State of Connecticut

Notes to the Financial Statements

June 30, 2009

Note 22 Restatement of Fund Balance/Net Assets and Restricted Assets

As of June 30, 2009, the beginning net assets/fund balances for the following funds and activities were restated as follows (amounts in thousands):

Balance Correction Balance
6-30-08 of 6-30-08
Previously Reported as
Reported Assets/Liabilites Restated
Governmental Funds and Activities
Major Funds:
Restricted Grants and Accounts $ 666,022 $ (49,644) $ 616,378
Total Governmental Funds $ 3,120,784 $ (49,644) $ 3,071,140
Governmental Activites:
Capital Assets $ 10,045,466 $ (17,332) $ 10,028,134
Net Assets of Governmental Activites $ (6,887,929) $ (66,976) $ (6,954,905)
Proprietary Funds and Business-Type Activites
Major Funds:
State Universities $ 754,043 $ (21,652) $ 732,391
Total Proprietary Funds $ 4,684,480 $ (21,652) $ 4,662,828
Net Assets of Business-Type Activites $ 4,684,480 $ (21,652) $ 4,662,828

The beginning fund balance of the Restricted fund, a governmental fund, was adjusted to correct an overstatement in the balance of accounts receivable reported last year.

The beginning net asset balance of governmental activities was adjusted to correct a net overstatement in the balance of capital assets reported last year.

The beginning net assets balance of the State Universities fund, a proprietary fund, was adjusted to reflect the cumulative effect of a change in the depreciation method for library books, a capital asset.

As of June 30, 2009, the government-wide statement of net assets reported $3,088 of restricted net assets, of which $300 million was restricted by enabling legislation.