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2005 Comprehensive Annual Financial Report

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2005 Comprehensive Annual Financial Report STATE OF MARYLAND COMPREHENSIVE ANNUAL FinancialReport Fiscal year ended June 30, 2005 Cover Story iii A Conversation with Comptroller Schaefer Comptroller William Donald Schaefer discusses Maryland's economy and its prospects for the future. A panel of independent economists and fi nancial analysts share their opinions and predictions, mostly upbeat but with some words of caution. ii Message from Comptroller William Donald Schaefer ii Offi ce of Comptroller xv Table of Contents for MARYLAND SELECTED STATE OFFICIALS Financial Section EXECUTIVE Robert L. Ehrlich, Jr. Governor Photography Michael S. Steele Richard Lippenholz Lieutenant Governor Mark Odell William Donald Schaefer Comptroller Graphics J. Joseph Curran, Jr. Attorney General Carrie Paige Butler Nancy Kopp Treasurer Back cover Maryland Department of Business JUDICIAL Robert M. Bell & Economic Development Chief Judge Court of Appeals of Maryland Published by LEGISLATIVE Thomas V. Miller, Jr. Comptroller of Maryland President of the Senate Louis L. Goldstein Treasury Building Michael E. Busch P.O. Box 466 Speaker of the House of Annapolis, Maryland 21404-0466 Delegates www.marylandtaxes.com [email protected] 1-888-784-0144 www.marylandtaxes.com William Donald Schaefer Comptroller A Message from Stephen M. Cordi Deputy Comptroller Comptroller Jerome Klasmeier Assistant Comptroller William Donald Schaefer R. Dean Kenderdine Chief of Staff Gerald Langbaum, Esquire Maryland enjoys an expanding economy — partially refl ected by Assistant Attorney General the state’s rare long-standing AAA bond rating — that provides an Kenneth H. Smith, Director Administration and Finance Offi ce exceptional quality of life. One of my main responsibilities is to keep a Louise L. Hayman, Director close eye on our economy. Statute dictates some of this oversight, but I Communications Offi ce use additional resources that inform and advise me and other state Jeanne Zarnoch, Director Offi ce of Personnel Services leaders on the direction of Maryland’s fi scal policy. Th is year, I added Robert J. Murphy, Director a new tool to the traditional list. Central Payroll Bureau A division of this agency, the Bureau of Revenue Estimates, predicts David F. Roose, Director Bureau of Revenue Estimates future revenues in preparation for future budgets. Th ese estimates are Linda L. Tanton, Director submitted annually to the Board of Revenue Estimates which I chair. Compliance Division Adjusted periodically as conditions warrant, the estimates are an John Salmon, Director Information Technology Division important tool for managing state government and setting program- Larry W. Tolliver, Director matic priorities. Regulatory and Enforcement Division I am also a member of the Capital Debt Aff ordability Committee James M. Arnie, Director Revenue Administration Division along with other state offi cials. Together we recommend limits on the amount of new debt the state can incur which dictates the scope and General Accounting Division scheduling of capital projects. John D. Kenney, Director In addition to the statutory process for estimating revenues and Accounting Operations and Financial Reporting limiting debt, I value regular reports from the Comptroller’s Business Mary F. Leonard, Assistant Director Advisory Panel which annually presents the latest results and trends in several of Maryland’s key industries: construction, biotechnology, Reporting Managers fi nance and others. George Cherupil Th is year, I augmented my knowledge of our state’s fi scal outlook Rosemary Gorsche Kenneth Thompson by talking with four independent economic and fi scal experts, each of Administrative Support whom closely follows Maryland’s economy and fi scal management. Brenda Brady Our wide-ranging discussion, excerpts of which are published on the following pages, included both confi rmation and revelation. I hope Accountants Leon Booker you’ll enjoy reading the account as much as I did the conversation. Kenneth Henschen Tania Ivanova Suranga Leitan Andrews Phillip Mark Sindt ii www.marylandtaxes.com A Conversation with Comptroller Schaefer Th e experts talk about Maryland's economy Anirban Basu Robert Kurtter John E. Petersen Mark Zandi Anirban Basu is the Moody’s Investors John E. Petersen is a Maryland is one of 10 chairman and chief ex- Services is among the fi rms professor of public policy states currently retaining ecutive offi cer and chief supplying bond ratings to and fi nance at Virginia’s Moody's Economy.com, economist of Sage Policy defi ne the credit worthi- George Mason University an independent provider Group, Inc., a Baltimore- ness of Maryland’s general and the longtime fi nance of economic, fi nancial, based fi rm of economists obligation bonds, sold columnist and writer for county and industry and analysts specializing in periodically to pay for Governing magazine. He research to meet planning the Mid-Atlantic region. capital programs and was president and division and information needs Among its clients are cor- projects. Th e State of director of the Government worldwide for more porations, non-profi t Maryland has received Finance Group/ARD, than 500 clients. Chief institutions and govern- a Aaa rating for more a fi nancial research economist Mark Zandi, ment agencies including the than 60 consecutive years. and advisory fi rm. Other working from the Maryland Department of Robert Kurtter is senior professional associations company’s West Chester, Economic Development. In vice president and team included the Government PA, offi ces, is responsible 2004, Basu founded Sage leader for state and high Finance Offi cers Associa- for the fi rm’s forecasts, Policy Group after serving profi le ratings and has been tion, the Securities Industry model development and as director of the Research with Moody’s since 1991. Association and the Federal consulting practice. Economic Studies Institute His previous experience Reserve Board of Gover- at Towson University. He includes fi nancial manage- nors. off ers regular commentary ment for Suff olk County, on WYPR, public radio New York, and for the New from Baltimore. York State Assembly. www.marylandtaxes.com iii Schaefer: What are the broad economic trends that given 12-month period will add between 80 and will aff ect Maryland over the next two years? 85,000 jobs. Th ose people have to live somewhere. Some people might actually jump back into the middle Basu: I think the of the urban core. I would not expect a most prominent collapse in home prices any time soon in trend has already Maryland, though we have the seventh been aff ecting our greatest home price appreciation in the economy: we are at country. war, and we continue Kurtter: Th e positive trends are clear: to be in an environ- the state’s economy is quite strong, defense ment in which we spending is helping the state tremendously see elevated levels of directly through military presence and indi- homeland security rectly through defense contractors. Spend- and defense spend- ing for homeland security is strong. Th at’s ing. Th at will not been a very positive thing for the state and change for the has helped it through this down cycle. balance of this Further, I think the state’s expertise in the presidential adminis- professional services area has helped secure contracts for tration. homeland security spending, which, of course, is generat- Th at plays right into Maryland’s hands because that ing economic activity in the state, and perhaps most forms a disproportionately large aspect of our economic important, the presence of the National Institutes base. Reinforcing that is the most recent base realign- of Health andfederal spending for health care research ment and closing process where Maryland probably and generally on health care. Th is takes advantage benefi ts more than any other state in terms of the of the state’s quality higher educational system, educated number of jobs being added to the local economy. work force and Th ese jobs - for instance high wealth at Fort Meade - will pay base. Th e other an average salary of side of that coin $75,000 per year. Th at’s a When all is said and done between now is that defense needle mover. When all and the year 2012, we’ll have 50-to- spending - is said and done between federal spending now and the year 2012, 60,000 more people living in central - has been a mixed we’ll have 50 to 60,000 Maryland than we would have had but blessing around more people living in the country, and central Maryland than we for the base realignment and closing it’s been a mixed would have had but for blessing in the base realignment and process. Maryland as well. closing process. It Basu Changes in reinforces our underlying national priorities strength in homeland can change the security and defense, and fl ow of federal dollars, and with the size of the federal we’ll continue to see red hot economic development defi cit, there may be some contraction in federal activity coming to Anne Arundel, Prince George’s, spending. Howard and Harford counties, in particular. But there are benefi ts for other small county economies. Zandi: I’m optimistic about Maryland. I think it is Th e second trend is the ongoing migration patterns poised to do well. You’ve got the right mix of industries, of Marylanders. As you know, home prices have been actually catering to the growing number of older skyrocketing. Th at will continue going forward households. Health care broadly defi ned; educational probably for a few more months. As a result, more and services; anything related to defense, housing, mortgage more Marylanders are having to chase housing further fi nance. Th ese are industries that have done very well in and further away from the urban core. We are among the last years. Th is is why Maryland’s economy weath- the hottest markets in the country.
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