State of Connecticut

ACCOUNTING BASIS OF THE REPORT

This report has been prepared on a modified cash basis of accounting, consistent with the prior fiscal year, except as noted in the following paragraph.

Expenditures are charged against appropriations of the year in which they are paid. However, for fiscal year 2002, Public Act 02-1 of the May special session authorized certain fiscal year 2003 expenditures totaling $85.032 million to be accrued to the prior fiscal year.

Revenues are recognized when received except, in the General and Transportation Funds, for certain accrued taxes and Indian gaming payments and for Federal and other restricted grant revenues which are recognized when earned. The amount of accrued taxes and Indian gaming payments recorded at June 30, 2002, and June 30, 2001, are as follows:

Fiscal Year Ended June 30,
(In Thousands)
2002 2001
General Fund
Taxes:
Sales and Use $ 403,725 $ 416,482
Personal Income 234,001 230,375
Public Service Corporations 32,146 34,651
Corporation 19,363 25,296
Petroleum Companies 24,949 30,152
Cigarettes 11,363 8,177
Alcoholic Beverages 5,915 6,196
Indian Gaming Payments 30,817 29,261
Total General Fund 762,279 780,590
Transportation Fund
Gasoline 32,895 31,897
Special Motor Fuel 3,862 3,995
Motor Carrier Road 412 590
Total Transportation Fund 37,169 36,482
Totals $ 799,448 $ 817,072