Notes to the Financial Statements

June 30, 2014

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

As of June 30, 2014, the beginning net position for the following funds and activities were restated as follows (amounts in thousands):

Balances Balances
6-30-13 6-30-13
Previously as as
Reported Reclassifications Restated
Governmental Activates
Government-wide adjustments:
Other Noncurrent Assets $82,783 $(82,783) $-
Unamortized Losses on Bond Refundings - 180,876 180,876
Non-Current Portion of Long-Term Obligations (27,728,358) (180,876) (27,909,234)
Total Government-wide adjustments $(27,645,575) (82,783) $(27,728,358)
Proprietary Funds and Business-Type Activities
Major Funds:
Bradley International Airport $315,166 $(315,166) $-
Total Major Funds 4,336,992 (315,166) 4,021,826
Total Proprietary Funds $4,634,035 (315,166) $4,318,869
Business-Type Activities
Net Position of Business-Type Activities $4,634,035 (315,166) $4,318,869
Component Units
Major Component Units:
Connecticut Airport Authority $- $315,166 $315,166
Total Major Component Units 962,107 315,166 1,277,273
Total Component Units $1,983,215 315,166 $2,298,381

The adjustment in the "Reclassifications" column for the government-wide result from the reclassification of deferred loss on refunding from a deduction from bonds payable to a deferred outflow of resources as required by GASB Statement No. 65 Items Previously Reported as Assets and Liabilities.

The adjustment for the government-wide for other noncurrent assets is required by GASB Statement No. 65 Items Previously Reported as Assets and Liabilities, costs related to the issuance of debt will no longer be recorded as a deferred charge and amortized over the life of the debt; they should instead be recognized as an expense in the period incurred. These include, but are not limited to, legal costs, costs of printing, insurance costs and various fees such as rating agency fees, trustee fees and administrative fees.

In 2014, Bradley International Airport, an enterprise fund in prior years, was consolidated into the Connecticut Airport Authority, a major component unit.

Special Items
Special items are significant transactions within the control of management that are either unusual in nature or infrequent in occurrence. During the fiscal year, Public Act 13-247 and section 99 of Public Act 13-184 required the transfer from the Materials, Innovation, and Recycling Authority (MIRA) a component unit of the state to the State's General Fund of all legally required reserves resulting from the closure of the authority's landfills. During the fiscal year 2014, the authority transferred $31.0 million of its landfill reserves to the State's General Fund.

Fund Balance - Restricted and Assigned

As of June 30, 2014 restricted and assigned fund balances of nonmajor governmental funds were comprised as follows (amounts in thousands):

Restricted Assigned
Purposes Purposes
Capital Projects $335,933 $-
Environmental Programs 43,746 -
Housing Programs 133,533 -
Employment Security Administration 27,280 -
Banking 19,676 -
Other 59,584 16,512
Total $619,752 $16,512

Restricted Net Position
As of June 30, 2014, the government-wide statement of net position reported $2,861million of restricted net position, of which $218.8 million was restricted by enabling legislation.