June 30,1997
(Amounts in thousands unless otherwise stated)
Note 3
FUND DEFICITS
The following funds have deficit balances at June 30, 1997, in either unreserved fund balances or unreserved retained earnings, none of which constitutes a violation of statutory provisions.
| General Fund | $670,014 |
| Special Revenue | |
| Consumer Counsel and Public Utility Control | $1,627 |
| Enterprise Funds | |
| Bradley International Airport | $17,491 |
| Component Units | |
| Connecticut Development Authority (CDA) | $5,107 |
| Connecticut Innovations, Incorporated | $10,690 |
The General Fund and Consumer Counsel and Public Utility Control Fund deficits have been addressed by Public Act 93-402, subsequently modified by Public Act 97-305, which among other things, requires any GAAP deficits for budgeted funds existing as of June 30, 1999 to be amortized in fifteen equal increments beginning with the annual budget for fiscal year 2000-01.
While the unreserved retained earnings of Bradley, CII, and CDA have a deficit balance, the total fund equity of each fund is still positive.
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