Notes to the Financial Statements

June 30, 2012

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, 2012, (amounts in thousands):

Balance Balance Amounts due
Governmental Activities June 30, 2011 Additions Reductions June 30, 2012 within one year
Bonds:
General Obligation $13,794,340 $2,319,540 $2,149,304 $13,964,576 $1,016,931
Transportation 3,357,595 455,075 525,330 3,287,340 313,735
17,151,935 2,774,615 2,674,634 17,251,916 1,330,666
Plus/(Less) premiums and
deferred amounts 526,112 277,184 94,422 708,874 70,530
Total Bonds 17,678,047 3,051,799 2,769,056 17,960,790 1,401,196
Long-Term Notes 915,795 - 167,860 747,935 174,570
Other L/T Liabilities: 1
Net Pension Obligation 2,447,084 1,906,716 1,857,610 2,496,190 -
Net OPEB Obligation 2. 4,959,947 1,614,744 818,960 5,755,731 -
Compensated Absences 559,594 11,797 29,289 542,102 38,148
Workers' Compensation 511,413 149,921 101,788 559,546 102,844
Capital Leases 42,995 6,085 6,321 42,759 6,597
Claims and Judgments 56,227 8,347 19,632 44,942 9,701
Liability on Interest Rate Swaps 22,597 2,359 - 24,956 -
Contracts Payable & Other 705 - - 705 -
Total Other Liabilities 8,600,562 3,699,969 2,833,600 9,466,931 157,290
Governmental Activities Long-Term
Liabilities $27,194,404 $6,751,768 $5,770,516 $28,175,656 $1,733,056
1. In prior years, the General and Transportation funds have been used to liquidate other liabilities.
2. The OPEB liability at 6/30/2011 has been restated see Note 23
Business-Type Activities
Revenue Bonds $1,556,218 $49,040 $165,913 $1,439,345 $113,552
Plus/(Less) premiums, discounts and
deferred amounts 50,942 2,193 6,773 46,362 324
Total Revenue Bonds 1,607,160 51,233 172,686 1,485,707 113,876
Lottery Prizes 161,697 3,189 26,691 138,195 22,204
Compensated Absences 154,748 32,129 30,795 156,082 50,039
Federal Loans Payable 809,876 122,868 300,718 632,026 -
Other 184,071 15,543 8,723 190,891 8,464
Total Other Liabilities 1,310,392 173,729 366,927 1,117,194 80,707
Business-Type Long-Term Liabilities $2,917,552 $224,962 $539,613 $2,602,901 $194,583

The liability for claims and judgments (Governmental Activities) includes a pollution remediation liability of approximately $44.5 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, 2012, long-term debt of component units consisted of the following (amounts in thousands):

Long-Term Balance Amounts due
Debt June 30, 2012 within year
Bonds Payable $4,447,347 $233,287
Escrow Deposits 223,407 60,400
Closure of Landfills 49,200 2,628
Due to State 23,207 -
Deferred Revenue 3,969 885
Other 256,662 472
Total $5,003,792 $297,672