Notes to the Financial Statements

June 30, 2013

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

Restatement of Net Position

As of June 30, 2013, the beginning net position for the following funds and activities were restated as follows (amounts in thousands):

   Balances       Balances
   6-30-12       6-30-12
   Previously    Fund    as
   Reported    Reclassifications    Restated
Proprietary Funds and Business-Type Activities          
Major Funds:          
Connecticut Lottery Corporation    $7,561    $(7,561)    $-
Connecticut Community Colleges    -    781,702    781,702
Non-Major Funds:        
Connecticut Community Colleges    781,702    (781,702)    -
Total Non-Major Funds    912,201    (781,702)    130,499
Total Proprietary Funds    $4,475,052    (7,561)    $4,467,491
Business-Type Activities  
Net Position of Business-Type Activates    $4,475,052    (7,561)    $4,467,491
Component Units          
Major Component Units:          
Connecticut Lottery Corporation    $-    $7,561    $7,561
CT Health and Educational Facilities Authority    13,286    (13,286)    -
Non-Major Component Units:        
CT Health and Educational Facilities Authority    -    13,286    13,286
Connecticut Development Authority    84,776    (84,776)    -
Connecticut Innovations, Incorporated    85,705    84,776    170,481
Total Non-Major Component Units    973,095    13,286    986,381
Total Component Units    $1,944,102    7,561    $1,951,663

In 2013, the Connecticut Lottery Corporation was reclassified from a proprietary fund (blended presentation) to a discreetly presented component unit because, as required by current reporting guidance, the Corporationís operations do not exclusively, or almost exclusively benefit the State. The state's citizenry is benefited as well.

During the year, according to state legislation the assets and operations of the Connecticut Development Authority were merged into the Connecticut Innovations, Incorporated.

Fund Balance - Restricted and Assigned

As of June 30, 2013 restricted and assigned fund balances of nonmajor governmental funds were comprised as follows (amounts in thousands):

   Restricted    Assigned
   Purposes    Purposes
Capital Projects    $288,363    $-
Environmental Programs    61,811    -
Housing Programs    90,764    -
Employment Security Administration    30,746    -
Banking    26,713    -
Other    50,308    20,316
Total    $548,705    $20,316