Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2003 Basic FINANCIAL STATEMENTS - Notes To Financial Statements - Note 21 - Restatement of Net Assets/Fund Balances

State of Connecticut

Note 21 Restatement of Net Assets/Fund Balances

As of June 30, 2003, the beginning net assets/fund balances for the following funds and activities were restated as follows (amounts in thousands):

Correction
Balance of Balance
6-30-02 Reported 6-30-02
Previously Fund Assets/ as
Reported Reclass Liabilities Restated
Governmental Funds and Activities
Major Funds:
Debt Service $ 670,771 $ - $ 4,931 $ 675,702
Total Governmental Funds $ 670,771 - 4,931 $ 675,702
Governmental Activities
Net assets of Internal Service Funds 32,729 - (442) 32,287
Deferred Debit on Bond Refundings 60,793 - 7,895 68,688
Net Assets of Governmental Activities $ (4,616,959) $ - $ 12,384 $ (4,604,575)
Proprietary Funds and Business-Type Activities
Major Funds:
Higher Education $ 2,401,539 $ - $ 9,392 $ 2,410,931
Second Injury (96,075) 96,075 - -
Clean Water 464,138 (359) - 463,779
Non-Major funds:
Second Injury - (96,075) - (96,075)
Drinking Water 38,495 359 - 38,854
Unadjusted Fund (8,519) - - (8,519)
Total Non-Major Funds 29,976 (95,716) - (65,740)
Total Proprietary Funds $ 2,799,578 - 9,392 $ 2,808,970
Business-Type Activities
Net Assets of Business-Type Activities $ 3,800,033 $ - $ 9,392 $ 3,809,425
Component Units
Connecticut Development Authority $ 170,061 $ (170,061) $ - $ -
Connecticut Resources Recovery Authority 130,920 - (2,105) 128,815
Other Component Units
Connecticut Development Authority - 170,061 - 170,061
Unadjusted Component Units 168,384 - - 168,384
Total Other Component Units 168,384 170,061 - 338,445
Net Assets of Component Units $ 1,087,120 $ - $ (2,105) $ 1,085,015