Maryland Main Street

Continued from previous divider page.

Tke postwar years uncapped, aMaryland society itching to
grow, Farm production rose. Construction materials poured back into
the private sector. Tkousands of veterans, armed with G. I. Bill
mortgage loans, fueled a housing boom.

Marylanders

began earning more

and spending more.

State income fax
receipts nearly

doubled from tke $10.5 million collected in fiscal year 1940 to the
$19.4 million received by fiscal year 1948. Per capita income rose
59% within five years after V-J Day, from $1,272 to $1,769.

As wealth increased, so did fax revenues - along with demands
for services. Spending for education more than doubled between 1940
to 1948, from $15.1 million to $36.7 million. Tke General Assem-
bly of 1940 authorized the Board of Public Works to issue a $2
million bond to build a new state office building in Baltimore. The
$60 million spent on social services in 1945 was destined to nearly
quadruple within five years.

As legislators responded to the widening needs of a growing
state, budgets began to grow. Successful financial management of
public money became essential for government leaders facing mush-
rooming responsibilities in a hard-won era of freedom and prosperity.

To encourage and teach others kow to practice successful
financial reporting,the Governmenf Finance Officers Association
established the Certificate of Achievement for Excellence in Finan-
cial Reporting in 1945.