MARYLAND
Maryland's creation of a capital debt affordability committee and conversion to generally accepted accounting principles helped the state win a financial reporting award, the state comptroller said last week.
The Government Finance Officers Association awarded its certificate of achievement for excellence in financial reporting to Maryland for its fiscal 1993 annual financial report. according to Comptroller Louis Goldstein. This is the 14th time Maryland has won the prestigious award, he said.
"Maryland was the first state in the U.S. to publish an annual financial report with the opinion of an independent outside accounting firm included in it," Goldstein said in a statement.
The debt affordability committee, which was created by legislation in 1980, closely monitors the state's debt and makes annual debt authorization recommendations to the General Assembly. The committee consists of Maryland's comptroller, treasurer, secretaries of the budget and transportation, and a public member.
Also last week, Goldstein reported that August general fund revenues were up 4.7% from a year ago, totaling $533.5 million. Goldstein attributed the pickup to growth in small businesses.
