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, 1998. 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. The State of Maryland has received a
Certificate of Achievement for the last 19 consecutive years (fiscal years ended 1980-1998). 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.

Sincerely,

William Donald Schaefer
Comptroller of the Treasury
of Maryland

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