserved as follows (amounts expressed in thousands):
|
|
|
|
|
|
Fiduciary
Fund
|
Component
|
|
|
|
Governmental
|
|
Fund Types
|
|
Types
|
Units
|
|
|
|
|
Special
|
Debt
|
Capital
|
Trust and
|
Higher
|
Proprietary
|
|
|
General
|
Revenue
|
Service
|
Projects
|
Agency
|
Education
|
Fund Types
|
|
Loans and Notes Receivable .......................................
|
$ 2,816
|
$ 3,816
|
$35,442
|
|
|
|
|
|
Loans to Other Funds ..................................................
|
567
|
75,000
|
6,372
|
|
|
|
|
|
State Reserve Fund.......................................................
|
189,248
|
|
|
|
|
|
|
|
Encumbrances...............................................................
|
154,329
|
86,647
|
|
$347,641
|
|
|
|
|
Agency Activities...........................................................
|
72,910
|
40,093
|
|
|
|
|
$3,779
|
|
Passenger Facility Charges..........................................
|
|
25,468
|
|
|
|
|
|
|
Shore Erosion Loan Program......................................
|
|
|
|
17,083
|
|
|
|
|
Pension Benefits............................................................
|
|
|
|
|
$15,110,387
|
|
|
|
Unemployment Compensation Benefits ....................
|
|
|
|
|
459,743
|
|
|
|
Higher Education Programs ........................................
|
|
|
|
|
|
$ 89,520
|
|
|
Endowment Funds ........................................................
|
|
|
|
|
|
60,005
|
|
|
Debt and Plant Additions ............................................
|
|
|
|
|
|
209,659
|
|
|
Total reserved fund balance/retained earnings....
|
$419,870
|
$231,024
|
$41,814
|
$364,724
|
$15,570,130
|
$359,184
|
$3,779
|
Loans receivable maturing after June 30, 1995, in the amounts of $2,816,000 and $3,816,000, are not available
for current operations and accordingly, have been reflected as reservations of general fund balance and special
revenue fund balance, respectively. The special revenue reserved fund balance also includes $75,000,000 as of June
30, 1994 related to an intrafund loan from the Maryland Transportation Authority to the Maryland Department of
Transportation.
Portions of the general fund balance and the special revenue fund balance, in the amounts of $72,910,000 and
$40,093,000, respectively, as of June 30, 1994, representing special budgetary and nonbudgeted agency resources,
were reserved for agency activities and programs. A portion of the special revenue fund balance in the amount of
$25,468,000, is from revenues collected for airline passenger facility charges and has been reserved for special
development projects which must first be approved by the federal government.
A portion of the general fund balance, in the amount of $189,248,000 as of June 30,1994, has been reserved for
the State Reserve Fund. The State Reserve Fund is comprised of a Dedicated Purpose Account, an Economic
Development Opportunities Program Fund, a Catastrophic Event Fund and a Revenue Stabilization Account with
balances as of June 30, 1994, of $23,883,000, $575,000, $3,010,000 and $161,780,000, respectively. The Dedicated
Purpose Account is designed to retain appropriations for major multi-year expenditures and to meet contingency
requirements. The major use of the account has been the accumulation of reserves to meet the State's commitment
to make payments to insured account holders of certain State chartered savings and loans in receivership. The
Economic Development Opportunities Program Fund is to be used for extraordinary economic development
opportunities and only as a supplement to existing programs. The Catastrophic Event Fund is to be used to
respond without undue delay to a natural disaster or other catastrophic event that cannot be managed without
59
|
 |
