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, 2011, and June 30, 2010, are as follows:

Fiscal Year Ended June 30,
(In Thousands)
2011 2010
General Fund
Taxes:
Personal Income $470,085 $476,774
Sales and Use 333,093 322,518
Petroleum Companies 101,758 70,620
Public Service Corporations 64,302 65,147
Corporation 27,049 20,701
Nursing Home Provider 28,182 28,105
Real Estate Conveyance 16,013 14,616
Cigarettes 19,861 19,480
Alcoholic Beverages 5,624 5,207
Rent, Fines, and Escheats 11,282 -
Indian Gaming Payments 28,821 28,975
Total General Fund 1,106,070 1,052,143
Transportation Fund
Gasoline 31,421 32,597
Special Motor Fuel 9,685 9,840
Motor Carrier Road 1,712
1,578
Total Transportation Fund 42,818
44,015
Totals $1,148,888 $1,096,158