State of Connecticut

Notes to the Financial Statements

June 30, 2011

Note 7 Receivables - Noncurrent

Noncurrent receivables for the primary government and its component units, as of June 30, 2011, consisted of the following (amounts in thousands):

Primary Government
Governmental Business-Type Component
Activities Activities Units
Accounts $- $- $16,365
Loans 251,751 709,310 163,624
Total Receivables 251,751 709,310 179,989
Allowance for Uncollectibles (1,716) (2,886) (9,602)
Receivables, Net $250,035 $706,424 $170,387

The Clean Water fund (business-type activities) loans funds to qualified municipalities for planning, design, and construction of water quality projects. These loans are payable over a 20 year period at an annual interest rate of 2 percent and are secured by the full faith and credit or revenue pledges of the municipalities, or both. At year end, the noncurrent portion of loans receivable was $624.3 million.

The Connecticut Higher Education Supplemental Loan Authority (a component unit) makes loans to individuals from the proceeds of bonds issued by the Authority. The loans bear interest rates ranging from 0 percent to 9.7 percent. At year end, the noncurrent portion of loans receivable was $104.3 million.