Biennial report of the Treasurer of North Carolina

              THE LIBRARY OF THE
UNIVERSITY OF
NORTH CAROLINA
THE COLLECTION OF
NORTH CAROLINIANA
C336
N87t
UNIVERSITY OF N.C. AT CHAPEL HILL
00033968564
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THE NORTH CAROLINA COLLECTION
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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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14 REPORT OF STATE TREASURER
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: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
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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
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,000.(
,000
,000.«
,000.(.
,000.^,
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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)
^