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2002 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2002

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2002 Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2002 150th Anniversary Year MARYLAND 2002 Comprehensive Annual Financial Report for the fiscal year ended June 30, 2002 William Donald Schaefer About the Cover The Comptroller was empowered by the General Assembly to play a critical role in settling the bitter and dangerous late 19th century disputes over the Chesapeake Bay’s then-abundant oyster crop. Enforcement of an oyster harvesting license requirement by the Comptroller led in 1868 to the creation of the State Oyster Police Force. This engraving captioned, “An Engagement in the Oyster War on the Chesapeake - From a Sketch by F. Cresson Schell” appeared in an 1886 issue of Harper’s Weekly. The engraving is in the collection of the Maryland State Archives (MSA SC 3914-1-12). STATE OF MARYLAND Office of the Comptroller William Donald Schaefer Comptroller of Maryland Stephen M. Cordi Deputy Comptroller Gerald Thorpe R. Dean Kenderdine Gerald Langbaum, Esquire Assistant Comptroller Chief of Staff Assistant Attorney General Kenneth H. Smith, Director Richard A. Carey, Director Jeanne Zarnoch, Director Administration and Finance Motor Fuel Tax Division Office of Personnel Office Services Ellen Coffin, Director Larry W. Tolliver, Director Central Payroll Bureau Linda L. Tanton, Director Field Enforcement Division Compliance Division Paul Markoff, Director Dr. Charles W. Ehart, Director Office of Internal Audit James M. Arnie, Director Alcohol and Tobacco Tax Revenue Administration Division Louise L. Hayman, Director Division Communications Office John T. Salmon, Director David F. Roose, Director Information Technology Bureau of Revenue Division Estimates General Accounting Division John D. Kenney Director Accounting Operations and Financial Reporting Mary F. Leonard Assistant Director Reporting Managers: Accountants: Rosemary Gorsche George Cherupil Terrence Kisner Kenneth Henschen Linda Welch Basil Lambros Andrews Philip Administrative Support: Kenneth Thompson Brenda Brady Leon Booker Jeffrey Nuse Louis L. Goldstein Treasury Building P.O. Box 466 Annapolis, Maryland 21404-0466 www.marylandtaxes.com e-mail: [email protected] 1-888-784-0144 Maryland 2002 Comprehensive Annual Financial Report for the fiscal year ended June 30, 2002 A Message from Comptroller William Donald Schaefer . 4 1852-2002:150 Years of Serving the People‘general superintendence of the fiscal affairs of the State’ . 5 The Road to Financial Stability is through Controlling the Public Purse The Origins of the Office of the Maryland Comptroller, 1851-1861 . 6 Finding Ways to Ease a Terrible Situation The Civil War Era, 1861-1867 . 8 The Comptroller Increases His Power & Influence The Gilded Age, 1867-1900 . 10 The Maryland Comptroller at the Center of Government The Progressive Era, 1900-1920 . 12 Maryland’s First Professional Comptroller A Jazz Age and a Depression, 1920-1940 . 14 A Political Insider Puts His Stamp on Maryland War and Peace, 1940-1950 . 16 God Bless Y’all Real Good! The Louis Goldstein Era, 1960-1998 . 18 Serving People with Innovation and Professionalization The Office of the Comptroller Today . 20 INTRODUCTORY SECTION Selected State Officials . 24 State Organization Chart . 25 GFOA Certificate of Achievement . 26 State Comptroller’s Letter of Transmittal . 27 financial SECTION Report of Independent Auditors . 36 Management’s Discussion and Analysis . 38 basic financial statements Government-wide Financial Statements: Statement of Net Assets . 48 Statement of Activities . 50 Fund Financial Statements: Balance Sheet - Governmental Funds . 52 Reconciliation of the Governmental Funds, Fund Balance to the Statement of Net Assets, Net Assets’ Balance . 53 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds . 54 Reconciliation of the Statement of the Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities . 55 Statement of Revenues, Expenditures and Encumbrances, and Changes in Fund Balances - Budget and Actual - Budgetary General and Special Funds . 56 Reconciliation of the Budgetary General and Special Fund, Fund Balances to the GAAP General and Special Revenue Fund, Fund Balances . 58 Statement of Net Assets - Enterprise Funds . 60 Statement of Revenues, Expenses and Changes in Fund Net Assets - Enterprise Funds. 63 Statement of Cash Flows - Enterprise Funds . 64 1 Statement of Fiduciary Net Assets - Fiduciary Funds . 66 Statement of Changes in Fiduciary Net Assets - Fiduciary Funds . 67 Combining Statement of Net Assets - Component Units . 68 Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets - Component Units . 69 Notes to the Financial Statements . 71 required supplementary information Required Supplemental Schedule of Funding Progress for Pension and Retirement System . 108 Required Supplemental Schedule of Funding Progress for Maryland Transit Administration Pension Plan . 109 Required Supplemental Schedule of Employer Contributions for Maryland Transit Administration Pension Plan . 109 combining financial statements and schedules Non-major Governmental Funds . 112 Combining Balance Sheet - Non-major Governmental Funds . 113 Combining Statement of Revenues, Expenditures, Other Sources and Uses of Financial Resources and Changes in Fund Balances - Non-major Governmental Funds . 114 Non-major Enterprise Funds . 115 Combining Statement of Net Assets - Non-major Enterprise Funds . 116 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets - Non-major Enterprise Funds . 117 Combining Statement of Cash Flows - Non-major Enterprise Funds . 118 Fiduciary Funds . 119 Combining Statement of Fiduciary Net Assets - Pension and Other Employee Benefits Trust Funds . 120 Combining Statement of Changes in Plan Net Assets - Pension and Other Employee Benefits Trust Funds . 121 Combining Statement of Fiduciary Net Assets - Retirement and Pension System of Maryland . ..
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