Net Assets by Component Statistical Section Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2009

State of Connecticut

Net Assets by Component
Last Eight Fiscal Years
(Expressed in Thousands)
  2002 2003 2004 2005 2006 2007 2008 2009
Governmental Activities:                
Invested in Capital Assets, Net of Related Debt $2,348,364 $2,622,372 $3,264,134 $3,294,888 $3,469,145 $4,269,038 $4,930,749 $5,499,602
Restricted 1,231,415 1,233,992 1,686,089 1,324,933 1,496,693 1,384,938 1,641,377 1,617,726
Unrestricted (8,196,738) (9,203,348) (10,390,481) (10,010,444) (10,041,840) (10,497,613) (13,460,055) (16,686,518)
Total Governmental Activities Net Assets $(4,616,959) $(5,346,984) $(5,440,258) $(5,390,623) $(5,076,002) $(4,843,637) $(6,887,929) $(9,569,190)
                 
Business-Type Activities:                
Invested in Capital Assets, Net of Related Debt $1,847,526 $2,092,633 $2,209,541 $2,314,139 $2,407,382 $2,455,118 $2,578,856 $2,611,952
Restricted 1,846,132 1,650,045 1,409,915 1,568,559 1,704,585 1,871,568 1,757,846 1,470,449
Unrestricted 106,375 132,394 40,461 115,901 179,171 274,411 347,778 421,551
Total Business-Type Activities Net Assets $3,800,033 $3,875,072 $3,659,917 $3,998,599 $4,291,138 $4,601,097 $4,684,480 $4,503,952
                 
Primary Government:                
Invested in Capital Assets, Net of Related Debt $4,195,890 $4,715,005 $5,473,675 $5,609,027 $5,876,527 $6,724,156 $7,509,605 $8,111,554
Restricted 3,077,547 2,884,037 3,096,004 2,893,492 3,201,278 3,256,506 3,399,223 3,088,175
Unrestricted (8,090,363) (9,070,954) (10,350,020) (9,894,543) (9,862,669) (10,223,202) (13,112,277) (16,264,967)
Total Primary Government Net Assets $(816,926) $(1,471,912) $(1,780,341) $(1,392,024) $(784,864) $(242,540) $(2,203,449) $(5,065,238)

Notes: The State did not begin reporting government-wide statements until it implement GASB Statement 34 in fiscal year 2002. The governmental activities have a deficit in unrestricted net asset mainly because the State recognized in the Statement of Net Assets the following long-term obligations:
1. General obligation bonds which were issued to finance various grant programs of the State, such as school construction and municipal aid.
2. Other long-term obligations which the State has partially funded or not funded. For example, net pension obligation, compensated absences obligation, etc.