|
B. General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30, 1999, are as follows (amounts
expressed in thousands).
|
|
Balance
|
|
|
Transfers Balance
|
|
Classification
|
July 1, 1998
|
Additions
|
Deletions
|
in (out) June 30, 1999
|
|
Land and improvements ..................................................................................
|
$ 1,357,733
|
$ 59,359
|
$ 5,436
|
$ 50,090 $ 1,461,746
|
|
Structure and improvements ..........................................................................
|
6,528,279
|
141,959
|
196,813
|
181,166 6,654,591
|
|
Equipment ........................................................................................................
|
1,689,025
|
195,419
|
68,765
|
(350) 1,815,329
|
|
Construction in progress..................................................................................
|
561,430
|
71,812
|
|
(230,906) 402,336
|
|
Total ..............................................................................................................
|
$10,136,467
|
$468,549
|
$271,014
|
$ — $10,334,002
|
C. Component Units:
Property, plant and equipment of the discretely presented Component Units, as of June 30,1999, consists of the
following (amounts expressed in thousands).
|
|
Higher Education Fund
|
Proprietary Funds
|
|
Land and improvements (proprietary funds include $2,569 of land held for development) ............
|
$ 64,900
|
$ 5,642
|
|
Structure and improvements ................................................................................................................
|
2,532,734
|
48,580
|
|
Equipment..............................................................................................................................................
|
649,285
|
14,319
|
|
Construction in progress........................................................................................................................
|
200,007
|
281
|
|
|
3,446,926
|
68,822
|
|
Less: Accumulated depreciation............................................................................................................
|
|
41,852
|
|
Total....................................................................................................................................................
|
$3,446,926
|
$26,970
|
9. Long-Term Obligations:
A. General Long-Term Debt: Changes in general long-term debt, for the year ended June 30, 1999, are as follows (amounts expressed in
thousands).
|
|
|
|
|
|
|
|
Obligations
|
|
|
|
|
|
Maryland
|
Accrued
|
|
Obligations
|
Under Capital
|
|
|
|
General
|
|
Transportation
|
Self-
|
Accrued
|
Under
|
Leases with
|
Total
|
|
|
Obligation
|
Transportation
|
Authority
|
Insurance
|
Annual
|
Capital
|
Component
|
Long-Term
|
|
|
Bonds
|
Bonds
|
Bonds
|
Costs
|
Leave
|
Leases
|
Units
|
Obligations
|
|
Balance, July 1, 1998 .....................
|
. $3,270,525
|
$850,145
|
$374,944
|
$127,920
|
$152,788
|
$210,238
|
$312,895
|
$5,299,455
|
|
Bond issuances ...............................
|
475,000
|
|
|
|
|
|
|
475,000
|
|
Bond accretion... ..............................
|
|
|
|
|
|
|
|
3,720
|
|
New obligations under capital
|
|
|
|
|
|
|
|
|
|
leases ...........................................
|
|
|
|
|
|
81,592
|
18,409
|
100,001
|
|
Reduction in bond principal ...........
|
. (245,297
|
) (95,410)
|
(34,175)
|
|
|
|
|
(374,882)
|
|
Retirements of obligations under
|
|
|
|
|
|
|
|
|
|
capital leases ...............................
|
|
|
|
|
|
(40,571)
|
(20,991)
|
(61,562)
|
|
Net increase in accrued self-
|
|
|
|
|
|
|
|
|
|
insurance costs ...........................
|
|
|
|
7,066
|
|
|
|
7,066
|
|
Net increase in accrued annual
|
|
|
|
|
|
|
|
|
|
leave.............................................
|
|
|
|
|
15,618
|
|
|
15,618
|
|
Balance, June 30, 1999...................
|
. $3,500,228
|
$754,735
|
$344,489
|
$134,986
|
$168,406
|
$251,259
|
$310,313
|
$5,464,416
|
General Obligation Bonds —
General obligation bonds are authorized and issued primarily to provide funds for State owned capital
improvements, including facilities for institutions of higher education and the construction of public schools in
political subdivisions.
Bonds have also been issued for local government improvements, including grants and loans for water quality
improvement projects and correctional facilities, and to provide funds for loans or outright grants to private, not-
for-profit cultural or educational institutions. Under constitutional requirements and practice, the Maryland
General Assembly, by a separate enabling act, authorizes loans for particular objects or purposes. Thereafter, the
Board of Public Works, a constitutional body comprised of the Governor, the Comptroller of the Treasury and the
State Treasurer, by resolution, authorizes the issuance of bonds in specified amounts for part or all of the loans
authorized by particular enabling acts.
General obligation bonds, which are paid from the general obligation debt service fund, are backed by the full
faith and credit of the State and, pursuant to the State Constitution, must be fully paid within 15 years from the
date of issue. Property taxes, debt service fund loan repayments and general fund appropriations provide the resources
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