management, as well as evaluating the overall general purpose financial statement presentation. We believe that
our audit and the reports of other auditors provide a reasonable basis for our opinion.

In our opinion, based on our audit and the reports of other auditors, the general purpose financial statements
referred to above present fairly, in all material respects, the financial position of the State of Maryland as of June
30, 1995, and the results of its operations and the cash flows of its Enterprise Funds and Component Unit
Proprietary Funds for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report on our consideration of the
State of Maryland's internal control structure and a report on its compliance with laws and regulations, both dated
October 30, 1995.

Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken
as a whole. The combining financial statements and schedules listed in the table of contents, which are also the
responsibility of the State of Maryland's management, are presented for purposes of additional analysis and to
meet legal reporting requirements and are not a required part of the general purpose financial statements. The
information, except for the Schedules of Estimated Revenues — Budgetary Basis and General, Special, Federal,
Current Unrestricted and Current Restricted Fund Appropriations — Budgetary Basis for the year ending June 30,
1996 (pages 88 and 89) has been subjected to the auditing procedures applied in our audit of the general purpose
financial statements and the reports of other auditors referred to above, and in our opinion, is fairly stated in all
material respects in relation to the general purpose financial statements taken as a whole.

The other data included in this Comprehensive Annual Financial Report have not been audited by us and,
accordingly, we express no opinion on such data.

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