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12. Equity:
Fund Balances/Retained Earnings —
Fund balances and retained earnings are reserved as follows (amounts expressed in thousands).
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Fiduciary
Fund
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Component
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Governmental
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Fund Types
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Types
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Units
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Special
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Debt
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Capital
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Trust and
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Higher
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Proprietary
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General
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Revenue
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Service
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Projects
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Agency
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Education
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Fund Types
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Loans and Notes Receivable .......................................
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$1,990
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$3,718
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$30,565
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Loans to Other Funds ..................................................
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50,000
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Loans to Component Units..........................................
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6,372
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State Reserve Fund.........................................................
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295,773
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Encumbrances ...............................................................
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159,231
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190,409
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$331,562
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Agency Activities............................................................
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55,999
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45,904
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$4,605
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Shore Erosion Loan Program.......................................
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16,074
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Pension Benefits..............................................................
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$16,293,279
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Unemployment Compensation Benefits ....................
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659,717
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Higher Education Programs.........................................
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$97,630
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Endowment Funds........................................................
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65,883
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Debt and Plant Additions ............................................
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122,964
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Total reserved fund balance/retained earnings....
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$512,993
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$290,031
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$36,937
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$347,636
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$16,952,996
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$286,477
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$4,605
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Loans receivable maturing after June 30, 1995, in the amounts of $1,990,000 and $3,718,000, 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 $50,000,000 as of
June 30,1995, 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, hi the amounts of $55,999,000 and
$45,904,000, respectively, as of June 30, 1995, representing special budgetary and nonbudgeted agency resources,
were reserved for agency activities and programs.
A portion of the general fund balance, in the amount of $295,773,000 as of June 30,1995, 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, 1995, of $6,036,000, $612,000, $3,010,000 and $286,115,000, 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
appropriations. The Revenue Stabilization Account is designed to retain State revenues for future needs and reduce
the need for future tax increases.
A portion of the General Fund unreserved fund balance is designated for fiscal year 1996 appropriations hi the
amount of $105,975,000. Furthermore, portions of the Debt Service unreserved fund balance are designated for
payment of the debt service on the general long-term debt, Transportation debt and the Maryland Transportation
Authority bond debt in the amounts of $14,509,000, $39,101,000 and $117,258,000, respectively.
The Maryland Deposit Insurance Fund Corporation (MDIFC), an enterprise fund, has an accumulated deficit
balance as of June 30, 1995, of $147,766,000. This deficit balance is partially offset by capital deposits by members
in the amount of $144,224,000. The net deficit in the capital accounts of MDIFC is $3,542,000 which will be funded
through operations or the general fund.
The Maryland Higher Education Loan Corporation, a discrete component unit, was dissolved as of June 30,
1995. All assets and liabilities were transferred to a privately owned corporation, except for a balance of $1,335,000
which is on hand at year end.
The beginning fund balance for Higher Education Component Units was restated for Plant Funds to reflect a
change in accounting policy. The threshold used for including equipment and other personal property in the Plant
Fund asset category, Investment in Plant, was increased. The beginning fund balance was actfusted with a decrease
of $199,071,000.
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