Notes to the Financial Statements
June 30, 2011
Note 17 Long-Term Debt
The following is a summary of changes in long-term debt of the primary government for the year ended June 30, 2011, (amounts in thousands):
| Balance | Balance | Amounts due | |||
|---|---|---|---|---|---|
| Governmental Activities | June 30, 2010 | Additions | Reductions | June 30, 2011 | within one year |
| Bonds: | |||||
| General Obligation | $13,592,708 | $1,294,820 | $1,093,188 | $13,794,340 | $1,010,624 |
| Transportation | 3,030,485 | 737,675 | 410,565 | 3,357,595 | 274,275 |
| 16,623,193 | 2,032,495 | 1,503,753 | 17,151,935 | 1,284,899 | |
| Plus/(Less) premiums and | |||||
| deferred amounts | 526,578 | 57,827 | 58,293 | 526,112 | 50,004 |
| Total Bonds | 17,149,771 | 2,090,322 | 1,562,046 | 17,678,047 | 1,334,903 |
| Long-Term Notes | 1,143,955 | - | 228,160 | 915,795 | - |
| Other L/T Liabilities: | |||||
| Net Pension Obligation | 2,262,220 | 1,592,258 | 1,407,394 | 2,447,084 | - |
| Net OPEB Obligation | 4,440,703 | 167,368 | 5,312 | 4,602,759 | - |
| Compensated Absences | 522,764 | 56,479 | 19,649 | 559,594 | 12,757 |
| Workers' Compensation | 460,596 | 148,777 | 97,960 | 511,413 | 100,896 |
| Capital Leases | 41,702 | 4,089 | 2,796 | 42,995 | 6,383 |
| Claims and Judgments | 60,289 | 5,001 | 9,063 | 56,227 | 3,908 |
| Liability on Interest Rate Swaps | 27,817 | - | 5,220 | 22,597 | - |
| Contracts Payable & Other | 705 | - | - | 705 | - |
| Total Other Liabilities | 7,816,796 | 1,973,972 | 1,547,394 | 8,243,374 | 123,944 |
| Governmental Activities Long-Term | |||||
| Liabilities | $26,110,522 | $4,064,294 | $3,337,600 | $26,837,216 | $1,458,847 |
| In prior years, the General and Transportation funds have been used to liquidate other liabilities. | |||||
| Business-Type Activities | |||||
| Revenue Bonds | $1,498,377 | $376,361 | $318,520 | $1,556,218 | $114,397 |
| Plus/(Less) premiums, discounts and | |||||
| deferred amounts | 40,775 | 19,547 | 9,380 | 50,942 | 254 |
| Total Revenue Bonds | 1,539,152 | 395,908 | 327,900 | 1,607,160 | 114,651 |
| Lottery Prizes | 180,513 | - | 18,816 | 161,697 | 26,888 |
| Compensated Absences | 147,440 | 31,569 | 24,261 | 154,748 | 44,171 |
| Federal Loans Payable | 498,453 | 311,423 | - | 809,876 | - |
| Other | 194,544 | 10,088 | 20,561 | 184,071 | 8,704 |
| Total Other Liabilities | 1,020,950 | 353,080 | 63,638 | 1,310,392 | 79,763 |
| Business-Type Long-Term Liabilities | $2,560,102 | $748,988 | $391,538 | $2,917,552 | $194,414 |
The liability for claims and judgments (Governmental Activities) includes a
pollution remediation liability of approximately $55.8 million. This liability
represents the State's share of the cost of cleaning up certain polluted sites
in the state under federal and state superfund regulations. The liability was
estimated using the cash flow technique.
As of June 30, 2011, long-term debt of component units consisted of the following (amounts in thousands):
| Long-Term | Balance | Amounts due |
|---|---|---|
| Debt | June 30, 2011 | within year |
| Bonds Payable | $4,450,169 | $213,241 |
| Escrow Deposits | 391,857 | 89,533 |
| Closure of Landfills | 50,676 | 5,389 |
| Due to State | 19,026 | - |
| Deferred Revenue | 3,135 | 861 |
| Other | 26,585 | 449 |
| Total | $4,941,448 | $309,473 |