Notes to the Financial Statements
June 30, 2007
Note 16 Long-Term Debt
a) The following is a summary of changes in long-term debt of the primary government for the year ended June 30, 2007, (amounts in thousands):
| Governmental Activities |
Balance June 30, 2006 |
Additions | Reductions |
Balance June 30, 2007 |
Amounts due within one year |
|---|---|---|---|---|---|
| Bonds: | |||||
| General Obligation | $ 10,211,493 | $ 1,781,075 | $ 1,395,987 | $ 10,596,581 | $ 873,675 |
| Transportation | 3,094,001 | - | 271,416 | 2,822,585 | 276,393 |
| 13,305,494 | 1,781,075 | 1,667,403 | 13,419,166 | 1,150,068 | |
| Plus/(Less) premiums and | |||||
| deferred amounts | 267,175 | 67,907 | 33,258 | 301,824 | - |
| Total Bonds | 13,572,669 | 1,848,982 | 1,700,661 | 13,720,990 | 1,150,068 |
| Economic Recovery Notes | 146,090 | - | 146,090 | - | - |
| Other Liabilities: | |||||
| Net Pension Obligation | 3,737,136 | 1,179,187 | 1,088,407 | 3,827,916 | - |
| Compensated Absences | 471,093 | 35,869 | 32,900 | 474,062 | 23,146 |
| Workers' Compensation | 344,274 | 121,044 | 83,190 | 382,128 | 78,280 |
| Capital Leases | 60,491 | 117 | 4,364 | 56,244 | 4,933 |
| Claims and Judgments | 18,418 | 4,081 | 14,919 | 7,580 | 5,997 |
| Contracts Payable & Other | 3,493 | 4,057 | 3,493 | 4,057 | - |
| Total Other Liabilities | 4,634,905 | 1,344,355 | 1,227,273 | 4,751,987 | 112,357 |
| Governmental Activities Long-Term | |||||
| Liabilities | $ 18,353,664 | $ 3,193,337 | $ 3,074,024 | $ 18,472,977 | $ 1,262,425 |
| In prior years, the General and Transportation funds have been used to liquidate other liabilities. | |||||
| Business-Type Activities | |||||
| Revenue Bonds | $ 1,523,130 | $ 242,830 | $ 188,237 | $ 1,577,723 | $ 108,754 |
| Plus/(Less) premiums, discounts and | |||||
| deferred amounts | 39,491 | 434 | 15,192 | 24,733 | 462 |
| Total Revenue Bonds | 1,562,621 | 243,264 | 203,429 | 1,602,456 | 109,216 |
| Lottery Prizes | 302,477 | 7,853 | 44,556 | 265,774 | 42,063 |
| Compensated Absences | 124,260 | 26,879 | 23,551 | 127,588 | 36,856 |
| Other | 180,757 | 3,865 | 13,469 | 171,153 | 11,043 |
| Total Other Liabilities | 607,494 | 38,597 | 81,576 | 564,515 | 89,962 |
| Business-Type Long-Term Liabilities | $2,170,115 | $281,861 | $285,005 | $2,166,971 | $199,178 |
b) As of June 30, 2007, long-term debt of component units consisted of the following (amounts in thousands):
| Long-Term | Balance | Amounts due |
|---|---|---|
| Debt | June 30, 2007 | within year |
| Bonds Payable | $ 3,699,265 | $ 103,816 |
| Escrow Deposits | 154,346 | 48,140 |
| Closure of Landfills | 61,365 | 10,588 |
| State Loan | 13,320 | 2,619 |
| Deferred Revenue | 2,808 | 425 |
| Other | 9,448 | 20 |
| Total | $ 3,940,552 | $ 165,608 |