|
June 30, 1996. This represents an increase over 1995 of $598,000 and $537,000 for the Maryland Food Center
Authority and the Maryland Environmental Service, respectively, a $954,000 decrease for the Maryland Industrial
Development Financing Authority, and a net decrease of $18,825,000 in retained earnings for the Maryland Stadium
Authority resulting from the cumulative effect of an accounting change which decreased retained earnings by
$27,627,000.
Effective June 30, 1996, the Maryland Deposit Insurance Fund terminated, with its net assets being transferred
to the Maryland Department of Labor, Licensing and Regulation which is included in the General Fund.
DEBT ADMINISTRATION
The ratios of net bonded debt to assessed property value, debt to present market value, and bonded debt per
capita are considered to be useful indicators of the State's debt position to State management, citizens and
investors. Data for fiscal years 1995 and 1996 are shown as follows:
|
|
|
Ratio of Net
|
Ratio of
|
|
|
|
|
Bonded Debt
|
Debt to
|
|
|
|
Amount
|
to Assessed
|
Present
|
Bonded
|
|
|
(expressed
|
Value (46.4% of
|
Market
|
Debt Per
|
|
|
in thousands)
|
Present Market)
|
Value
|
Capita
|
|
General obligation bonds:
|
|
|
|
|
|
1995
|
$2,619,069
|
1.98%
|
.91
|
$519.04
|
|
1996
|
2,859,939
|
2.10%
|
.97
|
567.17
|
Additionally, outstanding limited obligation bonds of the Department of Transportation and the Maryland
Transportation Authority amounted to $979,880,000 and $408,431,000 respectively, at June 30,1996. Debt service on
the Department of Transportation bonds is provided principally by excise taxes levied by statute. Debt service on
the Maryland Transportation Authority is payable from revenues of the projects of the Authority. Self-supporting
revenue bonds outstanding at June 30, 1996 amounted to $3,418,429,000. Long-term obligations for accrued annual
leave of $146,694,000 represent the value of accumulated earned but unused annual leave for general government
employees at June 30, 1996.
In 1978, the Capital Debt Affordability Committee was created to study the State's debt structure and to
recommend maximum limitations on annual debt authorizations. Although the recommendations of the Committee
are not binding on the State's General Assembly, the amounts of annual general obligation bond authorizations
effective for 1996 were within the limits established by the Committee. For the fiscal year 1996, new general
obligation bond authorizations amounted to $399,991,000 (net of deauthorization of prior projects of $12.1 million).
The following tabulation shows the general obligation bonds issued during the past three fiscal years:
State of Maryland-General Obligation Bonds
|
|
|
|
Effective
|
Interest Cost
|
|
|
|
Average
|
Interest
|
Per Borrowed
|
|
Date of Issue
|
Amount
|
Life in Years
|
Rate
|
Dollar
|
|
October 21, 1993
|
$283,545,000
|
9.3
|
4.36%
|
40.5
|
|
March 3, 1994
|
184,210,000
|
8.2
|
4.36
|
35.7
|
|
June 2, 1994
|
120,000,000
|
9.7
|
5.24
|
51.0
|
|
October 20, 1994
|
160,000,000
|
8.7
|
5.60
|
48.8
|
|
March 23, 1995
|
175,000,000
|
9.8
|
5.44
|
53.1
|
|
October 26, 1995
|
150,000,000
|
9.6
|
4.91
|
47.3
|
|
February 29, 1996
|
170,000,000
|
9.6
|
4.48
|
43.2
|
|
June 20, 1996
|
150,000,000
|
9.7
|
5.23
|
50.7
|
Maryland's general obligation bonds have been rated Aaa by Moody's Investors Service and AAA by Standard
and Poor's and Fitch Investors, Inc., for a number of years.
16
|
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