Notes to the Financial Statements
June 30, 2015
Note 22 Restatement of Net Position, Fund Balance
Classifications, and Restricted Net Position
Restatement of Net Position
During the fiscal year 2016, the State implemented the following new accounting standards issued by the Governmental Accounting Standards Board (GASB).
GASB Statement 72, Fair Value Measurement and Application
GASB Statement 72 - This Statement establishes general principles for measuring fair value and standards of accounting and financial reporting for assets and liabilities measured at fair value.
Beginning net position of governmental activities was increased by $182 thousand on the Statement of Activities as a result of implementing this Statement. This increase is reported on the Combing Statement of Revenues, Expenditures, and Changes in Fund Balances - Nonmajor Permanent Funds as well.
Beginning net position of Fiduciary Funds was restated by $214.8 million as a result of implementing GASB 72 as well. This reduction is reported on the Combining Statement of Changes in Fiduciary Net Position (and Other Employee Benefit) Trust Funds as well as on Statement of Changes in Fiduciary Net Position – Fiduciary Funds.
As of December 31, 2015, Connecticut Housing Finance Authority implemented
GASB Statements 68 and 71. As a result of implementing these statements, the
beginning net position for the Component Units was reduced $54.6 million on the
Statement of Activities resulting in a restated beginning net position. This
reduction is reported on the Combining Statement of Activities - Component Units
as well. As a result of this implementation the beginning net position of
governmental activities was decreased by $55.4 million in the Statement of
Activities. This resulted because in Fiscal Year 2015 the State included CHFA as
part of the primary government for the calculation of the Net Pension Liability.
During Fiscal Year 2016, Connecticut Airport Authority discovered that a certain capital asset was double counted in error. The Authority made a prior period adjustment to correct this error. The beginning net position for the Component Units was reduced $10.9 million on the Statement of Activities resulting in a restated beginning net position. This reduction is also reported on the Combining Statement of Activities - Component Units.
Fund Balance - Restricted and Assigned
As of June 30, 2016 restricted and assigned fund balances of nonmajor governmental funds were comprised as follows (amounts in thousands):
|Employment Security Administration||15,816||-|
Restricted Net Position
As of June 30, 2016, the government-wide statement of net position reported $3,067 million of restricted net position, of which $177.8 million was restricted by enabling legislation.