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GENERAL FIXED ASSETS
The general fixed assets of the State are those used in the performance of general governmental functions and
exclude the fixed assets of the proprietary fund type and the component units. As of June 30, 2000, the general
fixed assets of the State amounted to $10,551,166,000. This amount represents the actual or estimated cost of
the assets. Depreciation of general fixed assets is not recognized in the States accounting system. Infrastructure
assets, consisting principally of highways, roads, bridges and tunnels, are not recorded in general fixed assets.
ENTERPRISE, FIDUCIARY AND COMPONENT UNIT FUNDS
The retained earnings for enterprise funds increased during 2000 by $118,712,000, compared to an increase
of $3,568,000 in fiscal year 1999. The Economic Development - Insurance Programs reported an increase of
$1,251,000 in retained earnings. The retained earnings for the Economic Development-Loan Programs increased
by $109,481,000. This increase was primarily due to increased earnings on investments. The State Lottery
Agency reported $406,747,000 income before transfers, of which $401,013,000 was transferred out accounting
for a net increase of $5,734,000 in its retained earnings.
Fiduciary fund types include the expendable trust fund, investment trust fund, pension trust funds and agency
funds. Agency funds are custodial in nature and do not report fund balances. All other fiduciary fund types
reported fund balances of $36,441,779,000 at June 30, 2000, compared to $32,977,703,000 at June 30, 1999. The
increase was due primarily to increased net assets in expendable trust funds and pension funds.
The State Retirement and Pension System of Maryland was established to provide pension benefits for State
employees and employees of 127 participating political subdivisions and 98 participating municipal corporations
within the State. The Mass Transit Administration Pension Plan was established to provide pension benefits for
all Mass Transit Administration employees covered by a collective bargaining agreement and all those
management employees who were employed by the Baltimore Transit Company. The annual actuarial valuation
continues to reflect a positive trend in funding of the pension plans.
The total fund balance for the higher education component units was $3,608,821,000 at June 30, 2000,
compared to $3,417,581,000 at June 30,1999. Retained earnings for the proprietary component units totaled
$249,112,000 for June 30, 2000. This represents an increase in retained earnings of $424,000 for the Maryland
Food Center Authority, $798,000 for the Maryland Environmental Service, $4,255,000 for the Maryland
Industrial Development Financing Authority, $3,752,000 for Maryland Prepaid College Trust and a $3,583,000
decrease for the Maryland Stadium Authority.
DEBT ADMINISTRATION
The ratios of net bonded debt to assessed property value, debt to present market value, and bonded debt per
capita are considered to be useful indicators of the State's debt position to State management, citizens and
investors. Data for fiscal years 1993 to 2000 are shown as follows:
|
|
|
Ratio of Net
|
Ratio of
|
|
|
|
|
Bonded Debt
|
Debt to
|
|
|
|
Amount
|
to Assessed
|
Estimated
|
Bonded
|
|
|
(expressed
|
Value (46.6% of
|
Market
|
Debt Per
|
|
|
in thousands)
|
Present Market)
|
Value
|
Capita
|
|
General Obligation Bonds:
|
|
|
|
|
|
2000 ................................................ ...........
|
$3,348,866
|
2.19%
|
1.02%
|
$647.50
|
|
1999 ...........................................................
|
3,500,228
|
2.36
|
1.10
|
681.67
|
|
1998 ...........................................................
|
3,270,525
|
2.26
|
1.06
|
642.03
|
|
1997 .................................................... .......
|
3,025,394
|
2.18
|
1.01
|
596.49
|
|
1996 ...........................................................
|
2,859,939
|
2.10
|
.97
|
567.17
|
|
1995 ...........................................................
|
2,619,069
|
1.98
|
.91
|
519.04
|
|
1994 ...........................................................
|
2,504,004
|
1.93
|
.89
|
504.33
|
|
1993 ...........................................................
|
2,279,390
|
1.83
|
.85
|
464.42
|
26
COMPTROLLER OF MARYLAND
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