State of Connecticut

Notes to the Financial Statements

June 30, 2010

Note 23 Restatement of Net Assets, Restricted Assets, and Special Items

As of June 30, 2010, the beginning net assets for the following activities was restated as follows (amounts in thousands):

Balance Balance
6-30-09 6-30-09
Previously as
Reported Reclassification Restated
Governmental Activities:  
Capital Assets $11,075,553 $(881,193) $10,194,360
Net Assets of Governmental Activites $(9,569,189) $(881,193) $(10,450,382)

The beginning net asset balance of governmental activities was adjusted to correct a net overstatement in the balance of capital assets (mainly land) reported last year.

As of June 30, 2010, the government-wide statement of net assets reported $3,041 of restricted net assets, of which $478 million was restricted by enabling legislation.

Special Items
Special items are significant transactions within the control of management that are either unusual in nature or infrequent in occurrence. During the fiscal year, the state legislature mandated the transfer of funds from certain governmental and enterprise funds to the General and Transportation funds to help reduce budget deficits of these funds. In the Statement of Activities, only the transfers from enterprise funds to the General fund are reported.