STATE OF MARYLAND

Combining Statement of Cash Flows

Component Unit Proprietary Funds

for the year ended June 30, 1997

(Expressed in Thousands)

				Maryland
		Maryland		Industrial
	Maryland	Food	Maryland	Development
	Stadium	Center	Environmental	Financing
	Authority	Authority	Service	Authority	Total
Cash flows from operating activities:
Operating income Qoss) .................................................................................................	.$ 13,363	$ 1,306	$ 702	$(2,353)	$ 13,018
Adjustments to reconcile operating income (loss) to net cash provided (used)
by operating activities:
Depreciation and amortization..................................................................................	4,970	496	2,913		8,379
Effect of changes in assets and liabilities:
Decrease (increase) in assets:
Other accounts receivable......................................................................................	. (1,098)	(24)	(8)		(1,130)
Due from primary government ..............................................................................	4,325	(1,202)			3,123
Other assets..............................................................................................................	. (126,819)		512	1,044	(125,263)
Increase (decrease) in liabilities
Accounts payable and accrued liabilities ............................................................	(645)	99	1,937	7	1,398
Due to primary government...................................................................................				(912)	(912)
Other liabilities.........................................................................................................			(221)	(1,000)	(1,221)
Deferred revenue......................................................................................................		(35)		39	4
Accrued insurance and loan losses ......................................................................				(717)	(717)
Accrued self insurance costs .................................................................................	3	5	(19)		(ID
Accrued annual leave..............................................................................................	39	(4)	49		84
Net cash provided (used) by operating activities ..........................................	. (105,862)	641	5,865	(3,892)	(103,248)
Cash flows from non-capital financing activities:
Revolving loan agreement..........................................................................................			750		750
Operating transfers in from primary government. .................................................	. 17,792				17,792
Operating transfers out to primary government ......................................................				(870)	(870)
Net cash provided (used) by non-capital financing activities..........................	17,792		750	(870)	17,672
Cash flows from capital and related financing activities:
Proceeds from notes payable and revenue bonds.................................................			1,723		1,723
Principal paid on notes payable and revenue bonds... ..........................................	. (2,232)	(91)	(3,403)		(5,726)
Interest payments.........................................................................................................	. (13,978)	(56)	(2,041)		(16,075)
Acquisition and construction of property, plant and equipment.......... ...............	. (53,797)	(665)	(4,736)		(59,198)
Decrease in revenue bond debt service account ...................................................		135			135
Proceeds from property, plant and equipment sales.............................................	. 96,919		126		97,045
Net cash provided (used) by capital and related financing activities ...... ......	. 26,912	(677)	(8,331)		17,904
Cash flows from investing activities:
Proceeds from sale of investments... .......................................................................	. 53,789				53,789
Purchase of investments.............................................................................................			(593)	(196)	(789)
Interest and gains on investments ............................................................................	6,897	289	722	1,554	9,462
Purchase of land held for resale. ..............................................................................		(253)			(253)
Proceeds from loans and notes receivable .............................................................	472				472
Lease principal interest payments received ............................................................			1,391		1,391
Net cash provided by investing activities............................................................	. 61,158	36	1,520	1,358	64,072
Net decrease in cash and cash equivalents... .................. ....................................			(196)	(3,404)	(3,600)
Cash and cash equivalents balance, July 1, 1996. ..........................................................			2,878	30,132	33,010
Cash and cash equivalents balance, June 30, 1997........................................................	.$ ?	$ _	$ 2,682	$26,728	$ 29,410

The accompanying notes to the general purpose financial statements are an integral part of these financial statements.

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