State of Connecticut

Notes to the Financial Statements

June 30, 2008

Note 17 Long-Term Debt

a) The following is a summary of changes in long-term debt of the primary government for the year ended June 30, 2008, (amounts in thousands):

Balance Balance Amounts due
Governmental Activities June 30, 2007 Additions Reductions June 30, 2008 within one year
Bonds:
General Obligation $ 10,596,581 $ 3,669,708 $ 1,173,719 $ 13,092,570 $ 885,204
Transportation 2,822,585 250,000 281,903 2,790,682 282,978
13,419,166 3,919,708 1,455,622 15,883,252 1,168,182
Plus/(Less) premiums and
deferred amounts 301,824 65,679 19,275 348,228 19,621
Total Bonds 13,720,990 3,985,387 1,474,897 16,231,480 1,187,803
Other Liabilities:
Net Pension Obligation 3,827,916 1,332,171 3,243,550 1,916,537 -
Net OPEB Obligation - 1,718,862 484,467 1,234,395 -
Compensated Absences 474,062 43,556 35,654 481,964 33,134
Workers' Compensation 382,128 115,558 85,067 412,619 81,846
Capital Leases 56,244 437 4,933 51,748 5,003
Claims and Judgments 7,580 6,567 512 13,635 8,094
Contracts Payable & Other 4,057 - 2,940 1,117 -
Total Other Liabilities 4,751,987 3,217,151 3,857,123 4,112,015 128,077
Governmental Activities Long-Term
Liabilities $ 18,472,977 $ 7,202,538 $ 5,332,020 $ 20,343,495 $ 1,315,880
In prior years, the General and Transportation funds have been used to liquidate other liabilities.
Business-Type Activities
Revenue Bonds $ 1,577,723 $ 5,790 $ 225,429 $ 1,358,084 $ 90,288
Plus/(Less) premiums, discounts and
deferred amounts 24,733 544 5,498 19,779 99
Total Revenue Bonds 1,602,456 6,334 230,927 1,377,863 90,387
Lottery Prizes 265,774 7,082 40,573 232,283 38,085
Compensated Absences 127,588 41,566 39,149 130,005 35,418
Other 171,153 6,353 14,537 162,969 12,306
Total Other Liabilities 564,515 55,001 94,259 525,257 85,809
Business-Type Long-Term Liabilities $ 2,166,971 $ 61,335 $ 325,186 $ 1,903,120 $ 176,196

b) As of June 30, 2008, long-term debt of component units consisted of the following (amounts in thousands):

Long-Term Balance Amounts due
Debt June 30, 2008 within year
Bonds Payable $ 3,820,318 $ 112,428
Escrow Deposits 182,808 67,677
Closure of Landfills 60,818 12,216
Due to State 5,057 -
Deferred Revenue 3,745 1,020
Other 19,076 408
Total $ 4,091,822 $ 193,749