Notes to the Financial Statements
June 30, 2007
Note 21 Restatement of Net Assets and Restricted Assets
As of June 30, 2007, the beginning net assets for the following fund and related activities were restated as follows (amounts in thousands):
| Correction | |||
|---|---|---|---|
| Balance | of | Balance | |
| 6-30-06 | Reported | 6-30-06 | |
| Previously | Assets/ | as | |
| Reported | Liabilities | Restated | |
| Proprietary Funds and Business-Type Activities | |||
| Non-Major Funds: | |||
| Bradley Parking Garage | $ (5,686) | $ (11,195) | $ (16,881) |
| Total Proprietary Funds | $ 4,291,138 | $ (11,195) | $ 4,279,943 |
| Net Assets of Business-Type Activities | $ 4,291,138 | $ (11,195) | $ 4,279,943 |
In 2007 the State included audited financial statements for the Bradley Parking Garage, a non-major Enterprise fund, in the accompanying financial statements. In prior years, these statements were not included because they were not available on a timely basis. Thus, the beginning net asset balance of the fund was restated to correct understatements in the assets and liabilities of the fund reported in prior years.
As of June 30, 2007, the government-wide statement of net assets reported $3,257 million of restricted net assets, of which $288 million was restricted by enabling legislation.