Notes to the Financial Statements
June 30, 2014
Note 23 Restatement of Fund Balances/Net Assets, Fund Balance
Classifications, and Restricted Net Position
Restatement of Net Position
As of June 30, 2014, the beginning net position for the following funds and activities were restated as follows (amounts in thousands):
| Balances | Balances | ||
|---|---|---|---|
| 6-30-13 | 6-30-13 | ||
| Previously as | as | ||
| Reported | Reclassifications | Restated | |
| Governmental Activates | |||
| Government-wide adjustments: | |||
| Other Noncurrent Assets | $82,783 | $(82,783) | $- |
| Unamortized Losses on Bond Refundings | - | 180,876 | 180,876 |
| Non-Current Portion of Long-Term Obligations | (27,728,358) | (180,876) | (27,909,234) |
| Total Government-wide adjustments | $(27,645,575) | (82,783) | $(27,728,358) |
| Proprietary Funds and Business-Type Activities | |||
| Major Funds: | |||
| Bradley International Airport | $315,166 | $(315,166) | $- |
| Total Major Funds | 4,336,992 | (315,166) | 4,021,826 |
| Total Proprietary Funds | $4,634,035 | (315,166) | $4,318,869 |
| Business-Type Activities | |||
| Net Position of Business-Type Activities | $4,634,035 | (315,166) | $4,318,869 |
| Component Units | |||
| Major Component Units: | |||
| Connecticut Airport Authority | $- | $315,166 | $315,166 |
| Total Major Component Units | 962,107 | 315,166 | 1,277,273 |
| Total Component Units | $1,983,215 | 315,166 | $2,298,381 |
The adjustment in the "Reclassifications" column for the government-wide result from the reclassification of deferred loss on refunding from a deduction from bonds payable to a deferred outflow of resources as required by GASB Statement No. 65 Items Previously Reported as Assets and Liabilities.
The adjustment for the government-wide for other noncurrent assets is required by GASB Statement No. 65 Items Previously Reported as Assets and Liabilities, costs related to the issuance of debt will no longer be recorded as a deferred charge and amortized over the life of the debt; they should instead be recognized as an expense in the period incurred. These include, but are not limited to, legal costs, costs of printing, insurance costs and various fees such as rating agency fees, trustee fees and administrative fees.
In 2014, Bradley International Airport, an enterprise fund in prior years, was consolidated into the Connecticut Airport Authority, a major component unit.
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, Public Act 13-247 and section 99 of Public Act 13-184 required the
transfer from the Materials, Innovation, and Recycling Authority (MIRA) a
component unit of the state to the State's General Fund of all legally required
reserves resulting from the closure of the authority's landfills. During the
fiscal year 2014, the authority transferred $31.0 million of its landfill
reserves to the State's General Fund.
Fund Balance - Restricted and Assigned
As of June 30, 2014 restricted and assigned fund balances of nonmajor
governmental funds were comprised as follows (amounts in thousands):
| Restricted | Assigned | |
|---|---|---|
| Purposes | Purposes | |
| Capital Projects | $335,933 | $- |
| Environmental Programs | 43,746 | - |
| Housing Programs | 133,533 | - |
| Employment Security Administration | 27,280 | - |
| Banking | 19,676 | - |
| Other | 59,584 | 16,512 |
| Total | $619,752 | $16,512 |
Restricted Net Position
As of June 30, 2014, the government-wide statement of net position reported
$2,861million of restricted net position, of which $218.8 million was restricted
by enabling legislation.