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Supplementary Information
ANNUAL COMPREHENSIVE FINANCIAL REPORT, STATE OF MARYLAND
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State Of Maryland
Schedule of Revenue and Expenditures and Changes in Fund Balances - Budget and ActualBudgetary General, Special, and Federal Funds
For the Year Ended June 30, 2021 (Expressed in Thousands)
SeeaccompanyingNotestoRequriedSupplementaryInformation.
State Of Maryland
Schedule of Revenue and Expenditures and Changes in Fund Balances - Budget and ActualBudgetary General, Special, and Federal Funds For the Year Ended June 30, 2021 (Expressed in Thousands)
See accompanying Notes to Requried Supplementary Information.
State Of Maryland
Reconciliation of the Budgetary General and Special Funds, Fund Balances to the GAAP General and Special Funds, Fund Balances
Liabilitiesanddeferredinflowsofresourcesrecognizedinthegovernmentalfundsfinancialstatementsnotrecognizedfor
See accompanying Notes to Requried Supplementary Information.
State Of Maryland
Schedule of Employer Contributions for Maryland State Retirement and Pension System* Year Ending June 30,
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
Notes to Schedule of Employer Contributions
Date: June30
ActuariallydeterminedcontributionratesarecalculatedasofJune30,whichis12monthspriortothebeginningofthefiscalyearinwhich contributionsarereported.*
Experience-basedtableofratesthatarespecifictothetypeofeligibilitycondition.Lastupdatedforthe2019valuationpursuanttothe2018 ExperienceStudyfortheperiod2014-2018.
PublicSector2010MortalityTableswithgenerationalmortalityprojectionsusingscaleMP-2018.
*Priorto2017,theActuariallyDeterminedContributionwasequaltothegreaterof,(1)TheactuariallydeterminedcontributionundertheSystem'sfundingpolicybeforeapplicationofthe corridorfundingmethod,plusreinvestedsavingscontributionsand2)Employernormalcostplus30-yearamortizationoftheunfundedliability,plusreinvestedsavings.Thereafter,the actuariallydeterminedcontributionisundertheSystem'sfundingpolicy.
State Of Maryland
Schedule of Employer Net Pension Liability for Maryland State Retirement and Pension System*
Year Ending June 30,
* Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
STATE OF MARYLAND Schedule of Employer Contributions for Maryland Transit Administration Pension Plan Year Ending June 30,
Notes to Schedule
Actuariallydeterminedcontributionamountsarecalculatedasofthebeginningofthefiscalyear(July1)forthecurrentfiscalyear.
State Of Maryland
Schedule of Changes in Net Pension Liability and Related Ratios for Maryland Transit Administration Pension Plan*
For the Year End June 30,
Notes to Schedule
ChangesofAssumptions: FY21reflectsadecreasetotheeffectivediscountratefrom4.05%to3.26%.Also,basedonanexperiencestudycompletedAugust16,2019, thedecrementassumptionsformortality,termination,retirement,anddisabilitywereupdated,aswellasthesalaryscale,payrollgrowth,andinflationassumptions. Additionally,theexistingamortizationbaseswereconsolidatedtoa25yearbaseandallfutureexperienceandassumptionchangeswillbeamortizedover20years.
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
STATE OF MARYLAND
Schedule of Employer’s Net Pension Liability for Maryland Transit Administration Pension Plan* Year Ending June 30,
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
STATE OF MARYLAND
Schedule of Investment Returns for Maryland Transit Administration Pension Plan Year Ending June 30, (Expressed in Thousands)
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
State Of Maryland
Schedule of Employer Contributions for Other Post-Employment Benefit Plan
Notes to Schedule
ActuariallydeterminedcontributionamountsarecalculatedasofJune30priortotheendofthefiscalyearinwhichcontributionsarereported.
State Of Maryland
Schedule of Changes in Net OPEB Liability and Related Ratios for Other Post-Employment Benefits Plan*
For the Year Ended June 30, (Expressed in Thousands)
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
STATE OF MARYLAND
Schedule of Investment Returns for Other Post-Employment Benefit Plan*
Year Ending June 30, (Expressed in Thousands)
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
State Of Maryland
Schedule of Employer Contributions for Maryland Transit Administration Retiree Healthcare Benefits Plan*
Year Ending June 30,
Notes to Schedule
ActuariallydeterminedcontributionratesarecalculatedasofJune30priortotheendofthefiscalyearinwhichcontributionsarereported. Methods and assumptions used to establish “actuarially determined contribution” rates:
STATE OF MARYLAND
Schedule of Changes in Net OPEB Liability and Related Ratios for Maryland Transit Administration Retiree Healthcare Benefit Plan* Year Ending June 30, (Expressed in Thousands)
*Schedule is intended to show information for 10 years. Additional years will be displayed as they become available.
STATE OF MARYLAND
Schedule of Net OPEB Liability for Maryland Transit Administration Retiree Healthcare Benefit Plan*
State Of Maryland
Notes to Required Supplementary Information
For the Year Ended June 30, 2021
Budgeting and Budgetary Control:
The Maryland Constitution requires the Governor to submit to the General Assembly an annual balanced budget for the following fiscal year. This budget is prepared and adopted for the General Fund, which includes all transactions of the State, unless otherwise directed to be included in another fund and the Special Fund, which includes the transportation activities of the State, fishery and wildlife funds, shared taxes and payments of debt service on general obligation bonds. In contrast, the GAAP special revenue fund includes the operations (other than debt service and pension activities) of the Maryland Department of Transportation. The budgetary Federal fund revenue and expenditures are included in the GAAP General and Special Funds as federal revenues and expenditures by function. An annual budget is also prepared for the Federal Fund, which accounts for substantially all grants from the Federal government, and the current unrestricted and restricted funds of the Universities and Colleges. In addition to the annual budget, the General Assembly adopts authorizations for the issuance of general obligation bonds. The expenditures of the resources obtained thereby are accounted for in the capital projects fund.
All State budgetary expenditures for the general, special and federal funds are made pursuant to appropriations in the annual budget, as amended from time to time, by budget amendments. The legal level of budgetary control is at the program level of the general, special and federal funds. State governmental departments and independent agencies may, with the Governor's approval, amend the appropriations by program within the budgetary general fund, provided they do not exceed their total general fund appropriations as contained within the annual budget. The legal level of budgetary control is at the program (function) level of the general, special and federal funds. Examples of State functional programs include Public debt, transportation and highways, and environment. These functional programs are at the legal level of budgetary control and the presentation of budget and actual comparisons on pages 106 and 107 .
Increases in total general fund appropriations must be approved by the General Assembly. For the fiscal year ended June 30, 2021, the General Assembly approved a net decrease in General Fund appropriations of $166,897,000. Appropriations for programs funded by, in whole or in part, from the special or federal funds, may permit expenditures in excess of original special or federal fund appropriations to the extent that actual revenues exceed original budget estimates and such additional expenditures are approved by the Governor. Unexpended appropriations from the general fund may be carried over to succeeding years to the extent of encumbrances, with all other appropriations lapsing as of the end of the fiscal year. Unexpended appropriations from special and federal funds may be carried over to the extent of (a) available resources, and (b) encumbrances. The State's accounting system is maintained by the Comptroller in compliance with State Law and in accordance with the State's Budgetary Funds. It controls expenditures at the program level to ensure legal compliance. The "Agency Appropriation Unencumbered Balance Report," which is available for public inspection at the Office of the Comptroller, provides a more comprehensive accounting of activity on the basis of budgeting at the legal level of budgetary control.
The original and amended budget adopted by the General Assembly for the general, special and federal funds is presented in the Schedule of Revenues, Expenditures and Encumbrances, and Changes in Fund Balances, Budget and Actual for the year ended June 30, 2021. The State's budgetary fund structure and the basis of budgeting, which is the modified accrual basis with certain exceptions, differ from that utilized to present financial statements in conformity with generally accepted accounting principles. The budgetary system's principal departures from the modified accrual basis are the classification of the State's budgetary funds and the timing of recognition of certain revenues and expenditures. A summary of the effects of the fund structure differences and exceptions to the modified accrual basis of accounting, as of June 30, 2021, is provided in the "Reconciliation of the Budgetary General and Special Fund, Fund Balances to the GAAP General and Special Revenue Fund Balances" immediately following the budgetary schedule.
