Biennial report of the Treasurer of North Carolina

              THE LIBRARY OF THE
UNIVERSITY OF
NORTH CAROLINA
THE COLLECTION OF
NORTH CAROLINIANA
C336
N87t
1966/67-1967/68
UNIVERSITY OF N.C. AT CHAPEL HILL
00033968500
FOR USE ONLY IN
THE NORTH CAROLINA COLLECTION
Digitized by the Internet Arciiive
in 2011 witii funding from
Ensuring Democracy tiirough Digital Access (NC-LSTA)
http://www.archive.org/details/biennialtreasr19661968nc
BIENNIAL REPORT
TREASURER
STATE OF NORTH CAROLINA
FISCAL YEARS ENDED
JUNE 30, 1967 AND 1968
BIENNIAL REPORT
TREASURER
STATE OF NORTH CAROLINA
FISCAL YEARS ENDED
JUNE 30, 1967 AND 1968
EDWIN GILL
STATE TREASURER
PUBLIC TREASURERS OP NORTH CAROLINA
From To
Richard Caswell, Northern District 1775 1777
Samuel Johnston, Southern District 1775 1777
Memuncan Hunt 1777 1787
John Haywood 1787 1827
William 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
John M. Worth Nov. 22, 1876 Jan. 21, 1885
Donald W. Bain Jan. 21, 1885 Nov. 16, 1892
Samuel McD. Tate Nov. 16, 1892 Jan. 23, 1895
William 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
N
T3 Edwin Gill July 20, 1953
CONTENTS
Biennial Report of State Treasurer—June 30, 1967 and 1968
Page
Statement of Treasurer's Cash Position—1967 - - 7
Statement of Treasurer's Cash Position—1968 - 8
Statement of Treasurer's Cash Receipts and Disbursements—1967 10
Statement of Treasurer's Cash Receipts and Disbursements—1968 -12
Funds Deposited in North Carolina Banks—1967 _ —
-
— - 14
Funds Deposited in North Carolina Banks—1968 14
Funds Invested in United States Government Securities^l967 25
Funds Invested in United States Government Securities—1968 26
Bond Sinking Funds and Reserves—1967 - 27
Bond Sinking Funds and Reserves—1968 - - 27
Statement of State Property Fire Insurance Fund—1967 —-27
Statement of State Property Fire Insurance Fund—1968 -— 27
Statement of Public School Insurance Fund—1967 28
Statement of Public School Insurance Fund—1968 -- - --28
Statement of Teachers and State Employees
Retirement System—1 967 28
Statement of Teachers and State Employees
Retirement System—1968 - 28
Statement of the Local Governmental Employees
Retirement System—1967 - 28
Statement of the Local Governmental Employees
Retirement System—1968 - - — 28
Statement of Firemen's Pension Fund—1967 29
Statement of Firemen's Pension Fund—1968 29
Statement of Law Enforcement Officers Benefit and
Retirement Fund—1967 29
Statement of Law Enforcement Officers Benefit and
Retirement Fund—1968 29
Statement of Literary Loan Fund—1967 29
Statement of Literary Loan Fund—1968 29
North Carolina State Education Assistance Authority
Trust Fund—1967 .- 30
North Carolina State Education Assistance Authority
Trust Fund—1968 30
State Commission for the Blind, Bureau Reserve Funds—1968 30
Special Funds Cash Balances—1967 - 31
Special Funds Cash Balances—1968 31
Capital Improvement Cash Balances—1967 37
Capital Improvement Cash Balances—1968 37
Bonded Indebtedness—1967 45
Bonded Indebtedness—1968 45
Annual Debt Requirements _ _ 47
Statement of Securities Held in Trust—1967 49
Statement of Securities Held in Trust—1968 49
General Fund—Statement of Revenues and Expenditures—1967 51
General Fund—Statement of Revenues and Expenditures—1968 - 51
Highway Funds—Statement of Revenues and Expenditures—1967 52
Highway Funds—Statement of Revenues and Expenditures—1968 52
Earnings from Treasurer's Investments 53
Secondary Road Bond Reserve and Highway Bond Reserve
of Highway Funds 54
Interest Rates on Certificates of Deposit 55
Objectives, Functions and Programs — — 56
January 6, 1969
Honorable Robert W. Scott
Governor of North Carolina
The Advisory Budget Commission, and,
Members of the General Assembly,
Raleigh, North Carolina
Gentlemen
:
In compliance with the provisions of G. S. 147-68, I submit
herewith the report of the Treasurer of the State of North Caro-lina
covering the fiscal years ending June 30, 1967, and June
30, 1968.
Please note that the format of our report has been changed
with the view of summarizing and simplifying the statements
showing the cash funds and securities held by the State Treas-urer.
Please note, also, that we have included a narrative des-cription
of the objectives, functions and programs of the Office
of the State Treasurer.
As Treasurer, I take pride in submitting this report which
is another chapter in the fiscal life of our State and which re-flects
the integrity and the sound business principles that have
been practiced in our State for many years.
Respectfully submitted,
^^ CUM
EDWIN GILL
State Treasurer
d
STATEMENT OF TREASURER'S CASH POSITION
June 30, 1967
ASSETS
Cash on hand $ $ 13,000.00
Demand deposits (Page 24) 50,160,189.07
Less warrants of State agencies
outstanding _. 42,580,751.30 7,579,437.77
Treasurer's Investments:
Certificates of deposit
N. C. banks (Page 24) 159,688,400.00
U. S. Government securities, at
cost (Page 25) 419,061,221.63 578,749,621.63
$586,342,059.40
FUND CASH BALANCES
General fund $ $206,421,401.49
Bond Sinking Funds and Reserves
Page (27):
General Fund 760,315.18
Highway Fund 49,245,137.56 50,005,452.74
Capital Improvement Funds 119,370,854.63
Special Funds:
Highway Fund 211,184,302.55
Less Secondary Road Bond Reserves 49,245,137.56
161,939,164.99
Self Insurance Funds (Page 27-28)
:
State Owned Property 61,128.93
Public School Buildings 482,880.36
544,009.29
Retirement and Pension Funds
(Page 28-29):
Teachers and State Employees 708,373.58
Local Governmental Employees 689,225.56
North Carolina Firemen's 371,296.22
Law Enforcement Officers 187,137.04
1,956,032.40
8 Report of State Treasurer
Literary Loan Fund (Page 29) - -- 567,441.42
N. C. State Education Assistance
Authority Trust Fund (Page 30) 2,961.61
Other Special Funds (Page 36) 45,534,740.83
Total Special Funds - 210,544,350.54
$586,342,059.40
STATEMENT OF TREASURER'S CASH POSITION
June 30, 1968
ASSETS
Cash on hand ___... $ $ 13,000.00
Demand Deposits (Page 24) _._ _ __. 56,680,689.97
Less warrants of State Agencies
outstanding 59,228,137.40 (2,547,447.43)
Treasurer's Investments:
Certificates of deposit
N. C. Banks (Page 24) 152,330,600.00
U. S. Government securities, at
Cost (Page 27) 422,816,201.85 575,146,801.85
$572,612,354.42
FUND CASH BALANCES
General Fund - $132,545,226.78
Bond Sinking Funds and Reserves
(Page 27)
General Fund - $ 327,738.39
Highway Fund 39,733,769.23 40,061,507.62
Capital Improvement Funds 174,697,993.31
Special Funds:
Highway Fund 211,669,813.90
Less Secondary Road Bond Reserves 39,733,769.23
171,936,044.67
Self Insurance Funds (Page 27-28) :
State owned property 261,164.34
Report of State Treasurer £
Public School Buildings -- 565,014.92
826,179.26
Retirement and Pension Funds
(Page 28-29)
Teachers & State Employees 2,259,721.39
Local Governmental Employees 1,240,787.21
North Carolina Firemen's 77,670.97
Law Enforcement Officers - 224,029.46
3,802,209.03
Literary Loan Fund (Page 29) .... 662,989.32
N. C. State Education Assistance
Authority Trust Fund (Page 30) .- 2,075.79
State Commission for Blind — Bureau
Reserve Funds (Page 30) 6,832.47
Other Special Funds (Page 36) 48,071,296.17
Total Special Funds 225,307,626.71
$572,612,354.42
10 Report of State Treasurer
STATEMENT OF TREASURER'S
YEAR ENDED
Combined General Fund
Cash balances, July 1, 1966 $ 414,578,309.21 $144,516,340.91
Receipts:
Tax revenues -.. - 1,101,889,792.40 669,947,783.87
Non-tax revenues 23,375,477.10 23,375,477.10
Total revenues 1,125,265,269.50 693,323,260.97
Non-revenue receipts 675,997,721.45 84,388,289.83
Receipt transfers 285,309,987.27 107,174,850.04
Total receipts __. 2,086,572,978.22 884,886,400.84
Disbursements:
Revenue refunds and allocations - 69,282,189.18 69,282,189.18
Disbursement transfers 252,873,991.44 48,522,392.10
Other disbursements 1,592,653,047.41 705,176,758.98
Total disbursements 1,914,809,228.03 822,981,340.26
Cash balances, June 30, 1967 ^ $ 586,342,059.40 $206,421,401.49
The accounts of the State Treasurer are necessarily maintained on a cash basis as to m
various funds for which the Treasurer acts as custodian of certain assets. Such method
tary control purposes to the extent of bank deposits in transit and warrants outstanding
For informational purposes, statements of revenues and expenditures as prepared from
fund are included on pages 51 and 52, respectively.
Report of State Treasurer 11
cash receipts and disbursements
I JUNE 30, 1967
Capital Bond
Special Funds Ipaprovement Sinking Funds
Highway Other Total Funds And Reserves
$119,816,274.01 $ 49,573,623.61 $ 169,389,897.62 $100,399,742.19 $ 272,328.49
431,942,008.53 431,942,008.53
431,942,008.53 _... 431,942,008.53
506,884,442.40 506,884,442.40 83,483,592.53 1,241,396.69
3,332,653.30 163,481,730.97 166,814,384.27 11,320,752.96
435,274,661.83 670,366,173.37 1,105,640,835.20 94,804,345.49 1,241,396.69
23,828,108.25 173,577,588.60 197,405,696.85 6,945,902.49
320,078,525.04 497,757,022.83 817,835,547.87 68,887,330.56 753,410.00
343,906,633.29 671,334,611.43 1,015,241,244.72 75,833,233.05 753,410.00
$211,184,302.55 $ 48,605,185.55 $ 259,789,488.10 $119,370,854.63 $ 760,315.18
eceipts and disbursements and do not purport to show the results of operations of the
)f accounting differs from the method employed by the Director of the Budget for budge-it
the beginning and end of the fiscal year.
he records of the Director of the Budget for the General Fund and for the Highway
12 Report of State Treasurer
STATEMENT OF TREASURER'S
YEAR ENDED
Combined General Fund
Cash balances, July 1, 1967 $ 586,342,059.40 $ 206,421,401.49
Receipts:
Tax revenues 1,275,378,364.32 755,153,809.50
Non-tax revenues -- 1,466,987.55 1,466,987.55
Total Revenues -- 1,276,845,351.87 756,620,797.05
Non-Revenues Receipts .- 745,002,295.98 124,277,280.15
Receipts Transfers - _ 429,468,481.78 91,567,182.37
Total Receipts - 2,451,316,129.63 972,465,259.57
Disbursements:
Revenue refunds and allocations 75,699,245.30 74,699,245.30
Disbursement Transfers 430,935,227.33 192,462,753.23
Other Disbursements 1,958,411,361.98 778,179,435.75
Total Disbursements 2,465,045,834.61 1,046,341,434.28
Cash balances, June 30, 1968 572,612,354.42 132,545,226.78
The accounts of the State Treasurer are necessarily maintained on a cash basis as to
various funds for which the Treasurer acts as custodian of certain assets. Such method
tary control purposes to the extent of bank deposits in transit and warrants outstanding
For informational purposes, statements of revenues and expenditures as prepared from
Fund are included on pages 51 and 52 respectively.
Report of State Treasurer 13
jasn receipts and disbursements
rUNE 30, 1968
Capital Bond
Special Funds Improvement Sinking Funds
Highway Other Total Funds And Reserves
$211,184,302.55 $ 48,605,185.55 $ 259,789,488.10 $119,370,854.63 $ 760,315.18
520,224,554.82 520,224,554.82
520,224,554.82 520,224,554.82
591,829,055.41 591,829,055.41 23,813,812.21 5,082,148.21
26,087,970.74 199,040,402.83 225,128,373.57 112,770,765.84 2,160.00
546,312,525.56 790,869,458.24 1,337,181,983.80 136,584,578.05 5,084,308.21
113,160,353.47 119,505,435.63 232,665,789.10 289,800.00 5,516,885.00
432,666,660.74 666,597,626.12 1,099,264,286.86 80,967,639.37
545,827,014.21 786,103,061.75 1,331,930,075.96 81,257,439.37 5,516,885.00
211,669,813.90 53,371,582.04 265,041,395.94 174,697,993.31 327,738.39
sceipts and disbursements and do not purport to show the results of operrvtions of the
[ accounting differs from the method employed by the Director of the Budget for budge-t
the beginning and end of the fiscal year.
ae records of the Director of the Budget for the General Fund and for the Highway
14 Report of State Treasurer
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Report of State Treasurer 25
funds invested in u. s. government securities
treasurer's cash balances
JUNE 30, 1967
Description Cost Face Value
U. S. Treasury bills:
Due 8-17-67 $ 6,935,950.00 $ 7,000,000.00
Due 10-31-67 4,900,000.00 5,000,000.00
Due 11-02-67 19,643,426.39 20,000,000.00
Due 11-09-67 4,920,861.11 5,000,000.00
Due 11-16-67 19,616,400.00 20,000,000.00
Due 12-21-67 -- 4,904,616.67 5,000,000.00
60,921,264.17 62,000,000.00
U. S. Treasury certificates of indebtedness:
5%% Due 8-15-67 - 7,965,000.00 8,000,000.00
7,965,000.00 8,000,000.00
U. S. Treasury notes:
3%% Due 8-15-67 25,233,598.08 25,000,000.00
5%% Due 2-15-68 ^ -. 10,999,062.50 11,000,000.00
4%% Due 5-15-68 25,000,000.00 25,000,000.00
414% Due 8-15-68 - 29,960,156.25 30,000,000.00
5% Due 11-15-70 10,000,000.00 10,000,000.00
514% Due 5-15-71 25,000,000.00 25,000,000.00
5%% Due 11-15-71 - —- 7,000,000.00 7,000,000.00
4%% Due 2-15-72 40,359,887.77 40,250,000.00
173,552,704.60 173,250,000.00
U. S. Treasury bonds:
3%% Due 8-15-68 36,796,718.75 38,000,000.00
378% Due 11-15-68 9,677,581.52 10,000,000.00
4% Due 10-01-69 43,338,312.50 44,000,000.00
4% Due 2-15-70 -.._.. 50,980,523.12 52,000,000.00
4% Due 8-15-70 2,911,346.69 3,000,000.00
143,704,482.58 147,000,000.00
U. S. Agency securities:
4.80% Banks for Coops. Due 12-4-67 . 9,999,218.75 10,000,000.00
41/2% F.I.C.B. Due 3-4-68 .- 6,996,875.00 7,000,000.00
4% % F.N.M.A. Due 6-14-68 8,998,027.78 9,000,000.00
4%% Land Bank Due 1-20-69 1,247,500.00 1,250,000.00
514% F.N.M.A. PC Due 9-29-69 4,000,000.00 4,000,000.00
41/2% Land Bank Due 10-1-70 1,676,158.75 1,665,000.00
32,917,780.28 32,915,000.00
$419,061,221.63 $423,165,000.00
26 Report of State Treasurer
FUNDS INVESTED IN U. S. GOVERNMENT SECURITIES
TREASURER'S CASH BALANCES
JUNE 30, 1968
Description Cost Face Value
U. S. Treasury bills:
Due 8-22-68 $ 1,970,526.11 $ 2,000,000.00
Due 9-26-68 7,893,200.00 8,000,000.00
Due 10-24-68 - - - 4,858,950.00 5,000,000.00
Due 11-07-68 4,855,663.89 5,000,000.00
Due 11-14-68 - 2,913,725.00 3,000,000.00
Due 12-05-68 4,877,297.22 5,000,000.00
Due 12-19-68 -- -- -- 4,864,769.44 5,000,000.00
Due 12-26-68 - 4,860,719.44 5,000,000.00
37,094,851.10 38,000,000.00
U. S. Treasury notes:
41^% Due 8-15-68 32,922,225.27
51/4% Due 11-15-68 18,000,454.08
5%% Due 2-15-69 5,000,000.00
5%% Due 5-15-69 20,015,692.93
6% Due 8-15-69 ...._. 22,026,761.67
5% Due 11-15-70 10,997,536.06
5%% Due 2-15-71 17,962,708.33
51^% Due 5-15-71 - 1,975,434.78
5% % Due 11-15-71 2,000,000.00
4%% Due 2-15-72 44,880,930.63
6% Due 5-15-75 3,000,421.20
33,000
18,000
5,000
20,000
22,000
11,000
18,000
2,000
2,000
45,000
3,000
000.00
,000.00
000.00
,000.00
000.00
,000.00
000.00
000.00
,000.00
000.00
000.00
178,782,164.95 179,000,000.00
U. S. Treasury bonds:
3%% Due 8-15-68 20,287,343.75
Due 12-15-68 34,511.22
Due 10-01-69 43,338,312.50
Due 2-15-70 51,940,657.22
21/2%
4%
4%
21,000,000.00
35,000.00
44,000,000.00
53,000,000.00
115,600,824.69 118,035,000.00
U. S. Agency securities:
5.60% Banks for Coops. Due 7-1-68 5,000,000.00
5.65% Banks for Coops. Due 8-1-68 6,999,062.50
5%% F.I.C.B. Due 8-1-68 5,000,000.00
5%% Federal Home Loan Due 8-26-68 -- 2,002,937.50
5.80% Banks for Coops. Due 10-1-68 .....^ 5,000,000.00
5.95% F.I.C.B. Due 10-1-68 5,000,000.00
5.85% Federal Home Loan Due 10-25-68 5,124,312.50
5.90% Banks for Coops. Due 11-4-68 .... 5,000,000.00
5,000
7,000
5,000
2,000
5,000,
5,000
5,000
5,000
,000.00
,000.00
000.00
000.00
000.00
000.00
000.00
,000.00
Report of State Treasurer 27
5%% F.I.C.B. Due 11-4-68 -- -- 17,080,486.11 17,000,000.00
5%% F.I.C.B. Due 12-2-68 , 2,000,000.00 2,000,000.00
6.20% Banks for Coops. Due 12-2-68 _ 10,994,375.00 11,000,000.00
5.95% Land Bank Due 12-23-68 4,000,000.00 4,000,000.00
4%% Land Bank Due 1-20-69 1,247,500.00 1,250,000.00
6.45% F.I.C.B. Due 3-3-69 .- - - 1,998,750.00 2,000,000.00
51^% F.N.M.A. PC Due 9-29-69 4,000,000.00 4,000,000.00
6.35% F.N.M.A. PC Due 2-11-70 4,000,000.00 4,000,000.00
41/8% F.N.M.A. Due 9-10-70 1,901,875.00 2,000,000.00
5%% F.N.M.A. Due 10-13-70 -- 4,989,062.50 5,000,000.00
91,338,361.11 91,250,000.00
$422,816,201.85 $426,285,000.00
BOND SINKING FUNDS AND RESERVES
ASSETS
June 30, 1967
Treasurer's Cash:
General Fund accounts $ 760,315.18
Highway Funds accounts 49,245,137.56
U. S. Government securities at cost 5,279,000.00
June 30, 1968
$ 327,738.39
39,733,769.23
277,000.00
$55,284,452.74 $40,338,507.62
FUND BALANCES
General Fund:
Bond Sinking Funds .._$ 6,034,093.38
State Ports Bond .._ 5,221.80
Highway Fund:
Secondary Road Bond Reserves 49,245,137.56
$ 599,516.59
5,221.80
39,733,769.23
$55,284,452.74 $40,338,507.62
STATEMENT OF STATE PROPERTY FIRE INSURANCE FUND
ASSETS June 30, 1967 June 30,1968
Cash $ 61,128.93 $ 261,164.34
U. S. Government Securities, at cost 3,662,959.18 3,757,345.84
FUND BALANCES
Fund Balances with State Treasurer
,724,088.11 $4,018,510.18
,724,088.11 $4,018,510.18
28 Report of State Treasurer
statement of public school insurance fund
ASSETS June 30, 1967 June 30, 1968
Cash _._ - $ 482,880.36 $ 565,014.92
U. S. Government Securities, at cost _._. 3,323,618.83 3,719,760.59
5,806,499.19 $4,284,775.51
FUND BALANCES
Fund Balances with State Treasurer $3,806,499.19 $4,284,775.51
STATEMENT OF THE TEACHERS AND STATE EMPLOYEES
RETIREMENT SYSTEM
ASSETS June 30, 1967 June 30, 1968
Cash - _ $ 708,373.58 $ 2,259,721.39
North Carolina county & city bonds, at cost 8,811,560.62 8,911,129.08
U. S. Government securities, at cost 167,834,095.04 153,284,953.66
U. S. Agency securities, at cost 41,615,332.82 55,288,015.60
Corporate securities, at cost:
Debentures 317,804,486.36 394,839,960.79
Common stocks __.. -- 42,526,931.33 52,597,034.33
Public Housing Authority securities at cost 8,059,958.19 14,747,302.22
$587,360,737.94 $681,928,117.07
FUND BALANCES
Fund Balances with State Treasurer $587,360,737.94 $681,928,117.07
STATEMENT OF THE LOCAL GOVERNMENTAL EMPLOYEES
RETIREMENT SYSTEM
ASSETS June 30, 1967 June 30, 1968
Cash _.. _ $ 689,225.56 $ 1,240,787.21
North Carolina county and city bonds, at cost 3,288,582.96 3,337,880.37
U. S. Government securities, at cost 19,211,521.89 19,243,230.33
U. S. Agency securities, at cost 9,667,806.82 11,625,332.93
Corporate securities, at cost:
Debenture bonds 44,132,247.74 54,907,363.65
Common Stocks - 4,725,214.88 5,844,115.18
.714,599.85 $96,198,709.67
FUND BALANCES
Fund Balances with State Treasurer $81,714,599.85 $96,198,709.67
Report of State Treasurer 29
statement of firemen's pension fund
ASSETS June 30,1967 June 30, 1968
Cash .-.- $ 371,296.22 $ 77,670.97
U. S. Government securities, at cost 1,725,635.95 2,340,065.99
$2,096,932.17 $2,417,736.96
FUND BALANCES
Fund Balances with State Treasurer $2,096,932.17 $2,417,736.96
STATEMENT OF LAW ENFORCEMENT OFFICERS BENEFIT
AND RETIREMENT FUND
ASSETS June 30, 1967 June 30, 1968
Cash $ 187,137.04 $ 224,029.46
North Carolina county and city bonds, at cost 7,043,207.22 7,008,703.38
U. S. Government securities, at cost 316,424.71 278,695.66
Savings and Loan shares 15,000.00 15,000.00
Corporate debenture bonds, at cost _ 26,799,191.97 30,744,616.02
$34,360,960.94 $38,271,044.52
FUND BALANCES
Fund Balances with State Treasurer $34,360,960.94 $38,271,044.52
STATEMENT OF LITERARY LOAN FUND
ASSETS June 30, 1967 June 30,1968
Cash $ 567,441.42 $ 662,989.32
Notes Receivable 499,750.00 499,900.00
U. S. Government securities, at cost 470,800.00 474,250.00
$1,537,991.42 $1,637,139.32
FUND BALANCE
Fund Balance with State Treasurer ...._. $1,537,991.42 $1,637,139.32
30 Report of State Treasurer
north carolina state education assistance
authority trust fund
ASSETS June 30,1967 June 30, 1968
Cash - $ 2,961.61 $ 2,075.79
U. S. Government Securities, at cost 288,886.19 700,531.82
$291,847.80 $702,607.61
FUND BALANCE
Fund Balances with State Treasurer $291,847.80 $702,607.61
STATE COMMISSION FOR THE BLIND, BUREAU RESERVE FUNDS
June 30, 1968
ASSETS
Cash $ 6,832.47
U. S. Government Securities, at cost __ 292,556.04
$299,388.51
FUND BALANCES
Fund Balances with State Treasurer $299,388.51
Report of State Treasurer
SPECIAL FUND CASH BALANCES
31
STATE DEPARTMENTS AND BUDGET CODE DESCRIPTION
eneral Government
Administration, Department of:
10801—State Surplus Commodities and Public Printing
and Co-operative Supplies — .—
.
10802—Federal Property Agency ____
10803—Central Motor Pool—Operations
10804—Central Motor Pool—Equipment Fund
10806—Capital Improvement Advance Planning
Revolving Fund
10811—Economic Opportunity Program
10812—State Planning Task Force
10813—Department of Administration
—
Special Programs
»cal Government Commission:
10821—Law Publication Revolving Fund
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
$ 20,132.14 $ 83,766.75
246,838.43 185,859.63
158,191.34 157,873.98
39,420.67 116,790.44
1,655,761.01
.35 .35
22,101.92 173,226.10
iblic Safety and Regulatory
Boards and Commissions:
12771—Commissioner of Banks __
12781—Burial Association Commission _.
12791—Board of Barber Examiners
12801—Board of Cosmetic Art _.. --
12811—Board of Opticians
12812—Board of Examiners of Practicing Psychologists
n\ Defense, State Council of:
12865—Contribution to Local Units—Federal
12867—Community Shelter Program
12869—Emergency Planning—Federal ..—
12871—Radiological Equipment Program
iustrial Commission:
12881—Second Injury Fund
iurance Department:
12835—Workmen's Compensation Security Fund
Mutual Account
12837—Workmen's Compensation Security Fund
Stock Account
12839—Publications Fund
12841—Firemen's Relief Fund
tor Vehicles, Department of:
12714—Personalized Registration Plate Fund
12715—Safety Responsibility Depository Account
12717—Dealers—Manufacturers License Fund
3,682.29
23,036.04
27,423.58
18,425.53
72,144.55
25,592.39
96,607.98
28,191.12
4,314.41
639,567.20 649,749.55
40,066.23 35,411.19
85,151.03 97,087.32
220,155.45 227,366.02
11,741.10 11,459.83
2,915.61
51,783.25 15,304.66
5,075.25 3,538.78
6,687.67 6,687.67
5,470.61 1,742.15
61,128.10 65,856.51
41,698.54
45,274.46
19,457.62
65,946.36
27,726.64
26,431.20
71,312.22
32 Report of State Treasurer
SPECIAI> FUNDS CASH BALANCES—(Continued)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
12719—Bus Regulation Depository Account 44,730.77 43,880.77
12721—Lien Recording Fund ....._ 2,588.61 9,316.23
12723—Safety Inspection Equipment Fund 151,800.52 214,654.97
12725—Commercial Driver Training Fund 850.00 900.00
12761—Gasoline & Oil Inspection Fund 475,084.38 497,769.17
Miscellaneous Accounts:
12901—Assurance of Land Titles _-. 3,361.98 3,369.31
12902—Absentee Insurance Fund 146.02 502.34
Correction:
14721—North Carolina Board of Juvenile
Correction—Federal Fund ,. 17,330.33
North Carolina Department of Correction:
14831—Enterprises Revolving Fund 3,647,956.21 3,734,028.51
Public Welfare
Blind, Commission for the:
16761—Federal Aid 3,776.47 48.9C
16763—Administration—Federal 164,546.49 169,396.4S
16765—County Account 29,681.76 20,525.92
16767—Vocational Rehabilitation—Federal 101,479.08 lll.OE
16769—Bureau Reserve Funds 250,000.00
Welfare, Department of Public:
16721—Old Age Assistance—Federal 286,953.31 143,151.0;
16723—Aid to Dependent Children—Federal 404,467.94 546,738.31
16729—Aid to Permanently & Totally Disabled-
Federal _ 284,141.86 18,086.5:
16731—Medical Assistance to Aged 54,404.35
16733—Hospitalization & Medical Assistance
for Assistance Recipients 2,200,111.70 3,495,668.2
16735—Child Welfare Services—Federal _. 259,137.42 111,891.8
16737—OASI—Disability Determinations—Federal ...... 26,115.51 52,891.0
16738—Homemaker Services to the Aged 17,895.80 17,895.8
16739—Community Services Demonstration Project
—
Federal _ 56,050.41
Miscellaneous Account:
16801—Confederate Women's Home—Trust Fund 774.78
Education
Education, Board of:
18791—Sir Walter Raleigh Memorial Fund _..- 10,154.58
18801—Division of School Planning .22
18802—Public School Facilities of 1963 7,699.87
18803—Elementary & Secondary Education Act
of 1965—Title I (Federal) __ 1,436,540.11
Report of State Treasurer 3?
SPECIAL FUNDS CASH BALANCES—(Continued)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
18804—Elementary & Secondary Education Act of 1965
—
Title II (Federal)
18805—Elementary & Secondary Education Act of
1965—Title V (Federal)
18807—Elementary & Secondary Education Act of
1965—Title III (Federal)
18808—Elementary & Secondary Education Act of
1965—Title VI (Federal)
18811—Special Fund - _. -
18816—State Textbook Fund - 3,209,863.24
18821—Commercial Education & Trade Schools Fund -
18826—Community School Lunchroom Program _.
18831—Adult Education Civil Defense _
18841—Vocational Education—Federal
18846—Vocational Textile School—Federal
18856—Student Loan Fund—Teacher Education
18861—Student Loan Fund—Rodman Trust Fund
18863—Student Loan Fund—Vocational and Technical
Education ,
18866—Resource—Use of Education Commission
18871—Health Education—Rockfeller Foundation
18873—National Defense Education Program
18874—Manpower Development & Training Account .....
18876—Driver Training & Safety Education 3,703,542.85
18879—School Improvement Project—N. C. Fund
18880—Advancement School _
18881—N. C. Science & Technology Research Center ..-
18882—Governor's School
Education, Board of Higher:
18919—Community Service & Continuing Education
Program 396,174.12 452,025.87
Education Facilities Commission, Higher:
18902—Higher Education Facilities 6,884.57 6,852.33
Educatonal Institutions—State Colleges & Universities:
North Carolina A & T State University ....
18905—Auxiliary Institutional Services
18954—Overhead Receipts
Appalachian State University
18907—Auxiliary Institutional Services
18955—Overhead Receipts
Asheville-Biltmore College
18913—Auxiliary Institutional Services
18916—Overhead Receipts
East Carolina University
18904—Auxiliary Institutional Services
282,507.13 30,430.89
119,464.63 110,041.86
4,589.23
18,266.00
80,155.04 10,071.34
,209,863.24 3,908,913.56
2,316.16
55,927.84 283,979.90
51,955.72 47,651.16
.30 66,265.73
3,388.21 5,226.51
643,386.91 814,027.02
39,845.39 6,265.32
2,661.59 4,168.04
817.58
289.02 262.47
309,491.97 731,439.90
210,068.89 215,596.62
703,542.85 3,595,083.81
439,947.91 86,665.15
87,638.80 206,716.23
558,527.54 466,544.32
134,473.02 157,730.67
214,649.64 87,221.81
60,382.59 33,452.10
478,862.51 589.018.34
15,424.82 48,700.14
5,286.93 4,731.41
2,006.65 2,604.26
72,391.05 136,185.22
34 Report of State Treasurer
SPECIAI. FUNDS CASH BAIjANCES—(Continued)
Cash Balance
June 30, 1967
18953—Off Campus Branches 47,283.73
18957—Overhead Receipts ._.. _ 9,306.82
Fayetteville State Teachers College
18911—Auxiliary Institutional Services 90,978.54
18963—Overhead Receipts 3,627.00
North Carolina College at Durham
18912—Auxiliary Institutional Services 472,540.23
18956—Overhead Receipts — - 3,286.04
Pembroke State College
18908—Auxiliary Institutional Services 54,784.44
University of North Carolina at Chapel Hill
18920—General Administration—Overhead Receipts .-. 221,212.28
18921—University Enterprises 785,911.08
18922—Overhead Receipts -- - -- -- 59,097.94
18923—Auxiliary Institutional Services 196,632.51
18926—Escheat Refund Account 35.65
University of North Carolina at Greensboro
18950—Auxiliary Institutional Services 430,451.40
18952—Overhead Receipts 40,711.98
North Carolina State University at Raleigh
18941—Auxiliary Institutional Services 220,786.01
18942—Overhead Receipts _ 341,840.79
18946—Operation of Coliseum 50,242.17
Western Carolina University
18906—Auxiliary Institutional Services 569,450.27
18958—Overhead Receipts - - .- 34,786.20
Winston-Salem State College
18909—Auxiliary Institutional Services
Department of Archives & History
18987—Special Operations
Medical Care Commission
18901—Medical Education Loan Fund 456,216.94
Library, State
18981—Federal Aid - 177,214.45
18982—Library Community Project 15.38
18985—Federal Construction Account 98,916.00
N. C. School for the Deaf
18990—Clearing Account 2,222.09
Eastern N. C. School for the Deaf
18992—Clearing Account 89.09
Governor Morehead School
18994—Clearing Account 14,683.03
Art Museum, State
18961—Special Gift Account - 33,728.44
Cash Balance
June 30, 1968 I
30,201.79
I
17,701.52
133,248.90
11,958.42
470,391.83
I
786.04
12,860.29
100,058.42
383,336.18
(197,468.34)^
15,001.99
35.65
29,662.02
69,655.74
508,831.81
903,037.81
47,907.59 '
803,655.99 i
1,471.94
5,481.70
i
14,055.04
I
488,258.98
408,117.27
15.38 '
3,911.66
22,334.87
4,049.23
47,585.02
Report of State Treasurer
SPECIAL FUNDS CASH BALANCES—(Continued)
ealth and Hospitals:
Health, State Board of:
24721—Federal Funds
24723—Bedding Fund
Medical Care Commission
24821—Hospital Construction—Federal
24825—Hospital Maintenance Project ....
Mental Health, Department of:
24845—Community Mental Health Fund
24846—Federal
Dorothea Dix Hospital
24847— - -
O'Berry Center
24848—Federal
Western Carolina Center
24849—Federal _.__ ,
Murdock Center
24850—Federal _.
Caswell Center
24851—Federal _.
Broughton Hospital
24852—Federal
John Umstead Hospital
24853—Federal
Cherry Hospital
24854—Federal
N. C. Cerebral Palsy Hospital
24875—Federal
atural Resources and Recreation
Conservation & Development, Dept. of:
26721—Kerr Reservoir Development Commission
26723—Mineral Interest—Special Fund _
26725—Community Planning
26737—Operation of Executive Aircraft
Wildlife Resources Commission
26741—Wildlife Resources Commission
26743—Motorboat Section
26751—Dept. of Water Resources—Federal ..-
26761—Research in Economics of Fishing Industry
Miscellaneous Accounts
26781—Tennesee Valley Authority
26841—George Washington Statute Commission
Cash Balance
June 30, 1967
767,904.87
20,066.08
121,799.56
23,943.55
52,327.60
14,762.84
104,377.05
30,769.26
105,545.82
39,453.10
27,275.98
31,702.74
128,939.45
41,207.02
35
Cash Balance
June 30, 1968
669,050.30
25,482.18
461,076.00
22,907.74
59,641.74
42,475.81
124,593.19
33,942.67
84,455.05
28,849.17
18,470.12
14,114.80
94,297.82
48,873.87
16,098.92
16,718.20 16,264.66
71,629.85
132,506.60 104,355.48
7,354.01 2,535.60
869,860.20 737,403.09
147,346.45 66,447.76
43,900.00 61,478.13
4,483.81 1,883.81
35,580.02 31,901.64
135.67 2,220.00
tl
36 Report of State Treasurer
SPECIAL FUNDS CASH BALANCES—(Continued)
Cash Balance Cash Balance
June 30, 1967 June 30, 196?!"'
Agriculture
Department of Agriculture:
28721—Dept. of Agriculture 73.15 73.13
28725—N. C. Milk Commission __ 191,566.43 129,882.97
28727—State Warehouse System—Supervision 57,305.83 35,990.7S:'
28731—Cooperative Inspection Service 557,594.77 518,333.37
28735—Structural Pest Control 1,288.12 14,709.27
28739—Credit Union—Supervision 96,983.53 117,726.14
28741—N. C. State Fair 159,318.63 231,563.92::
28745—Sheep Distribution Project 96,543.04 96,984.11
28751—Special Depository Account 147,558.79 168,311.9^'
28755—Operation of Farmers Market 24,618.25 59,406.9?':
N. C. State University at Raleigh '
28821—Agricultural Experiment Station—Federal 9,345.37 22,706.7(.
28823—Agricultural Experiment Station—Gifts 544,988.52 554,648.26
28841—Cooperative Agricultural Extension Service ,
Smith Lever—Federal 166,035.15 91,226.43
28861—State Soil & Water Conservation Committee ;
Revolving Fund 12,500.00 7,500.00
Employment Security Commission -
30721—Administration Account 44,920.20 22,161.7S
30723—Special Unemployment Compensation
—
Administration 510,487.60 566,868.2(-
30725—Claims & Benefits Account 530,366.78 593,179.2! «f
30727—Clearing Account 71,696.91 62,903.7(,
30729—Unemployment Compensation—Federal
Employees Benefits Account 19,333.00
30733—Temporary Extended Compensation 51.00 10.2i
30735—Manpower Development & Training Act 22,998.46 20,903. 2]|
Retirement and Pensions
32781—Social Security Program 5,275,755.17 5,417,690.6(1
Debt Service
Debt Service Accounts |
34761—Highway Fund Bond Redemption 5,036,000.00 5,029,000.0f;
34763—General Fund Bond Redemption 1,051,600.00 759,600.0(
34765—T. V. A.—Swain County Bond Redemption 119.04 119.0f
34821—Highway & General Fund Bond Interest 606,617.27 460,560.0(1
34823—Highway—Interest—Old Accounts 84,358.80 84,358.8(
34825—General Fund—Interest—Old Accounts 41,482.01 41,482.0]
34827—Jones County—Bond Interest 18.76 18.7(
k
mi
GRAND TOTAL - - - $45,534,740.83 $48,071,296.1'
Report of State Treasurer 37
CAPITAL IMPROVEMENT
Cash Balance Cash Balance
meral Government: June 30, 1967 June 30, 1968
Department of Administration
65901 Laws 1959 -.- $ " .50 $ .50
65909 Laws 1959—State Land Fund (Own Receipts) _. 70,845.32 80,319.39
65911 Laws 1959—General Service Division 2,168.14 2,168.14
66118 Laws 1961—General Service Division _. _ 21,193.34 20,727.80
66301 Laws 1963 -.- 481,023.57 297,916.04
66302 Laws 1963—General Service Division 27,616.39 27,616.39
66502 Laws 1965 825,432.72 701,172.08
66575 Laws 1965 -._. 511,327.07 326,469.42
66701 Laws 1967 - _.-. 8,974,547.43
66720 Laws 1967—Governor & Advisory Commission .._. 4,245,000.00
Legislative Building Commission
65912 Laws 1959 ._ 111,416.55 83,850.15
liblic Safety and Regulation:
State Civil Defense Agency
66304 Laws 1963 .._. __.. 29,803.40 20,583.23
North Carolina Department of Motor Vehicles
66111 Laws 1961 .._ _.__ 141,579.33
66361 Laws 1963 ____ 360,259.06 310,822.69
66561 Laws 1965 ..__.. 1,041,524.68 911,054.69
66772 Laws 1967 185,593.71
iVorth Carolina Armory Commission
66303 Laws 1963 - .__. 220,495.31 236,103.17
66705 Laws 1967 _.... 25,000.00
(rrections:
Stonewall Jackson Training School
66122 Laws 1961—Bond—Manual Training &
Industrial School
66506 Laws 1965
66708 Laws 1967
Morrison Training School
65917 Laws 1959
66308 Laws 1963
66508 Laws 1965
66710 Laws 1967
Hastern Carolina Training School
65918 Laws 1959
65965 Laws 1959—Bond (Voted)
66309 Laws 1963
, 66711 Laws 1967 - -
State Training School for Girls
65919 Laws 1959
66125 Laws 1961—Bond—Dobbs Farm
114.68 114.68
25,000.00 120,545.00
651,464.68
3.56 3.56
3,603.86 16.95
9,987.78
340,115.72
2.32 2.32
6.10 6.10
13,909.33 11,700.00
116,816.55
1,782.25 1,782.25
9,984.19 3,655.30
38 Report of State Treasurer
CAPITAL IMPROVEMENT—(Continued
)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
66310 Laws 1963
66712 Laws 1967 -
State Home & Industrial School for Girls
65916 Laws 1959
65964 Laws 1959—Bond (Voted)
66307 Laws 1963 --
66507 Laws 1965
66709 Laws 1967
Leonard Training School
65966 Laws 1959—Bond (Voted)
66713 Laws 1967
Juvenile Evaluation & Treatment Center
65920 Laws 1959
66707 Laws 1967 -
Board of Juvenile Correction
66505 Laws 1965
North Carolina Department of Corrections
65904 Laws 1959 (Own Receipts)
66112 Laws 1961 _-
66311 Laws 1963 --
66510 Laws 1965 -
66511 Laws 1965 -
66174 Laws 1967
177.72 177.75
510,029.9^
2,027.67 2,027.6^
74.65 74.6S
4,581.51 4,581.51
32,255.00 255M
615,548.0C
19.71 19.7^
44,715.41
661.72 661.72
372,611.34
1,137,601.73 246,872.4S
1
35,161.74 24,596.00
245,834.14 131,500.0(
355,952.82 480,455.13
1,299,819.68 l,286,082.3fl!
499,403.12 492,959.67j
4,154,175.00
Public Welfare:
State Commission for the Blind
65967 Laws 1959—Bond (Voted) Rehabilitation
Center 3,730.11 3,730.11
66312 Laws 1963 50.00 50.0fl
66512 Laws 1965 53,883.14 69,309.11
Education:
School Plant Construction and Improvement
66399 Laws 1953 90,960.87 76,586.3^
Industrial Education Centers Equipment
65968 Laws 1959—Bond (Voted) .35
Vocational Textile School
65969 1959—Bond (Voted) 21.89 21.
Public School Facilities Fund
66399 Laws 1963—Bond (Voted) 49,605,787.52 31,195,036.2
Vocational Education Act 1963 I
66337 Laws 1963—Construction .._ 782,519.53 275,988.05
66339 Laws 1963 24,360.65 11,227.21]
Department of Community Colleges i
66530 Laws 1965 - - 1,049,151.84 475,341. 92J
Report of State Treasurer 39
CAPITAL IIVIPROVEMENT—(Continued)
66583 Laws 1965 -
66738 Laws 1967
University of North Carolina at Chapel Hill
65925 Laws 1959 _...
65926 Laws 1959—Division of Health Affairs
65970 Laws 1959—Bond (Voted)
65971 Laws 1959—Bond (Voted)—Division of
Health Affairs
66115 Laws 1961—Enterprises—(Own Receipts)
66127 Laws 1961—Bond—Division of Health Affairs
66128 Laws 1961—Bond—Academic Affairs
66313 Laws 1963—UNC Consolidated _ ._
66314 Laws 1963—UNC—Chapel Hill
66375 Laws 1963—Bond—Health Affairs
66376 Laws 1963—Bond—Academic Affairs - -.-
66514 Laws 1965—Division of Health Affairs
66515 Laws 1965—Academic Affairs .— ._
66565 Laws 1965—University Interprises
66566 Laws 1965 - _.
66567 Laws 1965—Overhead Receipts
66576 Laws 1965—Health Affairs
66577 Laws 1965—Academic Affairs __..
66585 Laws 1965
66721 Laws 1967—UNC (Consolidated)
66722 Laws 1967—UNC Health Affairs
66723 Laws 1967—UNC Academic Affairs
North Carolina State University at Raleigh
65927 Laws 1959
65972 Laws 1959- Bond (Voted)
66129 Laws 1961—Bond -.
66315 Laws 1963
66377 Laws 1963—Bond _ _
66516 Laws 1965 -
66578 Laws 1959
66724 Laws 1967
University of North Carolina at Greensboro
66130 Laws 1961—Bond
66316 Laws 1963—Bond
66378 Laws 1963—Bond
66517 Laws 1965 .-
66725 Laws 1967
University of North Carolina at Charlotte
66327 Laws 1963
66518 Laws 1965 _.
66726 Laws 1967 -.
Cash Balance
June 30, 1967
1,576,318.72
3,030.03
21,568.64
4,717.75
3,584.56
12.13
12,551.27
86,079.43
441,782.48
2,168,134.13
1,775,407.32
30,533.60
6,089,726.02
718,773.20
173,430.70
648,152.48
785,228.00
2,596,073.02
44,299.98
2,000.68
7,987.91
57,872.18
1,625,085.53
632,211.99
469,693.97
2,224,589.27
4,079.42
339,301.41
55,433.36
2,288,642.93
177,458.89
1,014,220.75
Cash Balance
June 30, 1968
302,505.12
1,517,383.71
20,426.20
994.76
3,584.56
12.13
12,551.27
2,348.61
75,836.73
1,163,864.35
153,977.12
24,936.04
5,457,133.83
408,463.00
51,335.23
135,000.00
45,070.97
433,960.66
1,404,122.79
37,760.34
2,036,000.00
746,000.00
8,984,348.98
1,622.70
7,980.02
17,131.46
804,146.01
82,075.49
126,502.97
2,061,368.57
10,928,714.47
227.42
337,971.20
6,130.12
1,569,262.64
6,680,203.70
47,475.87
678,295.82
9,712,923.27
40 Report of State Treasurer
CAPITAL IMl'KO\ EMENT—( Continued
)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
Department of Archives & History
66141 Laws 1961—Bond 6,488.42 5,594.92
66335 Laws 1963 2,481,157.01 937,011.62
66534 Laws 1965 100,159.26 64,300.36
66743 Laws 1967 - - 430,551.09
Elizabeth City State College
65935 Laws 1959 __... 59,954.00 59,954.00
65980 Laws 1959—Bond (Voted) 5,214.26 5,214.26
66137 Laws 1961 -- 6,359.59 6,359.59
66324 Laws 1963 -_.. 286,165.02 361,934.71
66385 Laws 1963—Bond 5,116.28 1,884.53
66525 Laws 1965 - 642,643.92 165,604.64
66733 Laws 1967 264,003.10
Western Carolina University
65931 Laws 1959 _ .__. .._._. ._. 2,000.00 2,000.00
65976 Laws 1959—Bond (Voted) 3,430.70 2,737.36
66133 Laws 1961—Bond _ __._._ 28,203.81 12,721.74
66319 Laws 1963 168,851.59 19,458.62
66381 Laws 1963—Bond .___ 301,332.37 114,393.49
66521 Laws 1965 ...- 1,700,638.74 1,536,848.21
66580 Laws 1965 _.. 25,212.51 24,818.39
66729 Laws 1967 - -. 2,141,730.23
Payetteville State Teachers College
66138 Laws 1961—Bond 665.52 665.52
66323 Laws 1963 123,261.06 50,406.42
66384 Laws 1963—Bond 77,848.43 15,956.26
66526 Laws 1965 - 314,101.37 152,865.02
66734 Laws 1967 --.. 664,184.84
North Carolina School of the Arts
66535 Laws 1965 27,670.00
66742 Laws 1967 1,202,320.00
North Carolina Board of Science & Technology
66336 Laws 1963 2,883.99 4,441.46
East Carolina University
65974 Laws 1959—Bond (Voted) 10,477.75 9,078.62
66317 Laws 1963 140,756.37 13,870.79
66379 Laws 1963—Bond 141,102.95 136,705.17
66519 Laws 1965 2,067,566.32 1,570,659.95
66579 Laws 1965 -_ 1,821,819.69 1.571,234.30
66727 Laws 1967 - 3,946,308.16
"Winston-Salem State College
65934 Laws 1959 , 23,196.53 23,196.53
66136 Laws 1961—Bond -- -- 6,683.16 4,682.66
66322 Laws 1963 120,054.71 70,423.72
66383 Laws 1963—Bond _ 7,275.17 7,275.17
Report of State Treasurer 41
CAPITAL IMPROVEMENT—(Continued)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
66524 Laws 1965 293,982.24 136,111.62
66732 Laws 1967 - 738,049.64
Appalachian State University
65932 Laws 1959 5,505.52 5,505.52
65977 Laws 1959—Bond (Voted) 106,824.61 106,824.61
66134 Laws 1961—Bond ._.. 10,517.00 43.13
66320 Laws 1963 389,387.65 49,495.94
66382 Laws 1963—Bond - - - 484,286.94 88,497.95
66522 Laws 1965 597,261.35 111,018.95
66581 Laws 1965 2,295,101.13 883,142.71
66730 Laws 1967 - -- 2,560,174.14
Pembroke State College
65933 Laws 1959 3,031.61 3,031.61
65978 Laws 1959—Bond (Voted) 2,718.99 2,718.99
66135 Laws 1961—Bond 1,486.69 1,486.69
66321 Laws 1963 21,330.22 21,330.22
66523 Laws 1965 -- 66,366.06 19,584.96
66582 Laws 1965 - 392,249.21 33,181.01
66731 Laws 1967 -- - 379,365.49
Asheville-Biltmore College
66326 Laws 1963 29,611.95 577.64
66528 Laws 1965 11,308.59 39.84
66736 Laws 1967 -- 1,973.743.70
Wilmington College
66328 Laws 1963 2,418.21 800.71
66529 Laws 1965 - 1,535,513.10 523,962.09
66737 Laws 1967 -- 1,483,968.94
College of the Albemarle
66329 Laws 1963 - -- 1,402.12 1,402.12
Mecklenburg College
66330 Laws 1963 255,000.00 25,500.00
North Carolina Agricultural & Technical
State University
65930 Laws 1959 ._ 416.88 416.88
65975 Laws 1959—Bond (Voted) .__. 8,565.80 8,565.80
66132 Laws 1961—Bond -.. _._. 16,502.55 16,502.55
66318 Laws 1963 „ 11,665.42 11,665.42
66380 Laws 1963—Bond 624,805.31 209,019.21
66520 Laws 1965 ___. 204,424.28 145,293.86
66728 Laws 1967 1,130,989.85
North Carolina College at Durham
65937 Laws 1959 22,297.97 4,879.17
66139 Laws 1961—Bond 22,938.32 10,671.22
66325 Laws 1963 726,954.55 13,159.61
66386 Laws 1963—Bond 704.37 704.37
303,627.73 470,832.58
495,368.98
8,510.81 8,510.81
47,114.28 45,831.04
157,914.87
125,497.64 125,497.64
842,123.30 217,633.77
1,683,826.10
10,144.68 10,144.68
2,946.53 10.72
227,171.31 4,199.60
1,524,020.20
42 Report of State Treasurer
CAPITAL IMPROVEMENT—(Continued)
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
66527 Laws 1965
66735 Laws 1967 --
The Governor Morehead School
66332 Laws 1963
66531 Laws 1965 ._.
66739 Laws 1967 ..__
Eastern North Carolina School for the Deaf
66333 Laws 1963
66532 Laws 1965
66740 Laws 1967
North Carolina School for the Deaf
65938 Laws 1959
66334 Laws 1963
66533 Laws 1965
66741 Laws 1967
North Carolina Museum of Art
66744 Laws 1967 53,892.10
Highways:
State Highway Commission
66562 Laws 1965 12,924.83
Non-Highway Transportation:
State Ports Authority
65945 Laws 1959 97,923.42
66338 Laws 1963 119,818.26 65,631.55
66540 Laws 1965 ...- 89,783.38
66584 Laws 1965 1,159,842.48 131,112.96
66750 Laws 1967 4,081,653
Health and Hospitals:
Dorothea Dix Hospital
66145 Laws 1961—Bond 1,037.47
66341 Laws 1963 429,687.24 167,882.52
66541 Laws 1965 208,875.86 218,895.43
66752 Laws 1967 2,079,970.33
Broughton Hospital
65952 Laws 1959 1,497.46
66146 Laws 1961—Bond 4,187.37 4,187.37
66342 Laws 1963 74,102.54 94,025.08
66542 Laws 1965 599.31 599.3lj
66753 Laws 1967 1,764,332.411
Cherry Hospital
65988 Laws 1959—Bond (Voted) 8,599.20 8,599.201
66147 Laws 1961—Bond 28,010.63 23,679.60
66343 Laws 1963 ..- 141,708.50 107,202.43
Report op State Treasurer 43
CAPITAL IMPROVEMENT—( Continued )
66544 Laws 1965 - - .
66755 Laws 1967 -
John Umstead Hospital
66345 Laws 1963
66387 Laws 1963
66546 Laws 1965 --
65990 Laws 1959
66149 Laws 1961 _.
66554 Laws 1965—Alcoholic Rehabilitation Center -..._ 2,698,756.79
66757 Laws 1967 --
North Carolina Sanatorium
66549 Laws 1965
Eastern North Carolina Sanatorium
66349 Laws 1963— (Own Receipts)
North Carolina Cerebral Palsy Hospital
65955 Laws 1959 ....-
66551 Laws 1965
Caswell Center
66150 Laws 1961—Bond _..
66347 Laws 1963 - --
66548 Laws 1965 -
66759 Laws 1967 -
Murdoch Center
65991 Laws 1959—Bond (Voted)
66346 Laws 1963
66547 Laws 1965 -
66758 Laws 1967 - -
Western Carolina Center
65993 Laws 1959—Bond (Voted) -..
66543 Laws 1965 - .-
66754 Laws 1967
O'Berry Center
65989 Laws 1959—Bond (Voted)
66148 Laws 1961—Bond
66344 Laws 1963
66545 Laws 1965 -
66756 Laws 1967
North Carolina Orthopedic Hospital
66151 Laws 1961—Bond
66348 Laws 1963
66550 Laws 1965
Western North Carolina Sanatorium
66760 Laws 1967 _..
Medical Care Commission
66340 Laws 1963
ash Balance Cash Balance
line 30, 1967 June 30, 1968
417,699.09 73,416.06
2,458,772.05
50,334.78 39,133.09
21,461.40 467.97
726,310.26 673,970.49
128.44 128.44
268,766.23 92,643.34
1,807,901.84
2,304,431.77
60,337.05 1,600.17
2,717.56 2,717.56
197.61 197.61
3,516.67 3,516.67
1,284.00 1,284.00
604,622.12 604,340.83
223,661.25 47,033.48
546,759.98
84,381.44 76,506.53
129,548.40 109,348.38
26,323.12 17,021.21
260,399.27
13,170.35 7,094.74
1,791,764.02 564,574.04
1,633,000.00
2,284.86 1,765.74
249,91 249.91
123,070.06 149,163.77
177,000.00
963,417.98
1,690.00 1,690.00
10,401.85 10,401.85
1,670.64 1,670.64
135,000.00
813,296.68 475,580.03
44 Report of State Treasurer
CAPITAL IMPROVEMENT—( Continued )
Cash Balance Cash Balance
June 30, 1967 June 30, 1968
66552 Laws 1965 213,155.00 213,155.00
66751 Laws 1967 -- -- - 2,100,000.00
Natural Resources and Recreation:
Department of Conservation & Development
65958 Laws 1959 -.- 65,886.39 44,809.65
65959 Laws 1959—Kerr Reservoir Development
Commission 61.68 61.68
66106 Laws 1961—Kerr Reservoir Development
Commission 2,304.97 422.02
66350 Laws 1963 - 379,476.23 311,374.50
66351 Laws 1963 16,207.85 8,936.05
66555 Laws 1965 526,985.55 367,628.63
66556 Laws 1965 19.19 10.60
66353 Laws 1963—Restoration of Tryon Palace
(Own Receipts) 5,835.66 2,342.30
66765 Laws 1967 878,573.64
66766 Laws 1967—Kerr Reservoir Development
Commission 143,500.00
Department of Administration
66107 Laws 1961—Fort Raleigh National
Historic Site 34,896.13 9,762.72
66117 Laws 1961—Wright Memorial Park Air Strip ... 6,927.48 6,680.25
"Wildlife Resources Commission
66116 Laws 1961—Own Receipts 47,703.88 39,716.75
66367 Laws 1963—Own Receipts 4,193.00 2,728.36
66570 Laws 1965 81,530.71 113,240.36
66775 Laws 1967 318,327.89
Department of Water and Air Resources
65960 Laws 1959 47,571.27 47,897.47
66352 Laws 1963 ...- 295,194.59 249,590.58
66767 Laws 1967 727,000.00
Agriculture:
Department of Agriculture
65961 Laws 1959 367.60 367.60
66108 Laws 1961 .33 .33
66354 Laws 1963 19,040.63 3,547.11
66558 Laws 1965 49,158.57 35,239.41
66770 Laws 1967 459,030.45
North Carolina State University—Experiment Station
66355 Laws 1963 2,746.49 1,398.77
66559 Laws 1965 919,335.01 171,712.98
65994 Laws 1959—Voted 70.69 70.69
66771 Laws 1967 1,277,940.88
Bond and Note Sales—Premium & Accrued Interest 287,839.47
TOTAL ...-_ .$119,370,854.63 $174,697,993.31
Report of State Treasurer
bonded indebtedness
45
GENERAL FUND
Capital Improvements
State Ports Facilities (Note 2).
Public School Facilities
Date Average Balance
of Interest Outstanding
Issue Cost June 30, 1967 June 30, 1968
(Note 1)
. 7-1-53 2.305% $ 8,550,000 $ 7,950,000
12-1-53 2.308 3,875,000 3,260,000
4-1-55 1.964 5,500,000 5,000,000
5-1-59 3.245 2,000,000 1,850,000
11-1-59 3.291 7,400,000 6,900,000
5-1-60 3.014 6,800,000 6,300,000
11-1-60 2.860 8,100,000 7,700,000
8-1-61 2.976 13,000,000 12,200,000
10-1-63 2.834 20,400,000 19,800,000
3-1-66 3.249 16,220,000 15,720,000
$ 91,845,000 $ 86,680,000
10-1-50 1.413%
1.413%
$ 1,020,000 $ 690,000
10-1-50 3,420,000 2,300,000
12-1-53 2.038 7,075,000 5,950,000
10-1-54 1.684 1,925,000 1,650,000
11-1-57 2.393 6,300,000 5,900,000
5-1-58 2.750 10,700,000 10,100,000
9-1-65 3.000 24,000,000 23,500,000
3-1-66 3.473 35,000,000 34,300,000
3-1-67 3.416 40,000,000 39,000,000
$128,420,000 $122,700,000
46 Report of State Treasurer
BONDED INDEBTEDNESS—(Continued)
Sinking Fund Bonds (Note 3) 4-1-30
Total General Fund
Date Average Balance
of Interest Outstanding
Issue Cost June 30, 1967 June 30, 1968
(Notel)
4.250 % $ 1,250,000 $ 200,000
-1-31 4.000 4,244,000
$ 5,494,000
$226,779,000
$ 200,000
$210,270,000
HIGHWAY FUND
Secondary Road Bonds (Note 4)___ ._ 7-1-49 1.577% $ 4,200,000 $ 4,200,000 '..
1-1-50 1.577 8,650,000 4,400,000
1-1-51 1.944 23,150,000 15,600,000 1
$ 36,000,000 $ 24,200,000
j
Highway Bonds __ 2-1-67 3.204% $ 60,000,000 $ 45,000,000 ;,
8-1-67 3.686 60,000,000 '
$ 60,000,000
$ 96,000,000
$322,779,000
$105,000,000
$129,200,000
$339,470,000
Total Highway Fund
Total Bonded Indebtedness (Note 5)
NOTES:
(1) July 1st maturities shown as retirements in previous year—the year in which funds
were appropriated.
(2) The net earnings of the Ports Authority, after certain reservations for operating
capital and enlargements, are to be credited to the State Ports Bond Sinking Fund
for the payment of both principal and interest.
(3) Payable from funds set aside under Sinking Fund Act of 1945 from State's accumu-lated
General Fund Surplus ($51,585,079) to provide for the payment of the General
fund bonded indebtedness outstanding at that time.
(4) The Highway Fund Bonds have a 1<^ per gallon gasoline tax pledged exclusively to
pay both principal and interest.
(5) Not included in this figure are $180,000,000 Highway Construction Bonds authorized
and unissued.
Report of State Treasurer 47
STATE OF NORTH CAROLINA
ANNUAL DEBT REQUIREMENTS
From July 1 , 1 968
(July 1, maturities of principal and interest are Included in
preceding fiscal years)
GENERAL FUND BONDS
Payable from Sinking Fund Payable from Revenue
Fiscal Principal Principal Principal Principal
Year & Interest & Interest
1968-69 $ 50,000 $ 58,500 $ 11,480,000 % 17,773,448
1969-70 50,000 56,375 11,780,000 17,774,222
1970-71 50,000 54,250 12,080,000 17,757,503
1971-72 50,000 52,125 12,365,000 17,711,260
1972-73 12,870,000 17,876,030
1973-74 13,125,000 17,776,352
1974-75 13,500,000 17,778,690
1975-76 13,970,000 17,794,615
1976-77 14,300,000 17,703,000
1977-78 14,900,000 17,849,450
1978-79 15,400,000 17,869,000
1979-80 15,800,000 17,766,550
1980-81 16,300,000 17,816,450
1981-82 13,500,000 14,511,550
1982-83 6,300,000 6,892,250
1983-84 5,200,000 5,595,500
1984-85 5,200,000 5,415,250
1985-86 2,000,000 2,035,000
1986-87
1987-88
$200,000 $221,250 $210,070,000 $265,696,120
48 Report of State Treasurer
STATE OF NORTH CAROLINA
ANNUAL DEBT REQUIREMENTS
From July 1, 1968
(July 1, maturities of principal and interest are included in
preceding fiscal years)
HIGHWAY FUND BONDS
Highway Bonds of 1965 Secondary Road Bonds
Principal Principal Principal Principal Fiscal
d Interest d Interest Year
$ 15,000,000 $ 18,507,000 $12,000,000 $12,368,250 1968-69
7,000,000 10,007,000 12,200,000 12,386,250 1969-70
5,000,000 7,787,000 1970-71
5,000,000 7,607,000 1971-72
5,000,000 7,433,000 1972-73
5,000,000 7,264,500 1973-74
5,000,000 7,097,500 1974-75
5,000,000 6,930,500 1975-76
5,000,000 6,763,500 1976-77
5,000,000 6,595,000 1977-78
5,000,000 6,425,000 1978-79
4,000,000 5,273,000 1979-80
4,000,000 5,137,000 1980-81
4,000,000 4,999,500 1981-82
4,000,000 4,860,500 1982-83
5,000,000 5,721,500 1983-84
5,000,000 5,550,500 1984-85
5,000,000 5,379,500 1985-86
5,000,000 5,208.500 1986-87
2,000,000 2,037,500 1987-88
$105,000,000 $136,584,500 $24,200,000 $24,754,500
NOTE: $60,000,000 Highway Bond Anticipation Notes due
July 31, 1969 not shown above.
Report of State Treasurer 49
statement op securities held in trust
Par Value Par Value
June 30, 1967 June 30, 1968
ESCRIPTION
E3CURITIES HELD IN SAFEKEEPING
Atlantic & East Carolina Railroad ._. $ 50,000.00 $ 50,000.00
Atlantic & North Carolina Railroad Company 78,300.00 78,300.00
Dorothea Dix Hospital—Patients Fund -__ ._ ..._ 61,000.00 81,000.00
General Fund Bonds—Sinking Fund of 1945 5,279,000.00 277,000.00
Law Enforcement Officers' Benefit & Retirement Fund .. 36,813,000.00 40,336,500.00
Local Governmental Employees Retirement System:
Bonds & Notes - -- 77,619,000.00 90,827,000.00
Common Stock—at cost .__ 4,725,214.88 5,844,115.18
Medical Care Commission 871,086.95 1,079,144.56
North Carolina Department of Agriculture:
Cooperative Inspection _. 40,000.00 40,000.00
State Warehouse System 643,735.49 705,731.01
North Carolina Department of Insurance
—
Workmen's Comp. Security .__.__ 1,166,000.00 1,166,000.00
Public School Insurance Fund 3,350,000.00 3,750,000.00
State Board of Education:
Literary Loan Fund -_ _ 3,739,400.00 3,050,205.00
Rodman Trust Fund 45,311.42 80,780.70
Prospective Teachers Loan Fund 3,097,195.27 3,415,715.14
State Property Fire Insurance Fund -- 3,700,000.00 3,800,000.00
Teachers & State Employees' Retirement System:
Bonds & Notes .- 545,883,862.35 630,480,084.50
Common Stockfe-at cost -.... 42,526,931.33 52,597,034.33
North Carolina Firemen's Pension Fund 1,750,000.00 2,400,000.00
North Carolina Education Assistance Authority 300,000.00 706,000.00
$731,739,037.69 $840,764,610.42
50 Report of State Treasurer
STATEMENT OF SECURITIES HELD IN TRUST—(Continued)
Par Value Par Value
June 30, 1967 June 30, 1968
SECURITIES HELD AS GOOD FAITH DEPOSITS:
North Carolina Department of Agriculture $ 9,175.00 $ 8,675.00
North Carolina Department of Insurance 34,896,720.00 36,568,700.00
North Carolina Department of Motor Vehicles 100.00 100.00
North Carolina Department of Revenue 418,911.00 398,911.00
North Carolina Industrial Commission 1,011,000.00 966,000.00
$ 36,335,906.00 $ 37,942,386.00
SECURITIES OWNED BY THE STATE:
(Other than temporary investments of Treasurer's cash balances)
North Carolina Railroad Company (30,002 Shares) $ 3,000,200.00 $ 3,000,200.00j
Atlantic & North Carolina 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 Railroad Company (2,648 Shares) -.. 132,400.00 132,400.00
Elkins & Alleghany Railroad 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. Railroad 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
^m-
Report of State Treasurer 51
general. fund
statement op revenues and expenditures
(As Prepared from Records of Director of Budget)
Years Ended June 30, 1967 and 1968
REVENUES: 1967 • 1968
Income Taxes:
Individuals $188,561,766 $216,546,972
Domestic Corporations 49,906,936 47,286,992
Foreign Corporations 46,338,845 47,358,857
$284,807,547 $311,192,821
Sales taxes __ 201,641,570 216,173,811
Franchise taxes 45,725,033 51,674,292
Bevarage taxes 25,677,593 22,666,347
Inheritance taxes 12,144,523 14,165,345
Licenses 8,281,605 7,802,359
Gift taxes 1,086,156 867,733
Insurance taxes 22,076,520 23,928,805
Bank excise taxes 1,594,844 1,767,962
Savings and loan taxes 1,920,247 1,965,940
Freight cars 109,021 132,160
Miscellaneous 140,301 145,017
Total Under Revenue Act 605,204,960 652,482,592
Non-tax revenues:
Income from Treasurer's Investments 12,337,612 19,266,180
Gasoline & oil inspection fees 1,287,387 1,466,988
Other 4,879,520 5,983,168
Total Revenues 623,709,479 679,198,928
EXPENDITURES:
General government - 19,823,754 19,455,501
Public safety and regulations 4,372,028 4,870,232
Correction 18,611,548 21,585,245
Public Welfare 18,556,033 20,081,606
Education 374,744,151 421,971,697
Non-highway transportation 203,561 208,396
Health and hospitals 49,371,675 56,826,123
Natural resources and recreation 5,893,274 6,725,079
Agriculture 10,863,119 12,003,018
Retirement and pensions 46,641,637 62,747,783
Debt service 16,114,637 17,517,958
Capital improvement 112,356,788
Total Expenditures 565,195,417 756,349,426
Excess revenue or (expenditures) 58,514,062 (77,150,498)
Cash balance at beginning of year 114,166,250 172,680,312
Cash balance at end of year $172,680,312 $ 95,529,814
52 Report of State Treasurer
highway funds
statement of revenues and expenditures
(As Prepared from Records of Director of Budget)
Years Ended June 30, 1967 and 1968
REVENUES:
State Revenues: 1967 1968
Gasoline gallon tax $119,615,164 $125,038,346
Gasoline gallon tax-highway usage __. 913,004 926,085
Gasoline gallon tax-one cent debt service 20,899,023 21,948,400
Bus and franchise taxes 8,065,155 8,650,985
Motor Vehicle registrations 38,411,640 40,322,735
Gasoline inspection fees - 5,118,904 5,345,550
Title fees ..._ _ 1,788,230 1,825,267
Penalties 731,343 757,892
Miscellaneous 170,895 194,344
195,713,358 205,009,604
Interest on Treasurer's Investments — 5,841,357 9,420,810
Total State Revenues 201,554,715 214,430,414
Federal aid participation 60,380,359 60,242,608
Cities and towns participation 1,083,215 1,064,202
Property owners participation 591,612 864,438
Total Revenues 263,609,901 276,601,662
EXPENDITURES:
Public safety and regulation 16,051,977 19,283,888
Education 2,054,174 2,044,389
Highways 200,429,342 217,852,350
Retirements and pensions 6,387,005 7,211,067
Debt service 13,581,875 31,459,768
Total Expenditures 238,504,373 277,851,462
Excess revenue or (expenditures) 25,105,528 (1,249,800)
Cash balance at beginning of year 70,695,831 95,801,359
Cash balance at end of year ....,,,,,,„,,.,,,,,„,_ $ 95,801,359 $ 94,551,559
Report of State Treasurer
earnings from treasurer's investments
5S
Year Ending Fund Credited Total
June 30th General Fund Highway Fund Earning
1949 $ 355,718.70 $ 355,718.70
1950 1,565,364.60 1,565,364.60
1951 3,182,816.43
3,711,530.66
3,182,816.43
1952 3,711,530.66
1953 3,383,700.58
2,800,431.54
3,383,700.58
1954 2,800,431.54
1955 2,069,387.66 2,069,387.66
1956 2,074,700.74 2,074,700.74
1957 3,124,660.97
4,064,535.14
3,361,305.61
3,124,660.97
1958 4,064,535.14
1959 3,361,305.61
1960 5,114,916.67
6,906,905.93
4,802,526.98
5,114,916.67
1961 6,906,905.93
1962 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 11,059,454.10
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 19,266,179.59 9,420,810.33 28,686,989.92
Totals $107,517,590.00 $ 27,732,798.90 $135,250,388.90
54 Report of State Treasurer
secondary road bond reserve of highway funds
Year Ending Receipts from Debt Fund
June 30th 1^ Gas Tax Requirements Balance
1950 $ 3,932,540 $ 673,041 $ 3,259,499
1951 9,508,062 8,319,250 4,448,311
1952 10,036,362 9,594,625 4,890,048
1953 10,824,684 8,935,250 6,779,482
1954 11,118,979 12,645,750 5,252,711
1955 11,742,992 12,472,063 4,523,640
1956 12,748,401 12,291,375 4,980,666
1957 13,289,465 12,158,313 6,111,818
1958 13,427,098 12,174,250 7,364,666
1959 14,203,998 12,238,000 9,330,664
1960 14,781,505 12,249,563 11,862,606
1961 15,531,212 12,259,250 15,134,568
1962 16,106,413 12,316,750 18,924,321
1963 16,800,103 12,312,063 23,412,271
1964 17,534,904 12,355,188 28,591,987
1965 18,484,491 12,386,750 34,689,728
1966 19,595,137 12,356,875 41,927,990
1967 7,586,573* 12,381,875 37,132,688
1968 12,378,188 24,754,500
1969 12,368,250 12,386,250
1970 12,386,250
HIGHWAY BOND RESERVE OF HIGHWAY FUNDS
1967 13,312,450 13,312,450
1968 21,948,400 17,054,000 16,206,850
1969 18,507,000
*Amount necessary together with the fund balance to provide for the re-tirement
of the bonds outstanding. (The remaining proceeds of the tax
levy for the fiscal year 1967 and subsequent years are similarly earmarked
to service the new highway bonds which were authorized in 1965).
Report of State Treasurer
interest rates on certificates of deposit
55
Effective Date Rate Effective Date Rate
October 6, 1953 1.75% January 16, 1961 2.50%
February 4, 1954 1.50 December 12, 1961 3.00
November 19, 1954 1.25 July 5, 1963 3.25
March 2, 1955 1.50 July 18, 1963 3.50
April 16, 1955 1.75 November 27, 1963 3.75
August 9, 1955 2.00 November 30, 1964 4.00
September 9, 1955 2.25 September 25, 1965 4.20
November 29, 1955 2.50 December 7, 1965 4.50
October 1, 1956 NA January 6, 1966 4.75
January 3, 1958 3.00 July 14, 1966 5.00
January 27, 1958 2.625 August 24, 1966 5.50
February 17, 1958 2.00 December 20, 1966 5.125
April 9, 1958 1.50 January 18, 1967 4.875
June 17, 1958 1.25 March 12, 1967 4.50
August 8, 1958 1.625 March 24, 1967 4.25
August 15, 1958 2.00 April 27, 1967 4.00
August 27, 1958 2.50 July 21, 1967 4.75
September 16, 1958 2.75 September 27, 1967 5.125
December 12, 1958 3.00 November 27, 1967 5.50
June 5, 1959 NA February 6, 1968 5.25
April 5, 1960 3.00 March 19, 1968 5.50
April 13, 1960 NA April 23, 1968 5.75
May 13, 1960 3.00 May 23, 1968 6.00
August 10, 1960 2.50 June 24, 1968 5.75
September 21, 1960 2.75
NA—Indicates period during which the current interest rate on U. S. Treas-ury
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)
56 Report of State Treasurer
OBJECTIVES
All State funds constitute a trust in the hands of the Treasurer
for the benefit of the people of North Carolina. It is the duty
of the Treasurer to make certain that such trust is kept accord-ing
to law. It is the duty of the Treasurer
:
(a) To manage the monetary assets of the State in an ef-ficient
and business-like manner;
(b) To finance the State's debt at the lowest possible interest
cost;
(c) To lend the facilities and talents of his office to the fis-cal
problems of other State agencies and institutions ; and
(d) To advise and assist local government officials to attain
better and more efficient financial management of all re-sources
in their communities.
FUNCTIONS
The Treasurer serves as the official depository for all funds
belonging to the State. Pending the lawful expenditure of
monies collected, the Treasurer serves as an investor. The
Treasurer also serves as safekeeping agent for State depart-ments,
fiscal consultant, trustee to bondholders and manager of
the State debt. As Director of Local Government, he is re-sponsible
for administration of local units' long-term debt, and
advising local officials and independent auditors of ways and
means to attain higher standards of accounting, financial re-porting
and auditing.
PROGRAMS
In the management of the cash funds of the State, the Treas-urer
follows these procedures:
(a) Designates the bank depositories for use by the agencies
and institutions receiving monies belonging to the State
and maintains records of depository bank accounts
;
(b) Acts as paying agent for the expenditure of funds as
authorized by the Director of the Budget
;
Report of State Treasurer 57
(c) Maintains records on cash basis of General Ledger ac-counts
;
(d) Maintains records of escrow securities for State deposits;
(e) Invests all funds not immediately needed
;
(f) Acts as investment officer for all trust funds on deposit
with the State Treasurer.
In the administration of the State's bonded indebtedness pro-gram
the Treasurer follows these procedures:
(a) Serves as issuing officer for the State when issuing bonds
pledging the faith and credit of the State
;
(b) Serves as paying agent for the maturing bond principal
and interest applicable to all bonds previously issued and
outstanding
;
(c) Maintains books and records reflecting current status of
all bonds outstanding.
The Treasurer lends the facilities and talents of his office to
provide fiscal assistance to other State agencies and institutions
:
1. By provision of Constitution:
(a) Council of State (member)
(b) Board of Education (member)
2. By act of the General Assembly
(a) Banking Commission (Chairman)
(b) Local Government Commission (Chairman)
(c) Tax Review Board (Chairman)
(d) Retirement System for Teachers and State Employees
(Chairman)
(e) Retirement System for Local Government Employees
(Chairman)
(f) Retirement System for Law Enforcement Officers
(member)
58 Report of State Treasurer
As Director of Local Government, the Treasurer follows these
procedures
:
1. In the administration of local government bonded indebted-ness
program, the Treasurer, acting as Director of Local
Government, follows these procedures:
(a) Studies applications for approval of proposed bonds,
and approves, recommends changes, or rejects such
applications;
(b) Prepares announcements of bond sales containing fi-nancial
statements and other data of prime interest
to prospective investors in the bonds
;
(c) Conducts the sale and makes delivery of the bonds;
and
(d) Maintains debt ledgers and informs local officials
semi-annually of principal and interest payments com-ing
due.
2. In the accounting advisory area of service, the Director
of Local Government follows these procedures:
(a) Approves audit contracts;
(b) Receives, reviews and files audit reports
;
(c) Approves bills for audit fees;
(d) Publishes data useful to local accountants and their
independent auditors for better conformity with gen-erally
accepted standards and principles of accounting,
auditing and reporting; and
(e) Upon request of local officials, offers advice to unit
accountants and their independent auditors in solving
accounting system problems.
Report of State Treasurer 59
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