WM. PRESTON LANE, JR., GOVERNOR. 1193

Uniform System of Municipal Financial Reporting

52. It shall be the duty and function of the Maryland
Commission on Uniform Accounts to establish on or be-
fore October 1, 1948, a system of municipal financial
•reporting which shall be uniform in its application to
all accounts of the same class of each county and of
each incorporated city or town and taxing district of
the same grade situated in this State. Such system shall
require each county and each incorporated city or town and
taxing district to exhibit true accounts which will classify
in accordance with sound accounting principles the fol-
lowing: 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 specified, the uniform sys-
tem established by the Commission shall contain such
other accounts as will in the opinion of the Commission,
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 incorporated cities or towns and taxing districts.
The form or forms of such financial reports shall contain,
among other things, provisions for the disclosure of the
following information: an accurate statement, in sum-
marized 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 in-
corporated city or town and taxing district to which power
has been delegated 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 in-
come has been or is to be received 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.