NOTE 7
RESTRICTED ASSETS
Restricted assets are held by special revenue funds, enterprise funds, an internal service fund and component units, primarily for the repayment of future long-term obligations and benefits payments. The restricted assets, composed of cash, investments and other similar assets at June 30, 1995, are as follows (expressed in thousands):
| Cash | Investments | Other | Totals | |
|---|---|---|---|---|
| Enterprise: | ||||
| Lottery Commission | $- | $9,883 | $- | $9,883 |
| Public Employees' Insurance Agency | - | 828 | - | 828 |
| Workers' Compensation Fund | - | 210,000 | - | 210,000 |
| Board of Risk & Insurance Management | - | - | 38,773 | 38,773 |
| Internal Service: | ||||
| Building Commission | - | 10,745 | - | 10,745 |
| Higher Education | - | 13,132 | - | 13,132 |
| Other Discretely Presented Component Units: | ||||
| Economic Development Authority | 19,758 | - | 10,437 | 30,195 |
| Housing Development Fund | 17,463 | - | 8,257 | 25,720 |
| Parkways, Economic Development & Tourism Authority | 12,830 | 46,837 | - | 59,667 |
| WV State Rail Authority | 463 | - | - | 463 |
| Solid Waste Management Board | 181 | - | 3,010 | 3,191 |
| Water Development Authority | 6,699 | 13,532 | 161,838 | 182,069 |
| WVU Hospitals | - | 59,060 | 1,178 | 60,238 |
| Total Reporting Entity(Memorandum Only) | $57,394 | $364,017 | $223,493 | $644,904 |
The Regional Jail Authority’s assets are restricted because of a safekeeping arrangement with inmates. The Lottery Commission’s assets are restricted to pay the deferred prize claims awarded on an annuity basis. Public Employees’ Insurance Agency’s assets are restricted for the accumulation of optional life insurance policy dividends and defraying future premium increases. Workers’ Compensation restricted assets consist of funds transferred from the Coal-Workers’ Pneumoconiosis Fund to the Workers’ Compensation Fund (WCF) which, by statute, cannot be used to satisfy WCF obligations until all other assets of WCF have been expended. Board of Risk and Insurance Management’s assets are composed of funds for advancement to a third party administrator to finance claims. The Building Commission’s restricted assets consist of U.S. Treasury obligations held in trust for payment of principal and interest on revenue bond issuances, as well as for the costs of litigation and asbestos removal. Higher Education’s assets are restricted for repayment of revenue bond indebtedness related to construction of physical plant facilities. Economic Development Authority’s assets are restricted to provide assurance that adequate amounts will be available to repay notes secured by the real estate being leased. Housing Development Fund’s assets are restricted on behalf of mortgagors and for payments collected on mortgages for which the fund acts as servitor only. Parkways, Economic Development and Tourism’s assets are restricted to be used for construction, turnpike maintenance and operation, and debt service. Solid Waste Management’s assets are restricted for the repayment of revenue bonds. Water Development Authority’s assets are restricted as part of the bond agreement. WVU Hospital’s assets are restricted as part of the agreement related to the revenue bonds and for funded depreciation of fixed assets. West Virginia State Rail Authority’s assets are restricted to ensure improvements to the South Branch Valley Railroad.