RD259 - Revised Report of Off-Balance Sheet Financial Obligations as of June 30, 2008


Executive Summary:
During the 2007 General Assembly Session, legislation was passed (Code of Virginia, §2.2-813.2) requiring the State Comptroller to report off-balance sheet financial obligations of the Commonwealth. For purposes of this report, the balance sheet is defined as the Comprehensive Annual Financial Report (CAFR). The CAFR is prepared in accordance with Generally Accepted Accounting Principles (GAAP) and includes both financial statements and notes to the financial statements, both of which contain information concerning the Commonwealth’s financial obligations. The CAFR is available on the Department of Account’s webpage at http://www.doa.virginia.gov/Financial_Reporting/CAFR/CAFR_Main.cfm. The CAFR amounts reflected below include state agencies, institutions and component units. The component unit amounts exclude Higher Education foundations.

Note: The Code of Virginia requires the State Comptroller to provide biannual reports of off-balance sheet obligations. The amounts included in this revised report have been modified to reflect subsequent information received from agencies resulting from more accurate information now being available. As the CAFR is currently being prepared for the fiscal year ended June 30, 2009, the most recent balance sheet date available for the Report of Off-Balance Sheet Financial Obligations is June 30, 2008.