STATE OF MARYLAND

Schedule of Changes in Fund Equities — Budgetary Basis
for the year ended June 30,1999

(Expressed in Thousands)

					Higher Education
		Special	Fund		Current	Current	Capital
	General	Other	Debt	Federal	Unrestricted	Restricted	Projects	Other
	Fund	Special	Service	Fund	Fund	Fund	Fund	Funds	Total
Fund equities, July 1, 1998 ....................	$1,264,430 3	5 655,643	$ 60,860	$ —	$ 230,225	$ 3,182	$327,231	$34,488,873	$37,030,444
Cumulative effect of reporting change ..								590,352	590,352
Increase:
Revenues..........................................	8,766,356	2,702,142	255,355	3,449,093	1,819,733	502,610	714,993	7,592,583	25,802,865
Decrease:
Appropriations ................................	8,552,257	2,904,214	266,649	3,922,544	1,834,136	521,281
Less: Current year reversions ........	(8,331)	(129,198)	(810)	(389,785)	(59,524)	(13,644)
Prior year reversions ............	(9,440)	(37,238)		(75,045)	(1,403)	(202)
Expenditures and
encumbrances..... .............................	8,534,486	2,737,778	265,839	3,457,714	1,773,209	507,435	518,419	4,963,532	22,758,412
Changes to encumbrances during
fiscal year 1999.. ..................................	(44,791)	14,555		(1,331)	4,946	(33)			(26,654)
Expenditures ......................................	8,489,695	2,752,333	265,839	3,456,383	1,778,155	507,402	518,419	4,963,532	22,731,758
Transfers (out) in ....................................	(26,630)	92,154	271	7,290	(235)	(225)	(5,164)	(67,461)
Changes in contributed capital ..............								80,266	80,266
Fund equities, June 30, 1999..................	$1,514,461 i	& 697,606	$ 50,647	<fc •p —	$ 271,568	$ (1,835)	$518,641	$37,721,081	$40,772,169
Invested in fixed assets ..........................								$ 2,791,591	$ 2,791,591
Contributed capital ................................								766,841	766,841
Retained earnings:
Reserved ..............................................								4,593	4,593
Unreserved ..........................................								732,276	732,276
Fund Balance:
Reserved:
Encumbrances ................................	$ 190,233 S	& 217,929		$ 214,840	$ 3,080	$ 180	$324,789	72,902	1,023,953
Agency activities ............................								152,795	152,795
State reserve fund ..........................	740,976								740,976
Loans and notes receivable ............		15,351	$ 29,557						44,908
Shore erosion loan programs..........		13,263							13,263
Loans to students...... ......................								61,148	61,148
Endowment funds ..........................								249,901	249,901
Debt and plant additions................								135,845	135,845
Pension benefits ..............................								30,050,470	30,050,470
Deferred compensation benefits ....								1,337,476	1,337,476
Unemployment compensation
benefits ......................................								879,373	879,373
Local government investment
pool benefits ..............................								710,384	710,384
Unreserved:
Designated for:
General long-term debt service ..			21,090						21,090
Transportation debt service........								4,904	4,904
Maryland Transportation
Authority bond debt service .,								74,136	74,136
2000 Operations .........................	263,279								263,279
Undesignated surplus (deficit) ......	319,973	451,063		(214,840)	268,488	(2,015)	193,852	(303,554)	712,967
Total .......................................	. $1,514,461 :	$ 697,606	$ 50,647	* ; <t> —	$ 271,568	$ (1,835)	$518,641	$37,721,081	$40,772,169

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