State of Connecticut

Notes to the Financial Statements

June 30, 2011

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, 2011, (amounts in thousands):

Balance Balance Amounts due
Governmental Activities June 30, 2010 Additions Reductions June 30, 2011 within one year
Bonds:
General Obligation $13,592,708 $1,294,820 $1,093,188 $13,794,340 $1,010,624
Transportation 3,030,485 737,675 410,565 3,357,595 274,275
16,623,193 2,032,495 1,503,753 17,151,935 1,284,899
Plus/(Less) premiums and
deferred amounts 526,578 57,827 58,293 526,112 50,004
Total Bonds 17,149,771 2,090,322 1,562,046 17,678,047 1,334,903
Long-Term Notes 1,143,955 - 228,160 915,795 -
Other L/T Liabilities:
Net Pension Obligation 2,262,220 1,592,258 1,407,394 2,447,084 -
Net OPEB Obligation 4,440,703 167,368 5,312 4,602,759 -
Compensated Absences 522,764 56,479 19,649 559,594 12,757
Workers' Compensation 460,596 148,777 97,960 511,413 100,896
Capital Leases 41,702 4,089 2,796 42,995 6,383
Claims and Judgments 60,289 5,001 9,063 56,227 3,908
Liability on Interest Rate Swaps 27,817 - 5,220 22,597 -
Contracts Payable & Other 705 - - 705 -
Total Other Liabilities 7,816,796 1,973,972 1,547,394 8,243,374 123,944
Governmental Activities Long-Term
Liabilities $26,110,522 $4,064,294 $3,337,600 $26,837,216 $1,458,847
In prior years, the General and Transportation funds have been used to liquidate other liabilities.
Business-Type Activities
Revenue Bonds $1,498,377 $376,361 $318,520 $1,556,218 $114,397
Plus/(Less) premiums, discounts and
deferred amounts 40,775 19,547 9,380 50,942 254
Total Revenue Bonds 1,539,152 395,908 327,900 1,607,160 114,651
Lottery Prizes 180,513 - 18,816 161,697 26,888
Compensated Absences 147,440 31,569 24,261 154,748 44,171
Federal Loans Payable 498,453 311,423 - 809,876 -
Other 194,544 10,088 20,561 184,071 8,704
Total Other Liabilities 1,020,950 353,080 63,638 1,310,392 79,763
Business-Type Long-Term Liabilities $2,560,102 $748,988 $391,538 $2,917,552 $194,414

The liability for claims and judgments (Governmental Activities) includes a pollution remediation liability of approximately $55.8 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, 2011, long-term debt of component units consisted of the following (amounts in thousands):

Long-Term Balance Amounts due
Debt June 30, 2011 within year
Bonds Payable $4,450,169 $213,241
Escrow Deposits 391,857 89,533
Closure of Landfills 50,676 5,389
Due to State 19,026 -
Deferred Revenue 3,135 861
Other 26,585 449
Total $4,941,448 $309,473