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ARTHUR
ANDERSEN
ARTHUR ANDERSEN & Co, S C
October 30, 1995 Arthur Andersen LLP
120 East Baltimore Street
Baltimore MD 21202
4107275800
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
30,1995, and for the year then ended, as listed hi 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 eight 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) State Retirement and Pension System of Maryland; (6) Maryland
Food Center Authority and (7) Maryland Environmental Service, 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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Agency
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Perc
Total Assets
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:entage of
Revenues
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Total for Fund Type
; Expenditures or Expenses
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Maryland Transportation Authority
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- Special Revenue Fund
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36.2%
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7.5%
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8.2%
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- Debt Service Fund
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54.7
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0.9
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3.7
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Four Insurance Programs
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Eight Loan Programs
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State Use Industries
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Maryland Stadium Authority
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- Enterprise Fund
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19.0
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5.9
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8.1
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State Retirement and Pension System of Maryland
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- Pension Trust Fund
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99.9
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99.4
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99.3
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Maryland Food Center Authority
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Maryland Environmental Service
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- Component Unit Proprietary Fund
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98.3
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65.8
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49.5
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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 and the standards for
financial audits contained in Government Auditing Standards (1994 Revision), issued by the Comptroller General
of the United States. 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
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