June 30,1996
(Amounts in thousands unless otherwise stated)
As of June 30, 1996, the beginning fund balances for the following funds were restated as follows:
| Fund | Balance 6-30-95 Previously Reported | Change in Accounting Principle | Correction of Reported Assets/Liabilities | Balance 6-30-95 As Restated |
|---|---|---|---|---|
| Nonexpendable Trust Funds: | ||||
| Soldiers, Sailors & Marines | $ 53,255 | $ (2,464) | $- | $ 50,791 |
| Other | 18,078 | 1,137 | - | 19,215 |
| Pension Trust Funds: | ||||
| State Employees | 4,134,861 | 508,672 | - | 4,643,533 |
| State Teachers | 5,955,905 | 732,636 | - | 6,688,541 |
| Judicial | 67,063 | 5,769 | - | 72,832 |
| Connecticut Municipal |
652,388 | 81,575 | - | 733,963 |
| Probate Judges | 35,236 | 5,162 | - | 40,398 |
| Higher Education and University Hospital: | ||||
| Unrestricted Funds | 115,035 | - | (22,261) | 92,774 |
| Restricted Funds | 23,489 | - | 1,543- | 25,032 |
| Plant Funds | 1,561,323 | - | 17,844 | 1,579,167 |
For the year ended June 30, 1996, the State changed its method of accounting for investments in the combined investment funds. Previously, the State reported those investments at cost, but now they are being reported at market value, as determined by each combined investment fund. This change was made to more accurately reflect the financial position and results of operation of the pension and other trust funds. For financial reporting purposes, this change is considered to be a change in accounting principle and its cumulative effect is reported as an adjustment to the beginning fund balance of the pension and other trust funds.
Back to Comptroller's Home Page
Back to Financial Table of Contents