STATE OF MARYLAND

Schedule of Changes in Fund Equities - Budgetary Basis
for the year ended June 30,2000

(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, 1999 .........................	$1,514,461	$ 697,606	$ 50,647		$ 271,568 S	1 (1,835)	$518,641	$37,721,081	$40,772,169
Cumulative effect of reporting change.......								44,687	44,687
Increase:
Revenues...............................................	9,394,760	3,045,649	261,571	$3,758,015	1,977,954	559,927	437,370	7,085,108	26,520,354
Decrease:
Appropriations.............. ........................	9,038,618	3,181,271	271,945	4,134,666	1,976,430	606,790
Less: Current year reversions................	(7,093)	(71,683)	(2,059)	(354,963)	(53,523)	(50,400)
Prior year reversions.....................	(9,361)	(12,459)		(49,638)	(843)	(158)
Expenditures and encumbrances..........	9,022,164	3,097,129	269,886	3,730,065	1,922,064	556,232	566,055	3,431,596	22,595,191
Changes to encumbrances
during fiscal year 2000.............................	34,554	(160,921)		39,055	(909)	(94)			(88,315)
Expenditures ............................................	9,056,718	2,936,208	269,886	3,769,120	1,921,155	556,138	566,055	3,431,596	22,506,876
Transfers (out) in ........................................	(62,803)	62,097	701	11,105	194	(198)	(13,798)	2,702
Changes in contributed capital...................								41,684	41,684
Fund equities June 30, 2000 ......................	$1,789,700	$ 869,144	$ 43,033	S ?	$ 328,561	$1,756	$376,158	$41,463,666	$44,872,018
Invested in fixed assets................................								$ 2,981,396	$ 2,981,396
Contributed capital.....................................								808,525	808,525
Retained earnings:
Reserved...................................................								10,191	10,191
Unreserved ...............................................								855,816	855,816
Fund Balance:
Reserved:
Encumbrances ......................................	$ 155,678	$ 378,900		$ 175,735	$ 3,989	$274	$331,355	8,677	1,054,608
Agency activities ...................................								114,913	114,913
State reserve fund .................................	697,805								697,805
Loans and notes receivable ...................		14,780	$ 27,468						42,248
Shore erosion loan programs................		11,954							11,954
Loans to students..................................								65,276	65,276
Endowment funds ................................								215,936	215,936
Debt and plant additions......................								143,672	143,672
Pension benefits ....................................								33,189,145	33,189,145
Deferred compensation benefits...........								1,602,274	1,602,274
Unemployment compensation benefits								949,089	949,089
Local government
investment pool benefits.......................								701,271	701,271
Unreserved:
Designated for
General long-term debt service ........			15,565						15,565
Transportation debt service ..............								4,343	4,343
Maryland Transportation
Authority bond debt service..........								78,642	78,642
2001 Operations ...............................	784,457								784,457
Undesignated surplus (deficit)..............	151,760	463,510		(175,735)	324,572	1,482	44,803	(265,500)	544,892
Total............................................	$1,789,700	$ 869,144	$ 43,033	$ -	$ 328,561	$ 1,756	$376,158	$41,463,666	$44,872,018

101