Management and Budget (OMB) Circular A-133, "Audits of States, Local Governments and Non-Profit
Organizations"; such information being contained in other reports.

The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to the State of Maryland for its comprehensive annual
financial report for the fiscal year ended June 30, 1996. The Certificate of Achievement is a prestigious national
award recognizing conformance with the highest standards for preparation of state and local government financial
reports.

In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and
efficiently organized comprehensive annual financial report, whose contents conform to program standards. Such
CAFR must satisfy both generally accepted accounting principles and applicable legal requirements.

A Certificate of Achievement is valid for a period of one year only. State of Maryland has received a Certificate
of Achievement for the last 17 consecutive years (fiscal years ended 1980-1996). We believe our current report
continues to conform to the Certificate of Achievement Program requirements, and we are submitting it to GFOA

The preparation of the Comprehensive Annual Financial Report on a timely basis could not have been
accomplished without the efforts and dedication of the staff of the General Accounting Division with assistance
from other personnel from the various departments and agencies of the State.

I will be pleased to furnish additional information on the State's finances upon request.

Cordially yours,

Louis L. Goldstein
Comptroller of the Treasury
of Maryland

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