|
11. Changes in General Long-Term Debt:
Changes in general long-term debt, for the year ended June 30,1989, are summarized as follows (amounts
expressed in thousands):
|
|
|
|
|
Accrued
|
|
Obligations
|
|
|
General
|
|
Accrued
|
Workers'
|
Accrued
|
Under
|
|
|
Obligation
|
Transportation
|
Retirement
|
Compensation
|
Annual
|
Capital
|
|
|
Bonds
|
Bonds
|
Costs
|
Costs
|
Leave
|
Leases
|
|
Balance, July 1, 1988 ..................
|
$2,090,820
|
$388,900
|
$444,783
|
|
$ 93,808
|
$38,224
|
|
Bond issuances .......................
|
160,000
|
107,285
|
|
|
|
|
|
Establishment of accrued workers'
|
|
|
|
|
|
|
|
compensation costs ..................
|
|
|
|
$40,653
|
|
|
|
Increase in obligations under capital leases
|
|
|
|
|
|
12,384
|
|
Bond principal retirements .............
|
(245,460)
|
(26,895)
|
|
|
|
|
|
Retirement of obligations under capital
|
|
|
|
|
|
|
|
leases .............................
|
|
|
|
|
|
(5,236)
|
|
Excess of expenditures in governmental fund
|
|
|
|
|
|
|
|
types over actuarially determined
|
|
|
|
|
|
|
|
retirement costs .....................
|
|
|
(63,827)
|
|
|
|
|
Amortization of prior years' liability for
|
|
|
|
|
|
|
|
unfunded retirement costs ............
|
|
|
(13,328)
|
|
|
|
|
Net increase in accrued annual leave ....
|
|
|
|
|
11,374
|
|
|
Balance, June 30, 1989 ................
|
$2,005,360
|
$469,290
|
$367,628
|
$40,653
|
$105,182
|
$45,372
|
12. Other Long-Term Obligations:
A. Governmental Fund Types:
Accrued Workers' Compensation Costs:
The State is insured for workers' compensation losses by the State Accident Fund (Fund) under a contract,
which provides for the State to pay premiums based upon loss experience plus a proportionate share of
administrative costs. In the event of termination of the contract, the State is obligated for any premium
deficiency existing at the time of termination.
A liability for accrued workers' compensation costs in the amount of $40,653,000 exists at June 30, 1989.
This amount represents the liability for anticipated claims and claims expense for State employees
(governmental fund types) less the cumulative excess of premiums paid to the Fund and net investment
income over net claims paid and operating expense applicable to State coverage. This liability was not
recognized previously in the general long-term debt account group because the Fund was a part of the State
financial reporting entity. As an effect of legislation which became effective July 1,1988, the State Accident
Fund was removed from the financial reporting entity (see Note 1).
Obligations Under Capital Leases:
Obligations under capital leases of $45,372,000 exist as of June 30, 1989 bearing interest at annual rates
ranging from 4.6% to 9.25%. The following is a schedule of annual future minimum payments under these
obligations, along with the present value of the related net minimum payments as of June 30,1989 (amounts
expressed in thousands):
|
Years ending
|
|
|
June 30,
|
Amount
|
|
1990
|
$ 8,443
|
|
1991
|
7,210
|
|
1992
|
6,076
|
|
1993
|
5,455
|
|
1994
|
3,820
|
|
1995 and thereafter
|
48,378
|
|
Total future minimum
|
|
|
payments
|
79,382
|
|
Less amount
|
|
|
representing interest
|
34,010
|
|
Present value of net
|
|
|
minimum lease
|
|
|
payments
|
$45,372
|
49
|
 |
