During the fiscal year 2001-2002, the State implemented the following statements issued by the Governmental Accounting Standards Board:
Statement No. 34 Basic Financial Statements - and Management's Discussion and Analysis- for State and Local Governments.
Statement No. 35, Basic Financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities.
Statement No. 37, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments: Omnibus, and
Statement No. 38, Certain Financial Statement Disclosures.
Statement No. 34, as amended by Statement No. 37, establishes new financial standards for states and local governments. The new standards require significant changes to the content and format of the basic financial statements of the State. Some of these changes are including an introductory managements' discussion and analysis, including new government-wide financial statements, and reporting fund financial statements by major funds, rather than by fund type. The new government-wide financial statements consist of a statement of net assets and a statement of activities that are prepared using the economic resources measurement focus and the accrual basis of accounting. To implement these changes, fund reclassifications and adjustments to the fund equities reported in the prior year financial statements were required.
Statement No. 35 establishes new accounting and financial reporting standards for public colleges and universities within the financial reporting guidelines of Statement No. 34. The State's higher education institutions, reported as an Enterprise fund, adopted the requirements of this statement.
Statement No. 38 requires certain note disclosures when Statement No. 34 is implemented.
The provisions of these new standards have been incorporated into the financial statements and notes. The following schedule summarizes changes to fund equities reported on the combined balance sheet. The changes resulted primarily from implementing Statement No. 34.
| Fund | GASB Statements | Fund | |||
|---|---|---|---|---|---|
| Equity | Implementation | Other | Equity | ||
| 6-30-01 | Prior | Prior | 6-30-01 | ||
| Previously | Fund | Period | Period | as | |
| Reported | Reclass | Adjustment | Adjustments | Restated | |
| Governmental Funds and Activities | |||||
| Major Funds: | |||||
| General | $ 813,709 | $ - | $ 6,819 | $ - | $ 820,528 |
| Debt Service | 554,816 | 77,921 | - | - | 632,737 |
| Transportation-previously reported as a Special Revenue fund | - | 201,446 | 745 | - | 202,191 |
| Non-Major Funds: | |||||
| Special Revenue Funds: | |||||
| Transportation | 201,446 | (201,446) | - | - | - |
| Housing Programs | 164,090 | 85,622 | - | - | 249,712 |
| Other | 81,049 | 44,245 | - | 125,294 | |
| Unadjusted Special Revenue Funds | 460,983 | - | - | - | 460,983 |
| Total Special Revenue Funds | 907,568 | (71,579) | - | - | 835,989 |
| Capital Projects Funds: | |||||
| State Facilities | 19,174 | - | (56,728) | - | (37,554) |
| Others-unadjusted | 49,261 | - | - | - | 49,261 |
| Total Capital Projects Funds | 68,435 | - | (56,728) | - | 11,707 |
| Permanent Funds: | |||||
| Soldiers, Sailors, & Marines | - | 58,037 | - | - | 58,037 |
| Connecticut Arts Endowment | - | 13,717 | - | - | 13,717 |
| Other | - | 18,582 | - | - | 18,582 |
| Total Permanent Funds | - | 90,336 | - | - | 90,336 |
| Total Non-major Funds | 976,003 | 18,757 | (56,728) | - | 938,032 |
| Total Governmental Funds | $ 2,344,528 | $ 298,124 | $ (49,164) | $ - | $ 2,593,488 |
| Adoption of GASB 34 | - | ||||
| Capital assets, net of depreciation | $ - | $ 4,060,881 | $ 4,830,102 | $ - | $ 8,890,983 |
| Net assets of Internal Service Funds | - | 41,132 | - | (288) | 40,844 |
| Additional Revenues | - | - | 477,359 | - | 477,359 |
| Long-term Liabilities | - | (83,932) | (14,655,789) | - | (14,739,721) |
| Total adoption of GASB 34 | - | 4,018,081 | (9,348,328) | (288) | (5,330,535) |
| Total Governmental Funds and Activities | $ 2,344,528 | $ 4,316,205 | $ (9,397,492) | $ (288) | $ (2,737,047) |
| Fund | GASB Statements | Fund | |||
|---|---|---|---|---|---|
| Equity | Implementation | Other | Equity | ||
| 6-30-01 | Prior | Prior | 6-30-01 | ||
| Previously | Fund | Period | Period | as | |
| Reported | Reclass | Adjustment | Adjustments | Restated | |
| Proprietary Funds and Business-Type Activities | |||||
| Enterprise Funds: | |||||
| Major Funds: | |||||
| Higher Education | $ - | $ 2,646,400 | $ (396,576) | $ - | $ 2,249,824 |
| Bradley International Airport | 174,181 | - | - | - | 174,181 |
| Connecticut Lottery Corporation | 1,943 | - | - | - | 1,943 |
| Employment Security | - | 841,336 | 11,207 | - | 852,543 |
| Second Injury | - | 86,488 | (232,539) | - | (146,051) |
| Clean Water | - | 439,312 | - | - | 439,312 |
| Non-Major funds: | |||||
| Bradley Parking Garage-previously reported as other Enterprise Fund | (1,406) | - | - | - | (1,406) |
| Clean Water | - | 32,603 | - | - | 32,603 |
| Total Non-Major Funds | (1,406) | 32,603 | - | - | 31,197 |
| Rental Housing | 80,616 | (79,611) | (1,005) | - | - |
| John Dempsey | 51,108 | (51,108) | - | - | - |
| Other | 793 | (604) | (189) | - | - |
| Total Enterprise Funds | 307,235 | 3,914,816 | (619,102) | - | 3,602,949 |
| Internal Service Funds | 41,132 | (41,132) | - | - | - |
| Total Proprietary Funds and | - | ||||
| Business-Type Activities | $ 348,367 | $ 3,873,684 | $ (619,102) | $ - | $ 3,602,949 |
| Fiduciary Funds | |||||
| Pension and Other Employee | |||||
| Benefits Trust Funds: | |||||
| Pension Trusts | $ 20,501,820 | $ - | $ - | $ - | $ 20,501,820 |
| Retired Teachers' Health Benefits Plan | - | 17,955 | - | - | 17,955 |
| Police, Firemen Survivors Benefits | - | 17,792 | - | - | 17,792 |
| Total Pension and Other Employee Benefits Trust Funds | 20,501,820 | 35,747 | - | - | 20,537,567 |
| Investment Trust Fund-External Investment Pool | 1,414,080 | - | - | - | 1,414,080 |
| Private-Purpose Trust Fund-Escheat Securities | - | - | 66,736 | 66,736 | |
| Funds previously reported as | |||||
| Expendable Trust Funds | 1,007,211 | (1,007,211) | - | - | - |
| Funds previously reported as | |||||
| Non-Expendable Trust Funds | 562,252 | (562,252) | - | - | - |
| Total Fiduciary Funds | $ 23,485,363 | $ (1,533,716) | $ 66,736 | $ - | $ 22,018,383 |
| Higher Education Funds | $ 2,595,292 | $ (2,595,292) | $ - | $ - | $ - |
| Accounts Groups | - | ||||
| General Fixed Assets | 4,060,881 | (4,060,881) | - | - | - |
| General Long-Term Debt | - | - | - | - | - |
| Total Account Groups | 4,060,881 | (4,060,881) | - | - | - |
| Total Primary Government | $ 32,834,431 | $ - | $ (9,949,858) | $ (288) | $ 22,884,285 |
| Connecticut Development Authority-Component Unit | $ 170,762 | $ - | $ (738) | $ - | $ 170,024 |