Notes to the Financial Statements
June 30, 2012
Note 23 Restatement of Fund Balances/Net Assets, Fund Balance Classifications, and Restricted Assets
Restatement of Fund Balance/Net Assets
As of June 30, 2012, the beginning fund balances/net assets for the following activities were restated as follows (amounts in thousands):
|Governmental Funds and Activities|
|Total Governmental Funds||$1,387,689||$172,704||$1,560,393|
|Internal Service Funds|
|Administrative Services Fund||$(61,339)||$88,485||$27,146|
|Total Internal Service Funds||$(51,052)||$88,485||$37,433|
|Net OPEB Obligation||$(4,602,759)||$(357,188)||$(4,959,947)|
|Net Assets of Governmental Activities||$(14,049,710)||$(95,999)||$(14,145,709)|
The beginning fund balance of the General Fund was adjusted to correct an understatement in the balance of taxes receivable reported last year.
The beginning net asset balance of the Administrative Services Fund was adjusted to correct an understatement in the balance of cash reported in prior years.
The beginning balance of the net OPEB obligation was adjusted to correct an understatement in the SEOPEBP obligation reported last year, resulting from not receiving required actuarial information on time.
During the year, the State changed the method used to calculate the escheat liability to be in compliance with the calculation method described in GASB Statement No. 21, "Accounting for Escheat Property." Because of this change, escheat revenue reported in the General fund increased by $336 million this year.
Fund Balance - Restricted and Assigned
As of June 30, 2012 restricted and assigned fund balances of nonmajor governmental funds were comprised as follows:
|Grant and Loan Programs||$630,657||$9,405|
|Employment Security Administration||31,531||-|
As of June 30, 2012, the government-wide statement of net assets reported $2,753 of restricted net assets, of which $192 million was restricted by enabling legislation.