Combining Balance Sheet

Retirement and Pension System of Maryland

June 30, 1999

(Expressed in Thousands)

	Teachers'	Employees'				Natural
	Retirement	Retirement	Judges'	State Police	Local Fire	Resources
	and Pension	and Pension	Retirement	Retirement	and Police	Pension
	Systems	Systems	System	System	System	System	Total
Assets:
Cash and cash equivalents ...........................	. $ 609,161	$ 276,616	$ 15,847	$ 30,196	$ 2,070	$ 9,217	$ 943,107
Investments ...................................................	. 17,533,457	10,190,340	192,433	1,251,078	6,902	97,837	29,272,047
Other accounts receivable.............................	240,287	148,064	2,893	17,881	115	1,751	410,991
Due from other funds ...................................	7,235	4,322	90	602	4	47	12,300
Collateral for loaned securities.....................	1,115,746	650,747	24,189	88,713	1,604	10,274	1,891,273
Total assets ...........................................	. $19,505,886	$11,270,089	$235,452	$1,388,470	$10,695	$119,126	$32,529,718
Liabilities:
Accounts payable and accrued liabilities.....	. $ 382,106	$ 221,682	$ 5,959	$ 28,813	$ 323	$ 2,742	$ 641,625
Due to other funds.........................................	6,712	3,894	105	506	6	48	11,271
Collateral obligation for loaned securities...	1,115,746	650,747	24,189	88,713	1,604	10,274	1,891,273
Total liabilities .......................................	1,504,564	876,323	30,253	118,032	1,933	13,064	2,544,169
Fund balances:
Reserved for :
Pension benefits.........................................	. 18,001,322	10,393,766	205,199	1,270,438	8,762	106,062	29,985,549
Total liabilities and fund balances .......	. $19,505,886	$11,270,089	$235,452	$1,388,470	$10,695	$119,126	$32,529,718

STATE OF MARYLAND

Combining Statement of Revenues, Expenditures
and Changes in Fund Balances

Expendable Trust Funds
for the year ended June 30, 1999

(Expressed in Thousands)

	Unemployment	Deferred
	Insurance	Compensation
	Fund	Plan	Total
Revenues:
Other taxes ..................................................................................................................................	$379,145		$ 379,145
Interest and other investment income........................................................................................		$ 166,138	166,138
Federal revenue ..........................................................................................................................	1,630		1,630
Employee contributions ..............................................................................................................		81,310	81,310
Other ............................................................................................................................................		5	5
Total revenues ......................................................................................................................	380,775	247,453	628,228
Expenditures:
Current:
Benefit payments......................................................................................................................		70,154	70,154
Business and economic development ......................................................................................	318,729		318,729
Total expenditures................................................................................................................	318,729	70,154	388,883
Excess of revenues over expenditures ................................................................................	62,046	177,299	239,345
Fund balances, July 1, 1998 ............................................................................................................	817,327	1,160,177	1,977,504
Fund balances, June 30, 1999..........................................................................................................	$879,373	$1,337,476	$2,216,849

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