State of Connecticut

Notes to the Financial Statements

June 30, 2011

Note 23 Restatement of Fund Balances/Net Assets, Fund Balance Classifications, and Restricted Assets

Restatement of Fund Balance/Net Assets
As of June 30, 2011, the beginning fund balances/net assets for the following activities were restated as follows (amounts in thousands):

Balance Balance
6-30-10 Correction 6-30-10
Previously of Reported as
Reported Assets/Liabilities Restated
Governmental Funds and Activities
Major Funds
General Fund $(982,822) $33,217 $(949,605)
Total Governmental Funds $1,420,939 $33,217 $1,454,156
Net Assets of Governmental Activities $(13,673,045) $33,217 $(13,639,828)

The beginning fund balance of the General Fund was adjusted to correct an understatement in the balance of taxes receivable reported last year.

Fund Balance - Restricted and Assigned
As of June 30, 2011 restricted and assigned fund balances of nonmajor governmental funds were comprised as follows:

Restricted Assigned
Purposes Purposes
Grant and Loan Programs $487,514 $6,989
Capital Projects 447,502 -
Environmental Programs 132,023 -
Housing Programs 106,987 -
Employment Security Administration 34,295 -
Banking 17,990 -
Other 31,186 6,982
Total $1,257,497 $13,971

Restricted Assets
As of June 30, 2011, the government-wide statement of net assets reported $2,969 of restricted net assets, of which $135 million was restricted by enabling legislation.