522 LAWS OF MARYLAND. [CH. 328

accordance with sound accounting principles the following:
the funds collected and received from every source whatsoever
including the income, if any, derived from the use of public
property; the sources of public income, and the amounts due
and received from each source; the total amount of public
income expended, and the purpose for which it was spent; and
the assets, liabilities and surplus of each reporting unit. In
addition to the matters to be classified as hereinabove speci-
fied, the uniform system established by the Commission shall
contain such other accounts as will in the opinion of the Com-
mission, clearly reflect the financial transactions of each
county, incorporated city or town and each taxing district
situated within this State.

53. The Maryland Commission on Uniform Accounts shall
establish on or before October 1, 1948, the form or forms of
financial reports to be used by the counties and by the incor-
porated cities or towns and taxing districts in conjunction
with the uniform system of accounts specified in the preceding
section of this sub-title. The form or forms of such financial
reports shall contain, among other things, provisions for the
disclosure of the following information: an accurate state-
ment, in summarized form of all collections made by, receipts
received by or accounts due the counties, incorporated cities,
towns and taxing districts in this State; all expenditures for
every purpose made by the said counties, incorporated cities,
towns and taxing districts of this State; a statement of the
entire public debt of every county and of every incorporated
city or town and taxing district to which power has been dele-
gated by the State to create a public debt, said statement to
show the purpose for which each item of the debt was created
and the provision or provisions made for the payment thereof;
the time or times when public income has been or is to be re-
ceived and expended; and such other information as may be
required to reflect accurately the financial condition of each
county, incorporated city or town and taxing district situated
within this State.

54. As soon as is praticable after January 1, 1950, each
county and each incorporated city or town and taxing district
within this State shall adopt and maintain the uniform system
of accounts established for its grade by the Maryland Com-
mission on Uniform Accounts as provided in this sub-title.
The State Auditor shall supply to each county and to each in-
corporated city or town and taxing district, at cost, such
books, forms and other supplies as may be necessary to main-
tain the aforesaid uniform system of accounts.