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THE LIBRARY OF THE UNIVERSITY OF NORTH CAROLINA THE COLLECTION OF NORTH CAROLINIANA C336 N87t UNIVERSITY OF N.C. AT CHAPEL HILL 00033968564 FOR USE ONLY IN THE NORTH CAROLINA COLLECTION Digitized by the Internet Archive in 2011 with funding from Ensuring Democracy through Digital Access (NC-LSTA) http://www.archive.org/details/biennialtreasr19721974nc BIENNIAL REPORT OF THE rREASURER OF NORTH CAROLINA FOR FISCAL YEARS ENDED JUNE 30, 1973 AND 1974 v^ BIENNIAL REPORT OF iTREASURER OF NORTH CAROLINA FOR FISCAL YEARS ENDED JUNE 30, 1973 AND 1974 EDWIN GILL STATE TREASURER f"-" {3 336 Nat PUBLIC TREASURERS OF NORTH CAROLINA From To Richard Caswell, Northern District 1775 1777 Samuel Johnston, Southern District 1775 1777 Memuncan Hunt 1777 1787 John Haywood 1787 1827 WiUiam S. Robards 1827 1830 William S. Mhoon 1830 1835 Samuel T. Patterson 1835 1837 Daniel W. Courts 1837 1839 Charles L. Hinton 1839 1843 John W. Wheeler 1843 1845 Charles L. Hinton 1845 1851 Daniel W. Courts 1851 1863 Jonathan Worth 1863 1865 Jonathan Worth, Provisional Treasurer June 12, 1865 Nov. 16, 1865 William Sloan Nov. 16, 1865 Jan. 1, 1866 Kemp B. Battle Jan. 1, 1866 July 8, 1868 David A. Jenkins July 8, 1868 Nov. 22, 1876 1 John M. Worth Nov. 22, 1876 Jan. 21, 1885 Donald W. Bain Jan. 21, 1885 Nov. 16. 1892 j Samuel McD. Tate Nov. 16, 1892 Jan. 23, 1895 ! WilUam H. Worth Jan. 23, 1895 Jan. 15, 1901 Benjamin R. Lacy Jan. 15, 1901 Feb. 21, 1929 Nathan O'Berry Feb. 23, 1929 Jan. 6, 1932 John P. Stedman Jan. 7, 1932 Nov. 21, 1932 Charles M. Johnson Nov. 21, 1932 Jan. 6, 1949 Brandon P. Hodges Jan. 6, 1949 July 20, 1953 Edwin Gill July 20, 1953 CONTENTS Biennial Report of the State Treasurer - June 30, 1973-1974 Pa| Investments Responsibilities ( Statement of Treasurer's Cash Position Ijj Statement of Treasurer's Cash Receipts and Disbursements 1( Statement of Demand Deposits and Certificates of Deposit 1 Treasurer's Investments of Fund Balances — 1973 2i Treasurer's Investments of Fund Balances - 1974 2S Statement of State Property Fire Insurance Fund 31 Statement of Public School Insurance Fund 31 Statement of Teachers and State Employees Retirement System 31 Statement of Local Governmental Employees Retirement System 31 Statement of Firemen's Pension Fund 33 Statement of Law Enforcement Officers Benefit and Retirement Fund 32 Statement of Literary Loan Fund 32 Statement of North Carolina State Education Assistance Authority Trust Fund 33 Statement of the Uniform Judicial Retirement System of North Carolina 33 Statement of State Treasurer's Escheat Fund , . . . . 34 N. C. Employee Disability Fund 36 Special Fund Cash Balances 38 Capital Improvement Fund Cash Balances 46 Bonded Indebtedness 53 Annual Debt Requirements 56 Statement of Securities Held in Trust 57 General Fund - Statement of Revenues and Expenditures 59 Highway Fund-Statement of Revenues and Expenditures 60 Highway Bond Reserve of Highway Funds 62 Interest Rates on Certificates of Deposit 63, G« ki January 10, 1975 Honorable James E. Holshouser, Jr. Governor of North Carolina The Advisory Budget Commission, and Members of the General Assembly Raleigh, North Carolina Gentlemen: In compliance v^ith the provisions of G. S. 147-68, I submit herewith the report of the Treasurer of the State of North CaroUna for the fiscal years ending June 30, 1973 and June 30, 1974. I am proud to report that the financial condition of our State continues to be excellent. Our debt, relatively speaking, is moderate; our budget is in balance; on the other hand, the outlook for the next biennium is clouded by the recession through which North Carolina and the nation are passing. While our revenues have been holding up, and will enable us to end this fiscal year with a good showing, much of our current tax returns are based upon productivity and profits occurring before the onset of the re-cession. All indications are that we will experience a reduction of revenue in the next biennium. Personally, I have great faith in the ability of North Carolina and the leadership of our nation in devising ways and means to help us through the difficult, and in some cases, chaotic conditions that we are now experi-encing and which Ue ahead. Among the States, I think North Carolina is peculiarly fitted to weather an economic storm. Our economy is tough and resilient, and because of our well-balanced rural and urban hfe, we will come out of the recession, in my opinion, in the forefront of the recovering states. This is due, as 1 have pointed out, to the nature of our economy, and also to the sound fiscal policies which we have pursued for over fifty years. Our revenue collections reflect the growth of our State, and nowhere is this more apparent than in the Treasurer's earnings on fund balances. For i instance, in 1959, we earned $3,361,305.61, while in 1974, we earned a very substantial sum~$72,76 1,85 7.41. While we take great pride in these earnings, I candor compels me to point out that a part of it is due to inflation, which has increased the cost of everything, including money. I have said that our debt is moderate, and yet it amounted to $396,370,000.00 as of July 1, 1974. Is this sum moderate in the hght of our ability to pay? Is this amount reasonable when related to the economic resources of our people? I think it is. If you deduct from our gross debt, those bonds, the retirement of which i is fully provided for from the proceeds of a 1(/ motor fuel tax, we have left to 1 ,^ ^^^ be paid from General Fund revenues $215,370,000. So you see, the debt that must be paid from the General Fund is relatively small and can be retired easily out of approximately 1 1/2% of our annual General Fund appropriation. In this brief summary of our fiscal affairs, I would like to point out a few facts that are encouraging insofar as our future is concerned. In passing, I think I should note that we still have a large amount of bonds (educational and clean water), authorized but not issued. Although we have issued $76 million of these bonds, we still have the greater portion remaining to be sold. As we market these bonds, additional funds (about $375 million) will be spent, thus enriching our economy. Of course, the ex-penditure of these funds could not come at a better time-just when our State and the local governments are feeling the pinch of the recession. Prior to 1960, it was customary for the State to borrow in the Fall a substantial amount of money in anticipation of income taxes to be paid the following March. Since 1960, in which year we borrowed $25 million for this purpose, it has not been necessary for us to borrow at all in anticipation of taxes because of the sensible enactment of our withliolding law, which guarantees a steady flow of revenue throughout the year. As the result of the sound business principles that have been practiced here in North Carolina, the rating of our bonds is AAA, the highest that any state can have. How do you get a good credit rating? You can get it the same way a man gets a good reputation in the community. You must be honest and practice integrity over a long period of years-- for a Hfetime. That is the way it is with a man; that is the way it is with a state. It requires a long period of devotion to sound business principles to give a man or a state a good reputation. In good times and in hard times, history will record that North Carolina has sought always to be true to the philosophy of the balanced budget as provided for in the Executive Budget Act of 1925. Our most cherished possession is our excellent credit rating. When we market our bonds, regardless of what the market is, we get the benefit of the best rate that any state can have. Now this does not mean that we can buck the market, for the market is, in the end, our master. However, it does mean that whatever the market is. North Carolina with its excellent rating, can sell its securities at a fraction better than the national market. This may seem a small benefit, but when you consider the size of our borrowings, this fraction-al advantage has Uterally meant hundreds of tliousands - even millions of dollars to the taxpayers of North Carolina. We must, during the 70s, see that our habit of good govemment is continued, that we do not incur debt beyond our reasonable abiUty to pay, and also insure that in every way our fiscal house is in order. I am proud of the record of North Carolina, and would Uke to take credit for our AAA rating, which has been achieved during my service as Treasurer. But frankness compels me to say that much of the credit should go to our governors, to members of the Council of State, to members of the Advisory Budget Commission and to the legislature, which is, after all, the architect of our fiscal structure ; and last but not least, generous credit should ^ to the good common sense and integrity of the people of North Carolina who have through all these years given full support to our sound fiscal poUcy. Before closing this statement I should add a word of caution. Because of the economic uncertainty facing us, certainly this is a time for the people of North Carolina to assert the virtues of moderation, reason, and restraint for which they are justly famous. Under and by virtue of the Executive Organization Act of 1971, a number of agencies of State government were transferred to a newly created Department of the State Treasurer. They included the Local Government Commission, the Tax Review Board, the Teachers' and State Employees' Retirement System, the North Carolina Local Governmental Employees' Retirement System, the Public Employees' Social Security Agency, the Legis-lative Retirement Fund, and a Health Benefits Program for the teachers and State employees. By the end of the 1974-75 fiscal year, our State and local governmental retirement systems will be serving over 280,000 employees, and the two systems will have assets of over $2 billion. Much good has resulted from these transfers and consolidations; studies continue to be made so that new methods may be instituted to increase the efficiency of the departments involved. We hope for more improvement in the future. The Local Government Commission will transmit its own biennial report as required by law. As Treasurer, I take pride in submitting this report, which is another chapter in the fiscal Ufe of our State and which reflects the integrity and the sound business principles that have been practiced in North Carolina for so many years. r Respectfully submitted. Edwin G^^^ J State Treasurer )M 8 INVESTMENT RESPONSIBILITIES The State Treasurer is responsible for the investment of the cash funds of the State as ' ^l as certain other special trust funds administered by the State, The cash funds available for inv ment include all moneys belonging to the State, collected through the two principal operating fun the General Fund and the Highway Fund, in excess of the immediate requirements of the agen and institutions receiving legislative appropriations. The special trust funds include employee rei ment and disability funds, special fire insurance funds, the public school loan fund, the student 1 guarantee fiind, and the escheat fund. n OCi 1. CASH BALANCES OF OPERATING FUNDS The provisions of G. S. 147-69.1 authorize the investment of the Treasurer's c balances in excess of normal operating requirements. These cash balances exist because of time lag between the receipt of cash and the expenditure of the legislative appropriations by the a§ cies and institutions of the State. The cash receipts result from tax levies, agency charges and ceipts, bond proceeds, interest on fund balances and other nontax revenues. The program of investing fund balances was initiated in 1949 under legislation enacted the General Assembly. Since that time, through the end of the fiscal year 1974, earnings resull|fit from this program have amounted to $396,465,626.29. AU earnings were originally credited to \u General Fund, but since July 1, 1961 the earnings have been divided between the General Fund ; the Highway Fund according to the respective fund balances in the two funds figured on a mont basis during the fiscal year. The statute, G. S. 147-69.1, requires that the funds "shall be so invested that in the ju ment of the Governor and State Treasurer they be readily converted into money at such time as the money will be needed." The securities eligible for the investment of the Treasurer's cash balances under G. S. 147-6 include the following: (1) Bonds, notes, certificates of indebtedness and bills of the United States of America in obligations which are fully guaranteed by the United States of America; or (2) Bonds, notes and other obligations of the Federal Intermediate Credit Banks, Federal Home Loan Banks, the Federal National Mortgage Association, Banks Cooperatives, and the Federal Land Banks; or (3) Bonds and notes of the State of North Carolina; or (4) Certificates of deposit issued by banks or official depositories within the State |li North Carolina, yielding a return at rates not less than those available on United Stc treasury bonds, notes, certificates of indebtedness or bills of comparable maturit Under the policies of the State Treasurer, the banks of the State are entitled to funds six-month certificates in an amount up to 50% of the applicant bank's combined capital sto surplus, and undivided profits. The interest rate charged banks is set by the Governor and Coui^ of State and is determined by reference to the rate of return available on U, S. Treasury securii of comparable maturity at the time of the investment. U) TEACHERS' AND STATE EMPLOYEES' RETIREMENT FUND * The Teachers' and State Employees' Retirement Fund, as provided under G. S. 135-1 et se was estabhshed in 1941 to provide a program of retirement allowances and other benefits for put school teachers and employees of State government. The receipts of the Fund include legislati te propriations, member contributions and earnings on investments. Assets of the Fund as of June 30, 74, total approximately $1,591 million with annual receipts available for investments amounting approximately $190 million. Annual earnings from investments approximate $90 million. The assets of the Fund may be invested by the Board of Trustees in securities designated by tute, and all earnings of the Fund become a part thereof. (See the list of eligible securities shown the end of this narrative section.) The State Treasurer serves as investment officer under authority nted by the Board of Trustees. The Fund functions under the supervision of a Board of Trustees, with the State Treasurer mg as chairman. CAL GOVERNMENTAL EMPLOYEES' RETIREMENT FUND The Local Governmental Employees' Retirement Fund, as provided under G. S. 128-29 et , was established in 1945 to provide a program of retirement allowances and other benefits for employees of local governmental units in the State (other than those employees primarily engaged nforcing the criminal laws of the State who elect to become members of the Law Eriforcement Jtl icers' Benefit and Retirement Fund). Membership in the Fund is optional to the local governmen- Unit. The receipts of the Fund include employer contributions, member contributions, and earnings linvestments. Assets of the Fund as of June 30, 1974, total approximately $226.6 million, with »1 lual receipts available for investments amounting to approximately $25 miUion. Aimual earnings tn investments approximate $13 milhon. The assets of the Fund may be invested, by the Board of Trustees in securities designated by ute, and all earnings of the Fund become a part thereof. Securities eligible for investment are same as those authorized for the Teachers' and State Employees' Retirement Fund. The State ^fcisurer serves as investment officer under authority granted by the Board of Trustees. The Fund functions under the supervision of a Board of Trustees, with the State Treasurer ing as chairman. :. EMPLOYEE DISABILITY FUND The N. C. Employee Disability Fund as provided under G. S. 135-34 was established in 1971 •rovide for teachers & State employees with one or more years of service a program of disability ry continuation benefits to the extent that funds for such benefits are specifically appropriated the General Assembly. Assets of the Fund as of June 30, 1974 total approximately $9.9 million, 1 armual earnings from investments amounting to approximately $728,000. ^ The Fund functions under the supervision of the Board of Trustees of the Teachers & State iloyees Retirement System. The State Treasurer invests the cash balances of this Fund in Federal Agency securities. ^™f:. FIREMEN'S PENSION FUND The N. C. Firemen's Pension Fund, as provided under G. S. 118.18 et seq., was established in ) to provide a program of pension allowances and other benefits for eligible firemen who elect to me members of the Fund. The receipts of the Fund include legislative appropriations, member ributions, and earnings on investments. Assets of the Fund as of June 30, 1974, total approx- |ely $6.7 million, with annual earnings from investments amounting to approximately $525,000. The assets of the Fund are invested by the State Treasurer as provided by G. S. 118-22. The Fund functions under the supervision of the Board of Trustees, with the Commissioner ^surance serving as chairman. 10 PUBLIC SCHOOL INSURANCE FUND The Public School Insurance Fund, as provided under G. S. 115-134 et seq., was establi in 1949 as a program of self-insurance to provide local public school administrative units with opti fire loss coverage on public school properties. Insurance coverage up to $200,000 is available for 1 1||; school building. Well over one-half of the school administrative units have elected coverage this program. The receipts of the Fund include charges to the local administrative units for the ii ance coverage provided and interest on investments. Assets of the Fund, as of June 30, 1974, approximately $6.3 million, with annual earnings from investments amounting to approxim; $465,000. The assets of the Fund may be invested by the State Treasurer in the same type of securljitij in which State sinking funds may be invested, and all earnings of the Fund become a part thai iq The Fund functions under the supervision of the State Board of Education. '^^ STATE PROPERTY FIRE INSURANCE FUND The State Property Fire Insurance Fund, as provided under the provisions of G. S. 58-18' seq., was established in 1945 to provide fire insurance coverage on all state-owned buildings building contents. The Fund reinsures some of the major coverage through private insurance c panies. The receipts of the Fund include legislative appropriations, charges to other special and sustaining operating funds administered by the State for properties insured, and interest on in' ments. Assets of the Fund, as of June 30, 1974, total approximately $5.9 miUion, with anj earnings from investments amounting to approximately $440,000. The assets of the Fund may be invested by. the Sinking Fund Commission in the same typ securities in which State sinking funds may be invested, and all earnings of the Fund become a thereof. The State Treasurer serves as investment officer under authority granted by the Commisf The Fund functions under the supervision of the Commissioner of Insurance. STATE TREASURER-ESCHEAT FUND '10 The Escheat Fund (G.S. 116A-2) provides that "whenever the owner of any real or persi loy property situated or located within this State dies intestate, or dies testate but did not dispos all real or personal property by will, without leaving any surviving heirs, kindred or spouse to inl said property under the laws of this State, such real and personal property shall escheat..." Asse the Fund as of June 30, 1974, total approximately $4.6 million, with annual earnings from investm amounting to approximately $335,000. The Fund functions under the supervision of the State Treasurer. The State Treasurer under authority of G. S. 116A-8 can invest the balances at his discre^ as provided for State funds generally G. S. 147-69.1. STATE EDUCATION ASSISTANCE AUTHORITY TRUST FUND The North Carolina Education Assistance Authority Trust Fund, as provided under G 116-201 et seq., was established in 1966 to provide funds to underwrite or guaraiitee college dent loans which may be made to North Carolina students by the State's lending institutions, program, administered by the stafT of the State Board of Higher Education and known as the Hi,' Education Financial Assistance Program, was established under the Federal Higher Education of 1965. The loans are made by private lending institutions and guaranteed by the State thrc the use of this Fund. The interest on the student loans is paid to the lender by the Fee government. The loans are repaid by the student after graduation or termination of educati training. The receipts of the Fund include legislative appropriations. Federal grants, and earn Jii BIJS 11 investments. Assets of the Fund as of June 30, 1974, total approximately $2.2 million, annual earnings from investments amounting to approximately $138,000. The assets of the Fund may be invested, by the Board of Directors, in the same type of securi-s are permitted for the investment of reserves of domestic life insurance companies. The le securities are enumerated under G. S. 58-79 et seq. The current practice is to purchase ities of the U. S. Treasury. All earnings of the Fund become a part thereof. The State Treasurer \ as investment officer under authority delegated by the Board of Directors. E LITERARY FUND The State Literary Fund, as provided under Sections 4 and 9 of Article IX of the State itution and under G. S, 115-101 et seq., as the Fund is now constituted, was established in 1903 '" le purpose of making loans to the counties to aid the county and city school administrative units e construction and equipment of school plants and facilities. The loans are repayable in 10 il installments, wdth the rate of interest determined by the State Board of Education not to d 6 per cent per annum. The receipts of the Fund include earnings on investments and misceU-receipts from land grants, leases, and sales. Assets of the Fund, as of June 30, 1974, total iximately $1.9 million, with armual earnings from investments amounting to approximately 000. The Fund functions under the supervision of the State Board of Education. The State Treasurer invests the cash balances of the Fund in U. S. Treasury securities, and all " igs of the Fund become a part thereof. i fORM JUDICIAL RETIREMENT SYSTEM OF N. C. The Uniform Judicial Retirement System of N. C. as provided under G. S. 135-51 was estab- ** I in 1973 to provide uniform retirement benefits for all justices and judges of the General Court stice. Assets of the Fund as of June 30, 1974, total approximately $1.1 million with annual igs from investments amounting to approximately $89,000. The Fund functions under the supervision of the Board of Trustees of the Teachers & State ajoyees Retirement System. The Act allows investments to be made in the same securities in which the funds the Teachers te Employees Retirement System may be invested. JRITIES ELIGIBLE FOR INVESTMENT OF FUNDS OF THE TEACHERS' AND STATE .OYEES' RETIREMENT SYSTEM AS PROVIDED BY G. S. 135-7 (1) Obligations of the United States or obligations fuUy guaranteed both as to principal and interest by the United States; (2) Obligations of the Federal Intermediate Credit Banks, Federal Home Loan Banks, Federal National Mortgage Association, Banks for Cooperatives, Federal Land Bank, International Bank for Reconstruction and Development, Inter-American Development Bank, and Asian Development Bank; (3) Obligations of the State of North Carolina; (4) General obligations of other states of the United States; (5) General obligations of cities, counties and special districts in North Carolina; (6) Obligations of any company incorporated within the United States if such obligations bear one of the three highest ratings of at least one nationally recognized rating ser-vice and do not bear a rating below the three highest by any such rating service which 12 rates the particular security, and (7) Notes secured by mortgages on real estate located within the State of North Carolina ^d insured by the Federal Housing Commissioner, or his successor or assigns, or in debentures issued by such Commissioner, which are guaranteed as to principal and in-terest by the United States or by the Federal Housing Administration, an agency of the United States government, or by some other agency of the United States government; (8) Shares of any building and loan association organized under the laws of this State or any federal savings and loan association having its principal office in this State, to the extent that such investment is insured by the federal government or an agency thereof; (9) Stocks, preferred or common, issued or guaranteed by a corporation created or existing under the laws of the United States or any state, district, or territory thereof, pro-vided they qualify under G. S. 135-7.2: NOTE: The research and statistical computation necessary in ascertaining whether the common and preferred stocks of a corporation are eligible for investment of fundsof the system are made by an independent, nationally re-cognized investment service company, with proper certifi-cations made in writing to the State Treasurer. REPORT OF STATE TREASURER 13 —. o -- r— ; — . " O O ON 00 lO OS Z oH So 2X (/5 < ., 1/3 CTn r- — — . — 00 oT 5^ > a- 4i o y fe t-> — u — L. 5 £ I 00 a u 14 REPORT OF STATE TREASURER '-;0^^^•r^-^H(N>,00^ v£> \£) (Tn r-' r^J Tf oo '-^ C^O^^oOO^<N<ar^ VO — •-H CTv ctn f^ Ir^ 00 o lO ml o o 00 00 oo to V£l r)- ^ .— I O CO Lo r^ to C3> -H fN oo ^ CTs <N m .— I m ro vo 00 "* •* -^ m lO ro Tj- O r~ v£, rn O p^ c« <U .2 '^ •5 ^ C C o w I g S •i=i *- S u- c c ^ " c 2 e o « c; > _ tu j3 .2 O O CO 0) ii hJ 2 J hJ ^ T3 C3 Uh 3 >. 03 3 o CO < -B « ^ Oh 3 •2 c2 c ^^ u. <co c 3 .a o <u Cu •S — i 00 OJ E cd ..^ O 'o C3 3 £ 4> •T3 o CO § c •- .a 5 CJ -2i ii ^ Z ^ O :ash Balance July 1, 1972 $ 744,012,711.00 $ 228,764,538.98 Receipts for the Year Ended June 30, 1973 Tax and Non-Tax Revenues 2,023,773,852.67 1,524,414,254.58 Other Receipts and Transfers 2,135,797,525.76 499,554,669.82 disbursements for Year Ended June 30, 1973 Revenue Refunds & Transfers 740,802,826.71 25 7,474,487.35 Disbursements 3,252,581,959.29 1,632,770,272.59 bash Balance June 30, 1973 910,199,303.43 362,488,703.44 REPORT OF STATE TREASURER 15 STATEMENT OF TREASURER'S FISCAL YEARS Combined General Fund Total Receipts 4,159,571,378.43 2,023,968,924.40 Total Disbursements 3,993,384,786.00 1,890,244,759.94 Receipts for the Year Ended June 30, 1974 Tax and Non-Tax Revenues 2,268,690,791.87 1,749,568,367.01 Other Receipts and Transfers 2,714,814,338.17 522,668,583.50 Total Receipts 4,983,505,130.04 2,272,236,950.51 disbursements for the Year Ended June 30, 1974 Revenue Refunds & Transfers 802,280,939.40 314,101,531.27 Disbursements 4,057,693,143.04 1,991,505,787.31 Total Disbursements 4,859,974,082.44 2,305,607,318.58 ::ash Balance June 30, 1974 1,033,730,351.03 329,118,335.37 16 REPORT OF STATE TREASURER CASH RECEIPTS AND DISBURSEMENTS ENDING 1973-1974 Special Funds Highway $268,964,555.90 Other Total $ 92,171,977.80 $ 361,136,533.70 Capital Improvement Funds $154,111,635 499,359,598.09 499,359,598.09 1,615,342,816.84 1,615,342,816.84 499,359,598.09 1,615,342,816.84 2,114,702,414.93 20,900,03 20,900,035 483,328,339.36 483,328,339.36 284,995,814.63 1,565,709,498.38 1,565,709,498.38 141,805,296.26 483,328,339.36 1,565,709,498.38 2,049,037,837.74 426,801,110.89 54,102,18} 54,102,181 120,909,48V 519,122,424.86 519,122,424.86 1,936,223,152.83 1,936,223,152.83 519,122,424.86 1,936,223,152.83 2,455,345,577.69 255,922,601 255,922,601 488,179,408.13 488,179,408.13 315,938,831.36 1,969,274,942.97 1,969,274,942.97 108,753,506.12 488,179,408.13 1,969,274,942.97 2,457,454,351.10 424,692,337.48 96,912,4i;i ' 96,912,4i;i 1 279,919,671; REPORT OF STATE TREASURER 17 O o oo oo oo oo oo oo oo oo o^ o^ o^ o^ O »n O — ^ O 00 o -^ VO rr -H -H i Q oa Q H S5 o cu u «5 ,^ Q o Om o a O S Q i/5 o oot--^HaNO-<3-r~o<N OOOCOrJ-OOlOVOlOVO On CO O 0^ fO 00 ro O ro r~ 00 m o o o o p q o o oo oo oo oo p_ o^ o^ o, lo un o ^^ r- 00 o * en 1^ ,_^ ^4 Tl-iy->coCT\f^>o^^ooi/ornr--oo foo-^^ ir)oq<~^oooa\-HrtOs mro(iN/OOfoO-T^-oIoorooooivO~o~ooiorjorr^-O 00'—itT (r-v£)'—i<n^o<—lO^•*o r- r-H (N ON OS Tj- CO d m t~ O 0\ 00 CO f^ lO <N -^ O t~ U ^ 3 o w r "-I oa JT" O .2 ^ =^ 3 =« ^ , « oa c .3 2 o U-P o U 3 ^C „« - s 2 oa CQ C i -! > Z Z m c rt oa o j: (0 .2 z ^r z <f •S rt ^^ rt o o Z (1) CQ c a -k- «( o ^ u o o O V5 "> w S 2 t; H H 2 =a =« f^-' ^ ^ c c CJ ja > C C r- 2 =3 03 CO •2 E •r. -?5 3 p o o „r I^ (iT flT ID "^ H H > a; O j= ±i ±; c H ^ is > > D CQ tu o p a 5 ^c? 4= .tS H U _ E ^ c 3 >, s ^ <:<<<:<:<!;caoa(3apQ0QfflcQ t^caeacaojajw--; o & c ^ £ c S =« ^ H H „ ^ :2 .S .B o 3 1) >, 1^ ta w s s <i> o -^ •^ i2 J3 QQ CQ i.s rt ^ CQ > ;S s 13 c5? "o oa c •o c .2 "ca Z c Zo 1 ^ c E O MPz Ep c (U .!a ^ C8 CQ & '6 4J « oT c c > c p p o o« cS « o CQ 18 REPORT OF STATE TREASURER rt fBPPJ^P^^T 71TATZ 10 T5I0^^H « O oo o o o q o o oo do oo oo o, q, q_ q_ o' o' o' o" o o o o 0-) >—I r^ * TV' —T' E a. Q Q r<-i CTv rf CO 00 r-lO <N 00 v£> O •* -H O "-H f<^ 00 o" ^"^ -<' Cl' CV Ci/ rv CC V i"n o 00 00 ON C- m <N r- 'l; q TT <N (N •^ M3 r-' 00 Tt CT\ 00 ^ r-- r<-) CTn <^) 00 ^ ^O '^ ro 00 o'o" o' d •O lO in ^ rT' >o r-< (N SI- «o t^ ;-.^ *4" CW S 3 fa " 2^ M O BU UQ O b o O b(*> 0^ tj.o H Ou Q a. i o q co5 do o q, d' d" o o Q Q ^ o * -^ ^ r-1 O 00 lO r-- rM 00 o ^ P-; fN ""! "^ '^. r- <N q —1 vo "^ r<^ lO Tt ro lo ON r^ d ON Tt lO fN vx> t^ VO .-^ ^ ri VO VC lO -H r~- — < r^ r- o vo <~^ rt r-^ fN t^ lO lO O ^ r-i o f^ <S rf lO -H ,—1 r- rt .— 1 lO —1 c^ V CC <V O' 07 -»-' .'^ ^3 ni ,i3 W5 J- =a U ^ ^ § 1^ 03 o Z Co tj-H o "Sj G ^c t_4 rt 3 oa 03 c C o o 00 a _c ca u •c ^ •S ^ o C c. .3 "tj "" o o > "r e o Z 4^ '^ ^ " z ° 2 c 3 CO u d ^ c c ° 3 -^ a S z . o ^ z »i-l -i-l H H ^^ o o o ii O ti "S) so ^ uT .S .S .S s 'a "^ (U c« Vi "' H i-u u- N O <5 .^ 03 c •S i? - 43 oa u 03 S nT E Z -^ c as re! •=• .5 « 13 2 1^ •fi 5 *^ "S z => Z .ti .ia X ^ ^ ^ H S =^ ^ CQ -• o - c« Q?j « ^ C 03 C O ^ Z i2 '-S "J <u ,„ Z- ,QN >> ((Uu !t-r ;3 >> a 2 - '- c 3 _ o o ::3 , ^ •^ -^ -^ c c -o ^ ^ o 3333333M«taa oaoaoacQcQpaoaCjUuu <u O "s; t;; - ii tu tu •2 b o § c3 <u c c CCC'^'P'—'•-^ — y-s-.^ U U U u _o o o o o u a u u u u u C 03 M _ 00 03 5 o •5 '5 §z ^ (D 03 '^ 01 E P o o ,QQ « Ca W >>>>>•>•>>>>>' > REPORT OF STATE TREASURER 19 'B Q oo oo oo oo oo oo oo oo oo oo o_ o^ o_ o^ o^ r^ O O O w-) >>0 O O >/-) v£) (Ni o -^ r~- c— o E a Q Q ^H 00 lO r-j 00 so o 00 o VO lO (^ CT\ r-l t~- 00 — I lO * r<-i oo rst •'I- r~ lo t~-^ ON CTn rs| — I (-»^ O -^ Oy lO 00 CT\^ fN O O O r<^ m Tj- ir> <N O ON r~^ fN ;-H .-H t— ( lo vO lO --< Q Q o o o o o oq op oq o p o o o do oo p, p p^ p^ p^ r~- O O O lo O O O lO ^ (N O -H t^ t^ .-H ^^^ --I ON rf r^4 (N r~J m r^ lO lo GO r^l 00 lo -rf ON -^ Tf r<-i CO ^^ ON uo oo r-so ^ "* Tf O O in ^^ Tt f<^ lo fS O 3 -S — C 2C3 z o o 5 o u C 3 -^ 3 « CO H =5 E =a s ^c ^ c =« ^ ca ^ CO c ^ ^ ^ c *. t; C := C t- "^ n E H H a- ;C tS 8 •a T3 3 — >. 1_ l-H -— 2 c o o ca ^ ;2 CO ,n3 ^ a <n 6 g U 03 3 t-H H C ^ 2 l-H c5 c 2 ji =« ^ H E "i S -g o^ =3 "5 trt CJ >. CO o S 3 rS Si u a J s o O rt u iS O -^ — , , rt z =>« O Cfl 03 — ui =ra« pc- — 4= o E o 5 2 z CO ,g " [1- &>^ .E S 2 H CJ ^ -^ X) j= c c 03 03 CO CO i? ^ Oh ^ CO CO ^ J= ^ ^ ^ o O O o EEEEEEZc/^g-j^-j^-^-J ceo ^ ^ Z o o j= x: -c -^ -^ ^ _-*-^X)^X)X)Xi ?C5rct'a>^!c0c3t;3T3;33333 UQQQQQQQQQQQ C C C o3 n) 03 UJ H (L) ^y N_ ^ ;= S UJ S .a ^a j»! S S 5 20 REPORT OF STATE TREASURER o O O O o O o o o o V .ti o q q q q q o o q o 13 o d d d d d d d d d d &i o o c o o o o o G u o ^5 o^ q. q. q. o q. o o '3 Q o lO o lO d" d" o d~ o o ? 8u V-l o <N >r> VO o o o lO lO o o CO Tf en -H^ CO •— 1 00 VO^ ^o "—I o> ,_^ ,_^ ^H ^ &% o fO us On <3- o t^ On 00 f \o U-) t^ ^3 V9 rs q q do r-; 00 00 CN en (N T3 c 'S * On d 00 * tN vi 00 f-H vd rt o Oh «o <o * 00 * f-H ON CO ON •<* B »«\ VO »o oo__ (T^ ON CO q^ CO Tt u <o *-H VC lo o V * d 00 d' Q "—I ^£> i-H <N "—1 .— I >i-> </l CO oo o o o o o o q o o o o o do do do do do do od q^ q^ q^ q^ o^ q^ q^ d" ^' d' d' d^ d^ d~ 00 —< O O O O 00 .-H fO fS O '-H ON <N S o oo oo oo oo oo oo oo oo oo <o6 do oo do do <o6 <o6 do od o q^ q^ o o^ o q^ q q^ oO <o o lO d' v^ <D d d" <S lO VO o r- uo o o CO Tf CO •-< r~ vo CO oo oo oo oo oo oo oo q_ q^ q_ q_ q^ q^ q^ d~ d' o' o' d" d' d" 00 * O O O O 00 -H —< <N O T-^ On <N T3 Oi I-! 6 O u n1) Q Q 00 v£) 00 >0 ON \£l "-H oo q q Tt vo t-~ 00 ON \o '^ •* O -H VO ON^ On in tr) w> in ON CO (N d" NO lO << cs vo 00 ON v£> <* t-~ lO <N CO C^ On ts ^ S 2 2 C CQ o CO ™ >> ^ 60 M S <= c oa 2 . c O t« (J PQ W5 C^ co S3 -a > ^ z l'^ CO PQ (J IJh ^ § OQ o £ 53 <" - ^ >2 a u ^« o rj 6 2 o^ § •;2 PQ 2 o^ ^ 3 Z ^ ^.z u PQ o .5s +2 n '^ o c« z PQ ^M <si pa ^ . ;§ ra a :a B a .-t! .tJ > > > > > U CJ Q> O D Q> O u U o •M J5 c .2 g Z +2 J3 fS <„ »S •« s , a PQ 2 >. 2 ^ 3 "{3 • " S S ^ .2 ® Z Z Z .5 t, >:• o G o o .2 c ^ o •a .*i (2 i^Q ^ ^ o E § S o o o .a .3 g o o o 2 4) T3 T3 TJ ^" -a o z 3C uc co cu cu ca> "ti'Tl'Tl'Tl'^i^i^'U'uiuiuiu 635 ooooocSoo REPORT OF STATE TREASURER 21 .a a U o oo o o o o oo ooo d d o o do o' o d~ d~ i/^ o o O O r~ O rj- rn vo 00 Tj- <* •^^ dr^d(No6osr~-f^><Droro r~o^'4-ooa\ir)00t~-0 VO 0_ rn O^ >>0 ^O^ O^ -^^ "* (N Tf <^O0000OTfr}-n-i iOt~~'000<Nr-_-HON •^-HCCTrr-TTooiri -H r-^ rt a\ <x '-'^ '-<^ f\ t~ t^ ir> U o oo o o q q Oo do do do q, q_ do q <N o d~ I/O o oo' ooooo o" o 00^^00^0^0^>•0«^^or~-'0 ^t„ OOCT^<N—Ht~00q<NONiOON C-"S a>odt~vofNo6d-^'CTs>>ood t-~O00t-~00TtTtr^ ^-v,OlOOOO^^OCO'* CO r4 ^' ^ Tj- ^ ^* <N KO -H^ <N ^__ r-^ q_ ^^^ M (N-H — fN—<<N-^-H fa - =5 gz < < z z ^ • z o oa W 31-4 0^ o^ Z c c ^ CQ 09 2 Hi « =3 .3 .a u > > o o x; :£ ^ .c j= ^ <Q oa § o E ^ -^ 03 « S .-; C u g Z M .2 ^ •? ^ "^ Z o G *- i-i en c m CO ^ sag ^ on .5 Z c ,^ (D j5 '^ x: — p r- eg eg H ^ ^ o — .— « c c c c a ii « ii o o o ra ra :a 2 e 2 i. C £ S 0) o 1) c c a: E D t3 o o a X a: s .a a: X z § .SP H -i - .5 >> o ^ Z < = r _• CQ (J - § 2 .:>« j= x: £ iS X o Z«ii^ s c >- o oa z S eg (« U •? o o J :S « .S .5 ^ cu Cu o o c 2 "^ ^ H «a u ?^ w so o In ^ C/5 O 2^ «?J 2 03 ^ - Z 03 o 5= t fc w Z U > ^ <u u 03 X x O ^ :« C 5 S c ca ^ ^ ^ i^ o S .5 .5 .E i^ u id ^ 3^.:S^= g-"^3= S 22 REPORT OF STATE TREASURER •3 Q oo oo oo o. o, o, d" o' o' o o o r^ f^ O^ oo o oo oo oo oo oo do do do <o6 do o, o, q, o^ o_ o' o" d" o" o" O C~- O O uo ^ VD O, -H •* oo" 1-3 Q Q 0^ * Tt *. "^ "1 0^0 00 Tf •^t -H C~- Tj- ro Tt <N ON <o ON >n r^ «N i-H v^ m Tt r~ so CT> fo «N ^ "<t in "H vo pn On r^ ^ f^ so •-H^ O •^^ O 00^ ro fN IT) lO oC «N (S O lO t^ ^ >o O ON o <N tN I/O 00 «N -< fS^ O, "^^ Tf <-<' rn oo oo oo odd o o o 0,0 o' o" o' O O O .-H t-l (^ Oo oO oo oo oo o^ o^ o^ o_ o_^ o" o" o' o" o' tO ro o O O vo o_ —< fS oo" e ,H lO o s '^ in 00 "^ 00 ^ § .^ so * so V9 O ON Tt so 1= m ON fn a Q lO t~ >o <o »-< so so 00 f^ 00 '-I lo o ^ r~ ^ c~ ^ V* r-^ 00 "-J 00 r~ lo m 00 >o ID c~ -H fo O^ <s^ vo O p~- <s m^ IT) o o ^n ^ ^ "^ O 00 so — < -H <N Tl; <S 00 ^ ID fO vc cn SO >D in -H^ cs^ <N o' oo' o' u-T r- -H -H so 00 O 00 v^ 'O rj 00 ''i" On On c*^ *" o" Tt •*" *' REPORT OF STATE TREASURER 23 ^ o o '5 Q T3 -i^ c/-, CJ Q Q O O *- o oo oo o_ o, o" o' o o 04 -H H y H U O Qz CO H 0^ O cu moo z IS Q a. U ,-H _ r^ m 00 r^ ^ ^ CO r~- p"i m (^1 r~ 00 — 1 ON r^ 'J-r~ r-4 IT) — ^ ON On >>o r^j UO ^ r-- r- r- r- — ' — 1 10 ON ro r-~ 00 <^) <^1 r-l — 1 r<-, ^ On >-o _ ri rsi r- On * ^1 00 ro ^^ •^ •J-l 10 ^-- ^ r- l~- On -* ON (^4 ON o — H •^ r- "* r-~ r^j oc On^ vO 10 OC ON --o * 00 10 r-l W-) * On ON Tf r-t: T\i/'i>jO(^OOr~^t^'^^OTf ^ O CO "K 3 u ^ 22 ^ r H 2 ^ S CQ ^ Z t •5 =3 .S ^ o -a u o o • CJ -^^ 1;; C _ c^ w 2 ^ ^ C ir. — CJ ri ^ CO J= ^ ^Z o oU ca • ^ o c U I H 5; rt o '^ O li z 5 u, a> u u ;3 rz: X) T3 o <u oj c C a la :? aj <u SL tfi tiT 000 S S S o o ^ (^ w H ^ ^^ - C C ^ .S t^ ;^ c- (- u0. 0t^ 0303 S S S S .2 cy g^ ca 3 -^ !5 ^ Z c c s c CQ as •~ •p .S -= o >^ >> U O ^ x: 22 CQ 3b 3b ^o o^ S S Z Z n CQ Z c r .5 <u CQ o ^ - U CQ c ^ o ^ Z ^ Z H ?? .2 Z ^ Z o U o o ^c .2 => t: ^ o o i3 Z 5i !D tu fl^ ^ ^^ ^ ^ -= -C , ra ra f— H 'U Z Z O O X X ZZOOcua^cuCoi cd <U ^ m ^ H H c nj c« c CQ w -t C c' (U J rt CJ c ^ C C <r 3 3 S s XI ,^ ,^ > 1- .s 24 REPORT OF STATE TREASURER ff o oo oo oo o^ o^ o^ o' o' r^' O O 00 <N ^ -H o a\ o •* ^-/ ^ <N * •-H ^ &0- r-- IT) o r- o r- o '^ ^O 0^ r<i rrt <N q oo m r-; fO q ^ "1 00 •o -S 00 VO <o vi ^ *' VO (> .-H uo OS c f>» 00 0^ OS <o rs fN OS OS OS * o VO Tt * 00^ q. 00^ Tt VO 00 r- in a <N O Tj-" r-' f-H * >*' r-" *-H a^ ri (U u Os lO wo O r«^ m f-H OS Q Q r~ <N >o (N ^, rn ro OS ir> OS .—1 O 0\ lO o OS m W-) (N (^ <N >n •o rH r-^ r-i OS oo' c-i <N Tf (N rf <N 00 lO V£l OS lO lO q. O (N Os^ vO_ <t fN Os' '*" * lO o' •*'' rf O * tN m «N ™ o 1-1 "^ U o 2 o oo oo o o r-- On Tf >— I .-H ol 00 00 so o\ UO o lO -H Tj- so t^ •^ o c-T oo o OS OS >— I r<» OS >— t^ >/o ro lo t-~ o d r-^ rN oo" s H zc3 c c ^=a ^Ze"3e"rt •^ z z CQ (J c~ so * fS 00 ro <* ^H 00 oo CO o t^ O m t^ VO 00 lO <N ^ rf Tf lo O —I — I ^ CO CO " C m Z u -2 :§;S;g .a 15 u ,«i «3 o o s s oa m = J3 ^ 2 .SP .SP U U U- [1, S o o Z Z .2 60 Z i? c ^ m o ^ .t; " S "3 ^ ffl 3 U k2 -2 ^ Z on H i <-^ pa "S -< 3 T3 cd t-i M z ^ '^ w) cS o !r! pa c -a s s: o pa (0 tN ^H 00 fO ro 00 q lo vo OS O O in r~ '-t CO rN m ro On OS <N CO in "—I 2 : H C Pi 3 6 « o §::-5^ ° 2 z •I 2 u pa pQ o «a P5 -. 3 .2 c c u z c o ass •H^ -^5 ^£ Q CO TO ^ P^ P^ ^uu •a-, >-T<? u•-u-u-u•a« >•-v•(-u•-a. >•-.a>•- .- ^ ^ P^ (^ (^ 0^ -^ H pi, Oi^ 0^ O^ CC ttJ Pi Pi r3 r^ 3 ^ 0Q C •i .1=1 »J3 9. fe ia £ (« W3 P- 2 3 3 a: Pi pe; E 3 .. «a o .5 .3 >« ^ iA -U. u u u o o o Pi Pi Pi REPORT OF STATE TREASURER 25 U o rr^ r-^ —I 00 o O r- ON o> m o\ T3 tr. 00 ON f^l NO C • •-< (^) ON 00 Ol c« o r~- lO ^ 's^ E ex uo ly-) r^ <j-) aj o Cs) <^) ,—^ U Q O'-^r-—iO'*r-~r^ooONr-~ioooN£)NC Ttoo-iodoo'ooo'—^-^r-'.—(ly-jO-^fN olO<^4 00NONONunONNO'^rot^<^0 O I H S3 o On UQ ^ On S O r Q oo oo oo oo o o o o lO o o o Qq r^ 00 00 NO lO — O o \^ r^ On lO ^ Tt 00 lO t^Ot^ON—<Tj-iy-)r^>—^ON'^Ttr^l TNiD-^oHormoOo'O^OoiOoNOOo"o*vLoONrOoQcONNOONtOo CO ON 00 r^ CO nO r^ cc r- -S3 O ^2 2 ^ .2 ^ ^ I c ca Z ^ =^ 2 "o -^ S S o S ^ U u c — ^ -K ^ ^ Zc Z c i2 -3 Z c .2 c 3 3 CJ O O S S o C C O £ c *- £ E ? o U ii ii o — O X) ^ ^ ^ J3 O -^ co •5 -a o o 4= ^ z 2 iS H 2 . ^ o^ - ^ 2 c 0000^ 0X3M3~3 5; D .ia -5; 1 >^ a- 5 •S •" 'c3 "3 ^ c 7i rt aa Z >> c a> 3 x^ OJ 3 C/2 u CO ^ U ai z ^' 3 ^ z - Ca "^ ro 1^ ^ 2 CO C .5 S — c 00 c/2 ^ D. - O 00 " ,0 c ^ .y 3 ^ Z - t? 1^ .2 £ .!a c a in - TD T3 — ' CO % 15 2 o , -^ ^ 5 "K 3 3 I ,5 > ^00:^ H >> >> O t: t: j: ^ > x: j= 4= ^ n) o u CJ c^ o x: 4: x: :a 00 00 CO 00 00 c/: ££ ^-=:= ^:5:S E E 26 REPORT OF STATE TREASURER I a «a ST oo oo oo oo oo oo o_ o^ o^ o' o' >o o o ^ ^^ ^^ rf^ oo oo oo oc5 do od o_ o^ o^ d~ d" d' Tf O lO ^H I/-) Tf T3 i2 >-< O -^^ CO ro vo vo wo Tt vo O r-- 00 O <N O "-H ,—I ^ ^. 0\ <> * 00 •^ r-< lo r<o CT\ r~^ <-H cN o^ 00 -H d <N CO 00 ^ t-^ <n' oo' d f^ r^ o>oa\r<^ vooom^HT-<t~r^»-^vo^HCTNOm<NOvooO'-H^ ON^ CTv^ ^ Tt O ^ >0 O r^^ <^ VO lO \0_ 00 t^^ O O CO OO^ wo fN <N^ VO ^OcnrJ- .—I.—(od'-^-Hiofsd^ciiOfNiX^voOfSONV^O <NrS-H ^H 0<N<—l-H<Nr-<rt-H^H»^—I .^.^-H.—1-^ o o o o o o o o o o S -a o o o o o o o o o q 4, t« od od do do do oo <o6 oo Q* d (^ o o, o, q. o_ o q, <q o. o q. O O lO 00 d o' d" d' d" * O O 1^ o <o Tj- o <o o CO ^ -H CS 00 .-H —( lO * <N t3 « Q Q voONt~-P-- O00'0cor-ii-)t~~'-<r0'—i^vOcO(N oioooo oo<—icc)d'^d<ot~-\0'o<iooNv^od <y\ r^ oo \D lofnoow^oor-c-vca^co«ot~o^ ^^ CO -H^ CO »o 'a-^^ q^ r-^ vo CO CO OS oo_ CO q CT\ f^ fs ^'^O'* O—^00•*>i0^0^0^lr^«4•*'^^d' <S WO t~ <N 00 <0 t^ O On 00 *^ 00^ WO SO -^ O CO <N wo O -H r^ <N rt ^ n PQ OS C *^ o S Z 3 X 1^ S ^ .s « 0- =5 o. a -2 C/3 M OT - rt _ g U W -; « j3 <« < > O J^ ° ^ ° « PQ c 53 « H « S3 . ^-^"^ S £ c -o « o •= o • PQ ^ n If i^ o S z u rt ** o 2 ^ ^ H H ^ Z PQ^ •2 i Ec3 PQ rt PQ '^^ C _ SS .2 S Z -s; 2 >. P3 bo si u a> •o o W Z I * s a itil CO c« H H >« 2 CO ^ H H PQ o tj 2 5u PQ ts 2: MZ ^5 fc CQ c S Z.a >. >. o ^ o o >» s H H H ^ s X (Si 2m o o . '-^ CA U •j H « o C <-^ I 13 J3 s ° *^ c S PQ U •O 2 « « S 9 •S Z «^ oH S c o .5 r"? 'S -^ 5 *- PQ C U wi rt rt W ^ ^ ^ REPORT OF STATE TREASURER 27 5o rg r— ro rn o ^ ON m in -H c^ ^O —1 sD 00 IT) ON ^^ ON o t-~ 00 O m o lO — ' r- ON vO — o O) lO OO ro (^1 r<-l r<^ ^o o r- lO ^ r^ r- in 00 r^ r-i lO n lO o 00 as ^H r~J 00 *— t 00 O iT) oJ ^H 00 r^i t 00 vO lO * ro VD "* lO l/-> ro —I t ^^ ON oo O — < r~ OO IT) CTv ro o (^1 o ro O _i lO o lO r- O IT) '^ 00 m r^ lO VJ3 r^l rj U-) r-1 m o 00 ^' in v^ 6^ o nC c 00 in r-1 VO in r-i ON 0^ nC m V5 .a a. ON 'sO lO 00 0^ rNi r-i NO 00 NO in 00 00 OO m CNl O oo ON 00 lO o lO 00 lO OO in NO ON so NO 00 ON NO NO m O o o ro o in ON o NO NO ON rsi o in ^ nl 6«- NO OO-in rsi 00 n-5 00 m r-j NO (N 00 NO t^ O-i in m -* ^ NO NO OO &0- o .2 o z z a^ u S 5 g H ^ H « §" ^ m .2 H 2 « co oa o m •t^ C .2 3 Z ^ i o 3 =Q -^ -= O TO 53 ra — "; .S .S 2 § "3 o \^ -^ O O 5? ^ S « ~ -^ 2 .S Wh Lri E .-^ O O 03 ~ Z Z 03 u o 2 'if c H U ffl =« £ t/D ^ o .a 22 q^ CJ oa ^ ~" — CO C r3 i-c 5 2=^*^ o .3 > o .5 c as Z c 'c o c5 o o o ^ :> sc CO u. z n r3 Z ^ -J E E E p: OJ <u o c C :a .b ^ trl u o -n C/5 00 C/1 00 5 u S U .2 ^ S o S "° O U TO U D > =° £ -5 E E 2 Z "f 3 :7: 2S ^ w so i<?>EE = !=c -t- -B S .2 .2 'c £ o ^ ^ ^ ^ " coooocococo= ^ ^ ^ 5: ^ .S .5 .S ^ > ^ ^ ^cccc^-oc t: c u -= - < B ^ JZ 2 cj IJ 1 '^ ^ Q w i Z 3 "" HOH 28 REPORT OF STATE TREASURER TREASURER'S INVESTMENTS OF FUND BALANCES JUNE 30, 1973 Description U. S. Treasury Bills: Due 8/23/73 Due 9/ 6/73 Due 9/13/73 Due 9/27/73 Due 12/ 6/73 Due 12/13/73 Due 12/27/73 Due 5/ 7/74 S. Treasury Notes: 7 3/4% due 2/15/74 5 5/8% due 8/15/74 5 7/8% due 2/15/76 7 1/2% due 8/15/76 U. S. Agency Securities: 7 3/4% F.I.C.B. due 7/2/73 5.60% Banks for Coops, due 7/2/73. . 5.95% Banks for Coops. 5.65% F.I.C.B. due 8/1/73 F.N.M.A. D.N. due 8/15/73 . . F.N.M.A. D.N. due 8/22/73 . . 7.20% F.H.L.B. due 8/27/73 5.45% F.I.C.B. due 9/4/73 8.10% F.N.M.A. due 9/10/73 6.95% Banks for Coops, due 10/1/73 . 5.70% F.I.C.B. due 10/1/73 6% F.N.M.A. due 10/1/73 6 3/4% Banks for Coops, due 11/1/73 6.70% F.H.L.M.C. Guar due 11/26/73 5.55% F.H.L.B. due 11/27/73 6.85% Banks for Coops, due 12/3/73 7.15% F.N.M.A. due 12/10/73 . . . . 6.90% F.I.C.B. due 2/4/73 F.N.M.A. DN due 2/15/74 . . 7% F.I.C.B. due 3/4/74 7.05% F.H.L.B. due 11/25/74 . . . . Cost 39,117,445.00 4,911,148.61 31,085,120.56 16,688,198.61 9,654,900.00 9,639,538.89 14,442,168.05 18,705,620.84 Par Value 40,000 5,000 32,000 17,000 10,000 10,000 15,000 20,000 ,000J ,000J ,000j ,000.( ,000.( ,000.( ,000.( ,000.( $144,244,140.56 $149,000,000.( $ 53,228,593.75 56,622,773.64 25,817,631.22 8,333,190.61 53,000,000.< 57,000,000.( 26,000,000.( 8,000,000.( $144,002,189.22 $144,000,000.(. 137 365 069 ,035 372 739 050 ,206 ,306 ,141 121 000 020 ,000 977 ,966 ,000 ,000 939 ,976 ,998 ,222.22 ,730.56 ,822.92 ,309.03 ,916.67 ,375.00 ,693.75 ,105.55 ,531.25 ,524.31 ,977.09 ,000.00 ,781.25 ,000.00 ,031.25 .745.84 ,631.94 ,000.00 ,416.67 ,562.50 ,828.10 7,000 20,000 5,000 5,000 35,000 15,000 9,000 35,000 17,000 37,000 32,000 3,000 5,000 5,000 5,000 59,000 12,000 5,000 20,000 20,000 15,000 ,000 ,000.( ,000.(, ,000.( ,000.i ,000.i 000.1 000.1 000 ,000.1 ,000.( ,000 ,000.« ,000.(. ,000.^, ooo.< 000.( ,000.1 ,ooo.i ,000.< ,000.1 $365,427,205.90 $366,000,000.( REPORT OF STATE TREASURER 29 TREASURER'S INVESTMENTS OF FUND BALANCES (CONTINUED) JUNE 30, 1973 Description Cost Par Value U. S. Treasury & Agency Securities: H Repurchase Agreements $ 35,576,504.17 S 36.350,000.00 $ 35,576,504.17 S 36,350,000.00 Certificates of Deposit $250,157,000.00 $250,157,000.00 Totals $939,407,039.85 $945,507,000.00 REPORT OF STATE TREASURER TREASURER'S INVESTMENTS OF FUND BALANCES JUNE 30, 1974 Description Cost Par Value S. Treasury Notes and Bonds: 5 5/8% due 8/15/74 $ 51,587,988.63 $ 52,000,000.00 5 7/8% due 8/15/75 12,768,437.50 13,000,000.00 5 7/8% due 2/15/76 15,655,312.50 16,000,000.00 8 3/4% due 6/30/76 24,987,146.07 25,000,000.00 6 1/2% due 8/15/76 4,892,968.75 5,000,000.00 6 7/8% due 5/15/77 59,225,781.25 60,000,000.00 $169,117,634.70 $171,000,000.00 U. S. Agency Securities: 7.95% Banks for Coops, due 7/1/74 $ 15,154,562.50 $ 15,000,000.00 7.95% F.l.C.B. due 8/1/74 6,181,387.50 6,000,000.00 8.15% Banks for Coops, due 8/1/74 36,156,378.47 36,000,000.00 F.N.M.A. D. N. due 8/1/74 6,772,116.95 7,000,000.00 F.N.M.A. D.N. due 8/2/74 4,836,227.78 5,000,000.00 9 5/8% F.H.L.B. due 8/26/74 68,079,548.61 68,000,000.00 F.N.M.A. D. N. due 9/3/74 9,370,000.00 10,000,000.00 7.15% Banks for Coops, due 9/3/74 16,008,928.82 16,000,000.00 8.60% F.l.C.B. due 9/3/74 4,125,172.24 4,000,000.00 7.85% F.N.M.A. due 9/10/74 9,978,450.00 10,000,000.00 7.95% F.l.C.B. due 10-1-74 10,199,781.25 10,000,000.00 8% F.l.C.B. due 11/4/74 30,330,586.82 30,000.000.00 7.05% F.H.L.B. due 11/25/74 16,811,858.33 17,000,000.00 30 7.15% 8.90% .80% 9% 7.15% 7.15% 7.05% 7.05% 7.20% 7.05% 8.70% 7.85% REPORT OF STATE TREASURER F.I.C.B. due 12/2/74 Banks for Coops, due 12/2/74 F.N.M.A. D. N. due 1/27/75 F.N.M.A. D. N. due 1/30/75 F.I.C.B. due 2/3/75 F.H.L.B. D. N. due 2/14/75 F.N.M.A. D. N. due 3/3/75 . F.I.C.B. due 3/3/75 F.H.L.B. due 5/27/75 .... F.H.L.B. due 8/25/75 F.H.L.B. due 11/25/75 .... Fed. Land Bank due 7/20/76 F.H.L.B. due 2/25/77 F.N.M.A. due 3/10/77 F.H.L.B. due 5/25/77 F.H.L.B. due 8/25/77 F.N.M.A. due 9/12/77 Description U. S. Treasury & Agency Securities: Repurchase Agreements Certificates of Deposit "^ Totals 35,032,934.04 35,000,000.00 30,995,468.60 31,000,000.00 10,199,127.00 10,800,000.00 18,594,791.66 20,000,000.00 13,000,000.00 13,000,000.00 7,508,784.72 8,000,000.00 18,669,027.78 20,000,000.00 38,978,125.00 39,000,000.00 14,703,465.28 15,000,000.00 5,004,395.83 5,000,000.00 25,207,500.00 26,000,000.00 20,082,958.34 20,000,000.00 21,907,187.50 22,000,000.00 22,910,000.00 23,000,000.00 5,018,750.00 5,000,000.00 15,109,358.31 15,000,000.00 5,000,000.00 5,000,000.00 $541,926,873.33 $546,800,000.00 Cost Par Value $ 95,227,500.00 $ 95,700,000.00 $ 95,227,500.00 $ 95,700,000.00 $ 299,940,000.00 $ 299,940,000.00 $1,106,212,008.03 $1,113,440,000.00 REPORT OF STATE TREASURER 31 STATEMENT OF STATE PROPERTY FIRE INSURANCE FUND ASSETS June 30, 1973 June 30, 1974 Cash $ 286,013.30 $ 259,670.81 U. S. Government Securities, at cost 5,305,157.34 5,953,934.74 $ 5,591,170.64 $ 6,213,605.55 FUND BALANCES iFund Balances with State Treasurer $ 5,591,170.64 $ 6,213,605.55 STATEMENT OF PUBLIC SCHOOL INSURANCE FUND ASSETS June 30, 1973 June 30, 1974 Cash $ 560,684.00 $ 698,010.12 U. S. Government Securities, at cost 5,658;194.18 6,316,217.16 $ 6,218,878.18 $ 7,014,227.28 ^ FUND BALANCES Fund Balances with State Treasurer $ 6,218,878.18 $ 7,014,227.28 STATEMENT OF THE TEACHERS AND STATE EMPLOYEES RETIREMENT SYSTEM ASSETS June 30, 1973 June 30, 1974 :ash $ 399,905.95 $ 6,619,826.13 ^orth Carolina county & city bonds .... at cost 8,305,084.29 7,530,524.21 U. S. Government Securities, at cost 4,975,680.73 524,669.36 J. S. Agency Securities, at cost 76,449,662.80 60,712,301.26 Corporate Securities, at cost: Bonds 1,065,273,427.81 1,228,371,166.00 Common Stock 187,313,193.01 233,797,275.03 'armers Home Administration Notes 22,032,960.10 19,808,368.15 J.N.M.A. Mortgage Backed Certificates, at cost 20,736,249.23 27,113,475.24 Mortgages 13,101,65 7.45 12,900,482.62 vliscellaneous bonds & notes, at cost 431,655.20 385,457.87 $1,399,019,476.57 $1,597,763,545.87 FUND BALANCES und Balances with State Treasurer $1,399,019,476.57 $ 1,597,763,545.87 32 REPORT OF STATE TREASURER STATEMENT OF LOCAL GOVERNMENTAL EMPLOYEES . RETIREMENT SYSTEM j ASSETS June 30, 1973 June 30, 1974 Cash $ 66,136.93 $ 1,189,116.9' North Carolina county & city bonds, at cost 3,252,201.55 3, 205, 317. 7( U. S. Government Securities, at cost 2,091,535.84 106,910.9(j U. S. Agency Securities, at cost 9,439,623.85 4,175,804.8: Corporate Securities, at cost: Bonds 164,739,353.52 193,143,030.9^ Common stock 20,812,577.55 25,977,475.5: Cask $ 200,401,429.24 $ 227,797,656.8( FUND BALANCES Fund Balances with State Treasurer $ 200,401,429.24 $ 227,797,656.8(1 STATEMENT OF FIREMEN'S PENSION FUND ; ASSETS June 30, 1973 June 30, 1974 Cash $ 86,254.60 $ 105,529.4S U. S. Government Securities, at cost 2,996,236.34 1,362,581.22 Corporate Bonds, at cost 1,003,914.28 5,343.007.1; 4,086,405.22 $ 6,811,117.8^' FUND BALANCES Fund Balances with State Treasurer $ 4,086,405.22 $ ,6,811,117.8-'' STATEMENT OF LAW ENFORCEMENT OFFICERS BENEFIT & RETIREMENT FUND ASSETS June 30, 1973 June 30, 19741 Cash $ 377,876.83 $ 900,587.4^ North Carolina county and city bonds, at cost 7,376,767.03 7,424,874.79 U. S. Government Securities, at cost 186,322.64 186, 137. Oi Corporate Bonds, at cost 61,312,965.40 75,087,135.241 F«i $ 69,253,931.90 $ 83,598,734.5: FUND BALANCES Fund Balances with State Treasurer $ 69,253,931.90 $ 83,598,734.52 REPORT OF STATE TREASURER 33 STATEMENT OF LITERARY LOAN FUND ASSETS June 30, 1973 June 30, 1974 ish $ 1,275,402.39 $ 1,974,998.68 .S. Government Securities, at cost 1,910,095.53 1,928,847.85 3,185,497.92 $ 3,903,846.53 FUND BALANCE ===— — und Balances with State Treasurer $ 3,185,497.92 $ 3,903,846.53 STATEMENT OF THE NORTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY TRUST FUND ASSETS June 30, 1973 June 30, 1974 ash $ 63,483.32 $ 77,621.98 .S. Government Securities, at cost 2,212,733.74 2,233,427.26 $ 2,276,217.06 S 2311,049.24 FUND BALANCES und Balances with State Treasurer $ 2,276,217.06 $ 2,311,049.24 FUND BALANCES ^und Balance with State Treasurer $ 1,237,184.0 STATEMENT OF THE UNIFORM JUDICIAL RETIREMENT SYSTEM OF N. C. ASSETS June 30, 1974 :ash $ 62,604.2: J. S. Government Securities, at cost 1,174,579.8: $ 1,237,184.0.' 34 REPORT OF STATE TREASURER STATE TREASURER ESCHEAT FUND STATEMENT OF INVESTMENTS AS OF JUNE 30, 1973 code 10827 Average Par Prem. Or Disc. (D) Rate Description Yield Value & Accrued Interest Total ' 7.05% Federal Home Loan Mortgage Corp. GNMA 1 8/25/76 7.05 $ 100,000.00 $ 100,000.00 6 7/8% F.N.M.A. Debentures \ 9/12/77 6.56 100,000.00 $ 1,276.02 101,276.02 7% F.N.M.A. Debentures 3/10/92 7.16 650,000,00 10,431.38 (D) 639,568.62 j 6.65% F.N.M.A. Debentures 6/10/82 6.69 175,000.00 377.64 (D) 174,622.36 6 1/4% F.N.M.A. Debentures 6/11/84 6.86 1,240,000.00 55,610.94 (D) 1,184,389.061 7.05% F.N.M.A. Debentures 6/10/92 7.19 815,000.00 11,735.16 (D) 803,264.84< I 7.10% F.N.M.A. Debentures " 12/10/97/82 7.49 450,000.00 18,090.00 (D) 431,910.00i Grand Total 7.06 $3,530,000.00 $94,969.10 (D) $3,435,030.90t REPORT OF STATE TREASURER 35 STATE TREASURER ESCHEAT FUND STATEMENT OF INVESTMENTS AS OF JUNE 30, 1974 code 10827 Average Par Prem. Or Disc. (D) Rate Description Yield Value & Accrued Interest Total 17.05% Federal Land Banks 7/20/76 7.40 $ 300,000.00 $ 1,098.75 $ 301,098.75 7.05% Federal Home Loan Mortgage Corp GNMA 8/25/76 7.05 100,000.00 100,000.00 6 7/8% F.N.M.A. Debentures 9/12/77 6.56 100,000.00 992.46 100,992.46 8.45% F.N.M.A. Debentures 3/10/78 8.59 420,000.00 1,536.95 (D) 418,463.05 7% F.N.M.A. Debentures 3/10/92 7.16 650,000.00 9,882.36 (D) 640,117.64 8 1/4% Federal Land Banks 4/20/77 8.25 100,000.00 45.83 100,045.83 5.70% F.N.M.A. Debentures 12/10/75 7.07 150,000.00 2,826.63 (D) 147,173.37 8 1/4% F.N.M.A. Debentures ,5 12/10/75 8.16 100,000.00 106.29 100,106.29 6.65% F.N.M.A. Debentures 6/10/82 6.69 175,000.00 335.68(D) 174,664.32 6 1/4% F.N.M.A. Debentures 6/11/84 6.86 1,240,000.00 50,555.40 (D) 1,189,444.60 7.05% F.N.M.A. Debentures 6/20/92 7.19 815,000.00 11,117.52 (D) 803,882.48 7.10% F.N.M.A. Debentures 12/10/97/82 7.57 600,000.00 30.353.07(D) 569,646.93 Total 7.29 $4,750,000.00 $ 104,364.28 (D) $4,645,635.72 36 REPORT OF STATE TREASURER N. C EMPLOYEE DISABILITY FUND STATEMENT OF INVESTMENTS AS OF JUNE 30, 1973 code 10811 Average Par Prem. Or Disc. (D) Rate Description Yield Value & Accrued Interest Total 6 1/2% U. S. Treasury notes 8/15/76 6.69 $ 750,000.00 $ 3,399.08 (D) $ 746,600.9 6.30% F.N.M.A. Debentures 3/10/77 6.38 650,000.00 1,862.40 (D) 648,137.6f 6.40% F.N.M.A. Debentures 9/10/79 6.56 900,000.00 7,501.00 (D) 892,499.01 U. S. Treasury bills 10/4/73 6.75 500,000.00 17,062.50 (D) 482,937.55 7.05% Federal Home Loan Bank 11/25/75 7.08% 1,000,000.00 1,901.05 l,001,901.0il 6 1/4% F.N.M.A. Debentures 12/10/76 6.26 1,000,000.00 352.94(D) 999,647.0(1 Grand Total 6.62 $4,800,000.00 $28,276.87 (D) $4,771,723.1: 5J REPORT OF STATE TREASURER ^7 N. C EMPLOYEE DISABILITY FU>fD STATEMENT OF INVESTMENTS AS OF JUNE 30, 1974 code 10811 Average Par Prem. Or Disc. (D) Rate Description Yield Value & Accrued Interest Total 7 7/8% Federal Home Loan Bks. 8/25/75 7.875 $ 500,000.00 $ 500,000.00 7.15% Federal Home Loan Bks. 8/25/75 7.35 1,000,000.00 $3,147.66(0) 996,852.34 6 1/2% U.S. Treasury notes 8/15/76 6.69 750,000.00 3,10L35 (D) 746,898.65 6.30% F.N.M.A. Debentures 3/10/77 6.38 650,000.00 1,396.80 (D) 648,603.20 7.15% F.N.M.A. Debentures 9/11/78 7.25 ' 750,000.00 2,812.50 (D) 747,187.50 6.40% F.N.M.A. Debentures 9/10/79 6.56 900,000.00 6,347.00 (D) $ 893,653.00 8 1/4% Federal Land Banks 4/20/77 8.38 50^,000.00 1,718.75 (D) 498,281.25 7.05% Federal Home Loan Bks 11/25/75 7.08 1,000,000.00 336.21 (D) 999,663.79 8.70% Federal Home Loan Bks 5/25/77 8.75 1,000,000.00 439,58 (D) 999,560.42 5.70% F.N.M.A. Debentures 12/10/75 7.88 1,500,000.00 45,030.42 (D) 1,454,969.58 8 1/4% F.N.M.A. Debentures 12/10/75 8.18 500,000.00 418.53 500,418.53 6 1/4% F.N.M.A. Debentures 12/10/76 6.26 1,000,000.00 252.10 (D) 999,747.90 Total 7.36 $10,050,000.00 $64,163.84 (D) $ 9,985,836.16 REPORT OF STATE TREASURER 38 SPECIAL FUND CASH BALANCES State Departments and Budget Code Description Cash Balance Cash Balance June 30, 1973 June 30, 1974 General Government: Administration, Department of: 10801-Property Sales Revolving Fund $ 153,189.51 $ 4,400.^ 10802-Federal Property Agency 261,186.85 356,494.^ 10803-Au.xiliary Services 871,647.59 394,575.6 10805-North Carolina Zoological Authority 25,555.04 10806-Miscellaneous 1,266,401.55 138,285.'; 10809-Housing Corporation Funds 4,825.97 54,41 2.^ 10812-Special 372,586.41 446,105.5 10813-Special Program 398.58 398. 10823-Miscellaneous Grants 45,520.25 555,979.'] 10824-Operation of Parking Lots 415,436.72 458,776.41' 10835-Manpower 257,289.49 2,857,874.8: 10875-Central Payroll Revolving Fund 28,372.70 27,478.61 State Treasurer, Department of: 1081 1-N. C. Employee Disability Fund 258,122.15 291,058.7 10821-Local Government Commission - Law Publications Revolving Fund , 7,675.89 10826-Social Security Agency 20,122,865.65 26,176,498.7 1 10827-State Treasurer Escheat Fund - Principal . . 205,841.84 151,078.4- Justice, Department of: 10818-Federal Funds 37,495.48 82,066.9 10881-Attorney General 22,882.55 25,985.3 10883-State Bureau of Investigation 6,483.06 126,827.4i| Public Safety and Regulation: fj Transportation, Department of - Motor Vehicles: 1 27 13-Driver's License Examination - Special Fund . 1,818,895.97 1,400,398.3^ 1 27 14-Personalized Registration Plate Fund 53,630.00 36,647.2 12715-Safety Responsibility Depository Account. . . . 18,377.45 22,424.7i 12717-Dealers-Manufacturers License Fund 264,493.11 275,750.8 12719-Bus Regulation Depository Fund 34,606.86 31,656.8' 12721-Lien Recording Fund 36,386.41 19,699.8; 12723-Safety Equipment Inspection Fund 5 7,677.02 -0- 12725-Commercial Driver Training Law Fund 2,770.00 3,390.0f 12727-Special License Plate Fund 7,295.00 -0- 12761-GasoIine and Oil Inspection Fund 710,101.74 -0- REPORT OF STATE TREASURER 39 SPECIAL FUND CASH BALANCES - (Continued) State Departments and Budget Code Description Cash Balance Cash Balance June 30, 1973 June 30, 1974 Labor, Department of: 12741 -Occupational Safety and Health Program $ 38^886.00 $ 153,449.43 Boards and Commissions: 12771-State Banking Commission 118.91 64.94 12772-N.C. Auctioneers Licensing Commission . . 59,312.61 12791-State Board of Barber Examiners 62,671.64 81,089.77 12801 -State Board of Cosmetic Art 117,450.72 26,401.04 12811 -State Board of Opticians 13,527.75 14,092.41 12812-State Board of Examiners of Practicing. . . Psychologists 10,874.41 11,755.24 Insurance, Department of: 12835 -Workmen's Compensation Security Fund- Mutual Account 8,055.57 1,071.83 12837-Workmen's Compensation Security Fund- Stock Account 15,445.15 12,353.87 12839-PubUcations Fund 20,010.98 20,360.63 12841 -Fireman's Relief Fund 165,418.52 431,548.49 12843-Special Fund 86,163.66 32,474.57 Commerce, Department of: 12845 -Employment Security-Administration . . . 1,379,928.83 645.007.47 12846 -Special Unemployment Compensation - Administration 987,082.40 1,083,594.02 12847 -Employment Security -Claims and Benefits Accounts 379,751.79 319,795.59 12848 -Employment Security -Clearing Account . 59,402.03 89,598.92 12849-Unemployment Compensatidn-Federal Employer Benefit Account 18,103.90 90,137.28 12851 -Unemployment Compensation - Temporarily Extended Benefits Account 146.00 1285 2 -Employment Security-Manpower Develop-ment and Training Act 16.133.48 152,556.52 1285 3 -Employment Security-WIN Program - Federal Funds 16,398.00 13,263.90 12854-Disaster Unemployment Account 9,048.00 12855-Trade Readjustment Allowances 1,570.00 12881 -Industrial Commission Secondary Injury Fund 58,943.75 59,994.33 12891 -Burial Association Commission 1,242,032.21 1,382,607.96 12893 -State Alcoholic Beverage Control Warehouse Operation 52,513.76 136,586.94 Military and Veterans' Affairs, Department of: 12865 -Contributions to Local Units-Federal • • • 21,234.07 30,966.53 12867-Federal 784.41 27,691.14 12871 -Radiological Equipment Program 5,700.16 8,902.31 40 REPORT OF STATE TREASURER SPECIAL FUND CASH BALANCES - (Continued) State Departments and Budget Code Description Miscellaneous Accounts: 12901 -Assurance of Land Titles 12902-Absentee Insurance Fund Correction: Social Rehabilitation and Control, Department of: 14721 -N. C. Board of Juvenile Correction-Federal Grants 47,088.81 14829-Central Administration-Federal Funds 71,247.93 14831 -Enterprises Revolving Fund 3,319,335.70 14833-Federal Grant 252,049.97 14837-Probation Commission-Federal Funds 14,559.36 14845 -Probation Commission-Federal Funds 19,490.65 Public Welfare: Blind, Commission for the: 16761-Blind Aid-Federal 16763-Administration-Federal 16765—County Account 16767-Vocational Rehabilitation -Federal Welfare, Department of PubUc: 16721 -Old Age Assistance- Federal 16736-Economic Security Programs 16737-Disability Determination 16739-Community Services Demonstration Project 16 741 -Con federate Women's Home . Employment Security Commission: 168 27 -Clearing Account 3,524.74 1,344.38 2,828.12 160,696.86 Cash Balance Cash BalaiK June 30, 1973 June 30, 19' 3,608.74 $ 3,628.3 4,300.28 5,015.7 318,926.0 3,548,691.7 37.7 390,114.20 20.C 108,686.87 77.^ 141,083.56 517.5i 682,688.21 11.3 90,948.79 2,950.9' REPORT OF STATE TREASURER 41 SPECIAL FUND CASH BALANCES - (Continued) tate Departments and Budget Code Description Education: Cash Balance June 30, 1973 Education, Board of: 18 80 3 -Elementary and Secondary Education Act of 1965- Title! (Federal) $ 1,715,348.98 18804 -Elementary and Secondary Education Act of 1965-Title II (Federal) 144,825.74 18805 -Elementary and Secondary Education Act of 1965-Title V (Federal) 51,715.09 18807 -Elementary and Secondary Education Act of 1965-Title III (Federal) 69,734.47 18808-Elementary and Secondary Education Act of 1965 - Title VI-A (Federal) 57,508.02 18811-Special Fund 43,500.84 18816-State Textbook Commission 5,545,460.18 18826 -Community School Lunchroom Program 2,626,533.24 18831-Civil Defense Adult Education Program 18,067.10 18 841 -Vocational Occupational Education- Federal Funds 4,048,478.13 18856 -Student Loan Fund-Teacher Education 842,397.69 18861-Student Loan Fund-Rodman Trust Fund . . . 24.364.94 18863-Student Loan Fund-Vocational and Technical Education 1,418.77 18873-National Defense Education Program 98,254.48 18874-Manpower Development and Training Act ... 291,483.93 18875 -Occupational Research Projects 117,196.82 18876-Driver Training and Safety Education 3,732,580.57 188 77 -Community Colleges-Unemployment Insurance Compensation 38,559.03 18879—School Improvement Project-North Carolina Fund 18882-Govemor's School 200,390.48 Education, Board of Higher: 18970-Special Operation 25,234.53 Education Facilities Commission, Higher: 18902-Higher Education Facilities Act 15,851.00 Agricultural and Technical State University 18905 -Auxiliary Institutional Services 629,229.03 18954-Overhead Receipts 129,788.45 Cash Balance June 30, 1974 $ 1,390,177.32 99,237.94 13,527.65 129,284.02 76,817.76 101,530.00 5,357,658.90 54,237.71 18,803.53 2,587,470.10 1,230,172.52 28,264.94 1,543.07 163,724.14 277,045.43 175,473.57 4,027,712.94 82,245.99 49,925.75 3.78 14.91 325,032.28 216,078.92 42 REPORT OF STATE TREASURER SPECIAL FUND CASH BALANCES - (Continued) 1 State Departments and Budget Code Description Cash Balance Cash Balanci| June 30, 1973 June 30, 197 Appalachian State University || 1 18907-Auxiliary Institutional Services $ 661,761.59 $ 577,885.l!! 18955 -Overhead Receipts 12,853.12 14,264.9 Cultural Resources, Department of: I 18981 -Special Operation 558,798.86 1,192,379.4" 18988-Sir Walter Raleigh Memorial Fund 10,226.16 10,226.1 j East Carolina University j 18904-AuxUiary Institutional Services 188,303.28 293,502.'^; 18953-Off Campus Branches 58,371.88 56,133.7 18957-Overhead Receipts 63,001.76 99,964.8 18995 -Special Operations 60,040.53 68,227.3| Elizabeth City State University 189 10- Auxiliary Institutional Services 214,45 7.70 123,600.1' 18965 -Overhead Receipts 16,892.6 Fayetteville State University 189 11 -Auxiliary Institutional Service 72,558.95 18963-Overhead Receipts 48,939.41 18991 -Special Operations 54,538.98 Medical Care Commission 18901 -Loan Fund 240,450.06 North Carolina Central University 189 12- Auxiliary Institutional Services 629,272.65 18956-Overhead Receipts 49,945.42 18971 -Special Operations 111,364.70 North Carolina School of the Arts 18964- Auxiliary Institutional Services 42,308.19 North Carolina State University at Raleigh 18941 -Auxiliary Institutional Services 348,049.70 18942-Overhead Receipts 1,807,194.02 18942-Operation of CoUseum 22,939.65 REPORT OF STATE TREASURER 43 SPECIAL FUND CASH BALANCES - (Continued) ite Departments and Budget Code Description Pembroke State University 18908 -Auxiliary Institutional Services . . 18962-Overhead Receipts 18993-Special Operations University of North Carolina at Asheville 18913-Auxiiiary Institutional Services . 18916-Overhead Receipts University of North Carolina at Chapel Hill 18919-Special Operations 18920-Overhead Receipts 18921-University Enterprises 18922-Overhead Receipts 18923-Auxiliary Institutional Services . 18926-Escheat Refund Account University of North Carolina at Charlotte 189 14-Auxiliary Institutional Services . 189 17 -Overhead Receipts 18966 -Special Clearing Account University of North Carolina at Greensboro 18950-AuxUiary Institutional Services 1895 2 -Overhead Receipts Western Carolina University 18906-Auxiliary Institutional Services . 18958-Overhead Receipts 18996-Special Operations University of North Carolina at Wilmington 18915—Auxiliary Institutional Services . 18918-Overhead Receipts Cash Balances June 30, 1973 Cash Balances June 30, 1974 167,936.14 2,087.00 7,550.40 $ 63,575.87 10,863.87 9,866.42 6,909.45 5',488.88 7,610.13 7,160.66 319,993.94 379,983.67 1,109,051.10 3,778,478.52 350,375.73 35.65 583,474.51 481,312.66 915,070.30 4,765,720.80 228,120.58 ' 85.65 7,642.99 2,719.25 98.21 449,875.43 13,363.21 163,130.84 329,546.83 116,597.18 147,235.04 106,126.42 508,026.86 51,577.65 5,199.64 446,086.73 37,218.99 3,786.32 971.97 5,620.09 120.16 20,062.61 Winston-Salem State University • ' 18909-Auxiliary Institutional Services 28,366.22 877.70 18997 -Overhead Receipts 33,407.60 43,309.96 18998-Special Operations 19,934.68 15,224.06 44 REPORT OF STATE TREASURER SPECIAL FUND CASH BALANCES - (Continued) State Departments and Budget Code Description Health, Welfare and Rehabilitation Cash Balance June 30, 1973 Human Resources, Department of: 24721-Public Health Services-Federal Funds $ 259 24723-Public Health Services-Special Project 129 24725 -Social Services-Refunds of Medical Assistance Payments 24727-Social Services-Public Assistance-Federal Fund 24737-Social Services-OASI Disability Determination Federal 24739-Social Services-Special Projects-Federal .... 24741 -Confederate Women's Home 24761-Blind Services-Blind Aid-Federal 24821 -Medical Care Facility Services and Licensure- Hospital Construction -Federal 475 24824-Hill-Burton-Administration Account 3, 24831 -Vocational Rehabilitation -Federal 65 24845 -Mental Health Services-Community Fund ... 59 24846-Mental Health Services-Federal 57 24 84 7 -Dorothea Dix Hospital-Federal 57 24848-0'Berry Center-Federal Grants 3 24849-Western Carolina Center-Federal Grants .... 9 24850-Murdoch Center-Federal Grants 14; 24851 -Caswell Center -Federal 15 24852-Broughton Hospital-Federal 2485 3 -John Umstead Hospital- Federal 13, 24854-Cherry Hospital- Federal 22^ 24855 -John Umstead Hospital-Butner Area Central Services 252 24857-Wright School-Federal 24, 24863-North Carolina Memorial Hospital 140; 24901 -Medical Care Facility Services and Licensure Student Loan Fund (64; 24990-North Carolina School for the Deaf-Clearing Account L 24992-Eastem North Carolina School for the Deaf . . 21; 24993-Central North Carolina School for the Deaf-Clearing Account 24994-The Governor Morehead School-Clearing Account 4, Cash Balance June 30, 1974 ,709.20 $ 516,835.57: ISO ,925.09 611,797.15^ 361,769.63 3,682,417.10 77,697.93' 849,309.50'! N 116,722.62". A 196,575.04'i A 000.00 9,575.11 333.00 9,456.69) 179.91 203,456.59) 641.74 29,080.37' 620.29 1,059,116.291 696.37 97,471.75 ; 372.56 17,874.40) 731.23 28,238.17 1 } 001.41 16,240.27 i 927.71 13,620.04 227.70 28,073.42 383.01 5,540.301 kb 085.08 9,610.07 163.70 354,642.74 894.49 30,435.75 000.00 1,955,177.68 355.88) 51,788.93 133.00 2,009.00 184.93 47,931.28 17,304.78 707.16 9,296.91 i REPORT OF STATE TREASURER 45 SPECIAL FUND CASH BALANCES - (Continued) ate Departments and Budget Code Description ^sources Development & Preservation: Natural & Economic Resources, Department of: 26 725 -Department of Natural & Economic Resources 26741—Wildlife Resources Commission 26 74 3 -Wildlife Resources Commission-Motorboax Funa 26781 -Tennessee Valley Authority Cash Balance June 30, 1973 1,112,229.11 1,438,582.23 221,002.53 33,708.15 Cash Balance June 30, 1974 2,351,237.42 1,409,897.37 251,667.61 60,401.61 Agriculture: Agriculture, Department of: 28725- North Carolina Milk Commission 28727—Special Operations Fund 28731—Cooperative Inspection Service 28741-North Carolina State Fair 28745 -Sheep Distribution Project 28751 -Special Depository Account 28755-Operation of Farmers Market North Carolina State University at Raleigh 28821 -Experiment Station-Federal 28841-Smith-Lever-Federal ebt Service: Bond Redemption: 34 761 -Highway Fund Bond Redemption 34763-General Fund Bond Redemption 34765 -Tennessee Valley Authority-Swain County Bond Redemption Bond Interest: 34821 -Highway and General Fund Bond Interest . . . Shared Federal Revenue: 35700-Reserve for Shared Federal Revenue 252.05 56,358.55 566,455.83 259,197.83 115,905.79 173,203.81 60,423.82 347,380.37 417,367.13 1,000.00 2,399,600.00 119.04 1,103,395.38 58,306,943.61 252.05 52,336.60 618,251.52 355,127.39 112,194.37 269,089.13 72,157.83 529,997.36 399,548.89 6,000.00 161,600.00 119.04 1,140,091.88 5,834,164.08 Total Special Fund $138,600,394 81 $96,786,478.07 Because of orginizational changes, account code numbers have been changed. 46 REPORT OF STATE TREASURER CAPITAL IMPROVEMENT FUNDS State Departments and Budget Code Description Cash Balance June 30, 1973 General Government: Administration, Department of 66701 Laws 1967 $ 714,507.14 66702 Laws 1967 - State Land Fund 160,490.15 67101 Laws 1971 8,959,068.11 67 1 02 Laws 1 97 1 - Aid to Municipal Waste Treatment Plants 3,411,516.00 67177 Laws 1971 823,453.25 66901 Laws 1969 1,844,760.69 67301 Laws 1973 67362 Laws 1973 Legislative Building Commission 66703 Laws 1967 95,318.76 Public Safety and Regulation: North Carolina Department of Motor Vehicles 66561 Laws 1965 156,493.86 66772 Laws 1967 1,127.00 66974 Laws 1969 95,963.74 67172 Laws 1971 1,237,596.39 67358 Laws 1973 North Carohna Armory Commission 67103 Laws 1971 202,580.52 Department of Military and Veteran's Affairs 67303 Laws 197 3 Corrections: North Carolina Department of Social Rehabilitation and Control 66510 Laws 1965 34,510.25 66714 Laws 1967 90,836.34 66913 Laws 1969 333,665.62 67113 Laws 1971 246,157.95 67182 Laws 1971 3,149,954.63 67313 Laws 1973 67364 Laws 1973 C. A. Dillon School 66912 Laws 1969 203.51 Dobbs School for Girls 66909 Laws 1969 50,000.00 67109 Laws 1971 383,193.50 Richard T. Fountain School 66908 Laws 1969 848.21 671 08 Laws 1971 4,152.04 Cash Balance June 30, 197 305,517.^ 177,389.(: 3,405,980.(. 1,008,214.( 266,220.( 1,237,617.' 13,533, 379.- 20,141,409.' 95,31 8.li' 105,944 -0- 103,356i 911,780.; 2,163,676.( 22,582 290,625.< -0- 12,292.i 301,526. 137,811.: 1,991,023..' 991,198.( 5,852.656.1 203.i -0- 245,832.] 848 4,152.« REPORT OF STATE TREASURER 47 CAPITAL IMPROVEMENT FUNDS - (Continued) htc Departments and Budget Code Description '^m}' Juvenile Evaluation Center 66911 Laws 1969 $ 67111 Laws 1971 67181 Laws 1971 Cameron Morrison School 66710 Laws 1967 66907 Laws 1969 : 67107 Laws 1971 67180 Laws 1971 Samarkand Manor 66906 Laws 1969 '67106 Laws 1971 . . - 67179 Laws 1971 Samuel Leonard School 66910 Laws 1969 67110 Laws 1971 Stonewall Jackson School 66905 Laws 1969 " 67105 Laws 1971 • 67178 Laws 1971 ucation: Public Schools Facilities Fund 66399 Laws 1963 - Bond('Voted) ,67399 Laws 1973 .Vocational Education 67 1 1 9 Laws 1 97 1 - N. C. Vocational Textile School . . 67120 Laws 1971 - Division of Vocational Rehabilitation Vocational Education Act 1963 67118 Laws 1971 -Construction Department of Community Colleges 66738 Laws 1967 67121 Laws 1971 67320 Laws 1973 ' Department of Archives and History 66335 Laws 1963 66939 Laws 1969 67139 Laws 1971 67194 Laws 1971 67339 Laws 1973 North Carolina Board of Science and Technology 66941 Laws 1969 North Carolina Museum of Art 66744 Laws 1967 Cash Balance Cash Balance June 30, 1973 June 30, 1974 44.82 $ 44.82 954.19 954.19 1,192,118.87 326,883.58 1,629.20 304.01 2,725.69 323.69 3,375.40 3,075.10 489,142.76 183,591.47 11,279.58 11,279.58 353,629.28 117,954.04 80.84 80.84 35,303.49 35,303.49 172,001.72 147,282.00 17,809.35 17,809.35 15,158.90 4,450.11 454,117.42 216,028.58 5,877,943.77 225,003.56 350,042.00 31,522.93 31,773.68 2,813,674.49 10.57 106,702.10 152,443.52 230,000.00 1,796.36 36.23 4,143,080.31 295,439,579.20^ 837.08 329,569.58 17,151.43 5,112.72 1,904,909.22 22,758,008.08 10.57 63,829.39 126,506.17 219.629.23 1,281,789.05 -0- 36.23 48 REPORT OF STATE TREASURER CAPITAL IMPROVEMENT FUNDS - (Continued) State Departments and Budget Code Description Appalachian State University 66730 Laws 1967 66930 Laws 1969 67130 Laws 1971 67330 Laws 1973 67389 Laws 1973 East Carolina University 66927 Laws 1969 67136 Laws 1971 67186 Laws 1971 67336 Laws 1973 67395 Laws 1973 Elizabeth City State University 66733 Laws 1967 66933 Laws 1969 67133 Laws 1971 67191 Laws 1971 67333 Laws 1973 67392 Laws 1973 FayetteviUe State University 66734 Laws 1967 66934 Laws 1969 67134 Laws 1971 67192 Laws 1971 67334 Laws 1973 67393 Laws 1973 N. C. Agricultural and Technical State University 66728 Laws 1967 66928 Laws 1969 67137 Laws 1971 67187 Laws 1971 67396 Laws 1973 67337 Laws 1973 University of N. C. Board of Governors 67321 Laws 1973 67380 Laws 1973 . . . North CaroUna Central University 66527 Laws 1965 66935 Laws 1969 67135 Laws 1971 67193 Laws 1971 67335 Laws 1973 Cash Balance June 30, 1973 150,106.05 ,036,309.65 ,880,873.29 196,635.64 66,414.73 ,790,398.54 3,422.09 1,249.67 777,212.64 210,347.31 5,788.08 39,175.27 519,252.77 ,372,620.95 62,366.79 14,721.16 729,443.15 ,374,795.01 51,851.65 29,102.85 362,685.93 1,882,764.21 Cash Balanci June 30, 197 i 526.2! 325,604.4 821,519.8 29,048.3' 105,029.6 206,835.8' 106,691.9 1,481,374.2: 111,555.0 94,318.5} -0- -0- 536,366.5; 21,875.71 14,000.01 52,750.01 .01' 36,01 0.5t 394,786.3i 2,617.039.0< 46,487.8^ 6,000.00 31,442.6i -0- 113,878.1l| 3,368,960.12 120,000.0t 50,829.2S 31,196,040.30 26,379,456.5« -0- 12,877.38 56,209.1^ 3,632,607.87 703,535.20 REPORT OF STATE TREASURER 49 CAPITAL IMPROVEMENT FUNDS - (Continued-te Departments and Budget Code Description iNorth Carolina School of the Arts 66742 Laws 1967 66940 Laws 1969 67138 Laws 1971 67338 Laws 1973 I North CaroUna State University at Raleigh 66578 Laws 1965 66724 Laws 1967 66924 Laws 1969 67124 Laws 1971 67183 Laws 1971 67324 Laws 1973 67383 Laws 1973 Pembroke State University 66731 Laws 1967 66931 Laws 1969 67131 Laws 1971 67189 Laws 1971 67331 Laws 1973 67390 Laws 1973 University of North Carolina at Asheville 66736 Laws 1967 66936 Laws 1969 67127 Laws 1971 67185 Laws 1971 67327 Laws 1973 67386 Laws 1973 University of North Carolina at Chapel Hill 66375 Laws 1963 -Health Affairs 66514 Laws 1965 - Health Affairs 66515 Laws 1965 - Academic Affairs 66576 Laws 1965 -Health Affairs 66577 Laws 1965 - Academic Affairs 66721 Laws 1967 - U. N. C. (Consolidated) 66722 Laws 1967 - Health Affairs 66723 Laws 1967 - Academic Affairs 66921 Laws 1969 - (ConsoUdated) 66922 Laws 1969 - Health Affairs 66923 Laws 1969- Academic Affairs 67122 Laws 1971 - Health Affairs 67123 Laws 1971 - Academic Affairs 67 3 22 Laws 197 3 -Health Affairs 67323 Laws 1973 - Academic Affairs 67382 Laws 1973 - Academic Affairs Cash Balance Cash Balance June 30, 1973 June 30, 1974 2,585.65 -0- 328,668.10 30,617.29 70,986.51 64,446.81 74,853.96 23,623.91 -0- 95,162.62 25,381.26 285,286.60 3,787.57 1,950,857.06 1,161,889.58 4,141,588.24 4,659,915.54 670,183.35 107,107.60 11,738.39 -0- 3,139.99 4,300.57 219,757.01 52,517.29 1,284,988.08 442,793.22 925.90 60,000.00 140,235.25 -0- 6,153.36 750.42 915,377.04 517,601.22 2,572.30 -0- 23,049.10 8,080.70 61,147.70 61,147.70 192,042.50 54,406.94 81,269.65 -0- 30,752.26 73,528.58 382,979.67 381,862.25 82,304.10 . . 75,974.07 594,234.14 528,238.70 180,748.02 170,972.15 3,629,567.40 1,852,291.35 510,661.38 564,977.64 4,552,633.35 4,830,486.63 3,848,885.35 2,913,361.20 685,000.00 47,057.97 120,658.00 50 REPORT OF STATE TREASURER CAPITAL IMPROVEMENT FUNDS - (Continued) State Departments and Budget Code Description Cash Balance Cash Balance!' June 30, 1973 June 30, 197 It j University of North Caiohna at Charlotte | 66726 Laws 1967 $ 89,648.58 $ 6,197./' 66926 Laws 1969 49,505.78 96,970.m' 67126 Laws 1971 314,814.05 47,083.:i 67326 Laws 1973 265,548.', 67385 Laws 1973 3,181,768.( University of North CaroUna at Greensboro 66517 Laws 1965 40,327.21 3,471.< 66725 Laws 1967 57,136.06 30,767.( 66925 Laws 1969 167,603.04 154,924.2J 67125 Laws 1971 295,763.54 76,484.21 67184 Laws 1971 2,284,964.43 2,006,810.8 67325 Laws 1973 178,593.0 67384 Laws 1973 83,226.^ University of North Carolina at Wilmington i 66937 Laws 1969 95,054.47 92,549.1 67128 Laws 1971 1,120,177.96 253,844.1 67328 Laws 1973 249,063.9 67387 Laws 1973 ,527.3 Western Carolina University 66729 Laws 1967 9,055.65 66929 Laws 1969 842,171.52 790,521.8 67129 Laws 1971 1,135,610.47 360,004.2 67188 Laws 1971 3,985,545.87 3,510,916.9' 67329 Laws 1973 99,769^4 67388 Laws 1973 188,084.4] Winston-Salem State University -. 66932 Laws 1969 97,085.50 69,160.7' 67132 Laws 1971 124,694.65 21,281.5 67190 Laws 1971 1,526,754.44 984,588.5 67332 Laws 1973 15,796.01 67391 Laws 1973 60,353.8 Non-Highway Transportation: State Ports Authority -^ 66945 Laws 1969 77,494.71 286.3i 67169 Laws 1971 2,969,088.01 i,795,866.li 67304 Laws 1973 300,000.0^ 67373 Laws 1973 6,836,138.6^ Health and Hospitals: Lenox Baker's Cerebral Palsy and Crippled Children's Hospital of N. C. 67377 Laws 1973 4DO,000.0( Cen REPORT OF STATE TREASURER 51 CAPITAL IMPROVEMENT FUNDS S te Departments and Budget Code Description Department of Mental Health 66951 Laws 1969 67351 Laws 1973 Medical Care Commission 66751 Laws 1967 66950 Laws 1969 67350 Laws 1973 The Governor Morehead School 667 39 Laws 1967 67140 Laws 1971 67374 Laws 1973 AlcohoHc Rehabilitation Center - Black Mountain 67152 Laws 1971 67343 Laws 1973 Broughton Hospital 66954 Laws 1969 I 67154 Laws 1971 I 67367 Laws 1973 ' Alchohc Rehabilitation Center - Greenville 67345 Laws 1973 University of N. C. Memorial Hospital 67349 Laws 1973 67398 Laws 1973 ' Central N. C. School for the Deaf 67141 Laws 1971 ' North CaroUna School for the Deaf 66741 Laws 1967 66938 Laws 1969 67142 Laws 1971 67375 Laws 1973 Eastern North Carohna Sanatorium 66963 Laws 1969 North CaroUna Sanatorium 66964 Laws 1969 Western North Carolina Sanatorium 66962 Laws 1969 ;,; 67162 Laws 1971 '' 'North Carohna Orthopedic Hospital ' 67161 Laws 1971 67 376 Laws 197 3 (Continued) Cash Balance Cash Balance June 30, 1973 June 30, 1974 449,936.78 $ 397,557.68 2,700,000.00 85,246.82 19,487.79 184,158.17 22,318.39 337,963.18 698.33 1,127.19 7,305.05 3,282,940.61 10,983.84 1,778.22 605,119.80 121,155.52 110,223.55 487,034.08 113,626.60 1,219,074.02 490,609.37 3,935,000.00 8,138,512.00 4,625,722.12 4,178,543.11 9,358.53 -0- 86.08 -0- 744,146.11 509,571.65 973,864.64 37,327.79 28,648.63 25,394.68 25,304.68 6,929.37 6,929.37 100,000.00 5,675.78 168,100.00 168,100.00 709,999.17 52 REPORT OF STATE TREASURER CAPITAL IMPROVEMENT FUNDS - (Continued) State Departments and Budget Code Description O'Berry Center 66756 Laws 1967 66957 Laws 1969 67157 Laws 1971 67370 Laws 1973 Western Carolina Center 66754 Laws 1967 66955 Laws 1969 67155 Laws 1971 67368 Laws 1973 Alcoholic Rehabilitation Center - Butner 67 344 Laws 197 3 Vocational Rehabilitation 67347 Laws 1973 Wright School 67163 Laws 1971 67346 Laws 1973 Caswell Center 66960 Laws 1969 • : 67160 Laws 1971 67373 Laws 197 3 Cherry Hospital 66755 Laws 1967 66956 Laws 1969 67156 Laws 1971 67196 Laws 1971 67369 Laws 1973 Dorothea Dix Hospital 66953 Laws 1969 67153 Laws 1971 67195 Laws 1971 67366 Laws 1973 John Umstead^Hospital 66546 Laws 1965 66958 Laws 1969 67158 Laws 1971 67197 Laws 1971 67371 Laws 1973 Murdoch Center 67159 Laws 1971 67372 Laws 1973 Cash Balance June 30, 1973 Cash Balance , June 30, 1974 Gr 26,130.82 18,010.89 692,333.63 $ -0- -0- 384,267.10 367,540.4& SI til D 14,439.20 315,212.07 280,013.19 208.06 95,102.64 29,997.09 949,448.34; 228,OOO.o| 704,353.8"^' 1 43,683.84 74,285.11 50,000.00 26,094.48 1,513.612.79 94.4^ 151,767.5* 1,317,368.91 [ 93,069.47 210,834.62 1,209,444.07 1,508,746.87 91,439.47 166,270.60 1,193,055.88 1,467,939.69 3,763,177.59 I 105,082.57 855,160.65 2,756,758.41 26,411.11 474.041.49 1,471,618.73 3,608,818.66 52,814.60 351,155.58 218,524.43 1,032,518.00 577,691.66 8,240.79 602,152.04 1,070,962.21 273,821.61 50,964.52 1,011,997,58 263;956.43 205,834.80 12,617.58 3.620.50 1,479,088.75 922,315.04 -0- 3,965,986.74 -0- 339,918.20 REPORT OF STATE TREASURER 53 CAPITAL IMPROVEMENT FUNDS - (Continued) Ste Departments and Budget Code Description Cash Balance Cash Balance June 30, 1973 June 30, 1974 Gravely Sanatorium 66949 Laws 1969 $ 3,628.28 $ 3,628.28 67348 Laws 1973 24,057.60 State Commission for the Blind 67116 Laws 1971 72,583.86 78,635.51 ^:u^al Resources and Recreation: Department of Conservation and Development 66965 Laws 1969 66966 Laws 1969 - Kerr Reservoir Development . . 67165 Laws 1971 67316 Laws 1973 67378 Laws 1973 Tryon Palace 67167 Laws 1971 942.43 2,200.49 Wildlife Resources Commission 66570 Laws 1965 6,617.51 -0- 66775 Laws 1967 48,419.30 -0- 66980 Laws 1969 7,637.86 3,425.36 67174 Laws 1971 791,575.77 740,466.68 67357 Laws 1973 122,333.33 Department of Water and Air Resources 66767 Laws 1967 127,926.67 96,077.64 66967 Laws 1969 743,803.93 741,998.66 N. C. Zoological Park Facilities 67205 Laws 1972 455,608.71 1,847,318.42* Tjiculture: Department of Agriculture 66970 Laws 1969 67170 Laws 1971 67317 Laws 1973 67379 Laws 1973 N. C. State University - Experiment Station 66771 Laws 1967 66971 Laws 1969 67171 Laws 1971 Clear Water Fund 67201 Laws 1972 67202 Laws 1972 67203 Laws 1972 67204 Laws 1972 351,608.76 119,717.24 1,408.605.94 249,244.09 -0- 404,496.20 -0- 2,686,516.80 4,577.67 -0- 9,121.67 1,393.98 719,236.04 536,740.33 377,974.78 5,208,982.97* 66,979,902.00* 68,425,913.00* 34,500,040.00 54 REPORT OF STATE TREASURER CAPITAL IMPROVEME^fT FUNDS - (Continued) State Departments and Budget Code Description Cash Balance Cash Balance June 30, 1973 June 30, 1974 Unencumbered Balance Reserve: Legislative Bonds 67199 Laws 1971 $ 1,240,417.00 $ 74,658.01 Direct Appropriation 67175 Laws 1971 18,447.00 Federal Revenue Sharing 67361 Laws 1973 18,025.00 $120,909,489.10 $731,919,678. 18 *Less Funds appropriated by the 1973 Session of the General Assembly pending the issuance of bonds 45 2,000,000.00 Total Capital Improvement $120,909,489.10 $279,919,678.18 REPORT OF STATE TREASURER BONDED INDEBTEDNESS 55 GENERAL FUND Capital Improvement Public School Facilities Date Average Balance of Interest Outstanding Issue Cost June 30, 1973 June 30, 1974 (Note 1) 4/1/55 1.964 $ 2,500,000.00 $ 1,250,000.00 5/1/59 3.245 1,100,000.00 950,000.00 11/1/59 3.291 4,400,000.00 3,900,000.00 5/1/60 3.014 3,800,000.00 ^300,000.00 11/1/60 2.860 5,100-,000.00 4,500,000.00 8/1/61 2.976 7,950,000.00 7,000,000.00 10/1/63 2.834 16,400,000.00 15,600,000.00 3/1/66 3.249 13,220,000.00 12,720,000.00 12/1/71 4.344 45,500,000.00 44,500,000.00 $ 99,970,000.00 $ 93,720,000.00 10/1/54 1.684 275,000.00 -0- 11/1/57 2.393 3,700,000.00 1,500,000.00 5/1/58 2.750 6,600,000.00 4,000,000.00 9/1/65 3.0000 20,850,000.00 20,250,000.00 3/1/66 3.473 29,800,000.00 28,800,000.00 3/1/67 3.416 33,800,000.00 32,600,000.00 Public School FaciHties Bond Anticipation Notes 6/18/74 5.940 Total General Fund HIGHWAY FUND Highway Bonds 2/1/67 3.204 8/1/67 3.686 8/1/68 3.627 2/1/71 3.791 Total Highway Fund (Note 2) . . . . Clean Water Bond Anticipation Notes 6/18/74 5.940 Total Bonded Indebtedness $ 95,025,000.00 $ 87,150,000.00 15,000,000.00 102,150,000.00 $194,995,000.00 $195,870,000.00 $ 42,000,000.00 $ 30,000,000.00 36,000,000.00 33,000,000.00 36,000,000.00 33,000,000.00 85,000,000.00 85,000,000.00 $199,000,000.00 $181,000,000.00 $199,000,000.00 $181,000,000.00 $ 19,500,000.00 $393,995,000.00 $396,370,000.00 Notes: (1) July 1st maturities shown as retirements in previous year - the year in which funds were appropriated. (2) The Highway Fund Bonds have a 1^ per gallon gasoUne tax pledged exclusively to pay both principal and interest. 56 REPORT OF STATE TREASURER ANNUAL DEBT REQUIREMENTS From July 1, 1974 (July 1, maturities of principal and interest are included in preceding fiscal years) GENERAL FUND BONDS HIGHWAY FUND BONDS 1 Fiscal Principal Principal Principal Principal Year & Interest & Interest 1974-75 $ 14,500,000 $ 20,674,690 $ 18,000,000 $ 24,415,500 1975-76 14,970,000 20,640,615 18,000,000 23,776,5001 1976-77 15,300,000 20,499,000 18,000,000 23,156,0001 1977-78 15,900,000 20,600,450 23,000,000 27,522,500 1978-79 16,400,000 20,582,000 23,000,000 26,691,000; 1979-80 16,800,000 20,443,050 22,000,000 24,861,000- 1980-81 17,300,000 20,454,450 17,000,000 19,030,5001 1981-82 16,500,000 19,069,550 7,000,000 8,392,000 1982-83 10,800,000 12,800,250 7,000,000 8,142,000 1983-84 9,200,000 10,831,500 7,000,000 7,910,000 1984-85 9,200,000 10,485,250 7,000,000 7,664,000 1985-86 6,000,000 6,935,000 7,000,000 7,417,500 1986-87 4,000,000 4,726,000 5,000,000 5,208,500 1987-88 4,000,000 4,548,000 2,000,000 2,037,500 1988-89 4,000,000 4,366,000 1989-90 4,000,000 4,182,000 1990-91 2,000,000 $180,870,000 2,045,000 $223,882,805 $181,000,000 $216,224,500 Ten REPORT OF STATE TREASURER 57 STATEMENT OF SECURITIES HELD IN TRUST Par Value Par Value Description June 30, 1973 June 30, 1974 Si'^rities Held in Safekeeping: Atlantic and East Carolina Railroad Company ...... $ 50,000.00 $ 50,000.00 Atlantic and North CaroUna Railroad Company 73,500.00 73,500.00 Dorothea Dix Hospital - Patients Fund 65,000.00 65,000.00 Law Enforcement Officers' Benefit and Retirement Fund 70,721,000.00 84,515,500.00 Local Governmental Employees Retirement System . . 205,095,411.00 230,111,098.85 N. C. Employees Disability Fund 4,800,000:00 10,050,000.00 Medical Care Commission 2,639,375.02 2,944,886.73 rth Carolina Department of Administration: Housing Authority 170,672.00 107,152.35 rth Carolina Department of Agriculture: State Warehouse System 791,700.00 638,225.60 rth Carolina Department of Insurance: Workmen's Compensation Security Funds 2,267,000.00 2,949,000.00 3Uc School Insurance Fund 5,750,000.00 6,350,000.00 ite Board of Education: Literary Loan Fund 4,137,710.00 3,635,000.00 Rodman Trust Fund 75,000.00 75,000.00 Prospective Teachers Loan Fund 6,119,059.39 6,108,851.53 , State Property Fire Insurance Fund 5,400,000.00 6,000,000.00 Teachers' & State Employees' Retirement System ... 1,419,875,737.11 1,602,228,083.07 North Carolina Firemen's Pension Fund 4,270,000.00 7,045,000.00 North Carohna State Education Assistance Authority . 2,670,874,28 2,240,000.00 State Treasurer - Escheat Fund 3,530,000.00 4,750,000.00 Uniform Judicial Retirement System of N. C: 1,200 000.00 Department of Human Resources: Educational Leave and Grant Notes 213,190.33 325,810.18 $1,738,715,229.13 $1,971,462,108.31 58 REPORT OF STATE TREASURER STATEMENT OF SECURITIES HELD IN TRUST - (Continued) Par Value Par Value Description June 30, 1973 June 30, 1974 Securities Held as Good Faith Deposits: North Carolina Department of Agriculture $ 11,500.00 $ 20,000.00 North CaroUna Department of Insurance 52,686,500.00 57,435,409.32 North Carolina Department of Motor Vehicles 100.00 100.00 North CaroUna Department of Revenue 389,000.00 354,000.00 North CaroUna Industrial Commission 895,000.00 846,000.00 $53,982,100.00 $5 8,655,509.32 Securities owned by the State: (Other than temporary investments of Treasurer's cash balances) North CaroUna Railroad Company (30,002 Shares) ..... $ 3,000,200.00 $ 3,000,200.00 Atlantic & North CaroUna Railroad Company (12,666 Shares) 1,266,600.00 1,266,600.00 South Atlantic Transcontinental Railroad Company (172 Shares) 17,200.00 17,200.00 Statesville Airline RaUroad Company (2,648 Shares) . . . . 132,400.00 132,400.00 Elkins & AUeghany RaiUroad Company (4,060 Shares) . . . 406,000.00 406,000.00 The Mattamuskeet Railroad Company (997.65 Shares) . 99,765.00 99,765.00 The W. & Y. Raikoad Company (552 Shares) 55,200.00 55,200.00 The W. & J. Turnpike Company (6.381 Shares) 63,810.00 63,810.00 Junaluska Turnpike Company (70.50 Shares) 705.00 705.00 $ 5,041,880.00 $ 5,041,880.00 REPORT OF STATE TREASURER 59 ance July 1 GENERAL FUND STATEMENTS OF REVENUES AND EXPENDITURES (As Prepared from Records of Director of Budget) Years Ended June 30, 1973 and 1974 $ 144,882,337 •NUES inheritance Tax 34,030,814 jcense Tax 10,218,626 "Cigarette Tax 20,228,597 Soft Drink Tax 19,724,564 Franchise Tax 80,622,288 Income Tax 566,308,449 iSales and Use Tax 368,746,184 Beverage Tax 63,957,863 Gift Tax 1,767,004 Freight Car Line 158,383 Insurance Tax 40,802,936 Excise Tax on Banks 3,439,010 Taxation of Building and Loan Associations 3,828,301 Miscellaneous 164,025 Total Under Revenue Act $1,213,997,044 Non-Tax Revenue (Earnings, Fees, Dividends, etc.) 45,418,775 Total General Fund Revenues $1,259,415,819 $ 264,797.513 29,196,269 11,283,711 20,531,733 20,200,510 91,658,623 653,067,805 409,393,909 67,751,142 1,951,410 154,586 44,764,328 3,646,389 4,419,635 165,418 $1,358,185,468 71,578,995 $1,429,764,463 EPENDITURES Legislative Judicial General Government Public Safety and Regulation Correction Education Health, Welfare and Rehabihtation Resource Development and Preservation Agriculture Debt Service jlj Capital Improvements - Direct Appropriation . . . Total General Fund Expenditures Total General Fund Credit Balance June 30. $ 2,682,576 28,926,414 34,018,444 9,621,452 45,560,055 780,031,896 178,440,006 16,783,472 22,081,090 21,355,238 $1,139,500,643 $ 264,797,513 $ 3,111,269 34,037,147 41,906,538 13,281,261 56,488,912 983,881,114 210,763,439 19,822,323 24,052,596 45,897,043 86,622,446 $1,519,864,088 $ ,174,697,888(2) te: (1) The Federal Revenue Sharing Trust Fund balance of $58,306,943.61 is not included in this figure. (2) The Federal Revenue Sharing Trust Fund balance of $5,834,164.08 is not included in this figure. 60 Balance July 1 REVENUES REPORT OF STATE TREASURER HIGHWAY FUNDS STATEMENT OF REVENUES AND EXPENDITURES (As Prepared from Records of Director of Budget) Years Ended June 30, 1973 and 1974 $188,779,104 State Revenue Federal Aid Participation Revenue Cities and Towns Participation Revenue Property Owners Participation Revenue Grant to Carrier Airports from General Fund Total Revenues EXPENDITURES Public Safety and Education Highways Debt Service Total Expenditures Balance June 30 372,415,211 14,775,521 1,528,335 957,253 -0- $389,676,320 $ 36,036,562 3,009,142 398,747,569 25,749,000 $463,542,273 $114,913,151 $114,913,151 384,405,901 106,195,392 589,977 669,072 1,000,000 $492,860,342 $ 46,961,806 3,462,156 421,318,452 25,083,000 $496,825,414 $110,948,079 REPORT OF STATE TREASURER 61 EARNINGS FROM TREASURER'S INVESTMENTS Fund Credited ar Ending Federal Revenue Total me 30th General Fund Sharing Highway Fund Earning 1949 $ 355,718.70 $ $ $ 355,718.70 : 1950 1,565,364.60 1,565,364.60 1951 3,182,816.43 3,182,816.43 1952 3,711,530.66 3,711,530.66 1953 3,383,700.58 3,383,700.58 1 1954 2,800,431.54 2,800,431.54 i 1955 2,069,387.66 2,069,387.66 1956 2,074,700.74 2,074,700.74 1957 3,124,660.97 3,124,660.97 1958 4,064,535.14 4,064,535.14 1959 3,361,305.61 3,361,305.61 1960 5,114,916.67 5,114,916.67 1961 6,906,905.93 6,906,905.93 1962 4,802,526.98 1,907,372.57 6,709,899.55 1963 5,161,898.74 1,733,738.33 6,895,637.07 1964 6,003,139.25 1,968,852.60 7,971,991.85 1965 7,907,545.37 3,151,908.73 11,059,545.10 1966 10,322,712.66 3,708,759.07 14,031,471.73 1967 12,337,612.18 5,841,357.27 18,178,969.45 1968 19,266,179.66 9,420,810.33 28,686,989.92 1969 20,284,195.58 10,749,092.01 31,033,287.59 1970 22,624,168.95 13,201,633.15 35,825,802.10 1971 29,369,118.32 16,037,807.95 45,406,926.27 1972 24,325,581.46 12,423,643.47 36,749.224.93 1973 26,816,266.01 1,567,113.61 11,054,759.47 39,438,139.09 1974 53,574,503.46 652,071,47 18,535,282.48 72,761,857.41 otal $284,511,423.78 $2,219,185.08 $109,735,017.43 $396,465,626.29 62 REPORT OF STATE TREASURER HIGHWAY BOND RESERVE OF HIGHWAY FUNDS Year Ending Receipts from Debt June 30th loiGasTax Requirements 1967 $13,312,450 $ 1,200,000 1968 21,948,400 19,263,581 1969 23,395,354 21,556,250 1970 24,763,829 26,683,566 1971 26,057,774 23,087,500 1972 28,210,781 32,617,500 1973 30,299,163 25,749,000 1974 30,786,684 25,083,000 Fund Balance $12,112,450 14,797,269 16,636,373 14,716,636 17,686,910 13,280,191 17,830,354 23,534,038 REPORT OF STATE TREASURER 63 INTTEREST RATES ON CERTIFICATES OF DEPOSIT ctive Date -r 6, 1953 nry 4, 1954 ubcr 19, 1954 2, 1955 6. 1955 : 'l 1955 . iber9, 1955 Hiber 19, 1955 c;r 1, 1956 uy 3, 1958 uy 27, 1958 nuy 17, 1958 M958 7, 1958 t 8, 1958 t 15, 1958 t27, 1958 nber 16, 1958 iber 12, 1958 ,1959 5, 1960 13, 1960 3, 1960 t 10, 1960 mber 21, 1960 ry 16, 1961 nber 12, 1961 1963 , 1963 nber 27, 1963 Tiber 30, 1964 mber 25, 1965 nber 7, 1965 ry 7, 1966 4, 1966 St 24, 1966 Tiber 20, 1966 iry 18, 1967 12, 1967 24, 1967 27, 1967 1. 1967 mber 27, 1967 pber 27, 1967 Rate 1.75% 1.50 1.25 1.50 1.75 2.00 2.25 2.50 NA 3.00 2.625 2.00 1.50 1.25 1.625 2.00 2.50 2.75 3.00 NA 3.00 NA 3.00 2.50 2.75 2.50 3.00 3,25 3.50 3.75 4.00 4.20 4.50 4.75 5.00 5.50 5.125 4.875 4.50 4.25 4.00 4.75 5.125 5.50 Effective Date February 6, 1968 March 19, 1968 April 23, 1968 May 23, 1968 June 24, 1968 July 31, 1968 November 27, 1968 December 31, 1968 January 21, 1970 March 20, 1970 September 25, 1970 November 12, 1970 November 25, 1970 December 29 , 1970 January 14, 1971 February 1, 1971 March 10, 1971 May 12, 1971 June 11, 1971 June 22, 1971 July 20, 1971 August 26, 1971 October 26, 1971 November 17, 1971 January 20, 1972 April 10, 1972 August 29, 1972 September 28, 1972 January 16, 1973 February 5, 1973 March 7, 1973 April 3, 1973 June 20, 1973 July 3, 1973 July 23, 1973 August 8. 1973 October 2, 1973 October 30, 1973 November 14, 1973 January 8, 1974 February 8, 1974 March 20, 1974 April 2, 1974 May 1. 1974 Rate 5.25% 5.50 5.75 6.00 5.75 5.50 5.75 6.25 7.50 7.00 6.50 6.00 5.50 5.25 5.00 4.50 4.00 4.375 4.75 5.25 5.75 5.00 4.75 4.50 4.00 4.50 5.00 5.375 5.625 6.00 6.50 7.00 7.50 8.00 8.50 9.00 8.50 7.75 8.50 8.00 7.625 8.00 8.375 9.00 Indicates period during which the current interest rate on U. S. Treasury Obligations exceeded the rate of interest banks were permitted to pay on certificates of deposit by the Federal Reserve and F. D. I. C. (G. S. 147-69.1) ^
Object Description
Description
Title | Biennial report of the Treasurer of North Carolina |
Other Title | Report of the Treasurer of North Carolina |
Contributor |
North Carolina. Department of State Treasurer. |
Date | 1972; 1973; 1974 |
Subjects |
Finance, Public--North Carolina--Periodicals Local finance--North Carolina--Periodicals North Carolina. Department of State Treasurer |
Place | North Carolina, United States |
Time Period | (1945-1989) Post War/Cold War period |
Description | Description based on: 1882/1884. |
Publisher | [Raleigh, N.C. :The Dept.,-1976. |
Agency-Current |
North Carolina Department of the State Treasurer |
Rights | State Document see http://digital.ncdcr.gov/u?/p249901coll22,63754 |
Physical Characteristics | v. ;23 cm. |
Collection | Health Sciences Library. University of North Carolina at Chapel Hill |
Type | text |
Language | English |
Format |
Reports |
Digital Characteristics-A | 3060 KB; 86 p. |
Digital Collection |
Ensuring Democracy through Digital Access, a North Carolina LSTA-funded grant project North Carolina Digital State Documents Collection |
Digital Format | application/pdf |
Title Replaced By | North Carolina. Department of State Treasurer..Annual report |
Title Replaces | North Carolina. Treasurer..Biennial report of the Public Treasurer of North Carolina |
Audience | All |
Pres File Name-M | pubs_edp_biennialreporttreasurer19721974.pdf |
Pres Local File Path-M | \Preservation_content\StatePubs\pubs_edp\images_master\ |
Full Text |
THE LIBRARY OF THE
UNIVERSITY OF
NORTH CAROLINA
THE COLLECTION OF
NORTH CAROLINIANA
C336
N87t
UNIVERSITY OF N.C. AT CHAPEL HILL
00033968564
FOR USE ONLY IN
THE NORTH CAROLINA COLLECTION
Digitized by the Internet Archive
in 2011 with funding from
Ensuring Democracy through Digital Access (NC-LSTA)
http://www.archive.org/details/biennialtreasr19721974nc
BIENNIAL REPORT
OF THE
rREASURER OF NORTH CAROLINA
FOR
FISCAL YEARS ENDED
JUNE 30, 1973 AND 1974
v^
BIENNIAL REPORT
OF
iTREASURER OF NORTH CAROLINA
FOR
FISCAL YEARS ENDED
JUNE 30, 1973 AND 1974
EDWIN GILL
STATE TREASURER
f"-"
{3 336
Nat
PUBLIC TREASURERS OF NORTH CAROLINA
From To
Richard Caswell, Northern District 1775 1777
Samuel Johnston, Southern District 1775 1777
Memuncan Hunt 1777 1787
John Haywood 1787 1827
WiUiam S. Robards 1827 1830
William S. Mhoon 1830 1835
Samuel T. Patterson 1835 1837
Daniel W. Courts 1837 1839
Charles L. Hinton 1839 1843
John W. Wheeler 1843 1845
Charles L. Hinton 1845 1851
Daniel W. Courts 1851 1863
Jonathan Worth 1863 1865
Jonathan Worth, Provisional Treasurer June 12, 1865 Nov. 16, 1865
William Sloan Nov. 16, 1865 Jan. 1, 1866
Kemp B. Battle Jan. 1, 1866 July 8, 1868
David A. Jenkins July 8, 1868 Nov. 22, 1876
1 John M. Worth Nov. 22, 1876 Jan. 21, 1885
Donald W. Bain Jan. 21, 1885 Nov. 16. 1892
j
Samuel McD. Tate Nov. 16, 1892 Jan. 23, 1895
! WilUam H. Worth Jan. 23, 1895 Jan. 15, 1901
Benjamin R. Lacy Jan. 15, 1901 Feb. 21, 1929
Nathan O'Berry Feb. 23, 1929 Jan. 6, 1932
John P. Stedman Jan. 7, 1932 Nov. 21, 1932
Charles M. Johnson Nov. 21, 1932 Jan. 6, 1949
Brandon P. Hodges Jan. 6, 1949 July 20, 1953
Edwin Gill July 20, 1953
CONTENTS
Biennial Report of the State Treasurer - June 30, 1973-1974
Pa|
Investments Responsibilities (
Statement of Treasurer's Cash Position Ijj
Statement of Treasurer's Cash Receipts and Disbursements 1(
Statement of Demand Deposits and Certificates of Deposit 1
Treasurer's Investments of Fund Balances — 1973 2i
Treasurer's Investments of Fund Balances - 1974 2S
Statement of State Property Fire Insurance Fund 31
Statement of Public School Insurance Fund 31
Statement of Teachers and State Employees Retirement System 31
Statement of Local Governmental Employees Retirement System 31
Statement of Firemen's Pension Fund 33
Statement of Law Enforcement Officers Benefit and Retirement Fund 32
Statement of Literary Loan Fund 32
Statement of North Carolina State Education Assistance Authority Trust Fund 33
Statement of the Uniform Judicial Retirement System of North Carolina 33
Statement of State Treasurer's Escheat Fund , . . . . 34
N. C. Employee Disability Fund 36
Special Fund Cash Balances 38
Capital Improvement Fund Cash Balances 46
Bonded Indebtedness 53
Annual Debt Requirements 56
Statement of Securities Held in Trust 57
General Fund - Statement of Revenues and Expenditures 59
Highway Fund-Statement of Revenues and Expenditures 60
Highway Bond Reserve of Highway Funds 62
Interest Rates on Certificates of Deposit 63,
G«
ki
January 10, 1975
Honorable James E. Holshouser, Jr.
Governor of North Carolina
The Advisory Budget Commission, and
Members of the General Assembly
Raleigh, North Carolina
Gentlemen:
In compliance v^ith the provisions of G. S. 147-68, I submit herewith
the report of the Treasurer of the State of North CaroUna for the fiscal
years ending June 30, 1973 and June 30, 1974.
I am proud to report that the financial condition of our State continues
to be excellent. Our debt, relatively speaking, is moderate; our budget is
in balance; on the other hand, the outlook for the next biennium is clouded
by the recession through which North Carolina and the nation are passing.
While our revenues have been holding up, and will enable us to end
this fiscal year with a good showing, much of our current tax returns are
based upon productivity and profits occurring before the onset of the re-cession.
All indications are that we will experience a reduction of revenue
in the next biennium.
Personally, I have great faith in the ability of North Carolina and the
leadership of our nation in devising ways and means to help us through
the difficult, and in some cases, chaotic conditions that we are now experi-encing
and which Ue ahead.
Among the States, I think North Carolina is peculiarly fitted to weather
an economic storm. Our economy is tough and resilient, and because of our
well-balanced rural and urban hfe, we will come out of the recession, in my
opinion, in the forefront of the recovering states. This is due, as 1 have
pointed out, to the nature of our economy, and also to the sound fiscal
policies which we have pursued for over fifty years.
Our revenue collections reflect the growth of our State, and nowhere
is this more apparent than in the Treasurer's earnings on fund balances. For
i instance, in 1959, we earned $3,361,305.61, while in 1974, we earned a very
substantial sum~$72,76 1,85 7.41. While we take great pride in these earnings,
I
candor compels me to point out that a part of it is due to inflation, which
has increased the cost of everything, including money.
I have said that our debt is moderate, and yet it amounted to
$396,370,000.00 as of July 1, 1974. Is this sum moderate in the hght of
our ability to pay? Is this amount reasonable when related to the economic
resources of our people? I think it is.
If you deduct from our gross debt, those bonds, the retirement of which
i
is fully provided for from the proceeds of a 1(/ motor fuel tax, we have left to
1
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^^^
be paid from General Fund revenues $215,370,000. So you see, the debt
that must be paid from the General Fund is relatively small and can be
retired easily out of approximately 1 1/2% of our annual General Fund
appropriation.
In this brief summary of our fiscal affairs, I would like to point out a
few facts that are encouraging insofar as our future is concerned.
In passing, I think I should note that we still have a large amount of
bonds (educational and clean water), authorized but not issued. Although
we have issued $76 million of these bonds, we still have the greater portion
remaining to be sold. As we market these bonds, additional funds (about
$375 million) will be spent, thus enriching our economy. Of course, the ex-penditure
of these funds could not come at a better time-just when our State
and the local governments are feeling the pinch of the recession.
Prior to 1960, it was customary for the State to borrow in the Fall a
substantial amount of money in anticipation of income taxes to be paid the
following March. Since 1960, in which year we borrowed $25 million for
this purpose, it has not been necessary for us to borrow at all in anticipation
of taxes because of the sensible enactment of our withliolding law, which
guarantees a steady flow of revenue throughout the year.
As the result of the sound business principles that have been practiced
here in North Carolina, the rating of our bonds is AAA, the highest that
any state can have. How do you get a good credit rating? You can get it the
same way a man gets a good reputation in the community. You must be
honest and practice integrity over a long period of years-- for a Hfetime. That
is the way it is with a man; that is the way it is with a state. It requires a long
period of devotion to sound business principles to give a man or a state a
good reputation. In good times and in hard times, history will record that
North Carolina has sought always to be true to the philosophy of the balanced
budget as provided for in the Executive Budget Act of 1925.
Our most cherished possession is our excellent credit rating. When we
market our bonds, regardless of what the market is, we get the benefit of the
best rate that any state can have. Now this does not mean that we can buck
the market, for the market is, in the end, our master. However, it does mean
that whatever the market is. North Carolina with its excellent rating, can sell
its securities at a fraction better than the national market. This may seem a
small benefit, but when you consider the size of our borrowings, this fraction-al
advantage has Uterally meant hundreds of tliousands - even millions of
dollars to the taxpayers of North Carolina. We must, during the 70s, see
that our habit of good govemment is continued, that we do not incur debt
beyond our reasonable abiUty to pay, and also insure that in every way our
fiscal house is in order.
I am proud of the record of North Carolina, and would Uke to take
credit for our AAA rating, which has been achieved during my service as
Treasurer. But frankness compels me to say that much of the credit should
go to our governors, to members of the Council of State, to members of the
Advisory Budget Commission and to the legislature, which is, after all, the
architect of our fiscal structure ; and last but not least, generous credit should
^ to the good common sense and integrity of the people of North Carolina
who have through all these years given full support to our sound fiscal poUcy.
Before closing this statement I should add a word of caution. Because
of the economic uncertainty facing us, certainly this is a time for the people
of North Carolina to assert the virtues of moderation, reason, and restraint
for which they are justly famous.
Under and by virtue of the Executive Organization Act of 1971, a
number of agencies of State government were transferred to a newly created
Department of the State Treasurer. They included the Local Government
Commission, the Tax Review Board, the Teachers' and State Employees'
Retirement System, the North Carolina Local Governmental Employees'
Retirement System, the Public Employees' Social Security Agency, the Legis-lative
Retirement Fund, and a Health Benefits Program for the teachers and
State employees. By the end of the 1974-75 fiscal year, our State and local
governmental retirement systems will be serving over 280,000 employees, and
the two systems will have assets of over $2 billion.
Much good has resulted from these transfers and consolidations; studies
continue to be made so that new methods may be instituted to increase the
efficiency of the departments involved. We hope for more improvement in
the future.
The Local Government Commission will transmit its own biennial report
as required by law.
As Treasurer, I take pride in submitting this report, which is another
chapter in the fiscal Ufe of our State and which reflects the integrity and the
sound business principles that have been practiced in North Carolina for so
many years.
r
Respectfully submitted.
Edwin G^^^ J
State Treasurer
)M
8 INVESTMENT RESPONSIBILITIES
The State Treasurer is responsible for the investment of the cash funds of the State as '
^l
as certain other special trust funds administered by the State, The cash funds available for inv
ment include all moneys belonging to the State, collected through the two principal operating fun
the General Fund and the Highway Fund, in excess of the immediate requirements of the agen
and institutions receiving legislative appropriations. The special trust funds include employee rei
ment and disability funds, special fire insurance funds, the public school loan fund, the student 1
guarantee fiind, and the escheat fund.
n
OCi
1.
CASH BALANCES OF OPERATING FUNDS
The provisions of G. S. 147-69.1 authorize the investment of the Treasurer's c
balances in excess of normal operating requirements. These cash balances exist because of
time lag between the receipt of cash and the expenditure of the legislative appropriations by the a§
cies and institutions of the State. The cash receipts result from tax levies, agency charges and
ceipts, bond proceeds, interest on fund balances and other nontax revenues.
The program of investing fund balances was initiated in 1949 under legislation enacted
the General Assembly. Since that time, through the end of the fiscal year 1974, earnings resull|fit
from this program have amounted to $396,465,626.29. AU earnings were originally credited to \u
General Fund, but since July 1, 1961 the earnings have been divided between the General Fund ;
the Highway Fund according to the respective fund balances in the two funds figured on a mont
basis during the fiscal year.
The statute, G. S. 147-69.1, requires that the funds "shall be so invested that in the ju
ment of the Governor and State Treasurer they be readily converted into money at such time
as the money will be needed."
The securities eligible for the investment of the Treasurer's cash balances under G. S. 147-6
include the following:
(1) Bonds, notes, certificates of indebtedness and bills of the United States of America
in obligations which are fully guaranteed by the United States of America; or
(2) Bonds, notes and other obligations of the Federal Intermediate Credit Banks,
Federal Home Loan Banks, the Federal National Mortgage Association, Banks
Cooperatives, and the Federal Land Banks; or
(3) Bonds and notes of the State of North Carolina; or
(4) Certificates of deposit issued by banks or official depositories within the State |li
North Carolina, yielding a return at rates not less than those available on United Stc
treasury bonds, notes, certificates of indebtedness or bills of comparable maturit
Under the policies of the State Treasurer, the banks of the State are entitled to funds
six-month certificates in an amount up to 50% of the applicant bank's combined capital sto
surplus, and undivided profits. The interest rate charged banks is set by the Governor and Coui^
of State and is determined by reference to the rate of return available on U, S. Treasury securii
of comparable maturity at the time of the investment.
U)
TEACHERS' AND STATE EMPLOYEES' RETIREMENT FUND *
The Teachers' and State Employees' Retirement Fund, as provided under G. S. 135-1 et se
was estabhshed in 1941 to provide a program of retirement allowances and other benefits for put
school teachers and employees of State government. The receipts of the Fund include legislati
te
propriations, member contributions and earnings on investments. Assets of the Fund as of June 30,
74, total approximately $1,591 million with annual receipts available for investments amounting
approximately $190 million. Annual earnings from investments approximate $90 million.
The assets of the Fund may be invested by the Board of Trustees in securities designated by
tute, and all earnings of the Fund become a part thereof. (See the list of eligible securities shown
the end of this narrative section.) The State Treasurer serves as investment officer under authority
nted by the Board of Trustees.
The Fund functions under the supervision of a Board of Trustees, with the State Treasurer
mg as chairman.
CAL GOVERNMENTAL EMPLOYEES' RETIREMENT FUND
The Local Governmental Employees' Retirement Fund, as provided under G. S. 128-29 et
, was established in 1945 to provide a program of retirement allowances and other benefits for
employees of local governmental units in the State (other than those employees primarily engaged
nforcing the criminal laws of the State who elect to become members of the Law Eriforcement
Jtl icers' Benefit and Retirement Fund). Membership in the Fund is optional to the local governmen-
Unit. The receipts of the Fund include employer contributions, member contributions, and earnings
linvestments. Assets of the Fund as of June 30, 1974, total approximately $226.6 million, with
»1 lual receipts available for investments amounting to approximately $25 miUion. Aimual earnings
tn investments approximate $13 milhon.
The assets of the Fund may be invested, by the Board of Trustees in securities designated by
ute, and all earnings of the Fund become a part thereof. Securities eligible for investment are
same as those authorized for the Teachers' and State Employees' Retirement Fund. The State
^fcisurer serves as investment officer under authority granted by the Board of Trustees.
The Fund functions under the supervision of a Board of Trustees, with the State Treasurer
ing as chairman.
:. EMPLOYEE DISABILITY FUND
The N. C. Employee Disability Fund as provided under G. S. 135-34 was established in 1971
•rovide for teachers & State employees with one or more years of service a program of disability
ry continuation benefits to the extent that funds for such benefits are specifically appropriated
the General Assembly. Assets of the Fund as of June 30, 1974 total approximately $9.9 million,
1 armual earnings from investments amounting to approximately $728,000.
^ The Fund functions under the supervision of the Board of Trustees of the Teachers & State
iloyees Retirement System.
The State Treasurer invests the cash balances of this Fund in Federal Agency securities.
^™f:. FIREMEN'S PENSION FUND
The N. C. Firemen's Pension Fund, as provided under G. S. 118.18 et seq., was established in
) to provide a program of pension allowances and other benefits for eligible firemen who elect to
me members of the Fund. The receipts of the Fund include legislative appropriations, member
ributions, and earnings on investments. Assets of the Fund as of June 30, 1974, total approx-
|ely $6.7 million, with annual earnings from investments amounting to approximately $525,000.
The assets of the Fund are invested by the State Treasurer as provided by G. S. 118-22.
The Fund functions under the supervision of the Board of Trustees, with the Commissioner
^surance serving as chairman.
10
PUBLIC SCHOOL INSURANCE FUND
The Public School Insurance Fund, as provided under G. S. 115-134 et seq., was establi
in 1949 as a program of self-insurance to provide local public school administrative units with opti
fire loss coverage on public school properties. Insurance coverage up to $200,000 is available for
1
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school building. Well over one-half of the school administrative units have elected coverage
this program. The receipts of the Fund include charges to the local administrative units for the ii
ance coverage provided and interest on investments. Assets of the Fund, as of June 30, 1974,
approximately $6.3 million, with annual earnings from investments amounting to approxim;
$465,000.
The assets of the Fund may be invested by the State Treasurer in the same type of securljitij
in which State sinking funds may be invested, and all earnings of the Fund become a part thai
iq
The Fund functions under the supervision of the State Board of Education. '^^
STATE PROPERTY FIRE INSURANCE FUND
The State Property Fire Insurance Fund, as provided under the provisions of G. S. 58-18'
seq., was established in 1945 to provide fire insurance coverage on all state-owned buildings
building contents. The Fund reinsures some of the major coverage through private insurance c
panies. The receipts of the Fund include legislative appropriations, charges to other special and
sustaining operating funds administered by the State for properties insured, and interest on in'
ments. Assets of the Fund, as of June 30, 1974, total approximately $5.9 miUion, with anj
earnings from investments amounting to approximately $440,000.
The assets of the Fund may be invested by. the Sinking Fund Commission in the same typ
securities in which State sinking funds may be invested, and all earnings of the Fund become a
thereof. The State Treasurer serves as investment officer under authority granted by the Commisf
The Fund functions under the supervision of the Commissioner of Insurance.
STATE TREASURER-ESCHEAT FUND
'10
The Escheat Fund (G.S. 116A-2) provides that "whenever the owner of any real or persi loy
property situated or located within this State dies intestate, or dies testate but did not dispos
all real or personal property by will, without leaving any surviving heirs, kindred or spouse to inl
said property under the laws of this State, such real and personal property shall escheat..." Asse
the Fund as of June 30, 1974, total approximately $4.6 million, with annual earnings from investm
amounting to approximately $335,000.
The Fund functions under the supervision of the State Treasurer.
The State Treasurer under authority of G. S. 116A-8 can invest the balances at his discre^
as provided for State funds generally G. S. 147-69.1.
STATE EDUCATION ASSISTANCE AUTHORITY TRUST FUND
The North Carolina Education Assistance Authority Trust Fund, as provided under G
116-201 et seq., was established in 1966 to provide funds to underwrite or guaraiitee college
dent loans which may be made to North Carolina students by the State's lending institutions,
program, administered by the stafT of the State Board of Higher Education and known as the Hi,'
Education Financial Assistance Program, was established under the Federal Higher Education
of 1965. The loans are made by private lending institutions and guaranteed by the State thrc
the use of this Fund. The interest on the student loans is paid to the lender by the Fee
government. The loans are repaid by the student after graduation or termination of educati
training. The receipts of the Fund include legislative appropriations. Federal grants, and earn
Jii
BIJS
11
investments. Assets of the Fund as of June 30, 1974, total approximately $2.2 million,
annual earnings from investments amounting to approximately $138,000.
The assets of the Fund may be invested, by the Board of Directors, in the same type of securi-s
are permitted for the investment of reserves of domestic life insurance companies. The
le securities are enumerated under G. S. 58-79 et seq. The current practice is to purchase
ities of the U. S. Treasury. All earnings of the Fund become a part thereof. The State Treasurer
\ as investment officer under authority delegated by the Board of Directors.
E LITERARY FUND
The State Literary Fund, as provided under Sections 4 and 9 of Article IX of the State
itution and under G. S, 115-101 et seq., as the Fund is now constituted, was established in 1903
'" le purpose of making loans to the counties to aid the county and city school administrative units
e construction and equipment of school plants and facilities. The loans are repayable in 10
il installments, wdth the rate of interest determined by the State Board of Education not to
d 6 per cent per annum. The receipts of the Fund include earnings on investments and misceU-receipts
from land grants, leases, and sales. Assets of the Fund, as of June 30, 1974, total
iximately $1.9 million, with armual earnings from investments amounting to approximately
000.
The Fund functions under the supervision of the State Board of Education.
The State Treasurer invests the cash balances of the Fund in U. S. Treasury securities, and all
" igs of the Fund become a part thereof.
i
fORM JUDICIAL RETIREMENT SYSTEM OF N. C.
The Uniform Judicial Retirement System of N. C. as provided under G. S. 135-51 was estab-
**
I in 1973 to provide uniform retirement benefits for all justices and judges of the General Court
stice. Assets of the Fund as of June 30, 1974, total approximately $1.1 million with annual
igs from investments amounting to approximately $89,000.
The Fund functions under the supervision of the Board of Trustees of the Teachers & State
ajoyees Retirement System.
The Act allows investments to be made in the same securities in which the funds the Teachers
te Employees Retirement System may be invested.
JRITIES ELIGIBLE FOR INVESTMENT OF FUNDS OF THE TEACHERS' AND STATE
.OYEES' RETIREMENT SYSTEM AS PROVIDED BY G. S. 135-7
(1) Obligations of the United States or obligations fuUy guaranteed both as to principal
and interest by the United States;
(2) Obligations of the Federal Intermediate Credit Banks, Federal Home Loan Banks,
Federal National Mortgage Association, Banks for Cooperatives, Federal Land Bank,
International Bank for Reconstruction and Development, Inter-American Development
Bank, and Asian Development Bank;
(3) Obligations of the State of North Carolina;
(4) General obligations of other states of the United States;
(5) General obligations of cities, counties and special districts in North Carolina;
(6) Obligations of any company incorporated within the United States if such obligations
bear one of the three highest ratings of at least one nationally recognized rating ser-vice
and do not bear a rating below the three highest by any such rating service which
12
rates the particular security, and
(7) Notes secured by mortgages on real estate located within the State of North Carolina
^d insured by the Federal Housing Commissioner, or his successor or assigns, or in
debentures issued by such Commissioner, which are guaranteed as to principal and in-terest
by the United States or by the Federal Housing Administration, an agency of the
United States government, or by some other agency of the United States government;
(8) Shares of any building and loan association organized under the laws of this State or
any federal savings and loan association having its principal office in this State, to the
extent that such investment is insured by the federal government or an agency thereof;
(9) Stocks, preferred or common, issued or guaranteed by a corporation created or existing
under the laws of the United States or any state, district, or territory thereof, pro-vided
they qualify under G. S. 135-7.2:
NOTE: The research and statistical computation necessary in
ascertaining whether the common and preferred stocks
of a corporation are eligible for investment of fundsof
the system are made by an independent, nationally re-cognized
investment service company, with proper certifi-cations
made in writing to the State Treasurer.
REPORT OF STATE TREASURER 13
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