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.

Expenditures are charged against appropriations of the year in which they are paid.

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, 2004, and June 30, 2003, are as follows:

Fiscal Year Ended June 30,
(In Thousands)
2004 2003
General Fund
Taxes:
Sales and Use $ 346,771 $ 334,610
Personal Income 300,437 294,825
Public Service Corporations 45,572 43,385
Corporation 27,869 22,276
Petroleum Companies 42,261 27,819
Real Estate Conveyance 27,608 17,833
Cigarettes 16,380 14,494
Alcoholic Beverages 4,341 4,078
Indian Gaming Payments 32,438 33,139
Total General Fund 843,677 792,459
Transportation Fund
Gasoline 31,985 32,358
Special Motor Fuel 6,151 5,767
Motor Carrier Road 898 1,311
Total Transportation Fund 39,034 39,436
Totals $ 882,711 $ 831,895