Notes to the Financial Statements
June 30, 2008
Note 17 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, 2008, (amounts in thousands):
| Balance | Balance | Amounts due | |||
|---|---|---|---|---|---|
| Governmental Activities | June 30, 2007 | Additions | Reductions | June 30, 2008 | within one year |
| Bonds: | |||||
| General Obligation | $ 10,596,581 | $ 3,669,708 | $ 1,173,719 | $ 13,092,570 | $ 885,204 |
| Transportation | 2,822,585 | 250,000 | 281,903 | 2,790,682 | 282,978 |
| 13,419,166 | 3,919,708 | 1,455,622 | 15,883,252 | 1,168,182 | |
| Plus/(Less) premiums and | |||||
| deferred amounts | 301,824 | 65,679 | 19,275 | 348,228 | 19,621 |
| Total Bonds | 13,720,990 | 3,985,387 | 1,474,897 | 16,231,480 | 1,187,803 |
| Other Liabilities: | |||||
| Net Pension Obligation | 3,827,916 | 1,332,171 | 3,243,550 | 1,916,537 | - |
| Net OPEB Obligation | - | 1,718,862 | 484,467 | 1,234,395 | - |
| Compensated Absences | 474,062 | 43,556 | 35,654 | 481,964 | 33,134 |
| Workers' Compensation | 382,128 | 115,558 | 85,067 | 412,619 | 81,846 |
| Capital Leases | 56,244 | 437 | 4,933 | 51,748 | 5,003 |
| Claims and Judgments | 7,580 | 6,567 | 512 | 13,635 | 8,094 |
| Contracts Payable & Other | 4,057 | - | 2,940 | 1,117 | - |
| Total Other Liabilities | 4,751,987 | 3,217,151 | 3,857,123 | 4,112,015 | 128,077 |
| Governmental Activities Long-Term | |||||
| Liabilities | $ 18,472,977 | $ 7,202,538 | $ 5,332,020 | $ 20,343,495 | $ 1,315,880 |
| In prior years, the General and Transportation funds have been used to liquidate other liabilities. | |||||
| Business-Type Activities | |||||
| Revenue Bonds | $ 1,577,723 | $ 5,790 | $ 225,429 | $ 1,358,084 | $ 90,288 |
| Plus/(Less) premiums, discounts and | |||||
| deferred amounts | 24,733 | 544 | 5,498 | 19,779 | 99 |
| Total Revenue Bonds | 1,602,456 | 6,334 | 230,927 | 1,377,863 | 90,387 |
| Lottery Prizes | 265,774 | 7,082 | 40,573 | 232,283 | 38,085 |
| Compensated Absences | 127,588 | 41,566 | 39,149 | 130,005 | 35,418 |
| Other | 171,153 | 6,353 | 14,537 | 162,969 | 12,306 |
| Total Other Liabilities | 564,515 | 55,001 | 94,259 | 525,257 | 85,809 |
| Business-Type Long-Term Liabilities | $ 2,166,971 | $ 61,335 | $ 325,186 | $ 1,903,120 | $ 176,196 |
b) As of June 30, 2008, long-term debt of component units consisted of the following (amounts in thousands):
| Long-Term | Balance | Amounts due |
|---|---|---|
| Debt | June 30, 2008 | within year |
| Bonds Payable | $ 3,820,318 | $ 112,428 |
| Escrow Deposits | 182,808 | 67,677 |
| Closure of Landfills | 60,818 | 12,216 |
| Due to State | 5,057 | - |
| Deferred Revenue | 3,745 | 1,020 |
| Other | 19,076 | 408 |
| Total | $ 4,091,822 | $ 193,749 |