State of Connecticut

Notes to the Financial Statements

June 30, 2010

Note 17 Long-Term Debt

The following is a summary of changes in long-term debt of the primary government for the year ended June 30, 2010, (amounts in thousands): 

  Balance         Balance  Amounts due
Governmental Activities   June 30, 2009   Additions   Reductions   June 30, 2010   within one year
Bonds:
General Obligation    $13,443,525   $1,496,445   $1,347,262    $13,592,708    $1,001,780
Transportation    2,817,015    549,775    336,305    3,030,485    271,330
   16,260,540    2,046,220    1,683,567    16,623,193    1,273,110
Plus/(Less) premiums and
deferred amounts    420,036    162,227    55,685    526,578    96,017
Total Bonds    16,680,576    2,208,447    1,739,252    17,149,771    1,369,127
Long-Term Notes    228,160    1,268,880    353,085    1,143,955    228,160
Other L/T Liabilities:
Net Pension Obligation    2,020,664    1,521,306    1,279,750    2,262,220    -
Net OPEB Obligation    2,542,958    2,464,984    567,239    4,440,703    -
Compensated Absences    502,667    28,494    8,397    522,764    18,098
Workers' Compensation    459,778    109,601    108,783    460,596    96,598
Capital Leases    47,129    -    5,427    41,702    2,198
Claims and Judgments    43,690    18,745    2,146    60,289    2,117
Liability on Interest Rate Swaps    -    27,817    -    27,817    -
Contracts Payable & Other    705    -    -    705    -
Total Other Liabilities    5,617,591    4,170,947    1,971,742    7,816,796    119,011
Governmental Activities Long-Term Liabilities    $22,526,327   $7,648,274   $4,064,079    $26,110,522    $1,716,298
In prior years, the General and Transportation funds have been used to liquidate other liabilities.
Business-Type Activities
Revenue Bonds    $1,601,797    $47,545    $150,965    $1,498,377    $107,953
Plus/(Less) premiums, discounts and deferred amounts    32,282    8,410    (83)    40,775    163
Total Revenue Bonds    1,634,079    55,955    150,882    1,539,152    108,116
Lottery Prizes    203,967    10,714    33,537    181,144    31,190
Compensated Absences    134,649    34,090    21,299    147,440    41,736
Federal Loans Payable    -    498,453    -    498,453    -
Other    186,268    26,402    18,757    193,913    22,804
Total Other Liabilities    524,884    569,659    73,593    1,020,950    95,730
Business-Type Long-Term Liabilities    $2,158,963    $625,614    $224,475    $2,560,102    $203,846


The liability for claims and judgments (Governmental Activities) includes a pollution remediation liability of approximately $56.2 million. This liability represents the State's share of the cost of cleaning up certain polluted sites in the state under federal and state superfund regulations. The liability was estimated using the cash flow technique.

As of June 30, 2010, long-term debt of component units consisted of the following (amounts in thousands):

Long-Term    Balance    Amounts due
Debt    June 30, 2010    within year
Bonds Payable    $4,489,729    $123,304
Escrow Deposits    193,105    54,437
Closure of Landfills    54,481    10,243
Due to State    14,967    -
Deferred Revenue    4,125    461
Other    26,685    434
Total    $4,783,092    $188,879