Net Assets by Component
Last Ten Fiscal Years
(Expressed in Thousands)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Governmental Activities:
Invested in Capital Assets, Net of Related Debt $2,622,372 $3,264,134 $3,294,888 $3,469,145 $4,269,038 $4,930,749 $5,499,602 $4,910,178 $4,905,025 $5,305,440
Restricted 1,233,992 1,686,089 1,324,933 1,496,693 1,384,938 1,641,377 1,617,726 1,777,780 1,809,873 1,647,790
Unrestricted (9,203,348) (10,390,481) (10,010,444) (10,041,840) (10,497,613) (13,460,055) (16,686,518) (20,361,003) (20,764,608) (21,984,094)
Total Governmental Activities Net Assets $(5,346,984) $(5,440,258) $(5,390,623) $(5,076,002) $(4,843,637) $(6,887,929) $(9,569,190) $(13,673,045) $(14,049,710) $(15,030,864)
Business-Type Activities:
Invested in Capital Assets, Net of Related Debt $2,092,633 $2,209,541 $2,314,139 $2,407,382 $2,455,118 $2,578,856 $2,611,952 $2,671,350 $2,818,635 $2,953,034
Restricted 1,650,045 1,409,915 1,568,559 1,704,585 1,871,568 1,757,846 1,470,449 1,263,100 1,152,669 1,105,700
Unrestricted 132,394 40,461 115,901 179,171 274,411 347,778 421,551 350,193 221,932 416,317
Total Business-Type Activities Net Assets $3,875,072 $3,659,917 $3,998,599 $4,291,138 $4,601,097 $4,684,480 $4,503,952 $4,284,643 $4,193,236 $4,475,051
Primary Government:
Invested in Capital Assets, Net of Related Debt $4,715,005 $5,473,675 $5,609,027 $5,876,527 $6,724,156 $7,509,605 $8,111,554 $7,581,528 $7,723,660 $8,258,474
Restricted 2,884,037 3,096,004 2,893,492 3,201,278 3,256,506 3,399,223 3,088,175 3,040,880 2,962,542 2,753,490
Unrestricted (9,070,954) (10,350,020) (9,894,543) (9,862,669) (10,223,202) (13,112,277) (16,264,967) (20,010,810) (20,542,676) (21,567,777)
Total Primary Government Net Assets $(1,471,912) $(1,780,341) $(1,392,024) $(784,864) $(242,540) $(2,203,449) $(5,065,238) $(9,388,402) $(9,856,474) $(10,555,813)
Restatements of Net Assets
Governmental Activities:
Prior-Year Adjustments $100,104 $289,253 $18,470 $- $- $(66,976) $(881,193) $33,217 $(184,484) $-
Fund Reclassification 26,934 - - - - - - - - -
Total Governmental Activities (5,219,946) (5,151,005) (5,372,153) (5,076,002) (4,843,637) (6,954,905) (10,450,383) (13,639,828) (14,234,194) (15,030,864)
Business-Type Activities:
Prior-Year Adjustments (9,750) - - (11,195) - (21,652) - - 88,485 -
Fund Reclassification (241,971) - - - - - - - - -
Change in Reporting Period - 194,336 - - - - - - - -
Total Business-Type Activities 3,623,351 3,854,253 3,998,599 4,279,943 4,601,097 4,662,828 4,503,952 4,284,643 4,281,721 4,475,051
Total Primary Government (as restated) $(1,596,595) $(1,296,752) $(1,373,554) $(796,059) $(242,540) $(2,292,077) $(5,946,431) $(9,355,185) $(9,952,473) $(10,555,813)


Notes: The governmental activities have a deficit in unrestricted net asset mainly because the State recognized in the Statement of Net Assets the following long-term obligations:
1. General obligation bonds which were issued to finance various grant programs of the State, such as school construction and municipal aid.
2. Other long-term obligations which the State has partially funded or not funded. For example, net pension obligation, compensated absences obligation, etc.