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, 2005, and June 30, 2004, are as follows:

    Fiscal Year Ended June 30,
    (In Thousands)
 
    2005 2004
General Fund    
Taxes:    
Sales and Use   $ 376,480 $ 346,771
Personal Income   356,336 300,437
Public Service Corporations   48,945 45,572
Corporation   37,667 27,869
Petroleum Companies   52,082 42,261
Real Estate Conveyance   28,276 27,608
Cigarettes   16,098 16,380
Alcoholic Beverages   4,464 4,341
Estate Tax   3,189 -
Indian Gaming Payments     33,815 32,438
 
  Total General Fund 957,352 843,677
 
Transportation Fund    
Gasoline   34,721 31,985
Special Motor Fuel   6,438 6,151
Motor Carrier Road   1,245 898
 
  Total Transportation Fund 42,404 39,034
 
Totals   $ 999,756 $ 882,711