|
12. Equity:
Fund Balances/Retained Earnings —
Fund balances and retained earnings are reserved as follows (amounts expressed in thousands).
|
|
|
|
|
|
Fiduciary
Fund
|
Component
|
|
|
|
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Governmental
|
Fund Types
|
|
Types
|
|
Units
|
|
|
|
Special
|
Debt
|
Capital
|
Trust and
|
Higher
|
Proprietary
|
|
|
General
|
Revenue
|
Service
|
Projects
|
Agency
|
Education
|
Fund Types
|
|
Loans and Notes Receivable .......................................
|
$ 350
|
$ 16,000
|
$25,490
|
|
|
|
|
|
Loans to Component Units..........................................
|
|
|
6,372
|
|
|
|
|
|
State Reserve Fund...................... .............................. ...
|
531,628
|
|
|
|
|
|
|
|
Encumbrances ............................................................ ...
|
267,883
|
105,975
|
|
$358,039
|
|
|
|
|
Agency Activities... ...... ..................................................
|
65,516
|
43,403
|
|
|
|
|
$5,526
|
|
Shore Erosion Loan Program............... ............ ...........
|
|
|
|
15,848
|
|
|
|
|
Pension Benefits..................................... .......................
|
|
|
|
|
$24,588,298
|
|
|
|
Unemployment Compensation Benefits ....................
|
|
|
|
|
800,507
|
|
|
|
Higher Education Programs. .......................................
|
|
|
|
|
|
$108,075
|
|
|
Endowment Funds............ ............................................
|
|
|
|
|
|
150,308
|
|
|
Debt and Plant Additions ............................................
|
|
|
|
|
|
283,954
|
|
|
Total reserved fund balance/ retained earnings.......
|
$865,377
|
$165,378
|
$31,862
|
$373,887
|
$25,388,805
|
$542,337
|
$5,526
|
Loans receivable maturing after June 30,1997, in the amounts of $350,000 and $16,000,000, are not available for
current operations and, accordingly, have been reflected as reservations of general fund balance and special
revenue fund balance, respectively.
Portions of the general fund balance and the special revenue fund balance, in the amounts of $65,516,000, and
$43,403,000, respectively, as of June 30, 1997, 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 $531,628,000 as of June 30, 1997, 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, 1997, of $38,400,000, $2,838,000, $330,000 and $490,060,000, 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 in the past 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 1998 appropriations in the
amount of $144,475,000. 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 $14,955,000, $12,818,000 and $68,565,000, respectively.
Primary Government Contributed Capital —
The changes in contributed capital of the enterprise funds for the year ended June 30, 1997, are as follows
(amounts expressed in thousands).
|
|
Economic
|
Development
|
|
|
|
|
Insurance
|
Loan
|
State Use
|
|
|
|
Programs
|
Programs
|
Industries
|
Total
|
|
Balance, July 1, 1996 ...................................................................................................
|
$48,295
|
$531,789
|
$1,722
|
$581,806
|
|
Contributions................................................................................................................
|
|
62,706
|
1
|
62,707
|
|
Depreciation on contributed assets ..........................................................................
|
|
|
(248)
|
(248)
|
|
Balance, June 30, 1997................................................................................................
|
$48,295
|
$594,495
|
$1,475
|
$644,265
|
62
|
 |
