State of Connecticut

Net Assets by Component
Last Seven Fiscal Years
(Expressed in Thousands)
  2002 2003 2004 2005 2006 2007 2008
Governmental Activities:              
Invested in Capital Assets, Net of Related Debt $2,348,364 $2,622,372 $3,264,134 $3,294,888 $3,469,145 $4,269,038 $4,930,749
Restricted 1,231,415 1,233,992 1,686,089 1,324,933 1,496,693 1,384,938 1,641,377
Unrestricted (8,196,738) (9,203,348) (10,390,481) (10,010,444) (10,041,840) (10,497,613) (13,460,055)
Total Governmental Activities Net Assets $(4,616,959) $(5,346,984) $(5,440,258) $(5,390,623) $(5,076,002) $(4,843,637) $(6,887,929)
Business-Type Activities:              
Invested in Capital Assets, Net of Related Debt $1,847,526 $2,092,633 $2,209,541 $2,314,139 $2,407,382 $2,455,118 $2,578,856
Restricted 1,846,132 1,650,045 1,409,915 1,568,559 1,704,585 1,871,568 1,757,846
Unrestricted 106,375 132,394 40,461 115,901 179,171 274,411 347,778
Total Business-Type Activities Net Assets $3,800,033 $3,875,072 $3,659,917 $3,998,599 $4,291,138 $4,601,097 $4,684,480
Primary Government:              
Invested in Capital Assets, Net of Related Debt $4,195,890 $4,715,005 $5,473,675 $5,609,027 $5,876,527 $6,724,156 $7,509,605
Restricted 3,077,547 2,884,037 3,096,004 2,893,492 3,201,278 3,256,506 3,399,223
Unrestricted (8,090,363) (9,070,954) (10,350,020) (9,894,543) (9,862,669) (10,223,202) (13,112,277)
Total Primary Government Net Assets $(816,926) $(1,471,912) $(1,780,341) $(1,392,024) $(784,864) $(242,540) $(2,203,449)

Notes: The State did not begin reporting government-wide statements until it implement GASB Statement 34 in fiscal year 2002. The governmental activities have a deficit in unrestricted net asset mainly because the State recognized in the Statement of Net Assets the following long-term obligations:
1. General obligation bonds which were issued to finance various grant programs of the State, such as school construction and municipal aid.
2. Other long-term obligations which the State has partially funded or not funded. For example, net pension obligation, compensated absences obligation, etc.