Comprehensive Annual Financial Report 2017

STATE OF NEW YORK
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Fiscal Year Ended

March 31, 2017
Office of the New York State Comptroller

Thomas P. DiNapoli, Comptroller
Additional information relating to State Finances is available at the Comptroller’s website:
www.osc.state.ny.us
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contact the Executive Director of Financial Reporting and Oil Spill Remediation at
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and Oil Spill Remediation, 110 State Street, 9th Floor, Albany, NY 12236.
STATE OF NEW YORK
COMPREHENSIVE
ANNUAL
FINANCIAL REPORT
For Fiscal Year Ended
March 31, 2017
Prepared by the Office of the

New York State Comptroller
Thomas P. DiNapoli
2 • STATE OF NEW YORK
_______________________________________________________________________________________________
Table of Contents
INTRODUCTORY SECTION
Letter from the Comptroller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Certificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
New York State Organization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Selected State Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
FINANCIAL SECTION
Independent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
MANAGEMENT’S DISCUSSION AND ANALYSIS (unaudited) .......... 19
BASIC FINANCIAL STATEMENTS

Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Balance Sheet—Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Reconciliation of the Balance Sheet—Governmental Funds to the Statement of Net Position . . . 35
Statement of Revenues, Expenditures and Changes in Fund Balances—
Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances—Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . 38
Statement of Net Position—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Statement of Revenues, Expenses and Changes in Fund Net Position—Enterprise Funds . . . . . 41
Statement of Cash Flows—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Statement of Fiduciary Net Position—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Statement of Changes in Fiduciary Net Position—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . 45
Combining Statement of Net Position—Discretely Presented Component Units . . . . . . . . . . . . . . 46
Combining Statement of Activities—Discretely Presented Component Units . . . . . . . . . . . . . . . . 48
Notes to the Basic Financial Statements—Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
REQUIRED SUPPLEMENTARY INFORMATION (unaudited)

Budgetary Basis—Financial Plan and Actual—Combined Schedule
of Cash Receipts and Disbursements—Major Funds—
General Fund and Federal Special Revenue Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Notes to Budgetary Basis Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Infrastructure Assets Using the Modified Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Schedule of Funding Progress—Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 132
Pension Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
_______________________________________________________________________________________________ STATE OF NEW YORK
• 3
OTHER SUPPLEMENTARY INFORMATION

General Fund
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Combining Schedule of Balance Sheet Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance
(Deficit) Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
Federal Special Revenue Fund

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Accounts . . . . 152
General Debt Service Fund

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Accounts . . . . 157
Schedule of Cash Receipts and Disbursements—Budgetary Basis—
Financial Plan and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158
Other Governmental Funds

Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . 161
Combining Schedule of Cash Receipts and Disbursements—Budgetary Basis—
Other Governmental Funds—Special Revenue Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Other Governmental Funds—Debt Service Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . 175
Other Governmental Funds—Capital Projects Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
_______________________________________________________________________________________________
Fiduciary Funds
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
Combining Statement of Fiduciary Net Position—Private Purpose Trusts . . . . . . . . . . . . . . . . 190
Combining Statement of Changes in Fiduciary Net Position—Private Purpose Trusts . . . . . . . 191
Combining Statement of Fiduciary Net Position—Agency Funds . . . . . . . . . . . . . . . . . . . . . . . 192
Combining Statement of Changes in Assets and Liabilities—Agency Funds . . . . . . . . . . . . . . 194
Non-Major Component Units

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
Combining Statement of Net Position—Discretely Presented Non-Major Component Units . . . 200
Combining Statement of Activities—Discretely Presented Non-Major Component Units . . . . . 202
STATISTICAL SECTION
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
Changes in Fund Balances—Governmental Funds—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . 206
Net Position by Component—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
Changes in Net Position—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Fund Balances—Governmental Funds—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . 214
Tax Receipts by Source—Governmental Funds—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . 214
Program Revenues by Function/Program—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . 216
New York State and Local Retirement System—Changes in Net Position—
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
Personal Income Tax Filers and Liability by Income Level—For Ten Years Stated . . . . . . . . . . . . 218
Personal Income by Industry—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Personal Income Tax Rates—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
Ratios of Outstanding Debt by Type—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
Legal Debt Margin Information—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
Ratios of General Obligation Debt Outstanding and Legal Debt Margin—
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226
Pledged Revenue Coverage—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228
Ratios of General Bonded Debt Outstanding—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 230
Demographic and Economic Statistics I—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . 231
Demographic and Economic Statistics II—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . 232
Employment by Industry—Ten Years Stated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234
Government Employees by Level of Government—New York State 2006–2015 . . . . . . . . . . . . . 236
Select State Agency Employment—March 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237
Operating Indicators—Ten Years Stated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238
Capital Asset Balances by Function—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
Membership by Type of Benefit Plan—As of March 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242
Principal Participating Employers—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242
Introductory Section
THOMAS P. DINAPOLI
State Comptroller
THOMAS P. DINAPOLI 110 STATE STREET
COMPTROLLER ALBANY, NEW YORK 12236
OFFICE OF THE STATE COMPTROLLER

STATE OF NEW YORK
September 1, 2017
To the Citizens, Governor and Members of the

Legislature of the State of New York:
hereby present the Comprehensive Annual Financial Report for the State of
I New York, for the fiscal year ended March 31, 2017.
Under generally accepted accounting principles (GAAP), New York State
reported a General Fund deficit of $2.8 billion this year, reducing its fund
balance to $2.3 billion. Most of this deficit was due to the planned use of one-
time prior year resources to fund current year operating expenses (including
some of the $9.9 billion in monetary settlements received from major financial
and other institutions over the past three fiscal years). The State’s overall net
position, a broader indicator of financial condition, declined to $28.9 billion,
$3.9 billion less than the previous year. New York’s Statement of Net Position
continues to be negatively impacted by operating deficits, past borrowing for
non-capital purposes, and the growing impact of unfunded other post-employment
benefits (OPEB) liabilities.
The State’s primary revenue sources continue to be federal grants and the
personal income tax. Tax revenues across governmental funds totaled $73.2
billion, a decline of $149 million from last fiscal year. That shortfall was offset
by continued growth in federal aid. Currently, leaders in Washington are
considering cuts to federal aid for health care and other services. Given that
the State relies on the federal government for over one-third of its revenues,
the unpredictable nature of federal budget and policy discussions presents an
elevated concern.
Total debt outstanding was $56.2 billion as of March 31, 2017, billions of
which were issued without creating a corresponding State capital asset. Debt
capacity under the State’s statutory cap is projected to decline to only $88
million in fiscal year 2020-21. At a time when New York’s needs for capital
investment are increasing and debt capacity decreasing, effective management
of debt and capital resources is especially vital.
The Office of the State Comptroller will continue to provide oversight of
these important issues in an independent and impartial manner, in an effort to
ensure that the public is informed and its interests are protected.
Sincerely,
Thomas P. DiNapoli
State Comptroller
_______________________________________________________________________________________________ STATE OF NEW YORK
• 9
FINANCIAL OVERVIEW
This report has been prepared by the Office of the State Comptroller, as required by Chapter 405, Laws of 1981, in
accordance with generally accepted accounting principles (GAAP) for governments as promulgated by the Governmental
Accounting Standards Board (GASB). Responsibility for both the accuracy of the presented data and the completeness
and fairness of the presentation, including all disclosures, included within this Comprehensive Annual Financial
Report rests with the Office of the State Comptroller.
The basic financial statements contained in this report have been audited by KPMG LLP. Their audit was
conducted in accordance with generally accepted government auditing standards (GAGAS) and their auditors’ report
precedes the basic financial statements. An independent audit provides reasonable assurance that the State’s basic
financial statements for the year ended March 31, 2017 are free of material misstatement. Independent audit
procedures include examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial
statements; assessing the accounting principles used and significant estimates made by management; and evaluating
the overall basic financial statement presentation. An audit also includes consideration of internal controls over
financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the State’s internal controls over financial reporting.
Accordingly, the independent auditor expressed no opinion with respect to internal controls over financial reporting.
The independent auditor believed that their audit provided a reasonable basis for rendering unmodified opinions
that the State’s basic financial statements for the fiscal year ended March 31, 2017 are fairly presented in conformity
with GAAP.
The basic financial statements include a narrative introduction, overview, and analysis that is required by GAAP
and referred to as Management’s Discussion and Analysis (MD&A). This transmittal letter is intended to complement
the MD&A and should be read in conjunction with it. The State’s MD&A can be found immediately following the
independent auditors’ report.
Profile of New York State

New York State was one of the original 13 states, ratifying the United States Constitution and entering the Union on
July 26, 1788. The State has a total area (land and water) of 54,555 square miles and a park system that is among
the largest in the nation (Adirondack Park). Geographically, New York State is divided into 62 counties (five of which
are boroughs of New York City). Within these counties are 62 cities (including New York City), 932 towns, 545
villages and 693 school districts. The State’s major economic sectors are the industrial-commercial, service, financial
and agricultural sectors.
New York’s government comprises three branches—executive, legislative and judicial. The executive branch
includes the Executive (including 20 authorized State departments), the Department of Audit and Control, and the
Department of Law, which are headed respectively by the Governor, Comptroller and Attorney General. The
departments of the State report to the Governor; however, the departments of Audit and Control and Law report to
their respective elected officials, and the Education Department and the State University of New York report to the
Board of Regents. The Board of Regents is elected by the State Legislature. The legislative branch comprises two
houses, the Senate with 62 senators and the Assembly with 150 members. Members of the Legislature are elected to
two-year terms.
The Chief Judge of the Court of Appeals, which is the highest court of the State, heads the judicial branch. The
Governor, with the advice and consent of the State Senate, appoints the Chief Judge and six Associate Judges to
14-year terms. In New York State, the courts of original jurisdiction, or trial courts, hear cases in the first instance
and the appellate courts hear appeals from the decisions of other courts.
Economic Condition and Outlook

Overall economic activity, employment and wages all rose in New York State in 2016, but at rates below the nation’s.
Growth in the nation’s real Gross Domestic Product slowed in 2016, increasing by 1.6 percent. In comparison, New
York’s real Gross State Product grew by half this rate, an increase of 0.8 percent. Similar to the nation, this economic
growth was weaker than the state’s 1.2 percent gain in 2015.
______________________________________________________________________________________________
Job growth at both the national and state levels decelerated in 2016. Employment increased at a stronger rate
nationally, growth of 1.7 percent, compared to 1.5 percent in New York. Total employment in the state increased to
nearly 9.4 million.
Similar to employment, wages, both nationally and in New York, increased at a slower rate in 2016. Gains in
wages at the national level (3.9 percent) were stronger than those in New York (3.2 percent) in 2016.
The Reporting Entity and Its Services

The funds and entities included in this Comprehensive Annual Financial Report are those for which the State is
accountable, based on criteria for defining the financial reporting entity prescribed by the GASB. The criteria
include: legal standing, fiscal dependency and financial accountability. Based on these criteria, the various funds
and entities shown in this report are considered as part of the reporting entity (see Notes 1 and 14 of the Notes to
the Basic Financial Statements).
The State provides a range of governmental services in such areas as education, public health, public welfare,
public safety, and transportation, among others, and also administers the New York State and Local Retirement
System.
Component Units
Component units are discretely presented and reported as public benefit corporations (Corporations), which includes
Public Authorities, and are legally separate entities that are not operating departments of the State. Corporations
have been established for a variety of purposes such as economic development, capital construction, financing, and
public transportation. The powers of the Corporations generally are vested in their governing boards. The Governor,
with the approval of the State Senate, appoints a majority of the members of the Board of most major Corporations,
and either the Governor or the Board selects the chairperson and chief operating officer. Corporations are not
subject to the State constitutional restrictions on the incurrence of debt which apply to the State, and may issue
bonds and notes within legislatively authorized amounts.
Corporations submit annual reports on their operations and finances accompanied by an independent auditors’
report to the Governor, the Legislature and the State Comptroller. Corporations are generally supported by revenues
derived from their activities, although the State has provided financial assistance, in some cases of a recurring nature,
to certain Corporations for operating and other expenses, and in fulfillment of its commitments on moral obligation
indebtedness. The Corporations have been presented in the accompanying financial statements as component units
of the State. The amounts presented in this report were derived from the Corporations’ most recent audited financial
statements. At year-end these entities reported net position of $33.4 billion. For further information, refer to Note
14 of the Notes to the Basic Financial Statements.
Budgetary and Other Control Systems

The State Constitution requires the Governor to submit a cash basis balanced Executive Budget that contains a
complete plan of expenditures for the ensuing fiscal year, and identifies the anticipated revenues sufficient to meet
the proposed expenditures. Included in the proposed budget are provisions for spending authority for unanticipated
revenues or unforeseen emergencies in accordance with statutory requirements. The Executive Budget also includes
both cash basis and GAAP basis financial plans for the ensuing fiscal year, as well as a three-year financial projection
for governmental funds and a five-year capital plan. The accounting policies used in developing the GAAP basis
financial plans are generally consistent with those used in preparing the annual GAAP financial statements. Generally,
the financial plans are updated quarterly. The Legislature enacts appropriation bills and revenue measures embodying
those parts of the Executive Budget it has approved. Expenditures are controlled at the major account level (e.g.,
personal service, grants to local governments) within each program or project of each State agency in accordance
with the underlying approved appropriation bills.
In developing the State’s accounting system, consideration was given to the adequacy of internal controls. Internal
accounting controls are designed to provide reasonable, but not absolute, assurance regarding the safeguarding of
assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial
statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost
of control should not exceed the benefits derived. The State’s internal accounting controls are periodically tested to
ensure adherence to internal control policies and procedures.
______________________________________________________________________________________________ STATE OF NEW YORK
• 11
In 1987 the Legislature passed the New York State Governmental Accountability, Audit and Internal Control
Act, which commits the State to enhancing existing systems of internal controls in all State governmental entities. As
a result, there is now a requirement for managers in all branches and components of government to maintain com-
prehensive internal control systems and to regularly evaluate the effectiveness and adequacy of these systems by
internal reviews and external audits. Finally, the legislation promotes accountability by assuring that all external
audits are made available to the public.
General Governmental Results

An operating deficit of $2.8 billion is reported in the General Fund for the fiscal year ended March 31, 2017. As a
result, the General Fund now has an accumulated fund balance of $2.3 billion. The State completed its fiscal year
ended March 31, 2017 with a combined Governmental Funds operating deficit of $3.4 billion as compared to a
combined Governmental Funds operating surplus in the preceding fiscal year of $408 million. The combined
operating deficit of $3.4 billion for the fiscal year ended March 31, 2017 included an operating deficit in the General
Fund of $2.8 billion, an operating surplus in the Federal Special Revenue Fund of $6 million, an operating deficit in
the General Debt Service Fund of $774 million and an operating surplus in Other Governmental Funds of $204
million. For further information, refer to the MD&A which immediately follows the independent auditors’ report.
The State’s financial position as shown in its Governmental Funds Balance Sheet as of March 31, 2017 includes
a fund balance of $11.2 billion comprised of $43.6 billion of assets less liabilities of $30.6 billion and deferred
inflows of resources of $1.8 billion. The Governmental Funds fund balance includes a $2.3 billion accumulated
General Fund balance.
Certificate of Achievement
The Office of the State Comptroller was honored for the 28th consecutive year to receive the Certificate of Achievement
for Excellence in Financial Reporting from the Government Finance Officers Association for the State’s 2016
Comprehensive Annual Financial Report. This prestigious award represents the highest form of recognition in the
area of governmental financial reporting, and reflects a commitment by the Office of the State Comptroller to com-
municate the State’s financial results and position clearly to the taxpayers through public disclosure.
Acknowledgments
This report could not have been prepared without the cooperation of all State agencies, the Legislature, and the
Judiciary. I especially appreciate the professionalism and dedication demonstrated by my staff in the preparation of
this report.
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
State of New York
For its Comprehensive Annual

Financial Report
for the Fiscal Year Ended
March 31, 2016
Executive Director/CEO
______________________________________________________________________________________________ STATE OF NEW YORK
• 13
CITIZENS OF NEW YORK STATE
LEGISLATURE EXECUTIVE JUDICIARY
University of ATTORNEY
the State of GOVERNOR COMPTROLLER
New York ASSEMBLY SENATE GENERAL
Board of Regents
State and Local

Audit Committee Retirement System
Department of
Department of Department of Department of
Education Department of Corrections and Executive Department of Department of
Financial Economic Environmental
Department Civil Service Community Department Health Labor
Services Development Conservation
Supervision
State Department of Department of Department of Department of

Department of Department of Department of Department of
University of Public Family Taxation Agriculture
Mental Hygiene Motor Vehicles State Transportation
New York Service Assistance and Finance and Markets
Public Miscellaneous City University

Benefit State Boards of New York
Corporations & Commissions Senior Colleges
STATE OF NEW YORK

Selected State Officials
Executive
Andrew M. Cuomo, Governor • Kathleen C. Hochul, Lieutenant Governor • Thomas P. DiNapoli, State Comptroller
Eric T. Schneiderman, Attorney General
Judicial
Janet DiFiore, Chief Judge of the Court of Appeals of New York
Legislative
John J. Flanagan, Senate Republican Conference Leader • Carl E. Heastie, Speaker of the Assembly
Andrea Stewart-Cousins, Senate Democratic Conference Leader
Jeffrey D. Klein, Senate Independent Democratic Conference Leader • Brian M. Kolb, Assembly Minority Leader
Financial Section
KPMG LLP
515 Broadway
Albany, NY 12207-2974
Independent Auditors’ Report
The Audit Committee

New York State Legislature:
Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type
activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of the State of New York (the State) as of and for the year ended March 31, 2017, and the
related notes to the basic financial statements, which collectively comprise the State’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the
financial statements of the State’s Lottery enterprise fund, the New York Local Government Assistance
Corporation, the Tuition Savings Program, and certain of the discretely presented component units as identified
in note 14 to the basic financial statements. The State’s Lottery enterprise fund represents 100 percent of the
assets and revenues of the associated major fund, and 9 percent and 46 percent, respectively, of the assets
and revenues of the business-type activities. The New York Local Government Assistance Corporation
represents less than 1 percent of the respective assets and revenues of the governmental activities and the
aggregate remaining fund information. The Tuition Savings Program represents 10 percent and 7 percent,
respectively, of the assets and the revenues of the aggregate remaining fund information. The certain discretely
presented component units identified in note 14 of the basic financial statements represent 56 percent and 67
percent, respectively, of the assets and the revenues of the aggregate discretely presented component units.
The financial statements of these entities were audited by other auditors whose reports have been furnished to
us, and our opinions, insofar as they relate to the amounts included for the State’s Lottery enterprise fund, the
New York Local Government Assistance Corporation, the Tuition Savings Program, and certain of the
discretely presented component units identified in note 14 of the basic financial statements, are based solely on
the reports of the other auditors.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement. The
financial statements of the State’s Lottery enterprise fund and of certain discretely presented component units
as identified in note 14 of the basic financial statements were not audited in accordance with Government
Auditing Standards.
KPMG LLP is a Delaware limited liability partnership and the U.S. member
firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Opinions
In our opinion, based on our audit and the reports of the other auditors, the financial statements referred to
above present fairly, in all material respects, the respective financial position of the governmental activities, the
business-type activities, the aggregate discretely presented component units, each major fund, and the
aggregate remaining fund information of the State of New York as of March 31, 2017, and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance
with U.S. generally accepted accounting principles.
Emphasis of Matter
As discussed in note 1(t) to the basic financial statements, as of March 31, 2017, the State adopted
Governmental Accounting Standards Board (GASB) Statement No. 72, Fair Value Measurement and
Application and GASB Statement No. 77, Tax Abatement Disclosures. Our opinions are not modified with
respect to this matter.
Other Matters
Required Supplementary Information
U.S. generally accepted accounting principles require that the management’s discussion and analysis and the
information listed under Required Supplementary Information in the accompanying table of contents be
presented to supplement the basic financial statements. Such information, although not a part of the basic
financial statements, is required by the GASB, who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to this information in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the methods of preparing
the information and comparing the information for consistency with management’s responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Supplementary Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the State’s basic financial statements. The other supplementary information listed in the
accompanying table of contents and the introductory and statistical sections are presented for purposes of
additional analysis and are not a required part of the basic financial statements.
The other supplementary information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial statements
and certain additional procedures, including comparing and reconciling such information directly to the
underlying accounting and other records used to prepare the basic financial statements or to the basic financial
2
statements themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America by us and the other auditors. In our opinion, based on our audit, the
procedures performed as described above, and the reports of the other auditors, the other supplementary
information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit
of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on
them.
Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated July 26, 2017 on our
consideration of the State’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering the State’s internal control over financial reporting and compliance.
July 26, 2017

Albany, NY
3
______________________________________________________________________________________________ STATE OF NEW YORK
• 19
MANAGEMENT’S DISCUSSION AND ANALYSIS

(unaudited)
Management’s discussion and analysis (MD&A) provides a narrative overview and analysis of the financial activities
of the State of New York (State) for the fiscal year ended March 31, 2017. The MD&A is intended to serve as an
introduction to the State’s basic financial statements, which have the following components: (1) government-wide
financial statements, (2) fund financial statements, and (3) notes to the financial statements. The MD&A is designed
to (a) assist the reader in focusing on significant financial matters, (b) provide an overview of the State’s financial
activities, (c) identify any material changes from the original budget, and (d) highlight individual fund matters. The
following presentation is by necessity highly summarized, and in order to gain a thorough understanding of the
State’s financial condition, the following financial statements, notes and required supplementary information should
be reviewed in their entirety.
FINANCIAL HIGHLIGHTS
New York State reported net position of $28.9 billion, comprised of $160.2 billion in total assets and $9.5 billion
in deferred outflows of resources, less $139.5 billion in total liabilities and $1.3 billion in deferred inflows of
resources (Table 1).
The State’s net position decreased by $3.9 billion as a result of this year’s operations. The net position for
governmental activities decreased by $4 billion (12.2 percent) and net position for business-type activities increased
by $107 million (47.6 percent) due to current year operations (Table 2).
The State’s governmental activities had total revenues of $151.8 billion, which were less than total expenses of
$153.5 billion, excluding transfers to business-type activities of $2.5 billion and a special item of $250 million, by
$1.7 billion (Table 2).
The total cost of all the State’s programs, which includes $23.7 billion in business-type activities, was $177.2
billion (Table 2).
The General Fund reported a deficit this year of $2.8 billion, which decreased the accumulated fund balance to
$2.3 billion.
Total debt outstanding at year-end was $56.2 billion, comprised of $41.2 billion in governmental activities and
$15 billion in business-type activities (Table 5).
______________________________________________________________________________________________
USING THIS ANNUAL REPORT

This annual report consists of a series of financial statements and supplementary information. The Statement of Net
Position and the Statement of Activities (on pages 31 and 32, respectively) provide information about the activities of
the State as a whole and present a longer-term view of the State’s finances. Fund financial statements start on page 34.
For governmental activities, these statements show how services were financed in the short-term, as well as how much
may remain for future spending. Fund financial statements also report the State’s operations in more detail than the
government-wide statements by providing information about the State’s most significant funds. The remaining statements
provide financial information about activities for which the State acts solely as a trustee for the benefit of those outside
the government and about public benefit corporations for which the State is accountable. The layout and relationship
of the financial statements and supplementary information is visually illustrated as follows:
REQUIRED SUPPLEMENTARY
Management’s Discussion and Analysis (MD&A)
INFORMATION
Government-Wide Financial Statements
Governmental Fund Financial Statements
Enterprise Fund Financial Statements

Mandatory
BASIC FINANCIAL STATEMENTS
Reporting
Fiduciary Fund Financial Statements
Component Unit Financial Statements
Notes to the Basic Financial Statements
Budgetary Basis Reporting with Notes, Infrastructure Assets Using

REQUIRED SUPPLEMENTARY
the Modified Approach, Schedule of Funding Progress (OPEB),
INFORMATION (Other than MD&A) and Pension Plans
OTHER SUPPLEMENTARY Non-Mandatory

Combining Fund Financial Statements/Schedules
INFORMATION (Not Required) Reporting
Reporting the State as a Whole

The Statement of Net Position and the Statement of Activities
The analysis of the State, as a whole, begins on page 22. One of the most important questions asked about the
State’s finances is: “Is the State, as a whole, better off or worse off as a result of the year’s activities?” The Statement
of Net Position and the Statement of Activities report information about the State as a whole and about its activities
in a way that helps answer this question. These statements include all assets, deferred outflows of resources, liabilities
and deferred inflows of resources, using the accrual basis of accounting, which is similar to the accounting method
used by most private-sector companies. All of the current year’s revenues and expenses are taken into account,
regardless of when cash was received or paid.
These two statements report the State’s net position and changes in it. One can think of the State’s net posi-
tion—the difference between assets and deferred outflows of resources, and liabilities and deferred inflows of
resources—as one way to measure the State’s financial health, or financial position. Over time, increases or decreases
in the State’s net position are one indicator of whether its financial health is improving or deteriorating. One may
need to consider other non-financial factors, such as changes in the State’s tax structure, population, employment,
and the condition of the State’s roads, bridges and buildings, in order to assess the overall health of the State.
In the Statement of Net Position and the Statement of Activities, operations of the State are divided into three
kinds of activities:
Governmental Activities—Most of the State’s basic services are reported here, including education, public
health, public welfare, public safety, transportation, environment and recreation, support and regulation of
business, general government, and interest on long-term debt. Federal grants, personal income taxes,
consumption and use taxes, business and other taxes, transfer of lottery revenues, and bond proceeds finance
most of these activities.
______________________________________________________________________________________________ STATE OF NEW YORK
• 21
Business-type Activities—The State charges a fee to customers to help it cover all or part of the cost of certain
services it provides. The State’s Lottery Fund, Unemployment Insurance Benefit Fund, the State University of
New York (SUNY) and the City University of New York (CUNY) Senior Colleges are reported here.
Component Units—The State includes 42 separate legal entities in its report, as disclosed in Notes 1 and 14
of the Notes to the Basic Financial Statements. Although legally separate, these “component units” are
important because the State is financially accountable for them and may be affected by their financial well-
being. In addition, the State blends two other component units in the governmental activities because they
provide services exclusively to the State.
Reporting the State’s Most Significant Funds

Fund Financial Statements
Financial statements prepared at the fund level provide additional details about the State’s financial position and
activities. By definition, funds are accounting entities with a self-balancing set of accounts created for the purpose of
carrying on specific activities or achieving specific goals. Information presented in the fund financial statements
differs from the information presented in the government-wide statements because the perspective and basis of
accounting used to prepare the fund financial statements are different than the perspective and basis of accounting
used to prepare the government-wide statements. The State’s governmental and proprietary fund types use different
perspectives and accounting bases. The funds presented in the fund financial statements are categorized as either
major or non-major funds, as required by generally accepted accounting principles (GAAP). The State uses three
fund types for operations—governmental, proprietary and fiduciary. The analysis of the State’s major funds begins
on page 24. The fund financial statements begin on page 34 and provide detailed information about the most
significant funds, not the State as a whole.
Governmental Funds—Most of the State’s basic services and expenditures are reported in governmental funds,
which focus on how money flows into and out of those funds and the balances remaining at year-end that are
available for spending. Governmental fund financial statements are prepared using the current financial
resources measurement focus and the modified accrual basis of accounting, which measures cash and all other
financial assets that can readily be converted to cash. Assets and liabilities that do not impact current financial
resources, such as capital assets and long-term liabilities, are not recognized in the governmental funds
statements. The governmental funds statements provide a detailed short-term view of the State’s general gov-
ernment operations and the basic services the State provides. Governmental funds information helps determine
whether there are more or fewer financial resources that can be spent in the near future to finance the State’s
programs. The relationships (or differences) between governmental activities (reported in the Statement of
Net Position and the Statement of Activities) and governmental funds are presented in the reconciliations
following the fund financial statements.
Proprietary Funds—These funds are utilized when the State charges customers to recover its costs of providing
services. Proprietary funds report on business-type activities, which include enterprise type funds and internal
service type funds. The State has no internal service type funds on a GAAP basis and, therefore, has only one
proprietary fund type—Enterprise. The State’s enterprise funds are the same as the business-type activities
reported in the government-wide statements. Proprietary Funds statements are prepared using the economic
resources measurement focus and the accrual basis of accounting. In addition to a Statement of Net Position
and a Statement of Revenues, Expenses and Changes in Fund Net Position, Proprietary Funds are also required
to report a Statement of Cash Flows (page 42).
Reporting the State’s Fiduciary Responsibilities

The State is the trustee, or fiduciary, for certain of its employees’ pension plans. It is also responsible for other
assets that, because of a trust arrangement, can be used only for the trust beneficiaries. All the State’s fiduciary
activities are reported in separate Statements of Fiduciary Net Position and Changes in Fiduciary Net Position on
pages 44 and 45, respectively. We exclude these activities from the State’s government-wide financial statements
because the State cannot use these assets to finance its operations. The State is responsible for ensuring that the
assets reported in these funds are used for their intended purposes.
______________________________________________________________________________________________
Component Units of the State

The State has created numerous public benefit corporations—two of which provide services exclusively to the State
government itself, the New York Local Government Assistance Corporation (LGAC) and the Tobacco Settlement
Financing Corporation (TSFC), and the rest of which provide services directly to citizens. The financial position and
activities of the LGAC and the TSFC have been blended within the Statement of Net Position and the Statement of
Activities in the governmental activities column and in the governmental funds. The financial position and activities
of the public benefit corporations that provide services directly to citizens have been presented in the Statement of
Net Position and the Statement of Activities under the component units column and also in more detail in the
component units Combining Statement of Net Position and the component units Combining Statement of Activities.
These component units have been discretely presented in the State’s financial statements because their nature and
significance to the State cause them to have an effect on the fiscal condition of the State and the State is accountable
for them.
OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS

Governmental entities are required by GAAP to report on their net position. The Statement of Net Position presents
the value of all of New York State’s assets and deferred outflows of resources, and liabilities and deferred inflows of
resources, with the difference between them reported as net position. Over time, increases or decreases in net
position may serve as a useful indicator of changes in a government’s financial position. The State reported net
position of $28.9 billion, comprised of $72.3 billion in net investment in capital assets, and $7.6 billion in restricted
net position, offset by an unrestricted net position deficit of $51 billion.
Net position reported for governmental activities decreased by $4 billion, decreasing to $28.6 billion from $32.5
billion in the last fiscal year. Unrestricted net position for governmental activities—the part of net position that can
be used to finance day-to-day operations without constraints established by debt covenants, enabling legislation, or
other legal requirements—had a deficit of $45.6 billion at March 31, 2017. The following table (Table 1) was derived
from the current and prior year government-wide Statements of Net Position:
Table 1
Net Position as of March 31, 2017 and 2016
(Amounts in millions)
Governmental Business-type Total

Activities Activities* Primary Government
2017 2016 2017 2016 2017 2016
Assets:
Non-capital assets:
Cash and investments . . . . . . . . . . . . . . . . $ 15,977 $ 17,952 $ 8,173 $ 7,314 $ 24,150 $ 25,266
Receivables, net . . . . . . . . . . . . . . . . . . . . . 25,584 24,093 4,652 4,550 30,236 28,643
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 325 282 331 992 656
Total non-capital assets . . . . . . . . . . . . 42,271 42,370 13,107 12,195 55,378 54,565
Capital assets . . . . . . . . . . . . . . . . . . . . . . . . . 87,841 86,521 16,990 15,957 104,831 102,478
Total assets . . . . . . . . . . . . . . . . . . . . . . 130,112 128,891 30,097 28,152 160,209 157,043
Deferred outflows of resources . . . . . . . . . . . . 8,306 2,814 1,246 275 9,552 3,089
Liabilities:
Liabilities due within one year . . . . . . . . . . . . . 35,213 31,672 4,241 4,123 39,454 35,795
Liabilities due in more than one year . . . . . . . 73,611 67,092 26,471 23,829 100,082 90,921
Total liabilities . . . . . . . . . . . . . . . . . . . . 108,824 98,764 30,712 27,952 139,536 126,716
Deferred inflows of resources . . . . . . . . . . . . . 1,014 402 299 250 1,313 652
Net position:
Net investment in capital assets . . . . . . . . . . . 70,561 69,394 1,746 1,589 72,307 70,983
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,618 4,017 4,016 3,228 7,634 7,245
Unrestricted deficits . . . . . . . . . . . . . . . . . . . . (45,599) (40,872) (5,430) (4,592) (51,029) (45,464)
Total net position . . . . . . . . . . . . . . . . . $ 28,580 $ 32,539 $ 332 $ 225 $ 28,912 $ 32,764
*As of June 30, 2016 and 2015 for SUNY and CUNY activities
______________________________________________________________________________________________ STATE OF NEW YORK
• 23
The net position deficit in unrestricted governmental activities, which increased by $4.7 billion in 2017, exists
primarily because the State has issued debt for purposes not resulting in a capital asset related to State governmental
activities and the obligation related to other postemployment benefits ($17.3 billion). Such outstanding debt included:
securitizing the State’s future tobacco settlement receipts ($660 million); eliminating the need for seasonal borrowing
by the LGAC ($1.8 billion); and borrowing for local highway and bridge projects ($4.1 billion), local mass transit
projects ($1.5 billion), and a wide variety of grants and other expenditures not resulting in State capital assets ($12.7
billion). This deficit in unrestricted net position of governmental activities can be expected to continue for as long
as the State continues to have obligations outstanding for purposes other than the acquisition of State governmental
capital assets.
The net position for business-type activities increased by $107 million (47.6 percent) to $332 million in 2017 as
compared to $225 million in 2016. The increase in net position for business-type activities was due to employer con-
tributions and other revenue exceeding unemployment benefit payments for the Unemployment Insurance Fund
($768 million). This was partially offset by: SUNY expenses exceeding revenues and State support ($537 million);
CUNY Senior Colleges expenses exceeding revenues and State support ($88 million); and Lottery education aid
transfers exceeding net income ($36 million).
The following table (Table 2) was derived from the current and prior year government-wide Statements of Activities:
Table 2
Changes in Net Position for the Fiscal Years Ended March 31, 2017 and 2016

2017 2016 2017 2016 2017 2016
Revenues:
Program revenues:
Charges for services . . . . . . . . . . . . . . . . . . $ 15,164 $ 15,171 $ 14,554 $ 14,772 $ 29,718 $ 29,943
Operating grants and contributions . . . . . . . 59,776 56,089 5,771 6,160 65,547 62,249
Capital grants and contributions . . . . . . . . . 1,766 1,629 31 65 1,797 1,694
General revenues:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,350 73,322 —00000 —00000 73,350 73,322
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732 1,795 655 617 2,387 2,412
Total revenues . . . . . . . . . . . . . . . . . . . . 151,788 148,006 21,011 21,614 172,799 169,620
Expenses:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,585 35,175 —00000 —00000 35,585 35,175
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . 68,505 63,454 —00000 —00000 68,505 63,454
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . 15,263 14,722 —00000 —00000 15,263 14,722
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . 8,175 7,768 —00000 —00000 8,175 7,768
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . 10,218 10,344 —00000 —00000 10,218 10,344
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,755 14,820 —00000 —00000 15,755 14,820
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 6,513 6,442 6,513 6,442
Unemployment insurance . . . . . . . . . . . . . . . . —00000 —00000 2,294 2,403 2,294 2,403
State University of New York . . . . . . . . . . . . . . —00000 —00000 11,201 10,700 11,201 10,700
City University of New York . . . . . . . . . . . . . . . —00000 —00000 3,659 3,265 3,659 3,265
Total expenses . . . . . . . . . . . . . . . . . . . 153,501 146,283 23,667 22,810 177,168 169,093
Increase (decrease) in net position
before transfers and special item . . . . . . . . (1,713) 1,723 (2,656) (1,196) (4,369) 527
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,496) (2,416) 2,763 1,962 267 (454)
Special item . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250 —00000 —00000 250 250
Changes in net position . . . . . . . . . . . . (3,959) (443) 107 766 (3,852) 323
Net position, beginning of year . . . . . . . . . . . . 32,539 32,982 225 (541) 32,764 32,441
Net position, end of year . . . . . . . . . . . . . . . . . $ 28,580 $ 32,539 $ 332 $ 225 $ 28,912 $ 32,764
______________________________________________________________________________________________
Governmental Activities
In fiscal year 2017, the State’s total expenses for governmental activities of $153.5 billion exceeded its total revenues
of $151.8 billion by $1.7 billion (Table 2). However, as shown in the Statement of Activities on page 32, the amount
that State taxpayers ultimately financed for activities through State taxes and other State revenues was $75.1 billion.
Overall, the State’s governmental program revenues, including intergovernmental aid, fees for services and capital
grants, were $76.7 billion in 2017. The State paid for the remaining “public benefit” portion of governmental
activities with $73.4 billion in taxes and $1.7 billion in other revenues, including investment earnings. Additionally,
$250 million was available as a special item from the State Insurance Fund (SIF) reserve release.
Table 3 presents the cost of State support for each of the State’s five largest programs: education, public health,
public welfare, public safety, and transportation, as well as each program’s net cost (total cost less revenues generated
by the activities). The net cost shows the financial obligation that was placed upon the State’s taxpayers by each of
these functions.
Table 3
Governmental Activities for the Fiscal Years Ended March 31, 2017 and 2016
2017 2016
Total Cost Program Net Cost Net Cost
of Services Revenues of Services of Services
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,585 $ 3,726 $ 31,859 $ 30,851
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,505 49,544 18,961 20,570
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,263 11,082 4,181 3,174
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,175 2,036 6,139 5,469
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,218 3,637 6,581 6,789
All others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,755 6,681 9,074 6,541
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 153,501 $ 76,706 $ 76,795 $ 73,394
Business-type Activities
The cost of all business-type activities this year was $23.7 billion, an increase of $857 million as compared to $22.8
billion in 2016 (Table 2). Increases in SUNY hospitals and clinics, educational and general, and other operating and
non-operating expenses, along with increases in CUNY Senior Colleges educational and general and other operating
and non-operating expenses, and Lottery operating and non-operating expenses, were partially offset by decreases
in unemployment benefit payments for the Unemployment Insurance Fund. As shown in the Statement of Activities
on page 32, the amount reported as transfers that governmental activities ultimately financed for business-type
activities was $2.8 billion after activity costs were paid by those directly benefiting from the programs ($14.6 billion),
and after grants and contributions ($5.8 billion). The decrease in revenues from charges for services ($218 million)
was primarily caused by a decrease in SUNY hospitals and clinics revenue. The decrease in revenues from operating
grants and contributions was primarily due to the decrease in employer contributions into the Unemployment
Insurance Fund.
THE STATE’S FUNDS

The State uses fund accounting to ensure and demonstrate compliance with legal and finance-related requirements.
As the State completed the year, its governmental funds (as presented in the balance sheet on page 34) reported a
combined fund balance of $11.2 billion. Included in this year’s total change in fund balance is a deficit of $2.8
billion in the State’s General Fund, resulting from expenditures exceeding revenues by $13.7 billion, which was
offset by net other financing sources of $10.6 billion and a special item for the State Insurance Fund (SIF) reserve
release of $250 million to the General Fund. The General Fund reported increases in personal income taxes ($390
million), consumption and use taxes ($219 million) and miscellaneous revenues ($196 million), offset by decreases
in business taxes ($269 million) and other taxes ($417 million). Compared to the prior year, personal income tax
revenue increased due to greater income tax withholdings and estimated tax payments. The decrease in business
taxes is due to shortfalls in audit collection and cash payments associated with final tax year 2015 returns. Total
General Fund revenues increased $119 million, while expenditures increased $1.7 billion. Local assistance expenditures
increased by nearly $1.2 billion, due primarily to the timing of education assistance expenditures and public health.
State operations expenditures increased $515 million due to increasingly higher contributions to pensions and rising
health care premiums. The State ended the 2016-17 fiscal year with a General Fund accumulated fund balance of
$2.3 billion.
______________________________________________________________________________________________ STATE OF NEW YORK
• 25
The Enterprise Funds financial statements provide the same type of information found in the government-wide
financial statements, but in more detail. The change in net position of the Enterprise Funds has already been
discussed in the preceding discussion of business-type activities.
General Fund Budgetary Highlights

The State’s financial plan, which uses the cash basis of accounting, is updated quarterly throughout the year as
required by the State Finance Law. The quarterly updates to the 2016-17 financial plan reflected revisions to the
original financial plan based on actual operating results to date and an updated analysis of underlying economic,
revenue, and spending trends, as well as other actions and developments. This discussion includes comparisons to
estimates from two different financial plan updates in 2016-17: the original financial plan (issued May 13, 2016)
and the final financial plan (issued February 16, 2017), with emphasis on the initial plan.
General Fund disbursements exceeded receipts by $1.2 billion in 2016-17, primarily reflecting the planned use
of monetary settlements to support capital spending and reserves set aside for labor contracts. The General Fund
ended the fiscal year with a closing cash fund balance of $7.7 billion, which consisted of approximately $1.8 billion
in the State’s rainy day reserve funds ($1.3 billion in the Tax Stabilization Reserve Account and $540 million in the
Rainy Day Reserve Fund), $56 million in the Community Projects Fund, $21 million in the Contingency Reserve
Fund, and $5.9 billion in the Refund Reserve Account. Total General Fund receipts for the year (including transfers
from other funds) were approximately $66.9 billion. Total General Fund disbursements for the year (including
transfers to other funds) were approximately $68.1 billion.
Net operating results were $1.7 billion more favorable than anticipated in the original financial plan, with the
original plan projecting a net operating deficit of $2.9 billion. Total receipts and transfers from other funds were
less than original financial plan estimates by $2.1 billion, and total disbursements and transfers to other funds were
less than original financial plan estimates by $3.8 billion.
Personal Income Tax receipts were $1.3 billion below initial projections, due to underlying weakness in estimated
payments and withholding growth. Business tax receipts were $989 million below initial projections, due to shortfalls
in both audit collections and cash payments associated with tax year 2015 final returns. The lower receipts were
partly offset by higher-than-estimated estate tax collections related to stronger-than-anticipated growth in household
net worth. Miscellaneous receipts were $1 billion higher than the original projections, due almost entirely to additional
monetary settlement collections not anticipated in the initial budget for fiscal year 2017.
Lower-than-projected disbursements reflected lower-than-anticipated transfers to capital projects and underspending
across a number of local assistance programs. Lower-than-anticipated spending for local assistance primarily reflected
the use of available fund balance from the Health Care Reform Act (HCRA) Resources Fund to finance State share
Medicaid spending, a result driven primarily by strong results in HCRA surcharge and covered lives revenue
collections, augmented by underspending in a number of different program areas. Transfers to capital projects funds
were lower than initially planned, primarily due to significant levels of under-spending across a number of capital
program areas as the progression of certain projects occurred at slower pace than initially anticipated, as well as
substantial revisions to recognize the utilization of other financing sources for capital projects spending.
Net operating results were $0.5 million more favorable than anticipated in the final financial plan, with the final
financial plan projecting a net operating deficit of $1.7 billion. Total receipts and disbursements were lower than
the final financial plan estimates (by $1.1 billion and $1.6 billion, respectively). Lower receipts were primarily due
to lower-than-expected business tax receipts related to lower corporate franchise taxes and lower transfers to other
funds due to timing associated with the availability of fund balances. Lower-than-projected total disbursements
occurred primarily as a result of lower-than-planned transfers to the Capital Projects Fund, as well as lower spending
for local assistance and agency operations.
The State’s current year General Fund GAAP deficit of $2.8 billion reported on page 36 differs from the General
Fund’s cash basis operating deficit of $1.2 billion reported in the reconciliation found under Budgetary Basis Reporting
on page 126. This variation results from differences in basis of accounting, entity and perspective differences between
budgetary reporting versus those established as GAAP and followed in preparation of this financial statement.
CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets
As of 2017, the State has $104.8 billion invested in a broad range of capital assets, including equipment, buildings,
construction in progress, land preparation, and infrastructure, which primarily includes roads and bridges (Table 4).
This amount represents a net increase (including additions and deductions) of $2.4 billion over last year.
______________________________________________________________________________________________
Table 4
Capital Assets as of March 31, 2017 and 2016
(Net of depreciation, amounts in millions)

2017 2016 2017 2016 2017 2016
Land and land improvements . . . . . . . . . . . . . . . $ 4,313 $ 4,218 $ 993 $ 970 $ 5,306 $ 5,188
Land preparation . . . . . . . . . . . . . . . . . . . . . . . . . 3,993 3,923 —00000 —00000 3,993 3,923
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,329 4,322 10,439 9,929 14,768 14,251
Equipment and library books . . . . . . . . . . . . . . . 364 272 739 714 1,103 986
Construction in progress . . . . . . . . . . . . . . . . . . . 3,212 3,085 3,831 3,607 7,043 6,692
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,014 70,109 724 682 71,738 70,791
Artwork and historical treasures . . . . . . . . . . . . . —00000 —00000 40 40 40 40
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . 616 592 224 15 840 607
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 87,841 $ 86,521 $ 16,990 $ 15,957 $ 104,831 $ 102,478
State-owned roads and bridges that are maintained by the Department of Transportation (DOT) are being
reported using the modified approach. As allowed by the reporting provisions in the GASBS No. 34, Basic Financial
Statements—and Management’s Discussion and Analysis—for State and Local Governments, infrastructure assets that meet
prescribed criteria do not have to be depreciated but must be maintained at levels defined by State policy. The State
currently has 42,739 lane miles of roads. The State has approximately 7,891 bridges in the inventory, of which 7,677
are highway bridges. The remainder include railroad and pedestrian structures.
Highway condition is rated using a scale of 1 (very poor) to 10 (excellent) based on the prevalence of surface-
related pavement distress. For bridges, in 2016, the State transitioned to the American Association of State Highway
and Transportation Officials (AASHTO) Element based rating system that utilizes a 1 (good) through 4 (severe)
scale as mandated by the Federal Highway Administration (FHWA). The new bridge goal will be based on the
percentage of Structurally Deficient (SD) Bridges as defined by FHWA. The percent SD calculations are based on
the National Bridge Inventory (NBI) inspection data that has been collected by the DOT for more than 15 years
and reported to FHWA on an annual basis. Prior to 2016 the State used a numerical inspection condition rating
(CR) scale ranging from 1 (minimum) to 7 (maximum). Under this prior rating system, a rating of 6 to 7 was
excellent, indicating no repairs were necessary; a rating of 3 to 5 was fair to good, indicating minor repairs were
required; and a rating of 1 to 2 was deficient, indicating major repairs or replacements were necessary. Refer to the
Required Supplementary Information (RSI) for additional information regarding infrastructure assets using the
modified approach. Pavement condition rating parameters for the current year are between 6.7 and 7.2. Using the
new criteria of Structurally Deficient, it is the State’s intention to maintain the percentage of SD bridges at or below
15 percent of the State highway bridge population. Previously, it was the State’s intention to maintain the bridges at
an average condition rating level between 5.3 and 5.6. Capital spending for highway and bridge maintenance and
preservation projects was approximately $1.4 billion in 2017.
The State’s 2017-18 fiscal year capital budget calls for it to spend $13.8 billion for capital projects, of which $6.1
billion is for transportation projects. To pay for these capital projects, the State plans to use $990 million in general
obligation bond proceeds, $6.3 billion in other financing arrangements with public authorities, $1.8 billion in Federal
funds, and $4.7 billion in funds on hand or received during the year. More detailed information about the State’s
capitalization policy for capital assets is presented in Note 1 of the Notes to the Basic Financial Statements.
Debt Administration
The State has obtained long-term financing in the form of voter-approved General Obligation debt (voter-approved
debt) and other obligations that are authorized by legislation but not approved by the voters (non-voter-approved
debt), including lease-purchase and contractual obligations where the State’s legal obligation to make payments is
subject to and paid from annual appropriations made by the Legislature or from assignment of revenue in the case of
Tobacco Settlement Revenue Bonds. Equipment capital leases and mortgage loan commitments, which represent $542
million as of March 31, 2017, do not require legislative or voter approval. Other obligations include certain bonds
issued through State public authorities and certificates of participation. The State administers its long-term financing
needs as a single portfolio of State-supported debt that includes general obligation bonds and other obligations of
both its governmental activities and business-type activities. Most of the debt reported under business-type activities,
all of which was issued for capital assets used in those activities, is supported by payments from resources generated by
the State’s governmental activities—thus it is not expected to be directly repaid from resources generated by business-
type activities. The State Finance Law allows the bonded portion of this single combined debt portfolio, which includes
______________________________________________________________________________________________ STATE OF NEW YORK
• 27
debt reported in both governmental and business-type activities, to include debt instruments which result in a net
variable rate exposure in an amount that does not exceed 15 percent of total outstanding State-supported debt, and
interest rate exchange agreements (swaps) that do not exceed 15 percent of total outstanding State-supported debt. At
March 31, 2017, the State had $173 million in State-supported net variable rate bonds outstanding and $1.7 billion in
interest rate exchange agreements, in which the State issues variable rate bonds and enters into a swap agreement that
effectively converts the rate to a fixed rate. Risks related to these transactions are explained in Note 7.
At March 31, 2017, variable rate bonds, net of those subject to the fixed rate swaps, were equal to 0.3 percent of
the State-supported debt portfolio. Variable rate bonds that were converted to a synthetic fixed rate through swap
agreements of $1.7 billion were equal to 3.4 percent of the total State-supported debt portfolio.
At March 31, 2017, the State had $56.2 billion in bonds, notes, and other financing agreements outstanding
compared with $56.7 billion in the prior year, a decrease of $518 million as shown below in the table.
Table 5
Outstanding Debt as of March 31, 2017 and 2016

2017 2016 2017 2016 2017 2016
State-supported debt as defined
by the State Finance Law:
General obligation bonds (voter-approved) . . . $ 2,463 $ 2,727 $ —00000 $ —00000 $ 2,463 $ 2,727
Other financing arrangements . . . . . . . . . . . . 34,056 34,138 13,364 13,480 47,420 47,618
Tobacco Settlement Financing
Corporation bonds . . . . . . . . . . . . . . . . . . . . . 660 1,378 —00000 —00000 660 1,378
MBBA Special Purpose School Aid bonds . . . . . 204 234 —00000 —00000 204 234
Capital lease obligations . . . . . . . . . . . . . . . . . . . 14 7 461 199 475 206
Mortgage loan commitments . . . . . . . . . . . . . . . . —00000 —00000 67 69 67 69
Unamortized bond premiums (discounts) . . . . . . 3,817 3,457 1,055 986 4,872 4,443
Accumulated accretion on capital
appreciation bonds . . . . . . . . . . . . . . . . . . . . . 13 17 —00000 —00000 13 17
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,227 $ 41,958 $ 14,947 $ 14,734 $ 56,174 $ 56,692
In addition to the debt outlined above, the State reported $1.4 billion for collateralized borrowings ($378 million
in governmental activities and $985 million in business-type activities) for which specific revenues have been pledged.
In the prior year, the State reported $838 million for collateralized borrowings ($401 million in governmental
activities and $437 million in business-type activities).
During the 12-month period reported, the State issued $6.1 billion in bonds, of which $2.3 billion was for refunding
and $3.8 billion was for new borrowing. See Note 16 for State debt issued subsequent to the reporting period.
Table 6
New Debt Issued During Prior 12 Month Period

2017 2016 2017 2016 2017 2016
Voter-approved debt:
General obligation:
New issues . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ —00000
Refunding issues . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total voter-approved debt . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Non-voter-approved debt:
Other financing arrangements:
New issues . . . . . . . . . . . . . . . . . . . . . . . . . 2,878 2,219 915 1,165 3,793 3,384
Refunding issues . . . . . . . . . . . . . . . . . . . . 1,826 3,888 527 626 2,353 4,514
Total non-voter-approved debt . . . . . . 4,704 6,107 1,442 1,791 6,146 7,898
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,704 $ 6,107 $ 1,442 $ 1,791 $ 6,146 $ 7,898
______________________________________________________________________________________________
The State’s assigned general obligation bond ratings on March 31, 2017 were as follows: AA+ by Kroll Bond
Rating Agency, Inc., AA+ by Standard & Poor’s Investor Services (S&P), Aa1 by Moody’s Investor Service, Inc., and
AA+ by Fitch Investor Service. The State Constitution, with exceptions for emergencies, limits the amount of general
obligation bonds that can be issued to that amount approved by the voters for a single work or purpose in a general
election. Currently, the State has $2.7 billion in authorized but unissued bond capacity that can be used to issue
bonds for specifically approved purposes. The State may issue short-term debt without voter approval in anticipation
of the receipt of taxes and revenues or proceeds from duly authorized but not issued general obligation bonds.
The State Finance Law, through the Debt Reform Act of 2000 (the Act), also imposes phased-in caps on the
issuance of new State-supported debt and related debt service costs. The Act also limits the use of debt to capital
works and purposes, and establishes a maximum term length for repayment of 30 years. The Act applies to all State-
supported debt. The Act does not apply to debt issued prior to April 1, 2000 or to other obligations issued by public
authorities where the State is not the direct obligor.
ECONOMIC FACTORS AFFECTING THE STATE

In 2016, the nation’s real Gross Domestic Product grew by 1.6 percent, slower than economic growth of 2.6 percent
in 2015. In comparison, New York’s real Gross State Product rose at half the national rate, 0.8 percent, ranking its
economic growth 38th among the 50 states. Similar to the nation as a whole, this economic growth was slower than
the 1.2 percent gain in 2015. New York’s growth was driven by gains in sectors including information, utilities, and
construction, while the finance and insurance and manufacturing sectors detracted from overall economic growth.
While employment continued to increase at both the national and State levels in 2016, it did so at a slower pace
than in 2015. However, job growth at the national level was stronger, increasing by 1.7 percent, compared to 1.5
percent growth in New York. Total employment in the State increased to nearly 9.4 million. Most of the job gains
were concentrated in the downstate region, with the largest growth occurring in New York City. While most of the
upstate region realized job growth, employment declined in the Elmira and Watertown-Fort Drum metropolitan
statistical areas.
Wages at both the national and State levels increased in 2016, albeit at a slower rate than in 2015. Similar to job
growth, gains in wages at the national level (3.9 percent) were stronger than those in New York (3.2 percent) in
2016. The industry sector in New York with the highest percentage wage growth was construction, while manufacturing
realized a decline in total wages.
The securities industry in New York City is an important contributor to the State’s revenues and has a significant
impact on the downstate economy in particular, with typically high-paid jobs and large bonuses. Industrywide, profits
increased by 21 percent in 2016, with the average bonus in the securities industry in New York City increasing by 1
percent. In addition, industry employment in the City continued to increase in 2016.
CONTACTING THE STATE’S FINANCIAL MANAGEMENT

This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general
overview of the State’s finances and to show the State’s accountability for the money it receives. If you have any
questions about this report or need additional financial information, contact the State Comptroller’s Communications
Office at 110 State Street, 15th Floor, Albany, New York 12236 or visit our website at www.osc.state.ny.us.
Basic
Financial
Statements
______________________________________________________________________________________________ STATE OF NEW YORK
• 31
Statement of Net Position

March 31, 2017
Primary Government
Governmental Business-type Component
Activities Activities Total Units
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,977 $ 8,173 $ 24,150 $ 49,891
Receivables, net of allowances for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,738 —00000 13,738 —00000
Due from Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,277 —00000 9,277 —00000
Loans, leases and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 44,681
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,496 3,585 7,081 4,326
Internal balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (927) 1,067 140 —00000
Net pension asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 77 77 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 205 915 4,608
Capital assets:
Land, infrastructure and construction in progress . . . . . . . . . . . . . . . . . 82,019 4,859 86,878 20,428
Buildings, equipment, land improvements
and infrastructure, net of depreciation . . . . . . . . . . . . . . . . . . . . . . . . 5,206 11,907 17,113 69,208
Intangible assets, net of amortization . . . . . . . . . . . . . . . . . . . . . . . . . . 616 224 840 1,109
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 3
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,112 30,097 160,209 194,254
DEFERRED OUTFLOWS OF RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . 8,306 1,246 9,552 4,853
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,305 —00000 11,305 —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445 809 1,254 649
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,653 1,637 11,290 19,704
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,019 —00000 7,019 —00000
Due to Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5 5 —00000
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 156 420 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 —00000 333 15
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,374 593 1,967 1,809
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 19
Long-term liabilities:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,820 1,041 5,861 8,774
Due in more than one year:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,169 —00000 1,169 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,800 1,405 7,205 430
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336 —00000 336 —00000
Due to Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 —00000 900 —00000
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,203 1,203 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,051 183 2,234 4
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,916 1,918 8,834 9,457
Other postemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,302 6,236 23,538 17,391
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 946 —00000 946 71
Collateralized borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356 1,061 1,417 —00000
Obligations under lease/purchase and other financing arrangements . . 35,312 14,387 49,699 —00000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 85
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376 —00000 2,376 94,863
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 10,083
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 78 225 726
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,824 30,712 139,536 164,080
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014 299 1,313 1,607
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,561 1,746 72,307 33,257
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,729 72 2,801 2,080
Higher education, research and patient care . . . . . . . . . . . . . . . . . . . . . —00000 975 975 2,739
Environmental projects and energy programs . . . . . . . . . . . . . . . . . . . . 113 —00000 113 7,592
Economic development, housing and transportation . . . . . . . . . . . . . . . 298 —00000 298 1,795
Insurance and administrative requirements . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 2,013
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,712 2,712 —00000
Future lottery prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 184 184 —00000
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 73 73 —00000
Other government programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478 —00000 478 —00000
Unrestricted deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45,599) (5,430) (51,029) (16,056)
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,580 $ 332 $ 28,912 $ 33,420
See accompanying notes to the basic financial statements.

______________________________________________________________________________________________
Statement of Activities
For the Year Ended March 31, 2017
Program Revenues
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions
Primary Government:
Governmental activities:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,585 $ 108 $ 3,618 $ —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,505 6,648 42,889 7
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,263 562 10,520 —00000
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,175 223 1,576 237
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,218 1,382 744 1,511
Environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,489 324 235 11
Support and regulate business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,732 1,872 16 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,078 4,045 138 —00000
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,456 —00000 40 —00000
Total governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,501 15,164 59,776 1,766
Business-type activities:
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,513 9,676 —00000 —00000
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,294 —00000 3,023 —00000
State University of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,201 4,212 1,767 31
City University of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,659 666 981 —00000
Total business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,667 14,554 5,771 31
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 177,168 $ 29,718 $ 65,547 $ 1,797
Total component units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,895 $ 21,602 $ 10,321 $ 2,898
General revenues:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Grants and contributions not restricted to specific programs . . . . .
Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total general revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special item—State Insurance Fund reserve release . . . . . . . . . . . .
Total general revenues, transfers and special item . . . . .
Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net position—beginning of year, as restated . . . . . . . .
Net position—end of year . . . . . . . . . . . . . . . . . . . . . . . .

______________________________________________________________________________________________ STATE OF NEW YORK
• 33
Net (Expense) Revenue

and Changes in Net Position
Primary Government
Governmental Business-type Component
Activities Activities Total Units
$ (31,859) $ —00000 $ (31,859) $ —00000

(18,961) —00000 (18,961) —00000
(4,181) —00000 (4,181) —00000
(6,139) —00000 (6,139) —00000
(6,581) —00000 (6,581) —00000
(919) —00000 (919) —00000
156 —00000 156 —00000
(6,895) —00000 (6,895) —00000
(1,416) —00000 (1,416) —00000
(76,795) —00000 (76,795) —00000
—00000 3,163 3,163 —00000

—00000 729 729 —00000
—00000 (5,191) (5,191) —00000
—00000 (2,012) (2,012) —00000
—00000 (3,311) (3,311) —00000
(76,795) (3,311) (80,106) —00000
(4,074)
46,070 —00000 46,070 —00000

16,242 —00000 16,242 —00000
7,467 —00000 7,467 —00000
3,571 —00000 3,571 —00000
—00000 —00000 —00000 2,359
123 150 273 957
1,609 505 2,114 1,497
75,082 655 75,737 4,813
(2,496) 2,763 267 —00000
250 —00000 250 —00000
72,836 3,418 76,254 4,813
(3,959) 107 (3,852) 739
32,539 225 32,764 32,681
$ 28,580 $ 332 $ 28,912 $ 33,420
______________________________________________________________________________________________
Balance Sheet
GOvERNMENTAL FUNDS
March 31, 2017
Major Funds
Federal General Other
Special Debt Governmental
General Revenue Service Funds Eliminations Total
ASSETS:
Cash and investments . . . . . . . . . . . . $ 7,605 $ 764 $ 1,130 $ 6,478 $ —00000 $ 15,977
Receivables, net of allowances
for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . 9,515 —00000 2,885 1,338 —00000 13,738
Due from Federal government . . . . —00000 8,850 4 590 —00000 9,444
Other . . . . . . . . . . . . . . . . . . . . . . . 1,003 491 326 1,676 —00000 3,496
Due from other funds . . . . . . . . . . . . . 2,873 5 —00000 935 (3,513) 300
Other assets . . . . . . . . . . . . . . . . . . . 166 527 —00000 17 —00000 710
Total assets . . . . . . . . . . . . . . . $ 21,162 $ 10,637 $ 4,345 $ 11,034 $ (3,513) $ 43,665
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . $ 8,249 $ —00000 $ 2,223 $ 833 $ —00000 $ 11,305
Accounts payable . . . . . . . . . . . . . . . 168 35 —00000 242 —00000 445
Accrued liabilities . . . . . . . . . . . . . . . . 2,724 3,714 11 351 —00000 6,800
Payable to local governments . . . . . . 2,906 3,680 172 261 —00000 7,019
Due to other funds . . . . . . . . . . . . . . . 3,491 1,268 346 1,710 (3,513) 3,302
Pension contributions payable . . . . . . 333 —00000 —00000 —00000 —00000 333
Unearned revenues . . . . . . . . . . . . . . 209 1,160 —00000 5 —00000 1,374
Total liabilities . . . . . . . . . . . . . 18,080 9,857 2,752 3,402 (3,513) 30,578
DEFERRED INFLOWS
OF RESOURCES . . . . . . . . . . . . . . . 796 760 126 158 —00000 1,840
FUND BALANCES (DEFICITS):

Restricted . . . . . . . . . . . . . . . . . . . . . . —00000 20 1,446 1,204 —00000 2,670
Committed . . . . . . . . . . . . . . . . . . . . . 961 —00000 21 4,145 —00000 5,127
Assigned . . . . . . . . . . . . . . . . . . . . . . 7,202 —00000 —00000 2,981 —00000 10,183
Unassigned . . . . . . . . . . . . . . . . . . . . (5,877) —00000 —00000 (856) —00000 (6,733)
Total fund balances . . . . . . . . . 2,286 20 1,467 7,474 —00000 11,247
Total liabilities, deferred
inflows of resources and
fund balances . . . . . . . . . . . . $ 21,162 $ 10,637 $ 4,345 $ 11,034 $ (3,513) $ 43,665

______________________________________________________________________________________________ STATE OF NEW YORK
• 35
Reconciliation of the Balance Sheet

GOvERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION
March 31, 2017
Total fund balances—governmental funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,247
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,841
Deferred inflows of resources related to the State’s revenues that will be collected after year-end,
but are not available soon enough to pay for the current period’s expenditures are deferred in the funds . . . . . . . . . . . . . . . . . . 1,735
Deferred inflows of resources related to deferred gains on refundings of bonds payable and obligations
under lease/purchase and other financing arrangements are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34)
Medicaid cost recoveries are not available soon enough to reduce current period expenditures
that are due to the Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (167)
Deferred outflows of resources related to derivative instruments and deferred losses

on refundings of bonds payable and obligations under lease/purchase and other
financing arrangements are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 576
Some liabilities (listed below) are not due and payable in the current period and therefore
are not reported in the funds:
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (264)
Due to business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (778)
Long-term liabilities due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,820)
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,169)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,800)
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (336)
Due to Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (900)
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,051)
Net pension liability, net of deferred amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (61)
Other postemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,302)
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (946)
Collateralized borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (356)
Obligations under lease/purchase and other financing arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,312)
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,376)
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (147)
Total net position—governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 28,580

______________________________________________________________________________________________
Statement of Revenues, Expenditures

and Changes in Fund Balances
GOvERNMENTAL FUNDS
Year Ended March 31, 2017
Major Funds
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . $ 30,821 $ —00000 $ 12,079 $ 3,110 $ —00000 $ 46,010
Consumption and use . . . . . . . . . . 6,770 —00000 3,408 6,032 —00000 16,210
Business . . . . . . . . . . . . . . . . . . . . 5,079 —00000 —00000 2,293 —00000 7,372
Other . . . . . . . . . . . . . . . . . . . . . . . 1,063 —00000 —00000 2,568 —00000 3,631
Federal grants . . . . . . . . . . . . . . . . . . —00000 58,782 35 2,639 —00000 61,456
Public health/patient fees . . . . . . . . . . —00000 —00000 —00000 5,692 —00000 5,692
Tobacco settlement . . . . . . . . . . . . . . —00000 —00000 324 36 —00000 360
Miscellaneous . . . . . . . . . . . . . . . . . . 7,060 93 11 4,638 (898) 10,904
Total revenues . . . . . . . . . . . . . 50,793 58,875 15,857 27,008 (898) 151,635
EXPENDITURES:
Local assistance grants:
Education . . . . . . . . . . . . . . . . . . . . 24,746 3,384 —00000 6,604 —00000 34,734
Public health . . . . . . . . . . . . . . . . . 16,399 40,625 —00000 6,238 —00000 63,262
Public welfare . . . . . . . . . . . . . . . . 3,013 9,368 —00000 353 —00000 12,734
Public safety . . . . . . . . . . . . . . . . . 258 1,462 —00000 149 —00000 1,869
Transportation . . . . . . . . . . . . . . . . 106 70 —00000 6,457 —00000 6,633
Environment and recreation . . . . . . 9 3 —00000 387 —00000 399
Support and regulate business . . . 266 —00000 —00000 835 —00000 1,101
General government . . . . . . . . . . . 1,076 59 —00000 541 —00000 1,676
State operations:
Personal service . . . . . . . . . . . . . . 9,083 614 —00000 195 —00000 9,892
Non-personal service . . . . . . . . . . . 3,141 1,110 68 2,312 (47) 6,584
Pension contributions . . . . . . . . . . 2,137 73 —00000 35 —00000 2,245
Other fringe benefits . . . . . . . . . . . 4,220 222 —00000 72 (851) 3,663
Capital construction . . . . . . . . . . . . . . —00000 —00000 —00000 5,770 —00000 5,770
Debt service, including payments
on financing arrangements . . . . . . —00000 —00000 4,974 616 —00000 5,590
Total expenditures . . . . . . . . . . 64,454 56,990 5,042 30,564 (898) 156,152
Excess (deficiency) of revenues
over expenditures . . . . . . . . . . . . . . (13,661) 1,885 10,815 (3,556) —00000 (4,517)
(Continued)
______________________________________________________________________________________________ STATE OF NEW YORK
• 37
Statement of Revenues, Expenditures

and Changes in Fund Balances (cont’d)
GOvERNMENTAL FUNDS
Major Funds
OTHER FINANCING SOURCES (USES):
Transfers from other funds . . . . . . . . . 19,082 —00000 2,695 7,880 (26,375) 3,282
Transfers to other funds . . . . . . . . . . . (8,459) (1,879) (14,315) (7,437) 26,375 (5,715)
Financing arrangements issued . . . . . —00000 —00000 —00000 2,888 —00000 2,888
Refunding debt issued . . . . . . . . . . . . —00000 —00000 1,514 312 —00000 1,826
Payments to escrow agents
for refundings . . . . . . . . . . . . . . . . . —00000 —00000 (1,762) (349) —00000 (2,111)
Premiums on bonds issued . . . . . . . . —00000 —00000 279 466 —00000 745
Net other financing
sources (uses) . . . . . . . . . . . 10,623 (1,879) (11,589) 3,760 —00000 915
Special item—State Insurance Fund
reserve release . . . . . . . . . . . . . . . . . 250 —00000 —00000 —00000 —00000 250
Net change in fund balances . . . . . . . (2,788) 6 (774) 204 —00000 (3,352)
Fund balances at April 1, 2016 . . . . . . 5,074 14 2,241 7,270 —00000 14,599
Fund balances at March 31, 2017 . . . . $ 2,286 $ 20 $ 1,467 $ 7,474 $ —00000 $ 11,247

______________________________________________________________________________________________
Reconciliation of the Statement of Revenues,

Expenditures and Changes in Fund Balances
GOvERNMENTAL FUNDS TO THE STATEMENT OF ACTIvITIES
Net change in fund balances—total governmental funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (3,352)
Amounts reported for governmental activities in the statement of activities are different because:
Capital outlays are reported as expenditures in governmental funds and the sale of capital
assets is recorded as revenue in governmental funds. However, in the statement of activities,
the cost of capital assets is allocated over their estimated useful lives as depreciation expense.
In the current period, these amounts are:
Depreciation expense, net of asset disposal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (396)
Disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (265)
Purchase of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,981
1,320
Bond proceeds provide current financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net position. Repayment of bond principal
is an expenditure in the governmental funds, but the repayment reduces long-term liabilities
in the statement of net position. This amount is the net effect of proceeds and repayments:
Repayment of principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,134
Long-term debt proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,459)
Payments to escrow agents for refundings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,111
786
Increase in revenues in the statement of activities that do not reduce current financial resources
and are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Some expenses reported in the statement of activities do not require the use of current
financial resources and therefore are not reported as expenditures in governmental funds:
Local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (35)
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,269)
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,441
Transfers to business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (63)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2)
(2,928)
Change in net position of governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (3,959)

______________________________________________________________________________________________ STATE OF NEW YORK
• 39
Statement of Net Position

ENTERPRISE FUNDS
March 31, 2017
Unemployment
June 30, 2016
Insurance
Lottery Benefit SUNY CUNY Total
ASSETS:
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . $ 643 $ 987 $ 1,821 $ 652 $ 4,103
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 —00000 216 68 387
Deposits with trustees and DASNY . . . . . . . . . . . . . . —00000 —00000 387 205 592
Receivables, net of allowance for uncollectibles . . . . 477 1,782 898 218 3,375
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 162 552 714
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 —00000 70 32 114
Total current assets . . . . . . . . . . . . . . . . . . . . . 1,235 2,769 3,554 1,727 9,285
Noncurrent assets:
Restricted cash and cash equivalents . . . . . . . . . . . . —00000 —00000 127 19 146
Long-term investments . . . . . . . . . . . . . . . . . . . . . . . 1,336 —00000 847 244 2,427
Deposits with trustees . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 327 191 518
Receivables, net of allowance for uncollectibles . . . . —00000 —00000 187 23 210
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 665 —00000 665
Net pension asset . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 77 —00000 77
Capital assets:
Land, construction in progress and artwork . . . . . . —00000 —00000 2,887 1,972 4,859
Buildings and equipment, net of depreciation . . . . —00000 —00000 9,186 2,721 11,907
Intangible assets, net of amortization . . . . . . . . . . —00000 —00000 —00000 224 224
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 89 2 91
Total noncurrent assets . . . . . . . . . . . . . . . . . 1,336 —00000 14,392 5,396 21,124
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 2,571 2,769 17,946 7,123 30,409
DEFERRED OUTFLOWS OF RESOURCES:

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 —00000 780 290 1,079
Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 78 78
Deferred loss on refunding . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 56 33 89
Total deferred outflows of resources . . . . . . . 9 —00000 836 401 1,246
LIABILITIES:
Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 —00000 568 226 809
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552 52 664 659 1,927
Due to Federal government . . . . . . . . . . . . . . . . . . . . —00000 5 —00000 —00000 5
Pension contributions payable . . . . . . . . . . . . . . . . . . —00000 —00000 26 —00000 26
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . 131 —00000 —00000 —00000 131
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 —00000 16 —00000 309
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 82 74 156
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 9 —00000 408 176 593
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 34 —00000 34
Obligations under lease/purchase and other
financing arrangements . . . . . . . . . . . . . . . . . . . . . —00000 —00000 356 204 560
Total current liabilities . . . . . . . . . . . . . . . . . . . 1,000 57 2,154 1,339 4,550
(Continued)
______________________________________________________________________________________________
Statement of Net Position (cont’d)

ENTERPRISE FUNDS
March 31, 2017
Unemployment
June 30, 2016
Insurance
Noncurrent liabilities:
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,326 79 1,405
Pension contributions payable . . . . . . . . . . . . . . . . . . 2 —00000 181 —00000 183
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —00000 874 1,036 1,918
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 —00000 5,528 708 6,236
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . 1,203 —00000 —00000 —00000 1,203
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 3 —00000 3
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,061 —00000 1,061
Obligations under lease/purchase and other
financing arrangements . . . . . . . . . . . . . . . . . . . . . —00000 —00000 9,911 4,476 14,387
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 78 78
Total noncurrent liabilities . . . . . . . . . . . . . . . 1,213 —00000 18,884 6,377 26,474
Total liabilities . . . . . . . . . . . . . . . . . . . . . 2,213 57 21,038 7,716 31,024
DEFERRED INFLOWS OF RESOURCES:

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —00000 157 131 289
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 10 —00000 10
Total deferred inflows of resources . . . . . . . . 1 —00000 167 131 299
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . —00000 —00000 1,272 474 1,746
Restricted for:
Nonexpendable purposes:
Instruction and departmental research . . . . . . . . . —00000 —00000 195 —00000 195
Scholarships, fellowships and general
education support . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 107 —00000 107
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 49 49
General operations and other . . . . . . . . . . . . . . . . —00000 —00000 138 —00000 138
Expendable purposes:
Instruction and departmental research . . . . . . . . . —00000 —00000 104 —00000 104
Scholarships, fellowships and general
education support . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 55 106 161
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 10 10
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 72 72
General operations and other . . . . . . . . . . . . . . . . —00000 —00000 134 77 211
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . —00000 2,712 —00000 —00000 2,712
Future prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 —00000 —00000 —00000 184
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 73 —00000 73
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 —00000 (4,501) (1,111) (5,430)
Total net position . . . . . . . . . . . . . . . . . . . . . . . $ 366 $ 2,712 $ (2,423) $ (323) $ 332

______________________________________________________________________________________________ STATE OF NEW YORK
• 41
Statement of Revenues, Expenses

and Changes in Fund Net Position
ENTERPRISE FUNDS
Unemployment
June 30, 2016
Insurance
OPERATING REVENUES:
Ticket and video gaming sales . . . . . . . . . . . . . . . . . . . . $ 9,676 $ —00000 $ —00000 $ —00000 $ 9,676
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . —00000 3,023 —00000 —00000 3,023
Tuition and fees, net . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,637 661 2,298
Government grants and contracts . . . . . . . . . . . . . . . . . —00000 —00000 785 835 1,620
Private gifts, grants and contracts . . . . . . . . . . . . . . . . . —00000 —00000 391 105 496
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,909 —00000 1,909
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 666 5 671
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 11 188 42 241
Total operating revenues . . . . . . . . . . . . . . . . . . . . 9,676 3,034 5,576 1,648 19,934
OPERATING EXPENSES:
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,294 —00000 —00000 2,294
Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,639 —00000 —00000 —00000 4,639
Commissions and fees . . . . . . . . . . . . . . . . . . . . . . . . . 1,573 —00000 —00000 —00000 1,573
Educational and general . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 6,497 3,254 9,751
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,877 —00000 2,877
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 625 2 627
Instant game ticket costs . . . . . . . . . . . . . . . . . . . . . . . . 26 —00000 —00000 —00000 26
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . —00000 —00000 579 208 787
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 —00000 34 —00000 186
Total operating expenses . . . . . . . . . . . . . . . . . . . . 6,390 2,294 10,612 3,464 22,760
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . 3,286 740 (5,036) (1,816) (2,826)
NONOPERATING REVENUES (EXPENSES):

Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 28 56 5 150
Other income (expenses), net . . . . . . . . . . . . . . . . . . . . 8 —00000 (56) (34) (82)
Private gifts, grants, and contracts . . . . . . . . . . . . . . . . —00000 —00000 130 6 136
Federal and city appropriations . . . . . . . . . . . . . . . . . . . —00000 —00000 18 41 59
Federal and State nonoperating grants . . . . . . . . . . . . . —00000 —00000 573 —00000 573
Net increase (decrease) in the fair value of investments . . (66) —00000 (76) (5) (147)
Gain on disposal of plant and equipment . . . . . . . . . . . —00000 —00000 87 —00000 87
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (57) —00000 (457) (156) (670)
Total nonoperating revenues (expenses) . . . . . . . (54) 28 275 (143) 106
Income (loss) before other revenues and transfers . . . 3,232 768 (4,761) (1,959) (2,720)
TRANSFERS, CAPITAL CONTRIBUTIONS &

ADDITIONS TO PERMANENT ENDOWMENTS:
State transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 3,265 1,453 4,718
Federal and State hospital support transfers . . . . . . . . . —00000 —00000 870 —00000 870
Education aid transfer . . . . . . . . . . . . . . . . . . . . . . . . . . (3,268) —00000 —00000 —00000 (3,268)
Capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 25 418 443
Capital gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 31 —00000 31
Additions to permanent endowments . . . . . . . . . . . . . . —00000 —00000 33 —00000 33
Increase (decrease) in net position . . . . . . . . . . . . (36) 768 (537) (88) 107
Net position—beginning of year . . . . . . . . . . . . . . . . . . 402 1,944 (1,886) (235) 225
Net position—end of year . . . . . . . . . . . . . . . . . . . . . . . . $ 366 $ 2,712 $ (2,423) $ (323) $ 332

______________________________________________________________________________________________
Statement of Cash Flows

ENTERPRISE FUNDS
Unemployment
June 30, 2016
Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from:
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 3,171 $ —00000 $ —00000 $ 3,171
Ticket sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,636 —00000 —00000 —00000 9,636
Tuition and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,639 664 2,303
Government grants and contracts . . . . . . . . . . . . . . . —00000 —00000 840 824 1,664
Private grants and contracts . . . . . . . . . . . . . . . . . . . —00000 —00000 464 111 575
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,034 —00000 2,034
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 663 5 668
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —00000 177 36 221
Payments for:
Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (2,303) —00000 —00000 (2,303)
Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,731) —00000 —00000 —00000 (4,731)
Commissions and fees . . . . . . . . . . . . . . . . . . . . . . . (1,619) —00000 —00000 —00000 (1,619)
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (131) —00000 (7,420) (2,647) (10,198)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (288) (243) (531)
Net cash provided (used) by
operating activities . . . . . . . . . . . . . . . . . . . . . 3,163 868 (1,891) (1,250) 890
CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES:
Transfer to education . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,321) —00000 —00000 —00000 (3,321)
Transfers from governmental activities . . . . . . . . . . . . . —00000 —00000 2,476 1,231 3,707
Federal and State nonoperating grants . . . . . . . . . . . . . —00000 —00000 573 —00000 573
Private gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 105 —00000 105
Gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 7 7
Proceeds from short-term loans . . . . . . . . . . . . . . . . . . —00000 —00000 91 —00000 91
Repayment of short-term loans . . . . . . . . . . . . . . . . . . . —00000 —00000 (97) —00000 (97)
Direct loan receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,155 —00000 1,155
Direct loan disbursements . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (1,155) —00000 (1,155)
Enterprise fund transactions . . . . . . . . . . . . . . . . . . . . . —00000 (1) (35) (26) (62)
noncapital financing activities . . . . . . . . . . . . (3,321) (1) 3,113 1,212 1,003
CASH FLOWS FROM CAPITAL

FINANCING ACTIVITIES:
Proceeds from capital debt . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,951 354 2,305
Capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 27 418 445
Purchase of capital assets . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (1,190) (409) (1,599)
Principal payments on capital leases . . . . . . . . . . . . . . . —00000 —00000 (1,346) (198) (1,544)
Principal payments on refunded bonds . . . . . . . . . . . . . —00000 —00000 —00000 (102) (102)
Interest payments on capital leases . . . . . . . . . . . . . . . —00000 —00000 (506) (163) (669)
Capital gifts and grants received . . . . . . . . . . . . . . . . . . —00000 —00000 32 —00000 32
Proceeds from sale of capital assets . . . . . . . . . . . . . . . —00000 —00000 99 —00000 99
Bond issuance cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (3) (3)
Deposits held by bond trustees and DASNY . . . . . . . . . —00000 —00000 (28) 124 96
Increase in amounts held by DASNY . . . . . . . . . . . . . . —00000 —00000 —00000 (10) (10)
capital financing activities . . . . . . . . . . . . . . . —00000 —00000 (961) 11 (950)
(Continued)
______________________________________________________________________________________________ STATE OF NEW YORK
• 43
Statement of Cash Flows (cont’d)

ENTERPRISE FUNDS
Unemployment
June 30, 2016
Insurance
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest, dividends and realized gains
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 28 41 5 102
Proceeds from sales and maturities of investments . . . 101 —00000 371 180 652
Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . (52) —00000 (398) (175) (625)
investing activities . . . . . . . . . . . . . . . . . . . . . . 77 28 14 10 129
Net increase (decrease) in cash
and cash equivalents . . . . . . . . . . . . . . . . . . . (81) 895 275 (17) 1,072
Cash and cash equivalents—beginning of year . . 724 92 1,673 688 3,177
Cash and cash equivalents—end of year . . . . . $ 643 $ 987 $ 1,948 $ 671 $ 4,249
RECONCILIATION OF OPERATING INCOME

(LOSS) TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES:
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,286 $ 740 $ (5,036) $ (1,816) $ (2,826)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by nonoperating
and noncash activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . —00000 —00000 579 208 787
Investment expense . . . . . . . . . . . . . . . . . . . . . . . . . . (57) —00000 —00000 —00000 (57)
Other nonoperating and noncash items . . . . . . . . . . . 8 —00000 1,526 —00000 1,534
Change in assets and liabilities:
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21) 136 207 (42) 280
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) —00000 32 (26) 4
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . (23) —00000 —00000 —00000 (23)
Unclaimed and future prizes . . . . . . . . . . . . . . . . . . . (32) —00000 —00000 —00000 (32)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 (2) 74 290 368
Pension contributions payable . . . . . . . . . . . . . . . . . . (1) —00000 —00000 —00000 (1)
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . 6 —00000 —00000 24 30
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 —00000 656 94 750
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 71 18 89
Other payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (6) —00000 —00000 (6)
Deferred outflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) —00000 —00000 —00000 (8)
Deferred inflows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —00000 —00000 —00000 1
Net cash provided (used) by operating activities . . . . . $ 3,163 $ 868 $ (1,891) $ (1,250) $ 890
NONCASH INVESTING, CAPITAL,

AND FINANCING ACTIVITIES:
Unrealized losses on investments . . . . . . . . . . . . . . . . . $ (66) $ —00000 $ (62) $ (5) $ (133)
Amortization of investment discount . . . . . . . . . . . . . . . $ 33 $ —00000 $ —00000 $ —00000 $ 33
New capital leases / debt agreements . . . . . . . . . . . . . . $ —00000 $ —00000 $ 2,242 $ —00000 $ 2,242
Fringe benefits provided by the State . . . . . . . . . . . . . . $ —00000 $ —00000 $ 1,498 $ —00000 $ 1,498
Litigation costs provided by the State . . . . . . . . . . . . . . $ —00000 $ —00000 $ 28 $ —00000 $ 28
Noncash gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 4 $ —00000 $ 4
Change in accounts payable attributable
to capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 6 $ 6

______________________________________________________________________________________________
Statement of Fiduciary Net Position

FIDUCIARY FUNDS
March 31, 2017
Private
Pension Purpose Agency
Trusts Trusts Funds
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 23,763 $ 7,619
Retirement system investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,653 —00000 —00000
Domestic equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,852 —00000 —00000
Global fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,003 —00000 —00000
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,837 —00000 —00000
Private equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,348 —00000 —00000
Real estate and mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,737 —00000 —00000
Absolute return strategy investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,524 —00000 —00000
Opportunistic funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,066 —00000 —00000
Real assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 —00000 —00000
Securities lending collateral, invested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,793 —00000 —00000
Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 —00000 —00000
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,799 —00000 —00000
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 —00000 —00000
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061 —00000 —00000
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401 —00000 —00000
Investment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309 257 1,024
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,853 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257 —00000 75
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203,424 26,873 $ 8,718
LIABILITIES:
Securities lending obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,801 —00000 $ —00000
Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 —00000 —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 192
Accounts payable—investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511 —00000 —00000
Accounts payable—benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 —00000 —00000
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177 78 6,816
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,710
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,822 78 $ 8,718
NET POSITION:
Restricted for pension benefits and other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 197,602 $ 26,795

______________________________________________________________________________________________ STATE OF NEW YORK
• 45
Statement of Changes in Fiduciary Net Position

FIDUCIARY FUNDS
Private
Pension Purpose
Trusts Trusts
Additions:
Investment earnings:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,350 $ 42
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,612 471
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 —00000
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 949 519
Net increase in the fair value of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,923 1,072
Total investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,908 2,104
Less:
Securities lending expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18) —00000
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (665) (50)
Net investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,225 2,054
Contributions:
College savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,707
Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,787 —00000
Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 —00000
Interest on accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 —00000
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,352 2,707
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,577 4,761
Deductions:
College aid redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,658
Benefits paid:
Retirement allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,232 —00000
Death benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216 —00000
Other benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 —00000
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 1
Claims paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 418
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,615 2,077
Net increase (decrease) in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,962 2,684
Net position restricted for pension benefits and other purposes at April 1, 2016 . . . . . . . . . . . . . . . . . . . . 183,640 24,111
Net position restricted for pension benefits and other purposes at March 31, 2017 . . . . . . . . . . . . . . . . . . $ 197,602 $ 26,795

______________________________________________________________________________________________
Combining Statement of Net Position

DISCRETELY PRESENTED COMPONENT UNITS
March 31, 2017
Major Component Units

Housing Metropolitan
Power Finance Thruway Transportation Dormitory
Authority Agency Authority Authority Authority
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,695 $ 2,584 $ 1,490 $ 6,964 $ 4,473
Loans, leases, and notes . . . . . . . . . . . . . . . . . . . . . . 215 14,134 —00000 —00000 44,913
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 66 124 1,571 641
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,549 —00000 23 733 —00000
Capital assets:
Construction in progress . . . . . . . . . . . . . . . . . . . . . . 348 —00000 3,268 16,256 —00000
Land, buildings and equipment, net of depreciation . . 4,477 2 4,071 48,262 36
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,436 16,786 8,976 73,786 50,063

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 4 112 2,425 29
Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 27 —00000 439 —00000
Deferred loss on refunding . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 13 968 —00000
Total deferred outflows of resources . . . . . . . . . 107 31 125 3,832 29
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 11 —00000 526 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 156 415 2,887 1,282
Pension contributions payable . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 15 —00000
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 302 92 571 209
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 517 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 339 131 1,977 4,081
Current portion of other long-term liabilities . . . . . . . . . . 1,529 —00000 1 27 4
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —00000 —00000 —00000 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 316
Pension contributions payable . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . 96 4 99 8,983 24
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 47 505 15,156 124
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 65 —00000
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 270 56 —00000 —00000 —00000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 784 15,109 6,037 36,945 43,776
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . 1,492 —00000 10 4,081 71
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . —00000 27 —00000 454 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,107 16,051 7,290 71,687 49,887

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 1 12 295 3
Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 —00000 —00000 —00000 —00000
Deferred gain on refunding . . . . . . . . . . . . . . . . . . . . . . —00000 1 —00000 29 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 —00000 —00000 —00000 —00000
Total deferred inflows of resources . . . . . . . . . . 355 2 12 324 3
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . . 2,278 —00000 1,775 25,756 10
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 574 252 352 113
Higher education, research and patient care . . . . . . . —00000 —00000 —00000 —00000 —00000
Environmental projects and energy programs . . . . . . 23 —00000 —00000 —00000 —00000
Economic development, housing and transportation . . —00000 —00000 99 935 —00000
Insurance and administrative requirements . . . . . . . . —00000 —00000 —00000 178 —00000
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,780 190 (327) (21,614) 79
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,081 $ 764 $ 1,799 $ 5,607 $ 202

______________________________________________________________________________________________ STATE OF NEW YORK
• 47

Long Island Urban State SONY Environmental Non-Major
Power Development Insurance Mortgage Facilities Component
Authority Corporation Fund Agency Corporation Units Eliminations Total
$ 1,548 $ 2,482 $ 16,176 $ 2,415 $ 2,585 $ 7,662 $ (1,183) $ 49,891
—00000 12,291 —00000 2,710 9,760 964 (40,306) 44,681

637 109 360 20 116 645 (115) 4,326
1,757 246 13 17 —00000 296 (26) 4,608
357 —00000 —00000 —00000 —00000 199 —00000 20,428

7,411 2,005 —00000 —00000 —00000 2,944 —00000 69,208
1,101 —00000 —00000 1 —00000 7 —00000 1,109
3 —00000 —00000 —00000 —00000 —00000 —00000 3
12,814 17,133 16,549 5,163 12,461 12,717 (41,630) 194,254
1 16 —00000 5 6 216 —00000 2,921

12 70 —00000 14 —00000 35 (28) 569
274 1 —00000 5 —00000 102 —00000 1,363
287 87 —00000 24 6 353 (28) 4,853
—00000 —00000 —00000 —00000 —00000 112 —00000 649

554 163 12,336 188 187 1,350 (142) 19,704
—00000 —00000 —00000 —00000 —00000 —00000 —00000 15
—00000 —00000 478 —00000 —00000 157 —00000 1,809
406 223 —00000 —00000 —00000 6 —00000 1,152
190 970 —00000 105 361 138 (2,616) 5,733
196 92 —00000 —00000 —00000 40 —00000 1,889
11 —00000 —00000 —00000 —00000 —00000 —00000 19
42 —00000 —00000 —00000 —00000 72 —00000 430

—00000 —00000 —00000 —00000 —00000 4 —00000 4
2 14 —00000 5 5 225 —00000 9,457
26 39 386 49 27 1,032 —00000 17,391
—00000 5 —00000 —00000 —00000 1 —00000 71
—00000 —00000 —00000 —00000 7 818 (1) 1,150
—00000 6 —00000 —00000 —00000 53 —00000 85
7,757 13,077 —00000 2,419 5,557 2,438 (39,036) 94,863
2,792 261 —00000 —00000 —00000 226 —00000 8,933
152 —00000 —00000 27 —00000 94 (28) 726
12,128 14,850 13,200 2,793 6,144 6,766 (41,823) 164,080
1 2 —00000 1 1 37 —00000 365

3 70 —00000 —00000 —00000 —00000 —00000 103
—00000 —00000 —00000 —00000 —00000 —00000 (1) 29
514 271 —00000 —00000 —00000 12 —00000 1,110
518 343 —00000 1 1 49 (1) 1,607
(116) 1,782 —00000 —00000 —00000 1,772 —00000 33,257
74 —00000 —00000 631 —00000 78 6 2,080

—00000 —00000 —00000 —00000 —00000 2,739 —00000 2,739
—00000 —00000 —00000 —00000 6,315 1,254 —00000 7,592
—00000 245 —00000 —00000 —00000 516 —00000 1,795
—00000 —00000 —00000 1,785 —00000 50 —00000 2,013
497 —00000 3,349 (23) 7 (154) 160 (16,056)
$ 455 $ 2,027 $ 3,349 $ 2,393 $ 6,322 $ 6,255 $ 166 $ 33,420
______________________________________________________________________________________________
Combining Statement of Activities

DISCRETELY PRESENTED COMPONENT UNITS

Housing Metropolitan
Power Finance Thruway Transportation Dormitory
Authority Agency Authority Authority Authority
EXPENSES:
Program operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,894 $ 86 $ 479 $ 13,712 $ 108
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . 29 168 161 1,463 2,161
Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 —00000 —00000 —00000 —00000
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . 231 —00000 545 2,447 —00000
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 1 10 27 130
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,424 255 1,195 17,649 2,399
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,421 265 752 7,899 2,282
Operating grants and contributions . . . . . . . . . . . . . . . . —00000 5 43 4,715 —00000
Capital grants and contributions . . . . . . . . . . . . . . . . . . . —00000 —00000 389 2,168 —00000
Total program revenues . . . . . . . . . . . . . . . . . . . 2,421 270 1,184 14,782 2,282
Net program revenue (expenses) . . . . . . . . . . (3) 15 (11) (2,867) (117)
GENERAL REVENUES:
Non-State grants and contributions
not restricted to specific programs . . . . . . . . . . . . . . . —00000 —00000 —00000 2,042 —00000
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 8 —00000 —00000 15
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 —00000 2 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 55 —00000 621 93
Total general revenues . . . . . . . . . . . . . . . . . . . . 25 63 2 2,663 108
Change in net position . . . . . . . . . . . . . . . . . . . . 22 78 (9) (204) (9)
Net position—beginning of year, as restated . . . . . . . . 4,059 686 1,808 5,811 211
Net position—end of year . . . . . . . . . . . . . . . . . . . . . . . . $ 4,081 $ 764 $ 1,799 $ 5,607 $ 202

______________________________________________________________________________________________ STATE OF NEW YORK
• 49

Long Island Urban State SONY Environmental Non-Major
Power Development Insurance Mortgage Facilities Component
Authority Corporation Fund Agency Corporation Units Eliminations Total
$ 2,900 $ 1,218 $ 2,355 $ 58 $ 230 $ 7,928 $ (16) $ 30,952

328 553 —00000 82 268 62 (1,948) 3,327
22 —00000 —00000 —00000 —00000 8 —00000 147
263 37 —00000 —00000 —00000 182 —00000 3,705
—00000 41 3 111 —00000 331 (43) 764
3,513 1,849 2,358 251 498 8,511 (2,007) 38,895
3,399 11 2,499 131 340 2,992 (1,389) 21,602

—00000 1,699 —00000 1 39 4,431 (612) 10,321
—00000 —00000 —00000 —00000 223 118 —00000 2,898
3,399 1,710 2,499 132 602 7,541 (2,001) 34,821
(114) (139) 141 (119) 104 (970) 6 (4,074)
44 —00000 —00000 —00000 —00000 273 —00000 2,359
—00000 —00000 718 43 56 35 —00000 875

9 6 —00000 —00000 —00000 56 (6) 82
35 162 19 140 1 378 (17) 1,497
88 168 737 183 57 742 (23) 4,813
(26) 29 878 64 161 (228) (17) 739
481 1,998 2,471 2,329 6,161 6,483 183 32,681
$ 455 $ 2,027 $ 3,349 $ 2,393 $ 6,322 $ 6,255 $ 166 $ 33,420
______________________________________________________________________________________________ STATE OF NEW YORK
• 51
NOTES TO THE BASIC FINANCIAL STATEMENTS—INDEX

Note 1—Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Note 2—Cash and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Note 3—Taxes Receivable, Tax Refunds Payable and Tax Abatements . . . . . . . . . . . . . . . . . . . . . 72
Note 4—Other Receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79
Note 5—Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Note 6—Bonds Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Note 7—Obligations Under Lease/Purchase and Other Financing Arrangements . . . . . . . . . . . . 83
Note 8—Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
Note 9—Interfund Transactions and Other Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Note 10—Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Note 11—Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Note 12—Retirement Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Note 13—Other Postemployment Benefits (OPEB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Note 14—Discretely Presented Component Units—Public Benefit Corporations . . . . . . . . . . . . 118
Note 15—Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
Note 16—Subsequent Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

52 • Notes to Basic Financial Statements __________________________________________________________________________
NOTES TO THE BASIC FINANCIAL STATEMENTS

March 31, 2017
Note 1 Summary of Significant Accounting Policies

The accompanying basic financial statements of the appointed by the Governor. TSFC was created to issue
State of New York (State) have been prepared in con- long-term debt on behalf of the State to finance State
formity with generally accepted accounting principles operations plus amounts necessary to fund a capital
(GAAP) for governments. Such principles are pre- reserve fund and other issuance costs. TSFC is legally
scribed by the Governmental Accounting Standards separate but provides services exclusively to the State,
Board (GASB), which is the standard-setting body for and therefore is reported as part of the primary gov-
establishing governmental accounting and financial ernment as a blended component unit.
reporting principles in the United States of America.
The basic financial statements have been prepared Discretely Presented Component Units
primarily from accounts maintained by the State The public benefit corporations (Corporations) listed
Comptroller. Additional data has been derived from in Note 14 were established by State statute with full
reports prescribed by the State Comptroller and pre- corporate powers. The Governor, with the approval of
pared by State departments, agencies, public benefit the State Senate, appoints most members of the board
corporations and other entities based on independent of directors of most Corporations and either the Gov-
or subsidiary accounting systems maintained by them. ernor or the board of directors selects the chairman
and chief executive officer. Corporations generally
submit annual reports to the Governor, the Legislature
a. Reporting Entity
and the State Comptroller on their operations and
The basic financial statements include all funds of the finances, accompanied by an independent auditors’
primary government, which is the State, as well as the report thereon. Corporations also submit to the Gov-
component units and other organizational entities ernor and the Legislature annual budget information
determined to be included in the State’s financial on operations and capital construction. The State
reporting entity. Comptroller is empowered to conduct financial and
The decision to include a component unit in the management audits of the Corporations. Financial assis-
State’s reporting entity is based on several criteria, tance was provided in the fiscal year ended March 31,
including legal standing, fiscal dependency and finan- 2017 to certain Corporations and such assistance is
cial accountability. Based on the application of these expected to be required in future years. Accordingly,
criteria, the following is a brief review of certain entities the fiscal condition of the State is related to the fiscal
included in the State’s reporting entity. stability of the Corporations. Since the Corporations
Blended Component Units are legally separate organizations for which the Gov-
The New York Local Government Assistance Corpo- ernor and Legislature are financially accountable, they
ration (LGAC) was created by Chapter 220 of the Laws are discretely presented as component units of the State.
of 1990. LGAC is administered by seven directors con- Related Organizations and Joint Ventures
sisting of the State Comptroller and the Director of The State’s officials are also responsible for appoint-
the Division of the Budget, serving ex-officio, and five ing the members of the boards of various related
directors appointed by the Governor. LGAC was organizations (e.g., the Nassau County Interim Finance
created to issue long-term debt on behalf of the State Authority), but the State’s accountability for these
to finance certain local assistance aid payments plus organizations does not extend beyond making the
amounts necessary to fund a capital reserve fund and appointments. As discussed in more detail in Note
other issuance costs. LGAC is legally separate but pro- 15, the State participates in several joint ventures but
vides services exclusively to the State, and therefore only reports on one due to materiality.
is reported as part of the primary government as a
blended component unit.
The Tobacco Settlement Financing Corporation
b. Government-Wide and
(TSFC) was created by Part D3 of Chapter 62 of the Fund Financial Statements
Laws of 2003. TSFC was created as a subsidiary of the The government-wide financial statements (i.e., the
State of New York Municipal Bond Bank Agency Statement of Net Position and the Statement of Activ-
(MBBA). The directors of the MBBA are members of ities) report information on all of the non-fiduciary
TSFC. TSFC is governed by a seven member board, activities of the primary government and its compo-
consisting of: the Chairman of the MBBA, the Secre- nent units. For the most part, the effect of interfund
tary of State, the Director of the Budget, the State activity within governmental and business-type activ-
Comptroller or his appointee, and three directors ities has been eliminated from these statements.
______________________________________________________________________________________________ STATE OF NEW YORK
• 53
However, balances due and resource flows between as taxpayers earn income (personal income, general
governmental and business-type activities have not business and other taxes), as sales are made (consump-
been eliminated. Governmental activities, which nor- tion and use taxes), and as the taxable event occurs
mally are supported by taxes and intergovernmental (miscellaneous taxes), net of estimated overpayments
revenues, are reported separately from business-type (refunds). Receivables not expected to be collected
activities, which rely to a significant extent on fees within the next 12 months are recorded as deferred
and charges for support. Likewise, the primary gov- inflows of resources. Expenditures and related liabilities
ernment is reported separately from certain legally are generally recorded in the accounting period the
separate component units for which the primary gov- liability is incurred to the extent it is expected to be
ernment is financially accountable. paid within the next 12 months, with the exception of
The Statement of Activities demonstrates the items covered by GASB Interpretation 6 (GASBI 6),
degree to which the direct expenses of a given function Recognition and Measurement of Certain Liabilities and
or program are offset by program revenues. Direct Expenditures in Governmental Fund Financial Statements.
expenses are those that are clearly identifiable with a GASBI 6 modified the recognition criteria of certain
specific function or segment. Certain indirect costs expenditures and liabilities. GASBI 6 requires that
have been allocated and are reported as direct program expenditures and liabilities such as debt service, com-
expenses of individual functions or programs. Program pensated absences, and claims and judgments be
revenues include: charges to customers or applicants recorded in the governmental fund statements only
who purchase, use, or directly benefit from goods, ser- when they mature or become due for payment within
vices, or privileges provided by a given function or the period. Expenditure-driven grants are recognized
segment; grants and contributions that are restricted as revenues when the qualifying expenditures have been
to meeting the operational requirements of a particular incurred and all other grant requirements have been
function or segment; and capital grants and contri- met and amounts are considered available. Other
butions, including special assessments. Internally ded- nonexchange grants and subsidies, such as local assis-
icated resources are reported as general revenues tance grants and public benefit corporation subsidies,
rather than as program revenues. Taxes and other are recognized as expenditures when all requirements
items not included as program revenues are reported of the grant and/or subsidy have been satisfied.
as general revenues, as required. The State reports the following major and other
Separate financial statements are provided for governmental funds:
Governmental Funds, Enterprise Funds and Fiduciary
General Fund—is the primary operating fund of
Funds, even though the latter are excluded from the
the State and is used to account for all financial
government-wide financial statements. Major individ-
transactions not required to be accounted for in
ual Governmental Funds and major individual Enter-
another fund.
prise Funds are reported as separate columns in the
fund financial statements. Federal Special Revenue Fund—accounts for
Federal grants received by the State that are ear-
c. Measurement Focus, Basis of Accounting marked for specific programs. In order to comply
and Financial Statement Presentation with Federal accounting and reporting require-
The government-wide financial statements are pre- ments, certain Federal grants are accounted for in
pared using the economic resources measurement a number of accounts that are combined and
focus and the accrual basis of accounting, as are the reported as the Federal Special Revenue Fund.
Enterprise Funds, Component Units and the Fiduciary Accounts that are combined include the Federal
Funds financial statements. Revenues are recorded USDA-Food and Nutrition Services Account
when earned and expenses are recorded when a lia- (Federal USDA-FNS), the Federal Health and
bility is incurred, regardless of the timing of related Human Services Account (Federal DHHS), the
cash flows. Taxes are recognized as revenues in the Federal Education Account, the Federal Operating
year in which they are earned. Grants, entitlements Grants Account, the Unemployment Insurance
and donations are recognized as revenues as soon as Administration Account, the Unemployment Insur-
all eligibility requirements have been met. ance Occupational Training Account and the
Governmental fund financial statements are pre- Federal Employment and Training Grants Account.
pared using the current financial resources measurement General Debt Service Fund—accounts for the
focus and the modified accrual basis of accounting. payment of principal and interest on the State’s
Revenues are recognized as soon as they are both mea- general debt, the payments on certain lease/pur-
surable and available. Revenues are considered available chase or other contractual obligations, and trans-
when they are collected within the current period or actions related to the Tobacco Settlement Financing
collectible within 12 months of the end of the current Corporation.
fiscal period. Tax revenues are recorded by the State
Other Governmental Funds—is a summarization Private Purpose Trust Funds—are used to account
of all the non-major governmental funds. for resources legally held in trust as escheat prop-
erty and resources held in trust to facilitate savings
The governmental fund financial statements
for higher education expenses, pursuant to the
include a reconciliation between the fund statements
New York State tuition savings program. There
and the government-wide statements. Differences that
is no requirement that any portion of these
make a reconciliation necessary include the differ-
resources be preserved as capital. Information
ences in measurement focus and basis of accounting
reported for the tuition savings program is
between the statements. The Statement of Activities
obtained from the audited financial statements
reflects the net costs of each major function of State
prepared by the program for the fiscal year ended
operations, which differs from the presentation of
December 31, 2016.
expenditures in the Statement of Revenues, Expen-
ditures and Changes in Fund Balances—Governmental Agency Funds—report those resources held by the
Funds, which matches the State’s budgetary (financial State in a purely custodial capacity (assets equal
plan) presentation. liabilities).
The State reports the following major Enterprise
Additionally, the State includes discretely pre-
Funds:
sented component units:
Lottery Fund—accounts for lottery revenues that
Component Units—the public benefit corporations’
are earmarked for education assistance to local
financial statements, except for the State Insurance
school districts, lottery administrative costs of the
Fund and the Aggregate Trust Fund, are prepared
New York State Gaming Commission and payment
using the economic resources measurement focus
of lottery prizes.
and are accounted for on the accrual basis of
Unemployment Insurance Benefit Fund—accounts accounting. The State Insurance Fund and the
for employer unemployment contributions utilized Aggregate Trust Fund prepares financial state-
for the payment of unemployment compensation ments in conformity with accounting practices
benefits. prescribed or permitted by the New York State
Department of Financial Services. The Department
SUNY Fund—accounts for the operation of the
of Financial Services recognizes only New York
State University of New York (SUNY). Information
Statutory Accounting Practices for determining
reported in this fund is obtained from the audited
and reporting the financial condition and results
financial statements prepared by SUNY for the
of operations of an insurance company and for
fiscal year ended June 30, 2016.
determining its solvency under New York State
CUNY Fund—accounts for the operation of the Insurance Law. The impact of variances from
City University of New York (CUNY) Senior Col- GAAP is not material to the Corporations in total.
leges. Information reported in this fund is
obtained from the audited financial statements of d. Cash and Investments
the Senior Colleges prepared by CUNY for the Cash balances of funds held in the State Treasury are
fiscal year ended June 30, 2016. commingled in a general checking account and several
Enterprise Funds distinguish operating revenues special purpose bank accounts. The available cash
and expenses from non-operating items. Operating balance in the general checking account beyond imme-
revenues and expenses generally result from providing diate need is pooled for short-term investment pur-
services in connection with an Enterprise Fund’s prin- poses. The balances pooled are limited to legally
cipal ongoing operations. Operating expenses for stipulated investments, which are reported at cost,
Enterprise Funds include the cost of sales and services, including accrued interest, which approximates fair
administrative expenses and depreciation on capital value. Non-interest-bearing compensating balances
assets. All revenues and expenses not meeting this of $4.7 billion are included in cash and investments
definition are reported as non-operating revenues at March 31, 2017. At various times during the year,
and expenses. compensating balances could be substantially higher.
Fiduciary Funds are used to report assets held in Cash balances not held in the State Treasury and con-
a trustee or agency capacity for others and therefore trolled by various State officials are generally deposited
cannot be used to support the government’s own pro- in interest-bearing accounts or other legally stipulated
grams. The Fiduciary Fund types of the State consist investments. Additional information about the State’s
of the following: cash and investments is provided in Note 2.
Generally, for purposes of reporting cash flows, cash
Pension Trust Fund—accounts for the activities of includes cash and cash equivalents. Cash equivalents
the New York State and Local Retirement System, are composed of liquid assets with maturities of 90
which accumulates resources for pension benefit days or less. The Enterprise Funds Statement of Cash
payments to qualified public employees. Flows uses the direct method of reporting cash flows.
______________________________________________________________________________________________ STATE OF NEW YORK
• 55
All investments with a maturity of more than one construction work, hospitals, offices, etc.; construction
year are recorded on the Statement of Net Position in progress; intangible assets (i.e., easements and
and the balance sheet at fair value and all investment internally generated software); and infrastructure
income, including changes in the fair value of invest- assets such as roads and bridges. Capital assets are
ments, is reported as revenue. Fair values were deter- reported at historical cost or estimated historical cost
mined using market values at the applicable entities’ and donated capital assets are valued at their acqui-
year-end. Investments of the short-term investment sition value at the date of donation.
pool have a maturity of one year or less and are For governmental activities, equipment that has a
recorded at cost. cost in excess of $40 thousand at the date of acquisition
and has an expected useful life of two or more years
e. Receivables is capitalized. All initial building costs and building
Receivables are stated net of estimated allowances for improvements and land and land improvements in
uncollectible amounts, which are determined based excess of $100 thousand are capitalized. Infrastructure
upon past collection experience and current economic assets in excess of $1 million are also capitalized. Soft-
conditions. Due from Federal government represents ware is capitalized when the costs exceed $1 million.
amounts owed to the State to reimburse it for expen- The costs of normal repairs and maintenance that
ditures incurred pursuant to federally funded pro- do not add to the value or extend lives of assets mate-
grams. Other receivables represent amounts owed to rially are not capitalized, but are reported as expenses
the State, including Medicaid drug rebates, financial in the year incurred. All maintenance and preservation
service settlements, tobacco settlements, patient fees costs relating to roads and bridges are expensed in
of SUNY and Health Department hospitals and the year incurred and not capitalized. Expenses relat-
various mental hygiene facilities, student loans and ing to roads and bridges that add to the capacity and
lottery ticket sales. Additional information about efficiency of the road and bridge networks are capi-
receivables is provided in Note 4. talized rather than expensed.
Capital assets in business-type activities and Enter-
f. Internal Balances prise Funds are from SUNY and CUNY. These capital
assets are stated at cost, or in the case of gifts, acqui-
All outstanding balances between funds at the end of
sition value at the date of receipt. SUNY capitalizes
the fiscal year are referred to as “due to/from other
building renovations and additions costing over $100
funds” on the fund financial statements. Generally,
thousand, equipment items with a unit cost of $5 thou-
the effect of interfund activity within the governmental
sand or more, and intangible assets, including inter-
funds has been removed. Any residual balances out-
nally generated computer software, costing $1 million
standing between the governmental activities and
or more. CUNY capitalizes renovations and improve-
business-type activities are reported in the govern-
ments that significantly increase the value or extends
ment-wide financial statements as “internal balances.”
the useful lives of the structures and equipment with
For the most part, the remaining difference is a result
a cost of more than $5 thousand and useful lives of
of different year-ends between the State and SUNY
two or more years.
and CUNY.
Buildings, land improvements, equipment and
intangible assets of the primary government are depre-
g. Other Assets ciated or amortized using the straight-line method
Other assets in governmental activities and business- over the following estimated useful lives:
Governmental Business-type
type activities include payments for costs applicable
Activities Activities
to future accounting periods, and other types of assets
Assets (Years) (Years)
not reported on other lines. Inventories reported by
Buildings and building
the governmental funds are recorded as expenditures
improvements . . . . . . . . . 12-60 2-50
when they are purchased. Inventories reported by the
Enterprise Funds are valued at cost using the first- Equipment and vehicles . . . 4-30 2-50
in/first-out (FIFO) method. Land improvements . . . . . . 12-30 2-50
Intangibles—easements . . . 20 2-50
Intangibles—computer
software . . . . . . . . . . . . . 10-12 2-50
h. Capital Assets
Capital assets are reported in the Statement of Net
Position for government-wide and enterprise funds
Land preparation reflects the costs of preparing
and further disclosed in Note 5. Capital assets include:
the land for the construction of roads. Since land
land in urban centers, rural areas and forest preserves;
preparation has an indefinite life, associated costs are
land improvements; land preparation-roads; buildings
not depreciated.
which house State offices, correctional facilities, hos-
pitals and educational facilities; equipment used in
The State has elected to use the modified approach used to acquire new items for the collection. SUNY
for reporting and accounting for its highways and reports all artwork, historical treasures and library
bridges reported by DOT. The modified approach books. CUNY reports intangible assets, artwork, his-
requires the State to commit to preserving and main- torical treasures and library books with a unit cost of
taining these infrastructure assets at levels established more than $5 thousand.
by DOT. No depreciation expense is reported for these
assets and no amounts are capitalized in connection i. Deferred Outflows of Resources
with improvements that lengthen the lives of such and Deferred Inflows of Resources
assets, unless the improvements also increase their Deferred outflows of resources are defined as a con-
capacity or efficiency. DOT maintains an inventory of sumption of net assets by the government that is
these assets and performs periodic condition assess- applicable to a future reporting period. Deferred
ments to ensure that the predetermined condition level inflows of resources are defined as an acquisition of
is maintained. The Required Supplementary Informa- net assets by the government that is applicable to a
tion (RSI) contains additional information regarding future reporting period. Deferred outflows of resources
infrastructure reported using the modified approach. increase net position, similar to assets, and deferred
Capital asset reporting does not include historical inflows of resources decrease net position, similar to
artifacts, artwork and collections that are maintained liabilities.
by various State agencies, the State Archives, the State The components of the deferred outflows of
Museum and the State Library with the exception of resources and deferred inflows of resources related to
SUNY and CUNY. These items are protected and pre- the primary government at March 31, 2017 are as
served, held for public exhibition and educational follows (amounts in millions):
purposes, and the proceeds from the sale of items are
Governmental Business-type Primary
Activities Activities Government
Deferred outflows of resources:
Loss on refunding of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 508 $ 89 $ 597
Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 78 146
Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,730 1,079 8,809
Total deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,306 $ 1,246 $ 9,552
Deferred inflows of resources:
Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 875 $ 289 $ 1,164
Gain on refunding of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 —0 0 0 0 0 34
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 —0 0 0 0 0 105
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 10 10
Total deferred inflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,014 $ 299 $ 1,313
The components of the deferred inflows of

resources related to the governmental funds at March
31, 2017 are as follows (amounts in millions):
Federal General Other Total
Special Debt Governmental Governmental
General Revenue Service Funds Funds
Governmental Funds:
Deferred inflows of resources:
Public health/patient fees . . . . . . . . . . . $ —0 0 0 0 0 $ —0 0 0 0 0 $ —0 0 0 0 0 $ 3 $ 3
Taxes considered unavailable . . . . . . . 708 —0 0 0 0 0 126 53 887
Medicaid . . . . . . . . . . . . . . . . . . . . . . . 60 655 —0 0 0 0 0 —0 0 0 0 0 715
Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 72 72
Miscellaneous agency . . . . . . . . . . . . . 28 —0 0 0 0 0 —0 0 0 0 0 23 51
Federal grants . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 105 —0 0 0 0 0 —0 0 0 0 0 105
ENCON collections . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 7 7
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 796 $ 760 $ 126 $ 158 $ 1,840
______________________________________________________________________________________________ STATE OF NEW YORK
• 57
j. Long-Term Obligations Lottery’s employees, upon termination, may

In the government-wide financial statements and receive vacation pay benefits up to a maximum of 30
Enterprise Funds financial statements, long-term debt days. Lottery recognizes employees’ compensated
and other long-term obligations are reported as lia- absence benefits when earned. The liability for employ-
bilities in the applicable governmental activities’ or ees’ compensated absences was approximately $1
business-type activities’ Statement of Net Position. For million as of March 31, 2017.
governmental activities, bond premiums and discounts
are reported as a component of the related bonds l. Accounting for Lease/Purchase
payable, and gains and losses on refunding are and Other Financing Arrangements
reported as deferred inflows of resources or deferred The construction of certain State office buildings,
outflows of resources. Both are amortized over the life campus facilities and other public facilities has been
of the bonds using the straight-line method. In busi- financed through bonds and notes issued by public
ness-type activities, SUNY losses on refunding are benefit corporations pursuant to lease/purchase and
reported as deferred outflows of resources and amor- other financing arrangements with the State. The
tized over the life of the related debt. CUNY bond State has also entered into financing arrangements
premiums and discounts are reported as a component with public benefit corporations that have issued bonds
of the related bonds payable, and gains and losses on to finance past State budgetary deficits and grants to
refunding are reported as deferred inflows of resources local governments for both capital and operating pur-
or deferred outflows of resources. Both are amortized poses (Note 7).
over the life of the bonds using the straight-line These lease/purchase and other financing arrange-
method. Issuance costs are reported as an expense in ments, which the State will repay over the duration
the period incurred. of the agreements, constitute long-term liabilities. The
In the fund financial statements, governmental amount included in obligations under lease/purchase
fund types recognize bond premiums and discounts, and other financing arrangements consists of total
as well as bond issuance costs, during the current future principal payments and equals the outstanding
period. The face amount of debt issued is reported balance of the related bonds and notes.
as other financing sources. Premiums received on
debt issuances are reported as other financing sources, m. State Lottery
while discounts on debt issuances are reported as The State Lottery is accounted for as an Enterprise
other financing uses. Issuance costs, whether or not Fund. The revenues, administrative costs, aid to edu-
withheld from the actual debt proceeds received, are cation and expenses for amounts allocated to prizes
reported as non-personal service expenditures in the are reported, and uncollected ticket sales at March
period incurred. 31, 2017 are accrued. Prize monies to meet long-term
prize payments are invested in United States govern-
k. Compensated Absences ment-backed obligations, New York City Transitional
The estimated vacation leave liability for State employ- Finance Authority municipal bonds and Agency for
ees at March 31, 2017 is $897 million and represents International Development (AID) bonds, and are
an increase of $20 million over the prior year. State recorded at fair value. Lottery prize liabilities are
employees accrue vacation leave based primarily on recorded at a discounted value equivalent to the related
the number of years employed up to a maximum rate investments. At March 31, 2017, the prize liabilities
of 25 days per year, but may accumulate no more than of approximately $1.9 billion were reported at a dis-
a maximum of 40 days. counted value of approximately $1.3 billion (at interest
SUNY employees accrue vacation leave based rates ranging from 0.29 percent to 7.78 percent).
primarily on the number of years employed up to a
maximum rate of 21 days per year and may accumu- n. Net Position
late no more than a maximum of 40 days. CUNY The difference between assets and deferred outflows
employees accrue vacation leave based upon the of resources, and liabilities and deferred inflows of
number of years employed, with the maximum accu- resources is “Net Position” on government-wide, enter-
mulation generally ranging from 45 to 50 days. The prise fund, component units and fiduciary fund finan-
liability for vacation leave approximated $287 million cial statements.
and $82 million for SUNY and CUNY, respectively, Net position is reported as restricted when con-
at June 30, 2016. straints placed on net position use are either:
CUNY employees may receive payments of up to
50 percent of the value of their accumulated sick leave a. Externally imposed by creditors (such as debt
as of the date of retirement from CUNY. CUNY covenants), grantors, contributors, laws or reg-
reported a liability of $31 million for sick leave credits ulations of other governments; or
in accrued liabilities. b. Imposed by law through constitutional provi-
sions or enabling legislation.
Enabling legislation authorizes the State to assess, Pensions

levy, charge or otherwise mandate payment of Net position restricted for pension payments.
resources (from resource providers) and includes a
legally enforceable requirement that those resources Other Government Programs
be used only for the specific purposes stipulated in Net position restricted for the funding of legal and
the legislation. A legally enforceable requirement is law enforcement programs, various gifts, grants or
one that an outside party (such as citizens, public inter- bequests received by the State, and other legally
est groups or the judiciary) can compel the govern- restricted programs.
ment to honor. When both restricted and unrestricted Unrestricted
resources are available for use, it is the State’s policy Unrestricted net position is the net amount of the assets,
to use restricted resources first, then unrestricted deferred outflows of resources, liabilities, and deferred
resources as they are needed. inflows of resources that are not included in the deter-
At March 31, 2017, the Governmental Activities mination of net investment in capital assets or the
reported restricted net position of $3.6 billion due to restricted components of net position described above.
restrictions externally imposed by creditors or enabling
legislation. This included $2.7 billion restricted for
o. Fund Balance
debt service payments from various capital reserve
funds, and $889 million restricted for other purposes The difference between fund assets and deferred out-
(details of fund balance classification are available in flows of resources, and liabilities and deferred inflows
Note 1.o.). of resources is “Fund Balance” on governmental fund
The following terms are used in the reporting of financial statements.
net position: Fund Balance Hierarchy
Net Investment in Capital Assets
Fund balance for governmental funds is reported in
Net investment in capital assets consists of capital the following classifications which describe the relative
assets, including restricted capital assets, net of accu- strength of the constraints that control how specific
mulated depreciation and reduced by the outstanding amounts in the funds can be spent:
balances of any bonds, mortgages, notes, or other bor- Nonspendable fund balance includes amounts
rowings that are attributable to the acquisition, con- that cannot be spent because (a) they are either
struction, or improvement of those assets. not in spendable form or (b) are legally or con-
tractually required to remain intact.
Debt Service
Net position restricted for the payment of future debt Restricted fund balances have constraints placed
service payments from various capital reserve funds. on the use of resources that are either (a) externally
imposed by creditors, grantors, contributors, or
Higher Education, Research and Patient Care laws or regulations of other governments; or (b)
Net position restricted for funding of various higher imposed by law through constitutional provisions
education instruction, research, scholarships, and oper- or enabling legislation.
ations, as well as medical research and patient care.
Committed fund balances can only be used for
Environmental Projects and Energy Programs specific purposes pursuant to constraints imposed
Net position restricted for funding of various envi- by formal action of the State’s highest level of deci-
ronmental projects and energy programs. sion-making authority, which includes establish-
ment of laws of the State, and by bills passed by
Economic Development, Housing and Transportation the Legislature and approved by the Governor of
Net position restricted for funding of various economic the State of New York, or any contracts approved
development, housing-related and transportation- by authorized State officials that are known to have
related programs. their liability satisfied with the current fund
Insurance and Administrative Requirements balance. Commitments may be changed or lifted
Net position restricted for funding certain insurance only by the State’s highest level of decision-making
payments and administrative costs. authority taking the same formal action that orig-
inally imposed the constraint.
Unemployment Benefits
Assigned fund balances are constrained by the
Net position restricted for the payment of unemploy-
intent to use amounts for specific purposes, but
ment benefits.
are neither restricted nor committed. The Director
Future Lottery Prizes of the Budget is authorized to assign amounts to
Net position restricted for future lottery prize payments. a specific purpose through the approval of budget
certificates as required by statute.
______________________________________________________________________________________________ STATE OF NEW YORK
• 59
Unassigned fund balance is the residual classifi- Funds deposited to this account are transferred
cation for the General Fund. Other governmental from the State Purposes Account. The maximum
funds cannot report a positive unassigned fund balance in this account will not exceed 3 percent of
balance but can report negative unassigned fund the aggregate amount projected to be disbursed from
balance if expenditures incurred for specific pur- the State Purposes Account during the fiscal year
poses exceed the amounts restricted or committed immediately following the current fiscal year.
to those purposes. The amounts in this account can be spent for
two reasons:
For classification of governmental fund balances,
the State considers expenditures to be made from a. In the event of an economic downturn, as evi-
restricted resources first, then in the following order: denced by a composite index of business cycle
committed, assigned, and unassigned resources. indicators prepared by the Commissioner of
Labor. If the index declines for five consecutive
Reserve Accounts months, the Commissioner of Labor shall notify
Tax Stabilization Reserve Account the Governor, the Speaker of the Assembly, the
The authority for establishing the Tax Stabilization Temporary President of the Senate and the
Reserve Account is in State Finance Law Section 92. minority leaders of the Assembly and the
The account was established in 1984. Senate. Upon such notification, the Director
At the close of each fiscal year, any surplus funds of Budget may authorize the Comptroller to
up to 0.2 percent of 1 percent of the “norm” shall be transfer funds from the Rainy Day Reserve
transferred to the Tax Stabilization Reserve Account, Account.
up to 2 percent of the “norm”. The norm is the aggre-
b. A catastrophic event, i.e., the need to repel inva-
gate amount disbursed from the State Purposes
sion, suppress insurrection, defend the State in
Account during the fiscal year.
war, or to respond to any other emergency result-
In any given fiscal year, when receipts fall below
ing from a disaster, including but not limited to
the norm, funds shall be transferred from the Tax
a disaster caused by an act of terrorism.
Stabilization Reserve Account to the State Purposes
Account, in an amount equal to the difference between The balance in the Rainy Day Reserve Account at
the norm and the receipts, to the extent that funds March 31, 2017 is $540 million, and is included in
are available in the Tax Stabilization Reserve Account. the committed fund balance of the General Fund.
Money in the Tax Stabilization Reserve Account may
be temporarily loaned to the State Purposes Account Encumbrances
during the year in anticipation of the receipt of rev- Encumbrance accounting, under which purchase
enues, but these funds must be repaid within the same orders, contracts, and other commitments for expen-
fiscal year. ditures are recorded in order to reserve that portion
The balance in the Tax Stabilization Reserve of the applicable appropriation, is employed in the
Account at March 31, 2017 is $1.3 billion, and is governmental funds. These amounts generally will
included in the unassigned fund balance of the become liabilities in future periods.
General Fund. Significant encumbrances at March 31, 2017
include (in millions):
Fund Type Amount
Rainy Day Reserve Account
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 774
The authority for establishing the Rainy Day Reserve
Federal Special Revenue . . . . . . . . . . . . . . . 1,085
Account is in State Finance Law Section 92-cc. The
account was established in 2007. Other Special Revenue . . . . . . . . . . . . . . . . 104
Other Capital Projects . . . . . . . . . . . . . . . . . 7,763
Fund Balances
Fund balances at March 31, 2017 are as follows
(amounts in millions):
Major Funds
General Special Debt Governmental
Fund Revenue Service Funds
Restricted for:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —0 0 0 0 0 $ —0 0 0 0 0 $ —0 0 0 0 0 $ 4
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 20 —0 0 0 0 0 41
Environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 10
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 295
General administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 102
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 1,446 592
Capital purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 160
Committed to:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 —0 0 0 0 0 —0 0 0 0 0 62
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 120
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Health care initiatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 674
Environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 146
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 249
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 617
Economic development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 12
General administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 89
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 21 667
Capital purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 1,509
Fund reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 948 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Assigned to:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 —0 0 0 0 0 —0 0 0 0 0 3
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 682 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 —0 0 0 0 0 —0 0 0 0 0 16
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,964 —0 0 0 0 0 —0 0 0 0 0 76
Economic development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,523 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Workers’ Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 2,883
General administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 3
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,877) —0 0 0 0 0 —0 0 0 0 0 (856)
Total fund balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,286 $ 20 $ 1,467 $ 7,474
p. Post-Retirement Benefits paid. Additionally, the survivor’s benefit program

Other postemployment costs are measured and dis- provides for a death benefit to be paid by the State
closed using the accrual basis of accounting in the to a retiree’s designated beneficiary. During the year,
government-wide and enterprise funds financial state- approximately $12.1 million was paid on behalf of
ments (Note 13). In addition to providing pension 4,025 retirees for this benefit and recorded as an
benefits, the State is statutorily required to provide expenditure in the General Fund.
health insurance coverage and survivor benefits for
retired employees and their survivors. Substantially q. Deficit Fund Balances
all of the State’s employees may become eligible for As of March 31, 2017, fund deficits were reported in
these benefits if they reach normal retirement age the following Capital Projects Funds: the Correctional
while working for the State. Health care benefits are Facilities Capital Improvement Fund ($220 million),
provided through plans whose premiums are based the Hazardous Waste Remedial Fund ($166 million),
on the benefits paid during the year. The cost of pro- the Housing Program Fund ($125 million), the Mental
viding post-retirement benefits is shared between the Hygiene Facilities Capital Improvement Fund ($90
State and the retired employee. The State, including million) and the Miscellaneous Capital Project Funds
the Lottery, recognizes the cost of providing health ($90 million). The deficits related to the Capital Projects
insurance by recording its share of insurance premiums Funds are the result of differences in cash flow timing
as an expenditure in the respective fund in the year relating to the reimbursement of capital project costs
______________________________________________________________________________________________ STATE OF NEW YORK
• 61
and contractual commitments from bond proceeds, to transfer a liability in an orderly transaction
and are routinely resolved during subsequent fiscal between market participants at the measurement
years. The ENCON Special Revenue Fund also has a date, and provides guidance for determining a
fund deficit ($24 million). The deficit is the result of fair value measurement for financial reporting
timing differences between the receipt of cash and the purposes. This Statement also provides guidance
transfer of funds to finance operating expenditures. for applying fair value to certain investments and
disclosures related to all fair value measurements.
r. Special Items The effect of GASBS 72 requirements can be
Significant transactions or other events within the found in Notes 2 and 7.
control of management that are either unusual in GASBS No. 73, Accounting and Financial Reporting
nature or infrequent in occurrence are reported as for Pensions and Related Assets That Are Not within
special items in the government-wide and the fund the Scope of GASB Statement 68, and Amendments to
financial statements. In 2017, a special item of $250 Certain Provisions of GASB Statements 67 and 68,
million is reported in the governmental activities and (GASBS 73) establishes requirements for defined
the General Fund related to the release of State Insur- benefit pensions that are not within the scope of
ance Fund reserves to the State. These reserves were Statement No. 68, Accounting and Financial Report-
originally recorded by the State Insurance Fund for ing for Pensions, as well as for the assets accumu-
estimated future assessments and other charges lated for purposes of providing those pensions.
payable to the Workers’ Compensation Board associ- In addition, it establishes requirements for defined
ated with expected losses on claims. Reforms to the contribution pensions that are not within the scope
Workers’ Compensation Law effective January 1, 2014, of Statement 68. It also amends certain provisions
changed the basis for determining such assessments of Statement No. 67, Financial Reporting for Pension
and charges, resulting in the elimination of such Plans, and Statement 68 for pension plans and
reserves. Chapter 57 of the Laws of 2013 requires the pensions that are within their respective scopes.
amount of the eliminated reserves to be transferred The implementation of GASBS 73 did not have
by the State Insurance Fund to the Workers’ Compen- an impact on the State’s financial statements,
sation Board for distribution to the General Fund in however, the beginning net position of a non-
specified amounts over a series of fiscal years. The major component unit was restated for implemen-
State Insurance Fund transferred $1.75 billion to the tation of GASBS 73. See Note 1.u below.
Workers’ Compensation Board. Subsequently, the full
$1.75 billion has been released to the General Fund GASBS No. 76, The Hierarchy of Generally Accepted
for debt management or fiscal uncertainties in accor- Accounting Principles for State and Local Governments,
dance with Chapter 57 of the Laws of 2013, with the (GASBS 76) reduces the GAAP hierarchy to two
final $250 million released to the General Fund in categories of authoritative GAAP and addresses
the current fiscal year. the use of authoritative and nonauthoritative lit-
erature in the event that the accounting treatment
s. Estimates for a transaction or other event is not specified
within a source of authoritative GAAP. This State-
The preparation of the basic financial statements in
ment supersedes Statement No. 55, The Hierarchy
conformity with GAAP requires management to make
of Generally Accepted Accounting Principles for State
estimates and assumptions that affect the reported
and Local Governments. The implementation of
amounts of assets, deferred outflows of resources, lia-
GASBS 76 did not have an impact on the financial
bilities and deferred inflows of resources, and disclo-
statements.
sure of contingent assets and liabilities at the date of
the basic financial statements. Estimates also affect GASBS No. 77, Tax Abatement Disclosures, (GASBS
the reported amounts of revenues and expenditures 77) defines a tax abatement as resulting from an
during the reporting period. Actual results could differ agreement between a government and an indi-
from those estimates. vidual or entity in which the government promises
to forgo tax revenues and the individual or entity
t. Adoption of New Accounting promises to subsequently take a specific action
Pronouncements that contributes to economic development or oth-
During the fiscal year ended March 31, 2017, the State erwise benefits the government or its citizens. This
adopted the following new accounting standards issued Statement requires governments that enter into
by the GASB: tax abatement agreements to disclose certain infor-
mation about the agreements. The new disclosures
GASBS No. 72, Fair Value Measurement and Appli- resulting from implementation of this statement
cation, (GASBS 72) defines fair value as the price can be found in Note 3.
that would be received to sell an asset or paid
GASBS No. 78, Pensions Provided through Certain making the election to measure all of its invest-
Multiple-Employer Defined Benefit Pension Plans, ments at amortized cost for financial reporting
(GASBS 78) amends the scope and applicability purposes. An external investment pool qualifies
of Statement 68 to exclude pensions provided to for that reporting if it meets all of the applicable
employees of state or local governmental employ- criteria established in this Statement. The specific
ers through a cost-sharing multiple-employer criteria address (1) how the external investment
defined benefit pension plan that (1) is not a state pool transacts with participants; (2) requirements
or local governmental pension plan, (2) is used for portfolio maturity, quality, diversification, and
to provide defined benefit pensions both to liquidity; and (3) calculation and requirements of
employees of state or local governmental employ- a shadow price. If an external investment pool
ers and to employees of employers that are not meets the criteria in this Statement and measures
state or local governmental employers, and (3) all of its investments at amortized cost, the pool’s
has no predominant state or local governmental participants also should measure their investments
employer. This Statement establishes requirements in that external investment pool at amortized cost
for recognition and measurement of pension for financial reporting purposes. The implemen-
expense, expenditures, and liabilities; note dis- tation of GASBS 79 did not have an impact on
closures; and required supplementary information the financial statements.
for pensions that have the characteristics described
above. The implementation of GASBS 78 did not u. Restatements
have an impact on the financial statements. Beginning net position (before eliminations) on the
GASBS No. 79, Certain External Investment Pools Combining Statement of Activities for Discretely Pre-
and Pool Participants, (GASBS 79) establishes criteria sented Component Units decreased by $405 million
for an external investment pool to qualify for as follows:
State Metropolitan Non-Major Total

Insurance Transportation Component Component
Fund Authority Units Units
Net position at March 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,828 $ 5,833 $ 6,509 $ 33,086
Restatement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (357) (22) (26) (405)
Net position at April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,471 $ 5,811 $ 6,483 $ 32,681
The restatement of the State Insurance Fund is non-major component units is the result of a $25
the result of a prior period adjustment associated million restatement for the Niagara Frontier Trans-
with the reporting of the liability for other postem- portation Authority from adoption of GASBS 73 and
ployment benefits. The restatement of the Metropol- a $1 million restatement of Roswell Park Cancer Insti-
itan Transportation Authority is the result of several tute related to a correction of the prior year imple-
prior period adjustments. The restatement of the mentation of GASBS 68 and GASBS 71.
Note 2 Cash and Investments

Governmental Activities, Comptroller and the Commissioner of Taxation and
Private Purpose and Agency Funds Finance are sole custodians of certain accounts.
Deposits The custodial credit risk is the risk that, in the
The State maintains approximately 3,000 bank accounts event of the failure of a depository financial institution,
for various purposes at locations throughout the State. the State will not be able to recover deposits or will
Cash deposits in the State Treasury are under the joint not be able to recover collateral securities that are in
custody of the State Comptroller and the Commissioner the possession of an outside party.
of Taxation and Finance. Cash balances not required For demand accounts, checking accounts and cer-
for immediate use are invested in a short-term invest- tificates of deposit, the State requires that its depository
ment pool (STIP) administered by the State Comp- banks pledge collateral or provide a surety bond based
troller or by the fund custodian to maximize interest on actual and average daily available bank balances.
earnings. Cash is invested in repurchase agreements All securities pledged as collateral are held by the
involving United States Treasury obligations, United State’s fiscal agent in the name of the State and are
States Treasury bills, commercial paper, government valued on a monthly basis. Surety bonds will be
sponsored agencies, and certificates of deposit. Cash accepted only from companies with the highest ratings
deposits not held in the State Treasury are under the issued by nationally recognized statistical rating orga-
sole custody of a specified State official and are gen- nizations (NRSROs). The use of average daily available
erally held in interest-bearing accounts. Both the State balances to determine collateral requirements may
______________________________________________________________________________________________ STATE OF NEW YORK
• 63
result in the available balances being under-collater- Investments

alized at various times during the fiscal year. The State’s The State holds investments both for its own benefit
cash management policy is to invest all major revenues and as an agent for other parties. Major investment
as soon as the monies are available within the banking programs conducted for the direct benefit of the State
system, which limits under-collateralization. The State’s include STIP, which is used for the temporary invest-
cash deposits with financial institutions had a book ment of funds not required for immediate payments,
and bank balance of $13.5 billion and were fully col- and sole custody funds administered by the Depart-
lateralized at fiscal year-end. Included in these balances ment of Taxation and Finance.
were certificates of deposit held in the STIP with a Investments are made in accordance with State
book and bank balance of $6.3 billion. Also included Finance Law and vary by fund but generally include:
are deposits, with a book and bank balance of $468 obligations of, or guaranteed by, the United States;
million that were held by the State’s fiscal agent and obligations of New York State and its political subdi-
were fully collateralized except for $465 million in visions; certificates of deposit; savings bank trust
deposits that were exposed to custodial credit risk company notes; bankers’ acceptances; repurchase
because they were uninsured and uncollateralized. agreements; corporate bonds; and commercial paper.
For the fiscal year ended March 31, 2017, the As of March 31, 2017 (except for the Tuition
average daily balance of the STIP was $12.5 billion, Savings Program, which is as of December 31, 2016),
with an average yield of 0.6 percent and total invest- the State had the following investments and maturities
ment income of $75 million. (amounts in millions):
Carrying Investment Maturities (in Years)

Investment Type Value Less than 1 1-5 6-10 More than 10
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,931 $ 4,931 $ —00000 $ —00000 $ —00000
U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,433 1,351 82 —00000 —00000
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,324 858 417 49 —00000
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 981 981 —00000 —00000 —00000
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . 858 783 39 36 —00000
Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 355 —00000 —00000 —00000
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 205 —00000 —00000 —00000
Forward purchase agreements . . . . . . . . . . . . . . . . . . . . . . . . 57 —00000 —00000 —00000 57
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 —00000 —00000 —00000
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,153 $ 9,473 $ 538 $ 85 $ 57
Investments held in an agent or trust capacity . . . . . . . . . . . . . 23,910
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,063
Included in the table are securities which either These securities had a carrying amount and fair value
were not acquired for investment purposes or cannot of $44 million at March 31, 2017. The State holds
be classified or categorized, and are being held by the cash and securities deposited by contractors in lieu of
State in an agent or trust capacity. Parents, grandpar- retainage on contract payments (carrying amount and
ents and other parties wishing to save for a child’s fair value of $3 million).
college education may deposit money into the Tuition In addition to the securities held by the Workers’
Savings Program. The State administers the program Compensation Board noted above, the State holds
on behalf of the parents and holds the investment $3.1 billion in surety bonds and letters of credit that
portfolio in a trust. The fair market value of the mutual are not included in the table above.
fund portfolio was $23.6 billion at December 31, 2016.
Employers seeking self-insurer status for workers’ com- Credit Risk
pensation purposes may deposit securities specified State law limits investments in commercial paper,
by Section 235 of the New York State Banking Law repurchase agreements, government sponsored agen-
with the Chairman of the Workers’ Compensation cies and municipal bonds to the highest ratings issued
Board. Acting as an agent for the employers, the State by two nationally recognized statistical rating organi-
holds these securities (carrying amount $222 million, zations (NRSROs). Investments in commercial paper
which approximates fair value) only as an agent for and repurchase agreements are limited to a rating
the employers. Securities that are unclaimed at finan- of A-1 by Standard & Poor’s Corporation (S&P) and
cial institutions are transferred periodically to the P-1 by Moody’s Investors Service, Inc. (Moody’s).
State and are held temporarily by the State until they Investments in government sponsored agencies and
can be liquidated. The securities or proceeds can be municipal bonds are limited to AAA by S&P and Aaa
claimed by the owners under established procedures. by Moody’s. If an investment in commercial paper
drops in rating below the legal requirements during Concentration of Credit Risk
the year, the State investment staff would consult with Concentration of credit risk is the risk of loss attributed
appropriate advisors to determine what action, if any, to the magnitude of the State’s investment in a single
should be taken. Repurchase agreements are collat- issuer (five percent or more of total investments). To
eralized with U.S. Treasury obligations. mitigate this risk, it is the policy of the State to maintain
The portfolios of the Tuition Savings Program, a a diversified portfolio among a variety of investment
Private Purpose Trust Fund, have underlying fixed instruments in which it is legally permitted to invest.
income mutual funds which are not rated by any
NRSRO. Foreign Currency Risk
The State Finance Law, Section 98-a, does not expressly
Custodial Credit Risk permit investment in foreign currency and there is
Investment securities are exposed to custodial credit no formal policy related to foreign currency; however,
risk if the securities are uninsured, are not registered the Tuition Savings Plan has certain underlying mutual
in the name of the government and are held either funds which invest in foreign securities. There are
by: (a) the counterparty or (b) the counterparty’s trust certain additional risks involved when investing in
department or agent but not in the government’s foreign securities that are not inherent with invest-
name. The risk is that the State will not be able to ments in domestic securities. These risks may involve
recover the value of its investments or collateral secu- foreign currency exchange rate fluctuations, adverse
rities that are in the possession of an outside party if political and economic developments and the possible
the counterparty fails. The State’s policy is to hold all prevention of currency exchange or other foreign gov-
of its investments in the State’s name; however, the ernmental laws or restrictions. In addition, the liquidity
investments listed below are exposed to custodial credit of foreign securities may be more limited than that
risk because they are not held by the State but are of domestic securities.
held by a public benefit corporation in the public
benefit corporation’s name or administered by a fiscal Fair Value
agent on behalf of New York State. The following table GASB Statement No. 72, Fair Value Measurement and
presents the fair value of investments by type (amounts Application (GASB 72), establishes a three-level valuation
in millions): hierarchy of fair value measurements. This valuation
Investment Type Fair Value

hierarchy is based on observable and unobservable
inputs. Observable inputs reflect market data obtained
U.S. Treasury notes . . . . . . . . . . . . . . . . . . . $ 1,339
Government sponsored agencies . . . . . . . . . 772
from independent sources, while unobservable inputs
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . 673
reflect market assumptions and other inputs subject
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . 101
to management judgment. These inputs are incorpo-
Forward purchase agreements . . . . . . . . . . . 57
rated in the following fair value hierarchy:
Repurchase agreements . . . . . . . . . . . . . . . 17
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,959
Level 1 inputs are quoted prices (unadjusted)
for identical assets or liabilities in active markets
that a government can access at the measure-
Interest Rate Risk ment date.
The fair values of the State’s fixed-maturity investments Level 2 inputs are inputs—other than quoted
fluctuate in response to changes in market interest prices included within Level 1—that are observ-
rates. Increases in prevailing interest rates generally able for an asset or liability, either directly or
translate into decreases in fair values of those instru- indirectly.
ments. Fair values of interest rate-sensitive instruments
Level 3 inputs are unobservable inputs for an
may be affected by the creditworthiness of the issuer,
prepayment options, relative values of alternative asset or liability. The fair value hierarchy gives
investments, the liquidity of the instrument and other the highest priority to Level 1 inputs and the
general market conditions. lowest priority to Level 3 inputs. If the fair
The State manages its interest rate risk by limiting value of an asset or a liability is measured using
the majority of its investments to a maturity structure inputs from more than one level of the fair
of one year or less. Additionally, the State holds its value hierarchy, the measurement is considered
investments to maturity, which minimizes the occur- to be based on the lowest priority.
rence of a loss on an investment. The State’s investments in mutual funds and equity
The State’s investments in mutual funds and equity and debt securities are reported at fair value using
securities have no stated maturity and have not been prices quoted in active markets for those securities.
allocated to a time period on the preceding table. Treasury investments, municipal bonds and government
______________________________________________________________________________________________ STATE OF NEW YORK
• 65
sponsored agencies are reported at fair value using As of March 31, 2017, the State’s composition of
quoted prices for similar assets and quoted prices for investments by levels within the fair value hierarchy
identical items that are not actively traded. were as follows (amounts in millions):
Quoted Prices Significant
in Active Other
Markets for Observable
Identical Assets Inputs
Investment Type Fair Value (Level 1) (Level 2)
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,642 $ 23,642 $ —0 0 0 0 0
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 592 —0 0 0 0 0 592
U.S. Treasury notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 —0 0 0 0 0 174
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 —0 0 0 0 0 75
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 —0 0 0 0 0 50
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 36 —0 0 0 0 0
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,576 $ 23,679 $ 897
Business-type Activities Lottery deposits are made in accordance with State

Deposits Finance Law and State Tax Law. At March 31, 2017,
SUNY does not have a formal policy for collateral Lottery had $643 million in deposits held by the State
requirements for cash deposits. At June 30, 2016, Treasury, which were invested in the STIP.
SUNY had $2 billion in deposits held by the State The Unemployment Insurance Benefit Fund has
Treasury, invested in the STIP, and $105 million held a total of $987 million in a sole custody bank account,
by other local depositories. Deposits not held in the which is on deposit with the State Comptroller and
State Treasury that are not covered by depository insur- invested in the STIP, and is subject to the same col-
ance are: uncollateralized ($7 million) and collater- lateralization requirements as the State.
alized with securities held by a pledging financial
Investments
institution ($10 million). SUNY also has $127 million
Generally, SUNY and CUNY are allowed to invest in
in cash and cash equivalents deposited with trustees,
a diverse investment portfolio. Permitted investments
which are registered in SUNY’s name and held by an
include, but are not limited to, obligations of the
agent or in trust accounts in SUNY’s name.
U.S. Government and its agencies, municipal debt
CUNY’s cash and cash equivalents were held
securities, repurchase agreements, corporate bonds,
by depositories and amounted to $680 million, of
commercial paper, equity securities, mutual funds,
which $165 million was insured and $515 million
asset-backed securities, money market funds and secu-
was uninsured and uncollateralized, or collateralized
rity lending transactions.
with securities held by the pledging financial institu-
The Lottery is authorized by State statute to invest
tion, or by its trust department or agent, but not in
in U.S. Government-backed obligations and New York
CUNY’s name.
City Transitional Finance Authority municipal bonds
that provide for payment of prizes payable.
As of June 30, 2016 (except for the State Lottery activities had the following investments and maturities
which is as of March 31, 2017), the business-type (amounts in millions):
Carrying Investment Maturities (in Years)

Investment Type Value Less than 1 1-5 6-10 More than 10
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 723 $ 130 $ 166 $ 155 $ 272
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 32 133 124 217
AID bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 19 79 73 129
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . 294 253 41 —00000 —00000
U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 259 —00000 —00000 —00000
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 232 —00000 —00000 —00000
Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 —00000 2 21 —00000
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 8 5 —00000 —00000
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 —00000 —00000 —00000
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,353 $ 936 $ 426 $ 373 $ 618
External investment pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258
U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Equity mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Global equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Variable annuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Privately offered partnership . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Credit securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Limited partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
U.S. money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Foreign equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,797
Credit Risk CUNY’s investment policy for the CUNY Invest-

Generally, SUNY individual fixed income investment ment Pool includes specific guidelines for investment
securities must be of investment grade. SUNY main- managers with a target allocation to fixed income of
tains a portfolio that possesses an overall weighted 20 percent and is invested in commingled funds. The
average rating by Moody’s and S&P of at least A. Pool contains securities with an Average Quality Rating
Private placement securities must be rated A3 or of AA to AA2. CUNY’S investment policy does not
higher by Moody’s or A- or higher by S&P. Parameters otherwise place formal limitations on credit risk.
exist that allow some limited investments in non-invest- As of June 30, 2016 (except for the State Lottery,
ment grade securities; however, investments rated which is as of March 31, 2017), the business-type activ-
below B3 by Moody’s or B- by S&P are prohibited. ities had the following investments with ratings
Investment Type Total AAA AA A BBB Not Rated
External investment pool . . . . . . . . . . . . . . . . . . . . . . . $ 836 $ —0000 $ 817 $ —0000 $ —0000 $ 19
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 506 —0000 —0000 —0000 —0000
AID bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 —0000 300 —0000 —0000 —0000
Government sponsored agencies . . . . . . . . . . . . . . . . . 294 168 125 —0000 1 —0000
Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . 23 22 —0000 1 —0000 —0000
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 —0000 2 6 5 —0000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,972 $ 696 $ 1,244 $ 7 $ 6 $ 19
Custodial Credit Risk establish required building and equipment replacement

At June 30, 2016, SUNY had $714 million in cash and and debt service reserves. These cash and investments
investments held by the Dormitory Authority of the are registered in SUNY’s name and held by an agent
State of New York (DASNY), which represents bond or in a trust in SUNY’s name. SUNY’s investment
proceeds needed to finance capital projects and to policy does not formally address custodial credit risk.
______________________________________________________________________________________________ STATE OF NEW YORK
• 67
At June 30, 2016, CUNY had $396 million in made in long-term, non-callable, or call-protected high
investments held by DASNY or the bond trustee, not quality bonds. CUNY’s investment policy does not oth-
in CUNY’s name. CUNY’s policy for deposits of the erwise formally limit investment maturities as a means
CUNY Investment Pool does not allow for participa- of managing exposure to fair market value losses arising
tion in programs that have uninsured investments from increased interest rates. The Lottery’s policy for
held by counterparties and uses specific monitor ini- managing interest rate risk is to hold investment secu-
tiatives for investments as a means of limiting custodial rities to maturity, at which time the fair value of the
credit risk. CUNY’s investment policy does not for- investment is equal to the stated maturity value.
mally address custodial credit risk for investments not
included in the Investment Pool. Investment Pool
SUNY has certain assets included in its financial state-
Interest Rate Risk ments that are attributable to the statutory colleges
SUNY has policies in place that limit fixed income at Cornell University and are held as a portfolio of
investment duration within certain benchmarks, and investments in external investment pools. The fair
a highly diversified portfolio is maintained which limits value of the investments is primarily based on the unit
interest rate exposure. SUNY does not formally address value of the pools and the number of shares owned
any interest rate risk related to its investment pools. in each pool. The unit value of the pools, as well as
CUNY’s investment policy for the CUNY Investment their fair values (amounts in millions) at June 30, 2016
Pool specifies that its fixed income investments are are presented in the table below:
Pool Type Unit Value Fair Value
Endowments:
Long-term Investment Pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52.32 $ 771
Long-term Investment Pool (Alfred) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 20
Charitable Gift Annuities:
Master Trust Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.47 11
Charitable Trusts:
Endowment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.97 23
Common Trust Fund—Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.81 6
Common Trust Fund—Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.22 2
Common Trust Fund—Premier . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.37 1
Pooled Life Income Funds (PLIF):
PLIF A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.32 1
PLIF B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.43 1
Total External Investment Pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 836
CUNY has certain assets included with investments CUNYs investments in debt and equity securities
in their financial statements, which are pooled on a and certain other investments with readily deter-
fair value basis, with each individual fund subscribing minable fair values are reported at fair value, which
to or disposing of units on the basis of the fair value is based upon values provided by CUNY’s custodian
per unit determined quarterly. At June 30, 2016, the or current market quotations. Investments in hedge
investment pool had a fair value of $251 million. funds, private equity funds, and limited partnerships
are reported at NAV determined by the fund man-
Fair Value agers, without adjustment when assessed as reason-
Except for investments reported at net asset value able, unless it is probable that all or a portion of the
(NAV) or its equivalent as described below, SUNY investment will be sold for an amount different from
reports its investments at fair value. For investments NAV. As of June 30, 2016, CUNY had no plans or
in mutual funds and exchange traded funds, fair value intentions to sell such investments at amounts differ-
is determined based on quoted market prices as of ent from NAV.
year-end. Investments in limited liability partnerships Lottery investments are measured based upon
and corporations represent investments measured at quoted prices for the security in active markets or
NAV or its equivalent and include hedge funds, real based upon quoted prices for identical or similar assets
estate, domestic and foreign equity funds, fixed income in markets that are not active or other observable
securities and private equity funds in various invest- inputs such as interest rates and yield curves observable
ment vehicles. These investments, which are not at commonly quoted intervals.
exchange traded and for which fair values are not
readily determinable, are typically redeemable at NAV
under the terms of the investment agreements.
As of June 30, 2016 (except for the State Lottery composition of investments by levels within the fair value
which is as of March 31, 2017), the business-type activities hierarchy were as follows (amounts in millions):
in Active Other Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs
Investment Type Fair Value (Level 1) (Level 2) (Level 3)
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 723 $ 719 $ 4 $ —0 0 0 0 0
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 506 —0 0 0 0 0 506 —0 0 0 0 0
AID bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 —0 0 0 0 0 300 —0 0 0 0 0
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . . . 294 3 291 —0 0 0 0 0
U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 259 —0 0 0 0 0 —0 0 0 0 0
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 232 —0 0 0 0 0 —0 0 0 0 0
U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 65 —0 0 0 0 0 —0 0 0 0 0
Equity mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 53 —0 0 0 0 0 —0 0 0 0 0
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 34 —0 0 0 0 0 —0 0 0 0 0
Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 22 1 —0 0 0 0 0
U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 18 —0 0 0 0 0 —0 0 0 0 0
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 —0 0 0 0 0 13 —0 0 0 0 0
Foreign equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 —0 0 0 0 0 —0 0 0 0 0
U.S. money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 —0 0 0 0 0 —0 0 0 0 0
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 —0 0 0 0 0 —0 0 0 0 0
Global equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 —0 0 0 0 0 —0 0 0 0 0
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 18 —0 0 0 0 0 2
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,553 $ 1,436 $ 1,115 $ 2
SUNY investments at June 30, 2016, measured

at the NAV were as follows (amounts in millions):
Redemption
Frequency Redemption
Investment Type Fair Value (If currently eligible) Notice Period
External investment pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 836 Monthly Two Months
Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Quarterly 45-95 days
Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Quarterly 95 days
Global equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Monthly, Quarterly, 30-90 days
Annually
Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 N/A—See below N/A
Credit securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Quarterly 30-45 days
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 N/A N/A
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 946
External investment pools represents ownership Private equity fund investments include non-con-
in Cornell University’s and Alfred University’s long- trolling shares or interests in funds where the con-
term investment pools (LTIP) or other split interest trolling general partner serves as the investment’s
agreement pools. The objective of the LTIP investment manager. Such investments are generally not eligible
policy is to maximize total return within a reasonable for redemption from the fund or general partner, but
risk parameter; specifically, to achieve a total return, can potentially be sold to third-party buyers in private
net of investment expenses, of at least 5 percent in transactions. It is the intent to hold these investments
excess of inflation as measured by a rolling average until the fund has fully distributed all proceeds to
of the Consumer Price Index. the investors. SUNY has unfunded commitments to
private equity investments as of June 30, 2016 of
approximately $10.9 million.
______________________________________________________________________________________________ STATE OF NEW YORK
• 69
CUNY investments at June 30, 2016, measured

at the NAV were as follows (amounts in millions):
Redemption
Unfunded Frequency Redemption
Investment Type Fair Value Commitments (If currently eligible) Notice Period
Multi-strategy funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23 $ —0 0 0 0 0 Monthly, Quarterly T-10, 60-90 days
Global equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 —0 0 0 0 0 Twice monthly, 45 days, N/A
Quarterly
Variable annuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —0 0 0 0 0 Monthly 30 Days
Hedge funds (equities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 —0 0 0 0 0 Quarterly, Annually 45-65 days
Privately offered partnership . . . . . . . . . . . . . . . . . . . . . . . . . . 9 —0 0 0 0 0 Daily T-10
Limited partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Illiquid, Quarterly 90 days, N/A
Private investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 2 Illiquid N/A
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 74 $ 7
Event driven hedge funds include investments in Retirement System—New York State
three hedge fund limited partnerships that focus on and Local Retirement System
event driven situations that attempt to extract value by The financial statements of the New York State and
using multiple strategies, including distressed and other Local Retirement System (System) are prepared using
credit investing, merger arbitrage, long/short-term the accrual basis of accounting. Investments are
equity investments and convertible securities globally. reported at fair value. Stocks traded on a national or
Global equity are invested in non-U.S. emerging and international exchange are valued at quoted market
frontier markets and in global developed markets. value. Investments that do not have an established
Limited partnership invests in private real assets funds market are reported at estimated fair value as deter-
in metal and mining companies with a focus in the mined by the general partner or by the investment
post-discovery phases of the life cycle of 4 commodities manager. The System trades in foreign exchange con-
(gold, copper, potash and coking coal) and upstream tracts in the normal course of its investing activities
oil and gas operating companies of varying stages pri- in order to manage exposure to market risks. Such
marily in North America. Multi-strategy funds includes contracts, which are generally for a period of less than
investments in: (1) Hedge funds that invest in a diver- one year, are used to purchase and sell foreign currency
sified group of investment strategies utilizing both long at a guaranteed future price. These contracts are
and short positions in an unlimited range of financial recorded at market value using foreign currency
instruments throughout the world; (2) Hedge funds exchange rates. The System is exposed to various
that invest in providing consistent long-term appreci- investment risks as follows:
ation of assets through active investment in a diversified
portfolio of underlying Funds; and (3) A multiple Custodial Credit Risk
common trust fund, which is a master fund of multiple Equity and fixed income investments owned directly
strategically weighted global portfolios, that tied to dif- by the System which trade in the United States (U.S.)
ferent underlying asset classes including global equities, markets are generally held at the System’s custodian,
commodities, inflation-linked and other types of fixed in separate accounts, in the name of the Comptroller
income securities. The weights, however, may vary on of the State of New York in Trust for the Common
a tactical basis according to top-down views by utilizing Retirement Fund. These securities are typically held
cash or derivatives in an overlay portfolio. Private invest- in electronic form by the Depository Trust Company
ments includes two private investments: (1) A fund that (DTC) and its subsidiaries, acting as an agent of the
invests primarily in a portfolio of venture capital firms System’s custodian bank. Securities held directly by
that are diversified by geography, sector (information the System which trade in markets outside the U.S.
technology, communications, healthcare and life sci- are held by a subsidiary of the System’s custodian bank
ences), and stage (from early to late stage companies) in the local market, a bank performing custodial ser-
as both direct investments and investments managed vices in the local market acting as an agent for the
by other firms and (2) Floating rate residential mort- System’s custodian bank, or, in some foreign markets,
gage-backed securities rated CA by Moody’s and CCC the securities are held in electronic format by a DTC
by S&P. Private equity includes a global fixed income subsidiary or an organization similar to DTC. Directly
fund which invests primarily in the global debt instru- held investments include short-term and long-term
ments in a private partnership. Variable annuity includes fixed income, and domestic and international equity
investments via a life insurance contract/group variable separately managed accounts. The aforementioned
annuity invested in a public limited partnership that investments have the lowest custodial risk. Indirectly
invests in Master Limited Partnerships (MLP). The held fixed income investments are held by third party
returns on the variable annuity match the returns on administrators in trust for the fund. Equity investments
the underlying investment less the annuity expenses. held indirectly by the System via limited partnerships,
commingled investment funds, joint ventures and Restrictions are placed on fixed income invest-
other similar vehicles are held in custody by an orga- ments with maturities longer than one year such that
nization contracted with by the general partner and/or obligations payable in U.S. dollars of any one depart-
the investment management firm responsible for the ment, agency or political subdivision of the U.S. Gov-
management of each investment organization. Title ernment or issued by any corporation, company or
to real property invested in by the System is either other issuer of any kind or description created or exist-
held by a real estate holding company or a real estate ing under the laws of the United States, any state of
investment fund. Ownership of mortgage assets is the United States, the District of Columbia, the Com-
documented by the System’s holding of original mort- monwealth of Puerto Rico and obligations of Canada
gage and note documents by the Division of Pension or any province or city of Canada, provided each oblig-
Investment and Cash Management in the Office of ation is rated investment grade by two NRSROs and
the State Comptroller. does not exceed 2 percent of the assets of the System
or 5 percent of the direct liabilities of the issuer. In
Credit Risk addition, the aggregate amount invested in interest-
New York State statutes and the System’s investment bearing obligations payable in U.S. dollars (which at
policies provide investment guidance on credit risk. the time of investment are rated one of the three
Approximately $24 billion or 54.40 percent of the highest grades by each NRSRO) may not exceed 1
System’s $44 billion long-term bond portfolio is rated percent of the assets of the System, and bonds issued
AAA by Moody’s. For the balance of the portfolio: or guaranteed by the State of Israel, payable in U.S.
22.04 percent is rated A or AA, 15.54 percent is rated dollars, may not exceed 5 percent of the assets of the
BA to BAA, 0.19 percent is rated B to BB, 0.10 percent System. As of March 31, 2017, the System did not
is rated C to CAA and 0.08 percent is not rated. Exter- hold any investments in one issuer that totaled 5
nally managed funds account for 7.65 percent and percent or more of fiduciary net position. Investments
are rated in a range from AAA to CAA or not rated. issued or explicitly guaranteed by the U.S. government
Interest Rate Risk and pooled investments are excluded.
Interest rate risk is the risk that changes in interest Securities Lending
rates will adversely affect the fair value of the System’s Section 177-d of the RSSL authorizes the System to
fixed income securities. The price volatility of the enter into security loan agreements with broker/dealers
System’s fixed income holdings are measured by dura- and New York State or national banks. The System
tion. The System attempts to mitigate price volatility has designated its master custodian bank (Custodian)
by matching the duration of the assets with the duration to manage a securities lending program. This program
of the retired lives liabilities so that any change in the is subject to a written contract between the System
market value of the assets resulting from a change in and the Custodian, who acts as security lending agent
interest rates will result in a similar change in the value for the System. The Custodian is authorized to lend
of the liabilities. The average duration of the System’s securities within the borrower limits and guidelines
core fixed income portfolio is 5.12 years. established by the System. Types of collateral received
Concentration of Credit Risk from borrowers for securities loaned are cash, gov-
Issuer limits for investments held by the System are ernment securities and Federal agency obligations.
established for each investment area by New York The Custodian is authorized to invest the cash collat-
State Retirement and Social Security Law (RSSL), eral in short-term investments that are legal for the
Article 2, Section 13 and Article 4A, Sections 176, System. These include domestic corporate and bank
177, and 313, and policy guidelines adopted by the notes, U.S. Treasury obligations, obligations of Federal
Comptroller. agencies, repurchase agreements and specific asset-
Restrictions are placed on short-term fixed income backed securities. All rights of ownership to securities
investments such that any one issuer of commercial pledged as collateral remain with the borrower except
paper must have the highest rating by two NRSROs in the event of default. The System has not experi-
and a maximum of $1 billion of the short-term port- enced any losses resulting from the default of a bor-
folio can be invested in any one issuer. In addition, rower or lending agent during the year ended March
simultaneous purchase and sales of U.S. Treasury 31, 2017 or in the history of the program.
obligations may be executed with primary government
dealers; however, a maximum of $200 million may be
invested with any one primary dealer.
______________________________________________________________________________________________ STATE OF NEW YORK
• 71
The System lends fixed income, domestic equity, Foreign Currency Risk
and international equity securities to approved As of March 31, 2017, the System’s current position in
broker/dealers. Collateral for securities loaned equals publicly traded international equity securities, invested
102 percent of fair market value for domestic securities directly in and through commingled funds, is approx-
and 105 percent for international securities. Credit imately $29.2 billion. The System also has foreign invest-
risk associated with the investment of cash collateral ments held in U.S. dollars of $10.1 billion, a net forward
pledged by borrowers is mitigated by the maturity foreign currency contracts position of $0.3 million, $8.5
restrictions, percentage limitations, and rating require- billion in private equities, opportunistic and absolute
ments for individual asset classes included in the return strategy funds, $4 billion in fixed income invest-
System’s reinvestment guidelines. The Custodian ments, and $2.4 billion in real property owned, made,
acknowledges responsibility to reimburse the System or located outside the United States. The approximate
for any losses that might arise from managing the total market value of investments made outside of the
program in a manner inconsistent with the contract. United States is $54.2 billion.
The System manages its market rate risk by recording
investments at market value daily and maintaining Fair Value
the value of the collateral held by the System in excess The System categories its fair value measurements
of the value of the securities loaned. within the hierarchy established by generally accepted
As of March 31, 2017, the fair value of securities accounting principles. The hierarchy is based on the
on loan was $5.5 billion. The associated collateral was nature of valuation inputs used to measure the fair
$5.6 billion, of which $4.8 billion was cash collateral value of the investment.
and $800 million was securities held as collateral. The Investments classified in Level 1 of the fair value
fair value of the invested cash collateral, as of March hierarchy are valued from predetermined external
31, 2017, was $4.8 billion and the securities lending pricing vendors or primary dealers who source quoted
obligations were $4.8 billion. The unrealized loss in prices in active markets which are readily attainable
invested cash collateral on March 31, 2017 was $7.8 exit values of these securities. Investments classified
million, which is included in the Statement of Changes in Level 2 are subject to alternative pricing sources,
in Fiduciary Net Position as part of “Net decrease in including a combination of price sources, descriptive
fair value of investments.” data and pricing models based on attributes such as
All open security loans can be terminated on spread data, sector, quality, duration, and prepayment
demand by either the System or the borrower. To characteristics. Investments classified as Level 3 are
provide sufficient liquidity, the policy of the System valued using best available sources such as property
is to maintain a minimum of 10 percent of collateral appraisals, discounted cash flow models and public
in overnight investments. While the Securities Lending market comparable of similar assets where applicable.
Investment Guidelines allow investments up to a The values are supplied by advisors or general part-
maximum of three years for U.S. Treasury and Federal ners who hold those or similar assets in investment
agency obligations and one full year for all other vehicles they oversee. These pricing sources may or
investments, the average term of open security loans may not be indicative of realizable exit value attainable
at March 31, 2017 was 21 days. All loans were open for the assets.
loans. There were no direct matching loans. The col- The System’s composition of investments by levels
lateral pool is valued at market value obtained from within the fair value hierarchy as of March 31, 2017
independent pricing services. were as follows (amounts in billions):

in Active Other Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs
Investment Type Fair Value (Level 1) (Level 2) (Level 3)
Domestic equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70 $ 70 $ —0 0 0 0 0 $ —0 0 0 0 0
Global fixed income securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 —0 0 0 0 0 41 —0 0 0 0 0
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 27 —0 0 0 0 0 —0 0 0 0 0
Direct equity real estate investments . . . . . . . . . . . . . . . . . . . . . . 8 —0 0 0 0 0 —0 0 0 0 0 8
Short-term instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 —0 0 0 0 0 5 —0 0 0 0 0
Securities lending collateral, invested . . . . . . . . . . . . . . . . . . . . . 5 —0 0 0 0 0 5 —0 0 0 0 0
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —0 0 0 0 0 —0 0 0 0 0 1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 157 $ 97 $ 51 $ 9
The System’s investments at March 31, 2017, mea-

sured at the NAV were as follows (amounts in billions):
Redemption
Unfunded Frequency Redemption
Investment Type Fair Value Commitments (If currently eligible) Notice Period
Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15 $ 12 N/A N/A
Hedge funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —0 0 0 0 0 Monthly, Quarterly, 5-120 Days
Annually,
Semi-Annual
Commingled international equity funds . . . . . . . . . . . . . . . . . . 6 —0 0 0 0 0 Daily, Monthly, 2-120 Days
Quarterly
Real estate private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 N/A N/A
Global fixed income funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —0 0 0 0 0 Daily 0-30 Days
Opportunistic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 N/A N/A
Real assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 N/A N/A
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40 $ 18
Global fixed income funds consist of two funds venture capital. Hedge funds (3.8 percent at March
for which the System is the only limited partner. These 31, 2017) consist of investments in strategies including
funds invest primarily in both privately and publicly hedged equity, credit, global macro, managed futures,
issued global fixed income securities. The investments distressed debt, and emerging markets. Opportunistic
are valued at the net asset value of units held at the (1 percent at March 31, 2017) consists of investments
end of the period based upon the fair value of the in both public and private companies, property, and
underlying investments. real assets. Real assets (0.2 percent at March 31, 2017)
Commingled international equity funds consist consist of commodities, farmland, inflation-linked
of seven commingled investment vehicles which invest bonds, infrastructure, and renewables. The real estate
primarily in publicly traded global equity securities. private equity funds (2.6 percent at March 31, 2017)
The funds are valued at the net asset value of units consist of investments in closed-end, open-end, and
held at the end of the period based upon the fair value fund of funds. The fair values of the alternative invest-
of the underlying investments. ments have been determined using the NAV per share
Alternative investments include private equity, (or its equivalent) of the System’s ownership interest
hedge funds, opportunistic, real assets and real estate in partner’s capital. The private equity, opportunistic,
private equity funds through limited partnership struc- real assets, and real estate private equity funds are not
tures. Private equity (7.8 percent at March 31, 2017) eligible for redemption. Distributions are received as
consists of buyout, coinvestments, distressed debt and underlying investments within the funds are liquidated,
turnaround funds, fund of funds, growth capital, and which on average can occur over a span of 5-10 years.
Note 3 Taxes Receivable, Tax Refunds Payable and Tax Abatements

Taxes Receivable Personal income tax (PIT) revenues are reported
Taxes receivable represent amounts owed by taxpayers as income when earned by the taxpayers. The primary
for the 2016 calendar year and the first quarter of components of the PIT receivable are the estimated
the 2017 calendar year, including prior year assess- and withholding payments that relate to the first
ments for underpayments, penalties and interest. quarter of the 2017 calendar year, payments with final
Taxes receivable are recognized as revenue when they returns which relate to the 2016 calendar year, and
become both measurable and available, based on actual assessments which relate to prior tax periods.
collections or estimates of amounts to be collected
during the next 12 months.
______________________________________________________________________________________________ STATE OF NEW YORK
• 73
Consumption and use tax revenues are reported Other taxes receivable are comprised of estate
in the fiscal period when the sale is made. The prin- and gift taxes, real property gains taxes, real estate
cipal component of this receivable is sales tax receiv- transfer taxes, metropolitan commuter transportation
ables, which include sales tax due through March 31, mobility taxes and assessments.
2017 and assessments which relate to prior tax periods. Net taxes receivable at March 31, 2017 for the gov-
General business tax revenues are reported as ernmental funds totaled $13.7 billion. The following
businesses earn income. General business tax receiv- table summarizes taxes receivable by major tax type
ables are comprised of estimated tax payments, pay- for the governmental funds (amounts in millions):
ments remitted with final returns, and assessments.
General Other Total
Debt Governmental Governmental
General Service Funds Funds
Current taxes receivable:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,927 $ 2,580 $ 682 $ 10,189
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459 210 386 1,055
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 511 —0 0 0 0 0 107 618
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,016 —0 0 0 0 0 129 1,145
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,913 2,790 1,304 13,007
Long-term taxes receivable:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 104 27 416
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 22 24 89
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 —0 0 0 0 0 2 155
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227 —0 0 0 0 0 —0 0 0 0 0 227
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708 126 53 887
Allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (106) (31) (19) (156)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,515 $ 2,885 $ 1,338 $ 13,738
Tax Refunds Payable of estimates of overpayments of the first calendar

Tax refunds payable primarily represent amounts quarter (2017) tax liability and payments of 2016 cal-
owed to taxpayers because of overpayments of their endar and prior year refunds. The remaining portion
2016 calendar year and first quarter 2017 calendar of tax refunds payable are comprised of payments
year tax liabilities. Tax refunds payable, which reduce made subsequent to the end of the fiscal year and
respective tax revenues, are accrued to the extent estimates of a remaining refund liability. Tax refunds
they are measurable based on payments and estimates. payable at March 31, 2017 are summarized as follows
The amount of PIT refunds payable are comprised (amounts in millions):
Current
General Other
Total
Debt Governmental
General Service Funds Current Long-term
Governmental Activities:
Personal income . . . . . . . . . . . . . . . . . . . . . $ 6,172 $ 2,191 $ 579 $ 8,942 $ 412
Consumption and use . . . . . . . . . . . . . . . . . 64 32 54 150 336
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,941 —0 0 0 0 0 185 2,126 391
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 —0 0 0 0 0 15 87 30
Total . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,249 $ 2,223 $ 833 $ 11,305 $ 1,169
Tax Abatements entity promises to subsequently take a specific action

For financial reporting purposes, a tax abatement is that contributes to the economic development or oth-
defined as an agreement between the government and erwise benefit the government or its citizens.
an individual or entity through which the government As of March 31, 2017, the State provided tax
promises to forgo tax revenues and the individual or abatements through the following programs:
Program Name . . . . . . . . . . . . . . . . . . . . . . . . Film and Commercial Production Credit Brownfields
Program Purpose . . . . . . . . . . . . . . . . . . . . . . The program is designed to increase the film The program encourages cleanup and
production and post-production industry development of brownfield sites across
presence and overall positive impact on the the State to revitalize economically
State’s economy. blighted communities.
Taxes being abated . . . . . . . . . . . . . . . . . . . . Personal income tax and Corporate Personal income tax, Corporate franchise tax,
franchise tax. Insurance tax, and Corporate tax.
Authority under which abatements State tax law: State tax law:
are entered into . . . . . . . . . . . . . . . . . . . . . Article 22, Section 606(gg), 606(jj) and 606(qq) Article 22, Section 606(dd), 606(ee)
Article 9-A, Section 210-B; Article 1, Sections 24, and 606(ff)
28 and 31 Article 9-A, Section 210-B(17), 210-B(18)
and 210-B(19)
Article 33, Section 1511(u), 1511(v) 1511(w)
Article 9, Sections 187-G, 187-H and 187-I
Criteria to be eligible to receive abatements The program is limited to feature films, The program requires an application with
and commitment of the taxpayer . . . . . . . . television series, relocated television series, the project description, purpose, and start
television pilots, and films for television. and end date of remediation. The applicant
The filming must be substantially in the State commits to undertake remedial activities
or the post-production work be completed under the direction of the Department
by a State company. of Environmental Conservation.
How taxes are reduced . . . . . . . . . . . . . . . . . Allowance of credit against taxes. Taxpayer Allowance of credit against taxes.
receives the full amount of the credit regardless Refundable credit.
of their tax liability (Refundable credit).
How amount of abatement is determined . . . . The credit is 30 percent of qualified production Credits result from various percentages
and post-production costs. It increases by of costs associated with three components
5 percent if post-production costs are incurred of cleanup and development: site preparation,
in upstate, and increases an additional tangible property, and on-site groundwater
10 percent of qualified labor expenses that remediation.
are incurred in specific counties.
Provisions for recapturing abated taxes . . . . . N/A N/A
Type of commitments other than taxes . . . . . . N/A N/A
Total revenue estimated to be

reduced for calendar year 2016
(amounts in millions) . . . . . . . . . . . . . . . . . $621 $130
______________________________________________________________________________________________ STATE OF NEW YORK
• 75
Program Name . . . . . . . . . . . . . . . . . . . . . . . . Empire Zones (EZ) Qualified Empire Zones Enterprise (QEZE)
Program Purpose . . . . . . . . . . . . . . . . . . . . . . The program is designed to bring new This program creates and prevents loss
businesses and jobs to the State in areas of employment in the Empire Zone and
that need revitalization. enhances economic climate in the areas.
Taxes being abated . . . . . . . . . . . . . . . . . . . . Personal income tax, Corporate franchise tax, Personal income tax, Sales and use tax,
Bank and Insurance taxes, and Corporate tax. Corporate franchise tax, Bank and Insurance
taxes, and Corporate tax.
are entered into . . . . . . . . . . . . . . . . . . . . . Article 22, Section 606(j), 606(j-1), 606(k), Article 22, Section 606(bb)
606(l), and 606(cc) Article 28, Section 1119(d)
Article 9-A, Section 210-B(3 & 4), 210-B(46) Article 9-A, Section 210-B(5)
and 210-B(6) Article 9, Section 187-J
Article 33, Section 1511(g), 1511(h) and 1511(s) Article 33, Section 1511(r)
Article 9, Sections 187-K, 187-L, 187-M
Criteria to be eligible to receive abatements An agreement is made between the State Businesses in the EZ apply to be certified
and commitment of the taxpayer . . . . . . . . and localities to designate an area as an EZ. as QEZE. QEZE are certified businesses
Businesses will apply to be certified, i.e., that meets the employment test (increase
will conduct business and make investments level of employment between tax year and
in the EZ to create new, or prevent loss of, base year).
employment.
How taxes are reduced . . . . . . . . . . . . . . . . . Allowance of credit against taxes. Taxpayer Allowance of credit against taxes.
receives the amount of the credit only up to the Refundable credit.
amount of their liability (Non-refundable credit)
and can carry forward the credit against future
tax liability. Refundable credit available for
new businesses.
How amount of abatement is determined . . . . The Investment Tax Credit and Employment A portion of tax paid on tangible personal
Incentive Credit is equal to a percentage property and certain services purchased
of the cost or other federal basis of tangible by a QEZE and used or consumed in an EZ.
personal property, including buildings and
The Real Property Tax Credit equals 25
structural components of buildings located
percent of the wages plus health and
within a designated EZ.
retirement benefits of net new employees.
The Wage Tax Credit is calculated on the
The Tax Reduction Credit is factored based
average number of newly hired employees.
on benefit period, employment increase,
It is $3,000 per targeted and $1,500 per
zone allocation, and tax factors.
non-targeted employee.
The Capital Credit equals 25 percent of the
sum of each type of investment.

Program Name . . . . . . . . . . . . . . . . . . . . . . . . Industrial Development Agencies (IDA) START-UP NY
Program Purpose . . . . . . . . . . . . . . . . . . . . . . The program fosters economic development The program is designed to create new
in specific localities. businesses around colleges, universities, and
correctional facilities to help the economies
in these areas labeled as tax-free areas.
Taxes being abated . . . . . . . . . . . . . . . . . . . . Sales and use tax. Personal income tax, Corporate franchise tax,
Sales and use tax, and Excise tax.
are entered into . . . . . . . . . . . . . . . . . . . . . Article 28, Section 1116(a)(1) Article 22, Section 606(ww) and 612(c)(40)
Article 9-A, Section 210-B(41)
General municipal law:
Article 28, Section 1119(d)
Article 18-A
Article 22, Section 606(yy)
Criteria to be eligible to receive abatements The IDA is an exempt government organization The business should be relocating
and commitment of the taxpayer . . . . . . . . and receives all the benefits of that status. or expanding to the State from in or
To extend sales tax exemption benefit, the out-of-state or internationally, to a college
IDA can appoint an agent or project operator or university campus that aligns with
to make purchases for its project. business specialty, and be able to create
new jobs for the local community.
How taxes are reduced . . . . . . . . . . . . . . . . . Sales tax exemption on purchases. Allowance of credit against taxes
(refundable credit), refund of taxes paid
and tax exemptions.
How amount of abatement is determined . . . . Purchases to acquire, build, and equip the Personal income tax—First $200,000-
project are exempt from sales tax, including $300,000 of wages excluded from federal
the 3/8 percent sales tax in the MCTD, adjusted gross income.
to the extent provided by the terms of the
Corporate franchise tax—reduction in the
IDA project agreement.
tax factor.
Sales and use tax—equals the excise
tax assessed by the telecommunication
service providers.

______________________________________________________________________________________________ STATE OF NEW YORK
• 77
Program Name . . . . . . . . . . . . . . . . . . . . . . . . Excelsior Tax Incentives Urban Youth (Youth Works)
Program Purpose . . . . . . . . . . . . . . . . . . . . . . The program encourages businesses to expand The program is designed to provide
in and relocate to the State while maintaining employment for at-risk youth in full-time
a guarantee to deliver on job and investment and part-time positions.
commitments to better the economy in the
regions. It includes three programs: Job Tax
Credit, Investment Tax Credit, and Research
and Development Tax Credit.
Taxes being abated . . . . . . . . . . . . . . . . . . . . Personal income tax, Corporate franchise tax, Personal income tax and Corporate
Bank and Insurance taxes. franchise tax.
are entered into . . . . . . . . . . . . . . . . . . . . . Article 22, Section 606(qq) Article 22, Section 606(tt)
Article 9-A, Section 210-B(31) Article 9-A, Section 210-B(36)
Article 33, Section 1511(y)
Criteria to be eligible to receive abatements The taxpayer applies and is approved to receive The taxpayer applies and is approved as
and commitment of the taxpayer . . . . . . . . credit and is issued a certificate entitling them a qualified employer and receives a certificate
to the credit. The taxpayer in return creates of eligibility indicating the maximum amount
jobs or invests in the region as specified in the of credit allowed to be claimed. The employer
application submitted. is required to hire high school students
on a part-time or full-time basis and retain
those students for a period of time.
How taxes are reduced . . . . . . . . . . . . . . . . . Allowance of credit against taxes. Allowance of credit against taxes.
Refundable credit. Refundable credit.
How amount of abatement is determined . . . . The Job Credit is 6.85 percent of wages The credit is $250-$1,000 per qualified
per net new job. employee, either part-time or full-time high
school student and additional amounts can
The Investment Tax Credit is 2 percent of the
be received if the employee is retained for
qualified investments.
additional time.
The Research and Development Tax Credit
is 50 percent of federal research and
development credit and up to 6 percent
of research expenditures in the State.

Program Name . . . . . . . . . . . . . . . . . . . . . . . . Low Income Housing Credit
Program Purpose . . . . . . . . . . . . . . . . . . . . . . The program is designed to promote the development and facilitate the investment
in low-income housing.
Taxes being abated . . . . . . . . . . . . . . . . . . . . Personal income tax, Corporate franchise tax and Insurance tax.
Authority under which abatements State tax law:

are entered into . . . . . . . . . . . . . . . . . . . . . Article 22, Section 606(x)
Article 33, Section 1511(n)
Criteria to be eligible to receive abatements The participant makes a long-term commitment to offer low-income housing where the buildings
and commitment of the taxpayer . . . . . . . . must serve households whose incomes are at or below 90 percent of the area median income.
How taxes are reduced . . . . . . . . . . . . . . . . . Allowance of credit against taxes. Non-refundable credit, can be carried forward.
How amount of abatement is determined . . . . The credit is determined by Division of Housing and Community Renewal and depends on the
applicable percentage of the qualified basis of each low-income building. The credit amount
allocated is allowed as a credit for the next 10 tax years.
Provisions for recapturing abated taxes . . . . . N/A
Type of commitments other than taxes . . . . . . N/A

(amounts in millions) . . . . . . . . . . . . . . . . . $35
The State had additional tax abatement programs with Disabilities Tax Credits, the Employee Training
each amounting to $10 million or less in revenue Incentive Program, the Musical and Theatrical Pro-
estimated to be reduced in calendar year 2016. In duction Credit, and the Historical Homeowners Reha-
total, these programs resulted in $15.5 million in esti- bilitation Tax Credit.
mated tax abatements. These include the Workers
______________________________________________________________________________________________ STATE OF NEW YORK
• 79
Note 4 Other Receivables

Other receivables at March 31, 2017 are summarized
as follows (amounts in millions):
General Revenue Service Funds Activities
Other current receivables:
Public health/patient fees . . . . . . . . . . . $ 4 $ —0 0 0 0 0 $ —0 0 0 0 0 $ 720 $ 724
Medicaid . . . . . . . . . . . . . . . . . . . . . . . 757 456 —0 0 0 0 0 —0 0 0 0 0 1,213
Tobacco settlement . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 326 —0 0 0 0 0 326
Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 10 10
Public authorities . . . . . . . . . . . . . . . . . 52 —0 0 0 0 0 —0 0 0 0 0 669 721
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 138 18 —0 0 0 0 0 21 177
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,063 474 326 1,655 3,518
Other long-term receivables:
Medicaid . . . . . . . . . . . . . . . . . . . . . . . 60 168 —0 0 0 0 0 —0 0 0 0 0 228
Appropriated loans . . . . . . . . . . . . . . . 11 —0 0 0 0 0 —0 0 0 0 0 202 213
Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 125 125
Other . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 38 38
Subtotal . . . . . . . . . . . . . . . . . . . . . 124 168 —0 0 0 0 0 394 686
Gross receivables . . . . . . . . . . . . . . . . . 1,187 642 326 2,049 4,204
Allowance for uncollectibles . . . . . . . . . . . (184) (151) —0 0 0 0 0 (373) (708)
Total other receivables . . . . . . . . . $ 1,003 $ 491 $ 326 $ 1,676 $ 3,496
Unemployment June 30, 2016

Insurance
Lottery Benefits SUNY CUNY Total
Enterprise Funds:
Other current receivables:
Ticket sales . . . . . . . . . . . . . . . . . . . . . $ 472 $ —0 0 0 0 0 $ —0 0 0 0 0 $ —0 0 0 0 0 $ 472
Public health/patient fees . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 872 —0 0 0 0 0 872
Student loans . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 163 16 179
Contributions . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 2,796 —0 0 0 0 0 —0 0 0 0 0 2,796
Benefit overpayments . . . . . . . . . . . . . —0 0 0 0 0 353 —0 0 0 0 0 —0 0 0 0 0 353
State agencies/municipalities . . . . . . . —0 0 0 0 0 30 —0 0 0 0 0 —0 0 0 0 0 30
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 6 23 281 288 598
Subtotal . . . . . . . . . . . . . . . . . . . . . 478 3,202 1,316 304 5,300
Allowance for uncollectibles . . . . . . . . . . . (1) (1,420) (418) (86) (1,925)
Net current receivables . . . . . . . . . 477 1,782 898 218 3,375
Other long-term receivables:
Accounts, notes and loans . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 148 25 173
Contributions . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 63 —0 0 0 0 0 63
Subtotal . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 211 25 236
Allowance for uncollectibles . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 (24) (2) (26)
Net long-term receivables . . . . . . . —0 0 0 0 0 —0 0 0 0 0 187 23 210
Total other receivables . . . . . . . . . $ 477 $ 1,782 $ 1,085 $ 241 $ 3,585
Note 5 Capital Assets

Capital asset activity for the year ended March 31,
2017 was as follows (amounts in millions):
Balance Balance
April 1, 2016 Additions Retirements March 31, 2017
Depreciable and amortizable assets:
Buildings and building improvements . . . . . . . . . . . . . . . . . . $ 11,259 $ 338 $ 26 $ 11,571
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637 31 4 664
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 46 2 399
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 846 231 149 928
Intangible assets—easements . . . . . . . . . . . . . . . . . . . . . . . 194 —0 0 0 0 0 —0 0 0 0 0 194
Intangible assets—computer software . . . . . . . . . . . . . . . . . 614 100 5 709
Total depreciable and amortizable assets . . . . . . . . . . 13,905 746 186 14,465
Less accumulated depreciation and amortization:
Buildings and building improvements . . . . . . . . . . . . . . . . . . (6,937) (322) (17) (7,242)
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (433) (20) (3) (450)
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87) (14) (1) (100)
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (574) (87) (97) (564)
Intangible assets—easements . . . . . . . . . . . . . . . . . . . . . . . (55) (8) —0 0 0 0 0 (63)
Intangible assets—computer software . . . . . . . . . . . . . . . . . (161) (63) —0 0 0 0 0 (224)
Total accumulated depreciation
and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,247) (514) (118) (8,643)
Total depreciable and amortizable assets, net . . . . . . 5,658 232 68 5,822
Non-depreciable and non-amortizable assets:

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,014 87 2 4,099
Land preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,923 70 —0 0 0 0 0 3,993
Construction in progress (buildings) . . . . . . . . . . . . . . . . . . . 1,037 350 232 1,155
Construction in progress (roads and bridges) . . . . . . . . . . . 2,048 918 909 2,057
Infrastructure (roads and bridges) . . . . . . . . . . . . . . . . . . . . 69,841 951 77 70,715
Total non-depreciable and
non-amortizable assets . . . . . . . . . . . . . . . . . . . . . . . 80,863 2,376 1,220 82,019
Governmental activities, capital assets, net . . . . . . . . $ 86,521 $ 2,608 $ 1,288 $ 87,841
______________________________________________________________________________________________ STATE OF NEW YORK
• 81
Balance Balance
July 1, 2015 Additions Retirements June 30, 2016
Business-type Activities:
SUNY:
Depreciable assets:
Infrastructure and land improvements . . . . . . . . . . . . . . . $ 1,092 $ 105 $ 12 $ 1,185
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,305 1,029 141 12,193
Equipment and library books . . . . . . . . . . . . . . . . . . . . . . 3,098 211 142 3,167
Total depreciable assets . . . . . . . . . . . . . . . . . . . . . . 15,495 1,345 295 16,545
Less accumulated depreciation:
Infrastructure and land improvements . . . . . . . . . . . . . . . (488) (61) (10) (539)
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,032) (384) (87) (4,329)
Equipment and library books . . . . . . . . . . . . . . . . . . . . . .. (2,447) (180) (136) (2,491)
Total accumulated depreciation . . . . . . . . . . . . . . . . (6,967) (625) (233) (7,359)
Total depreciable assets, net . . . . . . . . . . . . . . . . . . 8,528 720 62 9,186
Non-depreciable assets:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643 26 2 667
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . 2,046 1,043 899 2,190
Artwork . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 —0 0 0 0 0 —0 0 0 0 0 30
Total non-depreciable assets . . . . . . . . . . . . . . . . . . 2,719 1,069 901 2,887
SUNY capital assets, net . . . . . . . . . . . . . . . . . . . . . . 11,247 1,789 963 12,073
CUNY:
Depreciable and amortizable assets:
Buildings and building improvements . . . . . . . . . . . . . . . . 5,177 65 —0 0 0 0 0 5,242
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 —0 0 0 0 0 —0 0 0 0 0 56
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425 41 17 449
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 7 —0 0 0 0 0 145
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 225 —0 0 0 0 0 246
Total depreciable and amortizable assets . . . . . . . . 5,817 338 17 6,138
Less accumulated depreciation and amortization:
Buildings and building improvements . . . . . . . . . . . . . . . . (2,521) (146) —0 0 0 0 0 (2,667)
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (50) (1) —0 0 0 0 0 (51)
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (362) (38) (14) (386)
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (60) (7) —0 0 0 0 0 (67)
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) (16) —0 0 0 0 0 (22)
Total accumulated depreciation
and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . (2,999) (208) (14) (3,193)
Total depreciable and amortizable
assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,818 130 3 2,945
Non-depreciable assets:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 —0 0 0 0 0 —0 0 0 0 0 321
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . 1,561 311 231 1,641
Artwork and historical treasures . . . . . . . . . . . . . . . . . . . . 10 —0 0 0 0 0 —0 0 0 0 0 10
Total non-depreciable assets . . . . . . . . . . . . . . . . . . 1,892 311 231 1,972
CUNY capital assets, net . . . . . . . . . . . . . . . . . . . . . . 4,710 441 234 4,917
Business-type activities, capital assets, net . . . . . . $ 15,957 $ 2,230 $ 1,197 $ 16,990
For the year ended March 31, 2017, depreciation For the year ended June 30, 2016, depreciation
and amortization expense was charged to the following and amortization expense was charged to the following
governmental functions (amounts in millions): business-type functions (amounts in millions):
Governmental Business-type
Activities Activities
Allocation of depreciation Allocation of depreciation
and amortization: and amortization:
Education . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 SUNY . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 579
Public health . . . . . . . . . . . . . . . . . . . . . . . 146 CUNY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
Public welfare . . . . . . . . . . . . . . . . . . . . . . 19 Total depreciation and
Public safety . . . . . . . . . . . . . . . . . . . . . . . 146 amortization expense . . . . . . . . . . . $ 787
Transportation . . . . . . . . . . . . . . . . . . . . . . 51
Environment and recreation . . . . . . . . . . . 25
Support and regulate business . . . . . . . . . 2
General government . . . . . . . . . . . . . . . . . 121
Total depreciation and
amortization expense . . . . . . . . . . . $ 514
Note 6 Bonds Payable

General obligation bonds are backed by the full faith the maximum term of new State-supported debt issued
and credit of the State and constitutionally must be on and after April 1, 2000, including general obliga-
repaid in equal annual principal installments or sub- tion bonds, to a maximum term of 30 years. Refer to
stantially level or declining debt service payments Note 7 for further discussion of the Debt Reform Act
beginning not more than one year after issuance of of 2000. Changes for the year in bonds payable were
such bonds and must mature within 40 years after as follows (amounts in millions):
issuance. The Debt Reform Act of 2000 further limits
Outstanding Outstanding
Purpose April 1, 2016 Issued Redeemed March 31, 2017
Accelerated capacity and transportation
improvements of the 1990s . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 107 $ —0 0 0 0 0 $ 44 $ 63
Clean water/clean air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522 —0 0 0 0 0 48 474
Environmental quality (1986):
Land acquisition, development, restoration, and forests . . . . . 15 —0 0 0 0 0 3 12
Solid waste management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179 —0 0 0 0 0 37 142
Environmental quality (1972):
Land and wetlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 —0 0 0 0 0 3 4
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 —0 0 0 0 0 8 22
Housing:
Low income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 —0 0 0 0 0 3 13
Middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 —0 0 0 0 0 3 11
Pure waters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 —0 0 0 0 0 6 25
Transportation capital facilities:
Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 —0 0 0 0 0 2 4
Energy conservation through improved transportation . . . . . . . . 3 —0 0 0 0 0 1 2
Rebuild New York transportation infrastructure renewal:
Highways, parkways, and bridges . . . . . . . . . . . . . . . . . . . . . . 1 —0 0 0 0 0 —0 0 0 0 0 1
Rapid transit, rail, and aviation . . . . . . . . . . . . . . . . . . . . . . . . . 6 —0 0 0 0 0 1 5
Rebuild and Renew New York transportation:
Highway facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 802 —0 0 0 0 0 55 747
Canals and waterways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 —0 0 0 0 0 3 12
Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 —0 0 0 0 0 3 46
Mass transit—DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 —0 0 0 0 0 2 4
Mass transit—MTA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 838 —0 0 0 0 0 39 799
Rail and port . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 —0 0 0 0 0 3 77
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,727 $ —0 0 0 0 0 $ 264 $ 2,463
______________________________________________________________________________________________ STATE OF NEW YORK
• 83
Debt service expenditures (principal and interest) The total amount of general obligation bonds autho-
related to the above general obligation bonds during rized but not issued at March 31, 2017 was $2.7 billion.
the year were approximately $380 million. Federal Debt service requirements for general obligation
subsidies related to the interest payments made during bonds in future years, which are financed by transfers
the year on Build America Bonds were $3.6 million. from the General Fund to the General Debt Service
Fund, are as follows (amounts in millions):
Fiscal Year Principal Interest Total
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 230 $ 105 $ 335
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 96 283
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 88 255
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 82 231
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 75 218
2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 599 292 891
2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 168 653
2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 85 374
2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201 25 226
2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 1 14
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,463 $ 1,017 $ 3,480
Debt service requirements on approximately $73 effect as of March 31, 2017. Debt service requirements
million in general obligation variable rate bonds were for fixed rate issues were calculated based upon actual
calculated using the variable rate of 1.37 percent in rates ranging from zero percent to 6.02 percent.
Note 7 Obligations Under Lease/Purchase and Other Financing Arrangements

Governmental Activities Debt Chapter 59 of the Laws of 2000 enacted the Debt
The State has entered into contractual financing Reform Act (Act) which applies to all new State-sup-
arrangements with certain public benefit corporations ported debt issued on and after April 1, 2000. The
and other entities for various capital assets, local assis- Act imposes statutory limitations which restrict the
tance payments and deficit financing. Under these issuance of State-supported debt to capital purposes
agreements, generally, construction costs are initially only and establishes a maximum term of 30 years for
paid by the State from appropriations (reported as such debt. The Act also imposes phased-in caps that
capital construction expenditures in the governmental ultimately limit the amount of new State-supported
funds). These appropriations are then repaid to the debt (issued on and after April 1, 2000) to 4 percent
State from the proceeds of bonds issued by the public of State personal income, and new State-supported
benefit corporations or other entities (reported as debt service (on debt issued on and after April 1, 2000)
financing arrangements in the governmental funds). to 5 percent of total governmental funds receipts. The
The State becomes the tenant of the facility under a Act requires the limitations be calculated by October
lease/purchase agreement, which provides for the 31st of each year using the new State-supported debt
payment of rentals sufficient to cover the related bond outstanding and new State-supported debt service
debt service and for the passage of title to the State from the previous fiscal year. For the fiscal year ended
after the bonds have been repaid. March 31, 2016, the cumulative debt outstanding and
The State has also entered into contractual oblig- debt service caps were fully phased in at 4 and 5
ation financing arrangements (also referred to as percent. There was $40.8 billion of new State-sup-
“service contract bonds”) with certain public benefit ported debt outstanding applicable to the debt reform
corporations that have issued bonds to finance past cap, which was about $5.6 billion below the statutory
State budgetary deficits, grants to local governments debt outstanding limitation. The debt service cost on
and various special project initiatives undertaken in this new debt was $4.1 billion, about $3.5 billion below
partnership with private entities, including commercial the statutory debt service limitation. The Act does not
enterprises, for both capital and operating purposes. apply to debt that is not considered State-supported
The terms of these arrangements require the State to and therefore does not encompass State-guaranteed
fund the debt service requirements of the specific debt debt, moral obligation debt, and contingent-contrac-
issued by these entities. tual obligation financing such as the bonds issued by
the Tobacco Settlement Financing Corporation (TSFC).
The State and some of its public authorities which of taxation of the total State sales and use tax collected
issue debt on behalf of the State have purchased letters into Other Governmental Funds (Local Government
of credit and standby purchase agreements from Assistance Tax Fund) to make payments to LGAC for
various providers to ensure that the liquidity needs debt service on its bonds and other expenses of LGAC.
of variable rate demand bonds can be met. As of March Amounts in excess of LGAC’s needs are subsequently
31, 2017, these agreements covered $1.76 billion of transferred to the General Fund. Payments to LGAC
variable rate demand bonds outstanding, with costs are subject to annual appropriations by the Legislature.
ranging from 42.5 to 55 basis points of the amount LGAC’s bondholders do not have a lien on monies
of credit provided and expiration dates ranging from deposited in the Local Government Assistance Tax
September 8, 2017 to January 8, 2020. Fund. Under current State statute, any issuance of
In 2003, the State enacted legislation creating the bonds by LGAC in the future will be for refunding
TSFC to finance a portion of its future revenues purposes only.
expected to be received under the 1998 Master Set- Chapter 62 and Chapter 63 of the Laws of 2003
tlement Agreement (MSA) with the settling cigarette enacted, among other provisions, the Municipal Assis-
manufacturers. The future MSA revenues are to com- tance Refinancing Act (Refinancing Act), effective July
pensate the State for all claims for past, present, and 1, 2003 and deemed repealed July 1, 2034. The Refi-
future health care costs originating from health care nancing Act created an incentive for the State to seek
expenses incurred by the State from the effects of cig- an appropriation to provide $170 million per year,
arette smoking by its citizens. In accordance with the from Other Governmental Funds (Local Government
legislation, TSFC issued $4.6 billion in bonds to Assistance Tax Fund (Fund)) to the City of New York
finance a payment of $4.2 billion to the State’s General (City) for each of the City’s fiscal years beginning July
Fund, enabling it to finance a portion of the budget 1, 2003 and ending June 30, 2034. The Refinancing
deficits occurring in fiscal years ending March 31, Act requires LGAC to annually certify $170 million
2003 through March 31, 2005, to establish $449 so that the State, subject to annual State appropriation
million in debt service reserves, and to provide $129 by the Legislature, can provide for a series of payments
million to finance a portion of the first debt service to the City or the Mayor’s assignee in each City fiscal
payments due on TSFC bonds. In accordance with year, beginning July 1, 2003 and ending June 30,
the legislation, all future revenues from the 1998 MSA 2034, totaling $5.3 billion. Based on current law, until
will be used to repay the debt until it is fully retired, the Legislature enacts an appropriation of $170
after which all funds of TSFC will revert to the State. million, LGAC certifies the release of the funds, the
At March 31, 2017, the remaining amount pledged $170 million State payment is made, and LGAC
is approximately $754 million ($660 million principal receives the amount it has certified for its needs, no
and $94 million future interest payments) to cover excess sales tax receipts can be transferred from the
the outstanding debt scheduled to fully mature on Fund to the State’s General Fund. During the fiscal
June 1, 2022. During the fiscal year, pledged MSA year ended March 31, 2017, LGAC certified the release
revenues recognized were $324 million and debt for the State payment of $170 million to the City. Pur-
service paid was $768 million. The State has agreed suant to Chapter 54 of the Laws of 2016, the State
to make additional payments for TSFC debt service, will receive $16.7 million monthly, not to exceed $200
subject to annual appropriation, from other sources million annually, from City sales tax collected from
if the future revenues prove insufficient to meet TSFC April 1, 2016 through March 31, 2019. This amount
debt service requirements of the State. No such pay- represents a portion of the savings the City realized
ments were required during the fiscal year. from a 2014 refunding of Sales Tax Asset Receivable
Prior to 1996, certain payments due to the State’s Corporation (STARC) bonds for which the City
local government units in the first quarter of the State’s assigned the $170 million State payment.
fiscal year exceeded available State funds. To meet Chapter 56 of the Laws of 1993 authorized the
these payments in the past, the State issued short- New York State Thruway Authority to issue up to $2.93
term tax and revenue anticipation notes called the billion in bonds for State highway and bridge projects
annual “Spring Borrowing.” The New York Local Gov- (the amount of authorized bonds has been raised three
ernment Assistance Corporation (LGAC) was estab- times, most recently in 2005, up to $16.5 billion). The
lished in 1990 to issue up to $4.7 billion in long-term bonds are secured and funded by a dedication of por-
debt to finance certain local assistance aid payments tions of the State’s petroleum business tax, motor fuel
plus amounts necessary to fund a capital reserve fund tax, highway and fuel use tax, motor vehicle registra-
and other issuance costs. Issuance of the entire $4.7 tion fees, auto rental tax, transmission and transporta-
billion bond authorization as of March 31, 1996 elim- tion tax and certain miscellaneous revenues.
inated the need for the State’s annual Spring Borrow- In 2001, the State enacted legislation providing
ing. Pursuant to the legislation establishing LGAC, for the issuance of State Personal Income Tax Revenue
the State deposits an amount equal to a 1 percent rate Bonds (PIT) to be issued by several State public benefit
______________________________________________________________________________________________ STATE OF NEW YORK
• 85
corporations. The legislation provides that 25 percent In 2013, the State enacted legislation providing
of personal income tax receipts, excluding refunds for the issuance of State Sales Tax Revenue Bonds to
owed to taxpayers, be deposited to the Revenue Bond be issued by certain State public benefit corporations.
Tax Fund which is an account of the General Debt The legislation created the Sales Tax Revenue Bond
Service Fund. These deposits are used to make debt Tax Fund, an account of the General Debt Service
service payments on PIT bonds, with excess amounts Fund, to provide for the debt service payments on
returned to the General Fund. In the event that the these bonds. The bonds are secured by the pledge of
State Legislature fails to appropriate amounts required payments from this fund, which will receive 25 percent
to make debt service payments on the PIT bonds, or of the State’s sales and use tax receipts. Upon the sat-
if required payments have not been made when due, isfaction of all of the obligations and liabilities of
the legislation requires that deposits continue to be LGAC, this will increase to 50 percent of the State’s
made to the Revenue Bond Tax Fund until amounts sales tax receipts. Amounts in excess of that needed
on deposit equal the greater of 25 percent of personal for current debt service will be transferred to the
income tax receipts or $6 billion. Amounts in excess General Fund. The first sales tax bonds were issued
of that needed for current debt service are subse- on October 24, 2013 and approximately $5 billion
quently transferred to the General Fund. The first issued for both governmental and business-type activ-
PIT bonds were issued on May 9, 2002 and approxi- ities were outstanding as of March 31, 2017.
mately $31.8 billion issued for both governmental Changes in lease/purchase and other financing
and business-type activities were outstanding as of arrangements for the year were as follows (amounts
March 31, 2017. in millions):
Outstanding Outstanding
Issuer April 1, 2016 Issued Redeemed March 31, 2017
Public Benefit Corporations:
Dormitory Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,071 $ 2,861 $ 2,235 $ 14,697
Environmental Facilities Corporation . . . . . . . . . . . . . . . . . . . . 324 —0 0 0 0 0 210 114
Housing Finance Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 366 —0 0 0 0 0 146 220
Local Government Assistance Corporation . . . . . . . . . . . . . . . 2,058 —0 0 0 0 0 300 1,758
Municipal Bond Bank Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 234 —0 0 0 0 0 30 204
Metropolitan Transportation Authority . . . . . . . . . . . . . . . . . . . 182 —0 0 0 0 0 75 107
Tobacco Settlement Financing Corporation . . . . . . . . . . . . . . . 1,378 —0 0 0 0 0 718 660
Thruway Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,785 —0 0 0 0 0 464 4,321
Urban Development Corporation . . . . . . . . . . . . . . . . . . . . . . . 12,352 1,843 1,356 12,839
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,750 $ 4,704 $ 5,534 $ 34,920
Debt service expenditures (principal and interest) totaled $728 million at March 31, 2017 and are
for the aforementioned obligations during the fiscal reported as cash and investments in the General Debt
year were $5.2 billion. These expenditures were Service Fund and appropriate Other Governmental
financed primarily by the revenues reported in the Funds, with a corresponding restriction of fund
governmental funds. Federal subsidies related to the balance.
interest payments made during the year on Build Following is a summary of the future minimum
America Bonds and Qualified School Construction rental payments for lease/purchase and contractual
Bonds were $74.8 million ($36.3 million related to obligation financing arrangements, including fixed
governmental activities and $38.5 million for busi- rate interest at rates ranging from 0.8 percent to 6.8
ness-type activities related to SUNY and CUNY). percent and variable rate interest at rates ranging
Certain of the underlying bond indentures require from 0.9 percent to 1.6 percent (amounts in millions):
the maintenance of various reserves. Such amounts
Net Swap
Fiscal Year Principal Interest Amount Total
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,028 $ 1,606 $ 34 $ 4,668
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,053 1,475 32 4,560
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,809 1,341 29 4,179
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,283 1,205 25 4,513
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,472 1,067 21 3,560
2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,840 3,811 64 13,715
2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,405 1,801 23 8,229
2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,889 629 1 3,519
2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 918 172 —0 0 0 0 0 1,090
2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223 19 —0 0 0 0 0 242
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,920 $ 13,126 $ 229 $ 48,275
Future debt service is calculated using rates in Interbank Offered Rate (LIBOR) and the Securities
effect at March 31, 2017 for variable rate bonds. The Industry and Financial Markets Association (SIFMA),
net swap payment amounts were calculated by sub- which are floating rates.
tracting the future variable rate interest payment The State is also committed under numerous
subject to swap agreements based on rates in effect at capital leases for computer network and telecommu-
March 31, 2017 from the synthetic fixed rate amount nications equipment. Debt service expenditures for
intended to be achieved by the swap agreements. capital lease obligations during the year were $3
The actual amounts of future interest to be paid million. Following is a summary of the debt service
are affected by changes in variable interest rates. The payments for the remaining lease periods of these
actual amounts of future net swap payments are also capital leases (amounts in millions):
affected by changes in published indexes—the London
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3 $ —0 0 0 0 0 $ 3
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 0 0 0 2
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 0 0 0 2
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 0 0 0 2
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 0 0 0 2
2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —0 0 0 0 0 3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14 $ —0 0 0 0 0 $ 14
Refunding between the reacquisition prices and the net carrying

During the fiscal year ended March 31, 2017, the values of the refunded bonds generated deferred
State, acting through its public authorities, refunded accounting gains and losses, resulting in deferred
$2 billion in existing fixed rate bonds related to inflows and outflows of resources. The deferred
lease/purchase and other financing arrangements by accounting gain was $3.2 million, all of which will be
issuing refunding bonds in a par amount of $1.8 billion amortized as an adjustment to interest expense in
at a $325 million premium and releasing a net amount future years. The deferred accounting loss was $58.8
of $580 thousand from reserves and debt service million, of which $57.1 million will be amortized into
accounts. The result will produce an estimated gain interest expense in future years. The impact of the
of $235 million in future cash flow, with an estimated refunding issues is presented in the following table
present value gain of $227 million. The differences (amounts in millions):
Refunding Refunded Cash Flow Present Value

Issue Description Amount Amount Gain Gain
Dormitory Authority Department of Health Bond
Series 2016A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 145 $ 163 $ 30 $ 27
Dormitory Authority PIT General Purpose Bond
Series 2016D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,113 1,235 153 150
Urban Development Corporation PIT General Purpose
Bond Series 2017A-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471 506 42 42
Urban Development Corporation PIT General Purpose
Bond Series 2017B-2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 92 10 8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,826 $ 1,996 $ 235 $ 227
In prior years, the State defeased certain of its oblig- Business-type Activities Debt
ations under lease/purchase and other financing arrange- The State has issued bonds for educational facilities
ments, whereby proceeds of new obligations were placed for SUNY and CUNY Senior Colleges through
in an irrevocable trust to provide for all future debt DASNY. Such debt, totaling $13.6 billion, is funded
service payments on the defeased obligations. At March by payments from the State’s General Fund. The
31, 2017, approximately $2.8 billion of such defeased remainder of the debt of SUNY and CUNY ($1.3
obligations were outstanding. The assets and liabilities billion) is funded from student fees and other oper-
related to these obligations are not reported in the ating aid provided by the State.
accompanying basic financial statements.
______________________________________________________________________________________________ STATE OF NEW YORK
• 87
The following represents year-end principal bal- lease/purchase and other financing arrangements for
ances (June 30, 2016 for SUNY and CUNY) for business-type activities (amounts in millions):
Beginning Ending
Outstanding Issued Redeemed Outstanding
Dormitory Authority:
SUNY educational facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,992 $ 1,138 $ 770 $ 8,360
Unamortized premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 630 134 76 688
SUNY dormitory facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,164 —0 0 0 0 0 482 682
Unamortized premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 —0 0 0 0 0 12 61
CUNY educational facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,238 304 289 4,253
Unamortized premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283 46 23 306
Total Dormitory Authority . . . . . . . . . . . . . . . . . . . . . . . . . 14,380 1,622 1,652 14,350
SUNY capital lease commitments . . . . . . . . . . . . . . . . . . . . . . . . 160 331 74 417
SUNY certificates of participation . . . . . . . . . . . . . . . . . . . . . . . . . 16 —0 0 0 0 0 5 11
SUNY other State-supported debt . . . . . . . . . . . . . . . . . . . . . . . . 54 —0 0 0 0 0 6 48
CUNY capital lease commitments . . . . . . . . . . . . . . . . . . . . . . . . 39 5 —0 0 0 0 0 44
CUNY mortgage loan commitments . . . . . . . . . . . . . . . . . . . . . . . 69 —0 0 0 0 0 2 67
CUNY certificates of participation . . . . . . . . . . . . . . . . . . . . . . . . 16 —0 0 0 0 0 6 10
Total (See Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,734 $ 1,958 $ 1,745 $ 14,947
The following represents a year-end summary at including interest rates ranging from 0.7 percent to
June 30, 2016 of future minimum debt service pay- 5.88 percent (amounts in millions):
ments on the bonds issued by DASNY for SUNY,
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 259 $ 450 $ 709
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388 434 822
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312 417 729
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252 404 656
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261 393 654
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,075 1,698 3,773
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,781 1,194 2,975
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,716 765 2,481
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,522 334 1,856
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476 45 521
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,042 $ 6,134 $ 15,176
The following represents a year-end summary at Senior Colleges, including interest rates ranging from
June 30, 2016 of future minimum debt service pay- 2 percent to 6.1 percent (amounts in millions):
ments on the bonds issued by DASNY for CUNY
Net Swap
Fiscal Year Principal Interest Amount Total
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 181 $ 206 $ 13 $ 400
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 198 12 371
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 191 11 384
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 182 11 400
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 170 9 434
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 786 733 34 1,553
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824 532 9 1,365
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 848 334 —0 0 0 0 0 1,182
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625 135 —0 0 0 0 0 760
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 18 —0 0 0 0 0 202
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,253 $ 2,699 $ 99 $ 7,051
Future debt service on the bonds issued by DASNY to be paid are affected by changes in variable interest
for CUNY Senior Colleges, together with the net swap rates. The actual amounts of future net swap payments
amount, is calculated assuming current interest rates are also affected by changes in published indexes—
remain the same. The actual amounts of future interest LIBOR and SIFMA floating rates.
The following represents a year-end summary commitments, mortgage loans payable, certificates
at June 30, 2016 for SUNY and CUNY of future of participation and other State-supported debt for
minimum debt service payments on capital lease business-type activities (amounts in millions):
SUNY CUNY Total
Fiscal Year Principal Interest Principal Interest Principal Interest
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59 $ 26 $ 3 $ 1 $ 62 $ 27
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 24 4 1 55 25
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 22 3 2 52 24
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 21 3 1 44 22
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 19 4 1 39 20
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 63 62 9 216 72
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 10 2 12 88 22
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —00000 12 7 13 7
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 20 4 20 4
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 8 —00000 8 —00000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 476 $ 185 $ 121 $ 38 $ 597 $ 223
The liabilities for lease/purchase debt, certificates of $35.5 million, and issued refunding bonds with a
of participation, mortgage loans, capital leases and par value of $96.5 million and original issue premium
other State-supported debt are reported as obligations of $10.8 million on behalf of CUNY Senior Colleges.
under lease/purchase and other financing arrange- Bond proceeds of $106 million were used to defease
ments in the Enterprise Funds. $102 million of existing debt. Under the terms of the
Debt service expenditures (principal and interest) resolutions for the defeased bonds, bond proceeds
for all of the aforementioned obligations during the were paid directly to the bondholders of the defeased
year ended June 30, 2016 totaled $1.3 billion. bonds. As a result, the refunded debt is considered
During SUNY’s fiscal year ending June 30, 2016, defeased. The economic gain related to the defeased
Personal Income Tax (PIT) Revenue Bonds were issued bonds amounted to $11.9 million. The excess of the
with a par amount of $704.1 million at a premium of bond proceeds over the amount of debt defeased of
$88 million for the purpose of financing capital con- $4.1 million and the remaining unamortized premium
struction and major rehabilitation for educational facil- and discount of $4.3 million are deferred and amor-
ities. PIT bonds were also issued with a par amount of tized in a systematic and rational manner over the
$21 million in order to refund $19.4 million of existing remaining life of the old debt or new debt, whichever
educational facilities obligations. The result will produce is shorter. There were no remaining unamortized bond
an estimated savings of $8.9 million in future cash flow, issue costs, underwriter discounts, or any other related
with an estimated present value gain of $3.6 million. costs affiliated with the refunded debt.
In addition, PIT bonds were issued with a par amount At June 30, 2016, $233.2 million of CUNY’s bonds
of $408.6 million at a premium of $46.5 million in outstanding were considered defeased for CUNY
order to refund $416.2 million of existing educational Senior Colleges.
facilities obligations. The result will produce an esti-
mated savings of $25.5 million in future cash flow, with Interest Rate Exchange Agreements (Swaps)
an estimated present value gain of $37.8 million. Article 5-D of the State Finance Law authorized the
In prior years, SUNY defeased various obligations, use of a limited amount of swaps equal to 15 percent
whereby proceeds of new obligations were placed in of statutorily defined State-supported debt. Starting
an irrevocable trust to provide for all future debt in November 2002, the State began to enter into swap
service payments on the defeased obligations. Accord- agreements to “synthetically” change the interest cost
ingly, the trust account assets and liabilities for the associated with bonds it issued from either variable
defeased obligations are not included in SUNY’s finan- rate to fixed rate or from fixed rate to variable rate.
cial statements. As of March 31, 2017, $730.7 million The intention of each of the swaps was to lower the
of outstanding educational facility obligations and cost of borrowing to the State below what could have
$265.2 million of dormitory facility obligations were been achieved on bonds without the use of the asso-
considered defeased. ciated swap agreements and to reduce the risks asso-
During CUNY’s fiscal year ending June 30, 2016, ciated with the variability of cash flows or fair values
DASNY issued bonds for new construction with a par of the underlying debt.
value of $206.7 million and original issue premium
______________________________________________________________________________________________ STATE OF NEW YORK
• 89
The statutory authorization for the use of swaps Swap Activity and Terms
also requires that each of the swaps entered into meet The State has approximately $1.7 billion notional
the following requirements: amount of swaps outstanding ($1.25 billion of which
Counterparties have a credit rating from at related to governmental activities and $417 million
least one NRSRO that is within the two highest related to business-type activities) that were issued to
investment grade categories; synthetically create fixed rate debt from variable rate
debt. The $1.7 billion portfolio includes 36 separate
An independent financial advisor certifies that pay-fixed, receive-variable interest rate swap agree-
the terms and conditions of all swaps reflect a ments with seven counterparties. The maturity of the
fair value; synthetic fixed rate swaps are coterminous with the
A standardized interest rate exchange agree- underlying debt.
ment is utilized; The table below summarizes fair value balances
and notional amounts of derivative instruments out-
Monthly reports are issued by the public benefit standing on March 31, 2017 for governmental activities
corporations to provide monitoring and swap and on June 30, 2016 for business-type activities, and
performance assessment; and the changes in fair value of those derivatives for the
Compliance with uniform interest rate exchange years then ended as reported in the State’s 2017 finan-
guidelines. cial statements (amounts in millions):
The State manages the swaps as a single portfolio,

although they relate to debt reported under both gov-
ernmental activities and business-type activities.
Changes in Fair Value Fair Value
Issuer/Type Notional Classification Amount Classification Amount
Cash Flow Hedges:
Dormitory Authority Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . $ 177 Outflow $ 9 Instruments $ (18)
Urban Development Corporation Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 406 Outflow 29 Instruments (68)
Housing Finance Agency Deferred Derivative
Local Government Assistance Corporation Deferred Derivative
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,168 65 (133)
Investment Derivatives:
Housing Finance Agency Investment Derivative
Pay-fixed interest rate swaps . . . . . . . . 80 Earnings 6 Instruments (14)
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,248 71 (147)
(as of June 30, 2016):
Cash Flow Hedges:
Dormitory Authority—CUNY Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 417 Outflow (14) Instruments (78)
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 1,665 $ 57 $ (225)
The fair values were calculated utilizing an income calculates the future net settlement payments required
approach based on Level 2 (observable) inputs. These by the swap, assuming that the current forward rates
inputs include mid-market valuation and then incor- implied by the yield curve correctly anticipate future
porates the credit risk of the State and the bid/offer spot interest rates. These payments are then dis-
spread that would be charged to the State in order to counted using the spot rates implied by the current
transact. The mid-market values of the swaps were yield curve for hypothetical zero-coupon bonds due
estimated using the zero-coupon method. This method on the date of each future net settlement date.
The table below summarizes the terms of the 31, 2017 for governmental activities and at June 30,
State’s derivative instruments outstanding at March 2016 for business-type activities (amounts in millions):
Underlying Notional Effective Final
Issuer/Type Debt Amount Date Maturity Date Terms
Dormitory Authority:
CUNY 5th Res Pay 3.36%;
Pay-fixed interest rate swaps . . . . . . . . Series 2008C, 00 1/1/2025- Receive 65%
D Bonds $ 23 4/10/2003 7/1/2031 LIBOR
Mental Health Pay 3.044%;
Pay-fixed interest rate swaps . . . . . . . . Series 2003D-2 00 Receive 65%
Bonds 154 7/15/2003 2/15/2031 LIBOR
Urban Development Corporation:
Correctional/ Pay 3.578%;
Pay-fixed interest rate swaps . . . . . . . . Youth Series 00 Receive 65%
2008A Bonds 182 11/26/2002 1/1/2030 LIBOR
PIT (State Fac Pay 3.49%;
Pay-fixed interest rate swaps . . . . . . . . & Equip) Series 00 Receive 65%
2004A-3 Bonds 224 12/22/2004 3/15/2033 LIBOR
Housing Finance Agency:
Service Contract Pay 3.66%;
Pay-fixed interest rate swaps . . . . . . . . Revenue Series 00 Receive 65%
2003L, M Bonds 93 8/28/2003 9/15/2021 LIBOR
PIT (Eco Dev & Pay 3.336%;
Pay-fixed interest rate swaps Housing) Series 00 Receive 65%
2005C Bonds 80 3/10/2005 3/15/2033 LIBOR
Local Government Assistance Corporation:
Pay 3.15% to
Pay-fixed interest rate swaps . . . . . . . . Series 2003A, 00 4/1/2022- 3.26%; Receive
2008B Bonds 393 2/20/2003 4/1/2024 65% LIBOR
Pay 3.194%;
Pay-fixed interest rate swaps . . . . . . . . Series 2008B 00 Receive 65%
Bonds 99 2/26/2004 4/1/2021 LIBOR
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,248
(as of June 30, 2016):
Dormitory Authority—CUNY:
CUNY 5th Res Pay 3.36%;
Pay-fixed interest rate swaps . . . . . . . . Series 2008C, 00 1/1/2025- Receive 65%
D Bonds 417 4/10/2003 7/1/2031 LIBOR
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 1,665
Risks The swap agreements and Article 5-D of the State

Credit Risk Finance Law also require that should the credit rating
The State is exposed to credit risk on interest rate of a counterparty or an entity unconditionally guar-
swap agreements in asset positions (positive fair values). anteeing the counterparty’s payment obligations, if
To minimize its exposure to loss related to credit risk, so secured, fall below the rating required, that the
it is the State’s policy to require each counterparty to obligations of such counterparty shall be fully and
have credit ratings from at least one NRSRO within continuously collateralized by direct obligations of,
the two highest investment grade categories and or obligations the principal and interest on which are
ratings from any other NRSRO within the three guaranteed by, the United States of America, with a
highest investment grade categories, or the counter- net market value of at least 102 percent of the net
party’s payment obligations shall be unconditionally market value of the contract to the issuer and such
guaranteed by an entity with such credit ratings. collateral shall be deposited with the issuer or its agent.
______________________________________________________________________________________________ STATE OF NEW YORK
• 91
The following table presents the counterparty credit activity swap that occurred after June 30, 2016
ratings as of March 31, 2017 and includes a sched- (amounts in millions):
uled notional reduction to the CUNY business-type
Notional Credit Ratings

Counterparty Amount Moody’s S&P Fitch
Citibank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 344 A1 A+ A+
Goldman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302 Aa2 AA– —*
JP Morgan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 Aa3 A+ AA–
Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Baa1 BBB+ A
Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242 A3 BBB+ A
Societe Generale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 A2 A A
UBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285 A1 A+ A+
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,658
*Not rated
Certain of the State’s swap agreements contain Master Agreement includes “additional termination
set-off provisions. Under the terms of the agreements, events,” providing that the swaps may be terminated
should an agreement terminate, close-out set-off pro- if either the State or a counterparty’s credit quality
visions permit all outstanding transactions with the rating falls below certain levels. The State or the coun-
related counterparty to terminate and net the trans- terparties may terminate the swap agreements if the
action’s fair values so that a single sum will be owed other party fails to perform under the terms of the
by, or owed to, the State. contract. The State may also terminate the swaps at
There were no interest rate swap agreements in its option. If a swap agreement is terminated, the syn-
asset positions; therefore, the State was not exposed thetically created fixed or variable interest rate will
to credit risk and no collateral was required to be cease to exist and the State’s interest payment will be
posted by counterparties at March 31, 2017. However, based solely upon the rate required by the related
should interest rates change and the fair values of bonds as issued. When a termination occurs, a mark-
interest rate swap agreements become positive, the to-market (or fair market value) calculation is per-
State would be exposed to credit risk in the amount formed to determine whether the State is owed money
of those swaps’ fair value. or must pay money to close out a swap position. A
negative fair market value means the State would incur
Basis Risk a loss and need to make a termination payment to
The State is exposed to basis risk on its pay-fixed inter- settle the swap position. A positive fair market value
est rate swaps, which is the possibility that the variable means the State would realize a gain and receive a
rate payments received by the State in the swap are termination payment to settle the swap position.
less than the variable rate payments made by the State
on the underlying bonds issued. Because the swaps Rollover Risk
are based on a percentage of LIBOR there is a possi- The State is exposed to rollover risk on interest rate
bility that this floating rate will not match the actual swap agreements that are hedges of debt that mature
interest rates set in the tax-exempt market on the or may be terminated prior to the maturity of the
underlying bonds. Times when the mismatch may be hedged debt. When these swap agreements terminate,
out of favor to the State are in very low interest rate or in the case of a termination option, when the option
environments or if major changes in the tax code were is exercised, the State will be re-exposed to the risks
to be enacted causing tax-exempt floating-rate bonds being hedged by the swap agreement. Currently, the
to trade less favorably in comparison to taxable floating maturity dates of the State’s interest rate swap agree-
rate bonds. Should the relationship between LIBOR ments and hedged debt are coterminous.
and the actual variable rate payments converge, the
expected cost savings may not materialize. Operating Leases
The State is also committed under numerous operating
Termination Risk
leases covering real property and equipment. Rental
The swap contracts use the International Swap Dealers
expenditures, reported for the year ended March 31,
Association Master Agreement (Master Agreement),
2017 under such operating leases, totaled $301 million
which includes standard termination events, such as
and were financed primarily from the General Fund.
failure to pay and bankruptcy. The schedule to the
The following is a summary of future minimum rental Governmental Activities

commitments under real property and equipment leases Collateralized Borrowings
with terms exceeding one year (amounts in millions): In December 2010, $102 million of Pledged Assess-
Governmental ment Revenue Bonds, Series 2010A, were issued by
Fiscal Year Activities DASNY. These bonds are special revenue obligations
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 262 of DASNY. Principal and interest on the Series 2010A
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Bonds are payable from the pledged assessments to
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
be assessed and collected by the Chair of the Workers’
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Compensation Board. At March 31, 2017, principal
2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 588
and interest outstanding were $36 million and $5
2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 270
million, respectively. Annual principal and interest
2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . 32 payments will be continuing through December 1,
2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2020.
2048-2052 . . . . . . . . . . . . . . . . . . . . . . . . . . 10
In December 2013, $370 million of Employer
2053-2057 . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Assessment Revenue Bonds, Series 2013A, were issued
2058-2062 . . . . . . . . . . . . . . . . . . . . . . . . . . 2
by DASNY. These bonds are special revenue obliga-
2063-2067 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 tions of DASNY. Principal and interest on the Series
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,941
2013A Bonds are payable from employer assessments
to be assessed and collected by the Chair of the
Workers’ Compensation Board. At March 31, 2017,
Business-type activities reported rental expendi- principal and interest outstanding were $342 million
tures of $120 million and the following future and $161 million, respectively. Annual principal and
minimum rental commitments under real property interest payments will continue through December
and equipment leases with terms exceeding one year 1, 2034.
at year-end (June 30, 2016 for SUNY and CUNY and The State determined that these transactions meet
March 31, 2017 for Lottery) (amounts in millions): the criteria for collateralized borrowings under GASBS
Business-type
No. 48, Sales and Pledges of Receivables and Future Rev-
Fiscal Year Activities enues and Intra-Entity Transfers of Assets and Future Rev-
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 108
enues, since the pledged revenues are formally
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 committed to directly collateralize or secure debt of
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
a component unit. These Pledged and Employer
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Assessment Revenue Bonds are reported as collater-
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 383
alized borrowings in the State’s financial statements
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 310
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 149
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . 61
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,499

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 $ 16 $ 38
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 15 38
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 14 38
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 13 38
2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 13 28
2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 54 140
2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 34 140
2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 7 84
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 378 $ 166 $ 544
______________________________________________________________________________________________ STATE OF NEW YORK
• 93
Business-type Activities recognized during SUNY’s fiscal year ended June 30,
Collateralized Borrowings 2016 amounted to $536.8 million. There were prin-
In March 2013, the State enacted legislation that cipal payments of $6.8 million and interest payments
authorized SUNY to assign all its rights, title and inter- of $29.6 million during the fiscal year ending June
est in dormitory facilities revenues of certain dormitory 30, 2016. During 2016, bonds with a par amount of
facilities to DASNY, and authorized DASNY to issue $555 million at a premium of $84.1 million were
SUNY Dormitory Facilities Revenue Bonds payable issued for purpose of financing capital construction
from and secured by the dormitory facilities revenues as well as to refinance $428.9 million of the State
assigned to it by SUNY. The legislation also created University’s existing residential facility obligations.
a special fund to be held by the State’s Commissioner The result will produce an estimated savings of $54
of Taxation and Finance on behalf of DASNY. All dor- million in future cash flow, with an estimated present
mitory facilities revenues collected by SUNY are value gain of $42.5 million. These bonds are special
required to be deposited in this special fund. obligations of DASNY payable solely from the dor-
The outstanding obligations under these bonds mitory facilities revenues collected by SUNY as agent
are reported as a collateralized borrowing since these for DASNY. At June 30, 2016, total principal and
bonds are not payable from any money of SUNY or interest outstanding on the bonds were $985.4 million
the State and neither SUNY nor the State has any and $534.7 million, respectively. Annual principal
obligation to make any payments with respect to the and interest payments will continue through July 1,
debt service on the bonds. The pledged revenues 2045 (amounts in millions):

2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29 $ 48 $ 77
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 46 84
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 44 88
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 42 90
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 40 93
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263 158 421
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 92 350
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 41 183
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 19 82
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 5 52
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 985 $ 535 $ 1,520
Note 8 Liabilities
Changes in Long-Term Liabilities
The following table summarizes changes in long-term
liabilities for both governmental activities and busi-
ness-type activities (amounts in millions):
CHANGES IN LONG-TERM LIABILITIES—GOVERNMENTAL ACTIVITIES
Beginning Ending Due Within

Description Balance Additions Deletions Balance One Year
Tax refunds payable . . . . . . . . . . . . . . . . . $ 1,273 $ —0 0 0 0 0 $ 104 $ 1,169 $ —0 0 0 0 0
Accrued liabilities:
Payroll and fringe benefits . . . . . . . . . . . . $ 177 $ 3 $ 20 $ 160 —0 0 0 0 0
Compensated absences . . . . . . . . . . . . . 877 73 53 897 43
Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . 782 94 128 748 177
Health insurance . . . . . . . . . . . . . . . . . . . 192 —0 0 0 0 0 —0 0 0 0 0 192 —0 0 0 0 0
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . 200 99 87 212 202
Workers’ compensation reserve . . . . . . . 3,780 973 499 4,254 529
Arbitrage rebate . . . . . . . . . . . . . . . . . . . . 13 1 4 10 4
Secured hospitals . . . . . . . . . . . . . . . . . . 61 43 30 74 20
Due to component unit . . . . . . . . . . . . . . . 279 —0 0 0 0 0 21 258 43
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 17 15 18 14 1
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 6,378 $ 1,301 $ 860 $ 6,819 1,019
Payable to local governments:

Education aid . . . . . . . . . . . . . . . . . . . . . . $ 235 $ 74 $ —0 0 0 0 0 $ 309 —0 0 0 0 0
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 18 25 16 27 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 253 $ 99 $ 16 $ 336 —0 0 0 0 0
Due to Federal government . . . . . . . . . . . $ 1,100 $ —0 0 0 0 0 $ 100 $ 1,000 100
Pension contributions payable . . . . . . . . $ 2,365 $ 1 $ 315 $ 2,051 —0 0 0 0 0
Net pension liability . . . . . . . . . . . . . . . . . . $ 1,371 $ 5,545 $ —0 0 0 0 0 $ 6,916 —0 0 0 0 0
Other postemployment benefits . . . . . . . . $ 15,507 $ 3,242 $ 1,447 $ 17,302 —0 0 0 0 0
Pollution remediation . . . . . . . . . . . . . . . . $ 1,041 $ 191 $ 146 $ 1,086 140
Collateralized borrowings . . . . . . . . . . . . . $ 401 $ —0 0 0 0 0 $ 23 $ 378 22
General obligation bonds payable:

General obligation bonds payable . . . . . . $ 2,727 $ —0 0 0 0 0 $ 264 $ 2,463 230
Deferred amounts:
Unamortized premiums . . . . . . . . . . . . 160 —0 0 0 0 0 9 151 8
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 2,887 $ —0 0 0 0 0 $ 273 $ 2,614 238
Other financing arrangements:

Capital leases . . . . . . . . . . . . . . . . . . . . . $ 7 $ 10 $ 3 $ 14 3
Other financing arrangements . . . . . . . . . 35,750 4,704 5,534 34,920 3,028
Deferred amounts:
Unamortized premiums . . . . . . . . . . . . 3,303 745 377 3,671 271
Unamortized discounts . . . . . . . . . . . . (6) —0 0 0 0 0 (1) (5) (1)
Accreted discount on bonds . . . . . . . . 17 1 5 13 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 39,071 $ 5,460 $ 5,918 $ 38,613 3,301
Derivative instruments . . . . . . . . . . . . . . . $ 218 $ —0 0 0 0 0 $ 71 $ 147 —0 0 0 0 0

Total due within one year . . . . . . . $ 4,820
______________________________________________________________________________________________ STATE OF NEW YORK
• 95
CHANGES IN LONG-TERM LIABILITIES—BUSINESS-TYPE ACTIVITIES
Beginning Ending Due Within

Description Balance Additions Deletions Balance One Year
Accrued liabilities:
Compensated absences . . . . . . . . . . . . . $ 366 $ 193 $ 158 $ 401 $ 251
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . 593 129 24 698 35
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 615 4 23 596 4
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 1,574 $ 326 $ 205 $ 1,695 290
Lottery prizes payable . . . . . . . . . . . . . . . . $ 1,357 $ 101 $ 124 $ 1,334 131
Pension contributions payable:

SUNY (June 30, 2016) . . . . . . . . . . . . . . . $ 237 $ 25 $ 55 $ 207 26
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —0 0 0 0 0 1 2 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 240 $ 25 $ 56 $ 209 26
Net pension liability:

SUNY (June 30, 2016) . . . . . . . . . . . . . . . $ 188 $ 931 $ 245 $ 874 —0 0 0 0 0
CUNY (June 30, 2016) . . . . . . . . . . . . . . 775 261 —0 0 0 0 0 1,036 —0 0 0 0 0
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 —0 0 0 0 0 8 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 965 $ 1,198 $ 245 $ 1,918 —0 0 0 0 0
Other postemployment benefits:

SUNY (June 30, 2016) . . . . . . . . . . . . . . . $ 4,871 $ 963 $ 306 $ 5,528 —0 0 0 0 0
CUNY (June 30, 2016) . . . . . . . . . . . . . . 615 93 —0 0 0 0 0 708 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 5,486 $ 1,056 $ 306 $ 6,236 —0 0 0 0 0
Collateralized borrowings:
SUNY (June 30, 2016) . . . . . . . . . . . . . . . $ 437 $ 555 $ 7 $ 985 29
Unamortized premiums . . . . . . . . . . . . . . 30 84 4 110 5
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 467 $ 639 $ 11 $ 1,095 34
Other financing arrangements:

SUNY (June 30, 2016) . . . . . . . . . . . . . . . $ 9,386 $ 1,469 $ 1,337 $ 9,518 318
CUNY (June 30, 2016) . . . . . . . . . . . . . . 4,362 309 297 4,374 184
Unamortized premiums:
SUNY (June 30, 2016) . . . . . . . . . . . . . 703 134 88 749 38
CUNY (June 30, 2016) . . . . . . . . . . . . 283 46 23 306 20
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 14,734 $ 1,958 $ 1,745 $ 14,947 560
Derivative instruments . . . . . . . . . . . . . . . $ 64 $ 14 $ —0 0 0 0 0 $ 78 —0 0 0 0 0
Total due within one year . . . . . . . $ 1,041
Litigation and workers’ compensation liabilities contributions, other postemployment benefits, pollu-
will be liquidated by the General Fund. Medicaid tion remediation, secured hospitals and miscellaneous
accrued liabilities and payable to local governments accrued liabilities will be liquidated by the General
will be liquidated by the General Fund and the Federal Fund, Federal Special Revenue Fund, General Debt
Special Revenue Fund. Payroll and related fringe ben- Service Fund and Other Governmental Funds.
efits, compensated absences, health insurance, pension
Accrued Liabilities—Governmental Activities

The following table summarizes accrued liabilities at
March 31, 2017 for governmental activities (amounts
in millions):
Description General Revenue Service Funds Activities
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 522 $ 39 $ —0 0 0 0 0 $ 83 $ 644
Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . 90 10 —0 0 0 0 0 4 104
Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,541 3,659 —0 0 0 0 0 —0 0 0 0 0 5,200
Health programs . . . . . . . . . . . . . . . . . . . . . 46 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 46
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . 525 6 11 264 806
Total governmental funds . . . . . . . . . . . $ 2,724 $ 3,714 $ 11 $ 351 6,800
Payable to fiduciary funds . . . . . . . . . . . . . . 2,853
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,653
Payable to Local Governments—

Governmental Funds
The following table summarizes amounts payable to
local governments at March 31, 2017 for governmental
funds (amounts in millions):
Description General Revenue Service Funds Total
Education programs . . . . . . . . . . . . . . . . . . . $ 1,505 $ 33 $ —0 0 0 0 0 $ 4 $ 1,542
Temporary and disability assistance . . . . . . 553 1,211 —0 0 0 0 0 —0 0 0 0 0 1,764
Local health programs . . . . . . . . . . . . . . . . . 386 587 —0 0 0 0 0 11 984
Mental hygiene programs . . . . . . . . . . . . . . 12 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 12
Criminal justice programs . . . . . . . . . . . . . . 55 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 55
Children and family services programs . . . . 269 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 269
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 2
Local share of tax revenues . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 172 —0 0 0 0 0 172
Public safety . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 4 —0 0 0 0 0 —0 0 0 0 0 4
Emergency management . . . . . . . . . . . . . . . —0 0 0 0 0 1,800 —0 0 0 0 0 —0 0 0 0 0 1,800
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . 124 45 —0 0 0 0 0 246 415
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,906 $ 3,680 $ 172 $ 261 $ 7,019
Accrued Liabilities—Business-type Activities

The following table summarizes current accrued liabil-
ities at March 31, 2017 for business-type activities (June
30, 2016 for SUNY and CUNY) (amounts in millions):
Unemployment
Insurance
Description Lottery Benefit SUNY CUNY Total
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —0 0 0 0 0 $ —0 0 0 0 0 $ 237 $ 383 $ 620
Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 78 103 181
Employer overpayments . . . . . . . . . . . . . . . —0 0 0 0 0 43 —0 0 0 0 0 —0 0 0 0 0 43
Benefits due claimants . . . . . . . . . . . . . . . . . —0 0 0 0 0 9 —0 0 0 0 0 —0 0 0 0 0 9
Unclaimed and future prizes . . . . . . . . . . . . 551 —0 0 0 0 0 —0 0 0 0 0 —0 0 0 0 0 551
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 139 94 233
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 551 $ 52 $ 454 $ 580 1,637
Long-term accrued liabilities—
due within one year . . . . . . . . . . . . . . . . . 290
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,927
______________________________________________________________________________________________ STATE OF NEW YORK
• 97
Note 9 Interfund Transactions and Other Transfers

Interfund Transfers
Interfund transfers for the year ended March 31, 2017
consisted of the following (amounts in millions):
Transfers To
General Total
Debt Other Governmental
Transfers From General Service Governmental Elimination Funds SUNY CUNY Total
General . . . . . . . . . . . . . . . . . . . . . . . $ —0000 $ 956 $ 3,251 $ —0000 $ 4,207 $ 3,072 $ 1,180 $ 8,459
Federal Special Revenue . . . . . . . . . 217 —0000 1,323 —0000 1,540 339 —0000 1,879
General Debt Service . . . . . . . . . . . . 13,289 —0000 —0000 —0000 13,289 641 385 14,315
Other Governmental . . . . . . . . . . . . . 5,562 1,739 38 —0000 7,339 98 —0000 7,437
Elimination . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 (26,375) (26,375) —0000 —0000 (26,375)
Total Governmental Funds . . . . . 19,068 2,695 4,612 (26,375) —0000 4,150 1,565 5,715
SUNY. . . . . . . . . . . . . . . . . . . . . . . . . 14 —0000 —0000 —0000 14 —0000 —0000 14
Lottery . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 3,268 —0000 3,268 —0000 —0000 3,268
Non-current . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 63 —0000 63
Total . . . . . . . . . . . . . . . . . . . . . . . $ 19,082 $ 2,695 $ 7,880 $ (26,375) $ 3,282 $ 4,213 $ 1,565 $ 9,060
Transfers constitute the transfer of resources from Transfers from the governmental funds to the
the fund that receives the resources to the fund that SUNY and CUNY Funds are reported as transfers to
utilizes them. Significant transfers include transfers to other funds by the governmental funds and as State
the General Fund from other funds representing excess appropriations by the SUNY and CUNY Funds. As
revenues not needed in those funds. Transfers to the explained in Note 1, the amounts reported for the
General Fund from the General Debt Service Fund for SUNY and CUNY Funds are derived from their annual
excess funds not needed for debt service on revenue financial statements for the fiscal year ended June 30,
bonds backed by personal income and sales tax rev- 2016. Therefore, because of the different fiscal year-
enues totaled $12.9 billion. Transfers to the General end for the SUNY and CUNY Funds, total transfers
Fund from Other Governmental Funds are primarily from other funds exceed total transfers to other funds
due to: mental health patient fees in excess of debt by $267 million. The following is a reconciliation of
service and rental reserve requirements of $1.1 billion; transfers resulting from different year-ends (amounts
excess sales tax receipts not needed for LGAC debt in millions):
Governmental Activities transfers:
service requirements of $2.7 billion; and excess real
SUNY . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (4,199)
property transfer tax receipts from clean water and
clean air programs of $940 million. Transfers from the CUNY . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,565)
General Fund to the General Debt Service Fund and Lottery (Education aid) . . . . . . . . . . . . . . . 3,268
Other Governmental Funds include State debt service Total Governmental Activities transfers . . . (2,496)
Business-type Activities transfers:
payments ($924 million) and State capital projects
($1.2 billion). Transfers from the General Fund to the State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,718
Federal and State hospital
support transfers . . . . . . . . . . . . . . . . . . 870
Enterprise Funds are State support to the SUNY and
Education aid . . . . . . . . . . . . . . . . . . . . . . (3,268)

CUNY Funds ($4.2 billion). Transfers from the Federal
Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 443
Special Revenue Fund and Other Governmental Funds
Total Business-type Activities transfers . . . 2,763

comprise the Federal share of Medicaid payments for
Total transfers . . . . . . . . . . . . . . . . . . . $ 267

a variety of purposes, including transfers to the Mental
Health Services Fund for recipients residing in State-
operated facilities ($1.2 billion). Transfers from the
Lottery to Other Governmental Funds represent Lottery
support for school aid payments ($3.3 billion). The
eliminations of $26.4 billion represent transfers made
between the governmental funds.
Due To/From Other Funds

The following is a summary of the amounts due to
other funds and due from other funds at March 31,
2017 (amounts in millions):
Due To Other Funds
Federal General Total Business-
Special Debt Other Governmental type
Due From Other Funds General Revenue Service Governmental Elimination Funds Activities Non-current Total
General . . . . . . . . . . . . $ —0000 $ 885 $ 346 $ 1,636 $ —0000 $ 2,867 $ 6 $ —0000 $ 2,873
Federal Special
Revenue . . . . . . . . . 3 —0000 —0000 1 —0000 4 1 —0000 5
Other Governmental . . 262 380 —0000 —0000 —0000 642 293 —0000 935
Elimination. . . . . . . . . . —0000 —0000 —0000 —0000 (3,513) (3,513) —0000 —0000 (3,513)
Total Governmental
Funds . . . . . . . . . 265 1,265 346 1,637 (3,513) —0000 300 —0000 300
Business-type
Activities . . . . . . . . . 373 3 —0000 73 —0000 449 —0000 778 1,227
Fiduciary . . . . . . . . . . . 2,853 —0000 —0000 —0000 —0000 2,853 —0000 —0000 2,853
Total . . . . . . . . . . . . $ 3,491 $ 1,268 $ 346 $ 1,710 $ (3,513) $ 3,302 $ 300 $ 778 $ 4,380
The more significant balances in due to/from other Business-type Activities includes $712 million related
funds include $1.5 billion due to the General Fund to SUNY litigation for incurred but not reported
to cover cash overdrafts in the short-term investment claims and $66 million for accrued interest for SUNY
pool. These temporary interfund loans include $186.4 related debt.
million to the Federal Special Revenue Fund and $1.3 As explained in Note 1, the amounts reported for
billion to Other Governmental Funds. Due from the the SUNY and CUNY Funds are derived from their
General Fund to the Fiduciary Funds related to escheat annual financial statements for the fiscal year ended
property that is estimated to be reclaimed and paid June 30, 2016. Therefore, because the fiscal year-end
to claimants is $2.9 billion. Due to other funds in the of the SUNY and CUNY Funds differs from the State’s
General Debt Service Fund includes $346 million for fiscal year-end, the total amount reported as due from
amounts owed to the General Fund for excess per- other funds exceeds the total amount reported as due
sonal income revenues. Due from Non-current to to other funds by $140 million.
Note 10 Commitments and Contingencies

The State receives significant financial assistance from As of March 31, 2017, there are $220 million of out-
the Federal government in the form of grants and standing bonds in the program with a scheduled
entitlements. Receipt of grants is generally conditioned annual debt service requirement of $38 million. Autho-
upon compliance with terms and conditions of the rization to issue bonds under this program expired
grant agreements and applicable Federal regulations, on March 1, 1998.
including the expenditure of resources for eligible Three of the four remaining hospitals in the State’s
purposes. Substantially all Federal grants are either Secured Hospital Program are in poor financial con-
subject to the Federal Single Audit Act or to financial dition and are included in the liability recognized by
and compliance audits by grantor agencies of the the State. During the fiscal year, the State paid $30
Federal government or their designees. Disallowances million, resulting in cumulative payments under the
by Federal program officials as a result of these audits obligation of $85 million since fiscal year 2014 when
may become liabilities of the State. the State’s contingent contractual obligation was first
Pursuant to legislation enacted in 1985, the State invoked. Of the $85 million paid, $50 million is related
entered into service contracts establishing a contin- to those obligations outstanding at March 31, 2017.
gent-contractual obligation with respect to financings The State has recognized a liability under the guar-
related to the DASNY Secured Hospital Program for antee of approximately $74 million based on the
the purpose of enabling certain financially distressed present value of expected debt service payments
not-for-profit hospitals to gain access to the capital required through fiscal year 2028 net of the present
markets. The State service contracts obligate the value of anticipated revenues from a lease agreement
State to pay debt service, subject to annual appropri- on one of the properties and the estimated market
ations, on bonds in the event of shortfalls in hospital value of other properties assumed by affiliates of
resources. The bonds mature annually through Feb- DASNY through bankruptcy proceedings that will be
ruary 15, 2028, with semiannual interest payments. used to offset the debt service payments. This amount
______________________________________________________________________________________________ STATE OF NEW YORK
• 99
would cover the debt service costs for one hospital agreement on March 20, 2015 on this matter, whereby
whose debt service obligation was discharged in bank- the State agreed to pay a total of $1.95 billion to CMS.
ruptcy, a second hospital which closed in 2010 and a The State adjusted the Federal and State shares of
third hospital that is currently delinquent in its pay- Medicaid costs for $850 million in fiscal year 2016
ments. The State has estimated an additional exposure and $100 million in fiscal year 2017. The State will
of $9 million annually if all hospitals fail to meet their adjust the Federal and State shares of future Medicaid
terms and available reserve funds are depleted. costs to reimburse the Federal government $100
The New York State Constitution provides that million annually for each of the next 10 years. Accord-
the State may guarantee repayment of certain bor- ingly, the State has reported the remaining liabilities
rowings of the Job Development Authority (JDA) to of $1 billion in the governmental activities.
carry out designated projects. The State has never In 1977-78, the State required that reserve funds
been called upon to make any direct payments pur- held by insurance companies that underwrite the
suant to such guarantees. However, in 1996, the State State employee health insurance programs be paid
entered into an agreement with JDA and the New to the General Fund. The State is liable to replenish
York State Urban Development Corporation (UDC) these reserve funds if needed to pay insured benefits
whereby UDC would provide funding needed by JDA or if the contracts with the insurance companies are
to meet its debt service obligations. JDA required no terminated. Accordingly, based on actuarial calcula-
financial assistance to meet debt service obligations tions, the State has recorded a liability of $192 million,
during the State fiscal year ended March 31, 2017. which is reported as accrued liabilities due in more
As of March 31, 2017, JDA had $3 million of State- than one year on the government-wide Statement of
guaranteed bonds and notes outstanding (with an Net Position.
additional $708 million authorized but not issued). Generally, the State does not insure its buildings,
In order to provide additional inducement to contents or related risks and does not insure its State-
investors to purchase the obligations of certain public owned automobiles for bodily injury and property
benefit corporations, the legislation creating these damages, but the State does have fidelity insurance
corporations authorizes the State to make up any defi- on State employees. A liability is estimated for unpaid
ciencies in their debt service reserve funds, subject to automobile claims based on an analysis of property
legislative appropriation (effectively, a “moral oblig- loss and claim settlement trends. Routine uninsured
ation” debt to back the corporations’ credit). Such losses are recorded as expenditures in the General
“moral obligation” debt does not constitute full faith Fund as paid, while significant uninsured losses usually
and credit obligations of the State. As of March 31, are the result of litigation that is discussed further in
2017, approximately $1.4 million in moral obligation Note 11. Insured losses incurred by the State did not
bonds were outstanding. During the year, the State exceed coverage for any of the three preceding fiscal
was not called on to make any payments. years. Litigation losses are estimated based on an
Health care providers have a right to appeal Med- assessment of pending cases conducted by the Office
icaid reimbursement rates. Based on an analysis of of the Attorney General.
appeals, a liability of $650 million has been recognized Workers’ compensation is provided with the State
in the government-wide Statement of Net Position. Set- Insurance Fund acting as the State’s administrator
tlements were reached between the State and the major- and claims processing agent. Under an agreement
ity of nursing home providers in 2016 for $850 million with the State Insurance Fund, the State pays only
in rate appeals. The settlements will be paid in five what is necessary to fund claims. Based on actuarial
annual payments of approximately $170 million each calculations, discounted at 0.33 percent as of March
starting in fiscal year ended March 31, 2016. To date 31, 2017, the State is liable for unfunded claims and
$335 million has been paid. Accordingly, the State has incurred but not reported claims totaling $4.3 billion,
reported the remaining liability of $515 million which which are reported as accrued liabilities in the gov-
is reflected in the $650 million amount noted above. ernment-wide Statement of Net Position.
The Centers for Medicare and Medicaid Services Changes in the State’s liability relating to workers’
(CMS) disallowed Medicaid claims for services pro- compensation claims, litigation and incurred but not
vided by the New York State Office for Persons with reported loss estimates related to medical malpractice
Developmental Disabilities in fiscal years 2011, 2012 claims (Note 11), and auto claims in fiscal years 2016
and 2013. The State and CMS reached a settlement and 2017 were (amounts in millions):
Payments and
Claim Liability Increase in Decrease in
Beginning Liability Liability Claim Liability
Fiscal Year of Year Estimate Estimate End of Year
2015-2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,833 $ 1,372 $ 568 $ 4,637
2016-2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,637 $ 1,093 $ 552 $ 5,178
100 • Notes to Basic Financial Statements _________________________________________________________________________
The State Finance Law requires the Abandoned Site investigation, planning and design, cleanup
Property Fund, a Private Purpose Trust Fund, to have and site monitoring are typical remediation activities
a maximum cash balance of $750 thousand at fiscal underway across the State. Several State agencies have
year-end. All Abandoned Property receipts are recorded dedicated programs, rules and regulations that rou-
in the General Fund and receipts recorded in the tinely deal with remediation-related issues; others
Abandoned Property Fund are for payment upon become aware of pollution conditions in the fulfillment
approval of a claim. At March 31, 2017, the Abandoned of their missions. The State has the knowledge and
Property Fund included $44 million of securities not expertise to estimate the remediation obligations pre-
yet liquidated and not subject to the State Finance sented herein based upon prior experience in iden-
Law’s cash provisions. Net collections from inception tifying and funding similar remediation activities. The
(1942) to March 31, 2017 of approximately $14.9 standard requires the State to calculate pollution reme-
billion, excluding interest, represent a contingent lia- diation liabilities using the expected cash flow tech-
bility to the State since the owners of such property nique. Where the State cannot reasonably estimate a
may file claims for refunds. pollution remediation obligation, it does not report
Restricted net position, representing the probable a liability; however, the State has not identified any
amount of escheat property that will be reclaimed and such situation.
paid to claimants, is reported in the Abandoned Prop- The remediation obligation estimates that appear
erty Fund (Fund). To the extent that assets in the Fund in this report are subject to change over time. Cost
are less than the claimant liability, a receivable (due may vary due to price fluctuations, changes in tech-
from other funds) is reported in that Fund and an nology, changes in potential responsible parties, results
equal liability (due to other funds) is reported in the of environmental studies, changes to statutes or reg-
General Fund. At March 31, 2017, the amount reported ulations and other factors that could result in revisions
in the Fund for claimant liability is $3.1 billion and to these estimates. Prospective recoveries from respon-
the amount reported in the General Fund as due to sible parties may reduce the State’s obligation. Capital
the Fund is $2.9 billion. Since receipts in the Fund assets may be created when pollution remediation
are expected to be adequate to pay current claims, it outlays are made under specific circumstances.
is not expected that General Fund support for that During the fiscal year, the State recognized esti-
purpose will be required. Claims paid from the Fund mated additional liabilities of $191 million, spent $136
during the year totaled $418 million. million in pollution remediation obligation-related
The State is liable for costs relating to the closure activities and recognized adjustments decreasing the
and post-closure of landfills totaling $12 million, which liability by $10 million. The State recovered $37 million
is recorded in accrued liabilities. Closure and post- from other responsible parties. At March 31, 2017, the
closure requirements are generally governed by Title State had an outstanding pollution remediation liability
6, Part 360 of the New York Code of Rules and Reg- of $1.1 billion, with an estimated potential recovery
ulations. Since most landfills are inactive, the liability of $90 million from other responsible parties.
reflects the total estimated closure and post-closure Legislation enacted in 2003 authorized the State
cost at year-end. Liability estimates are based on engi- to securitize all of its tobacco settlement payments to
neering studies or on estimates by agency officials the Tobacco Settlement Financing Corporation (TSFC)
that are updated annually. through an asset-backed securitization transaction. To
GASBS No. 49, Accounting and Financial Reporting lower costs, the legislation authorized the State to
for Pollution Remediation Obligations, provides guidance enter into contingency contracts obligating the State
for state and local governments in estimating and to pay debt service, subject to annual appropriations,
reporting the potential costs of pollution remediation. on the TSFC bonds in the event that tobacco receipts
While GASBS 49 does not require the State to search and bond reserves are insufficient. To ensure that State
for pollution, it does require the State to reasonably contractual payments will not be required and that
estimate and report a remediation liability when any tobacco receipts and bond reserves are sufficient to
of the following obligating events has occurred: pay debt service, the TSFC bonds were structured to

meet or exceed all rating agency tobacco bonds stress
Pollution poses an imminent danger to the
tests. The bonds carry a final nominal maturity of 19
public and the State is compelled to take action;
years and an expected final maturity of 13 years, based
The State is in violation of a pollution-related on optional redemptions. The expected final maturity
permit or license; may deviate due to the optional nature of the redemp-
tions and adjustments to tobacco settlement payments
The State is named or has evidence that it will
due from Participating Manufacturers. A lawsuit was
be named as responsible party by a regulator;
filed in 2006 by the Attorney General of New York to
The State is named or has evidence that it will recover the settlement payments that were withheld
be named in a lawsuit to enforce a cleanup; or from the State. In addition, Participating Manufac-
turers brought a nationwide arbitration against the
The State commences or legally obligates itself
settling states, including New York, asserting that those
to conduct remediation activities.
____________________________________________________________________________________________ STATE OF NEW YORK
• 101
states failed to diligently enforce their respective escrow Agreement (MSA). The settlement released to New
statutes in 2003 as required to maintain the base set- York 90 percent of the funds currently held in the
tlement payments per the Master Settlement Agree- deposit payment account for past adjustment claims.
ment. This was settled in 2003. On September 11, Future MSA annual payments will be discounted based
2013, New York was found to have diligently enforced on a fixed amount per pack but modified based on
its qualifying statute in 2003 and, thus, is not subject overall volume. Beyond the stipulated discount, New
to the adjustment for 2003. The same claim for the York will not be at risk of losing any of its future annual
2004-2012 years has been raised, but none of those payments as a result of extended arbitration proceed-
years is yet in arbitration. The Participating Manu- ings. Under the settlement, there will be no future
facturers had indicated their intent to bring a nation- non-participating manufacturer adjustment arbitra-
wide NPM Adjustment Arbitration for sales year 2004 tions involving New York and New York will no longer
against New York and the other states that rejected risk losing its entire annual MSA payment.
the term sheet. On October 20, 2015, New York and Several unions have not reached labor settlement
the Participating Manufacturers announced a settle- agreements with the State at this time. Settlements
ment of all outstanding disputes between them con- may result in added costs to the State. The Enacted
cerning non-participating manufacturers adjustments Budget assumes spending related to these settlements,
and related disputed payment account deposits relat- but the actual settlements could exceed the amounts
ing to all prior sales years under the Master Settlement in the budget.
Note 11 Litigation
The State is a defendant in numerous legal proceed- prospective changes in patient care that could require
ings pertaining to matters incidental to the perfor- substantial increased financing of the litigated pro-
mance of routine governmental operations. Such grams in the future.
litigation includes, but is not limited to, claims asserted With respect to pending and threatened litigation,
against the State arising from alleged torts, alleged the State has reported, in the governmental activities,
breaches of contracts, condemnation proceedings, and liabilities of $924 million, of which $712 million per-
other alleged violations of State and Federal laws. tains to SUNY, for awarded claims, anticipated unfa-
Included in the State’s outstanding litigation are vorable judgments, and incurred but not reported loss
a number of cases challenging the legality or the ade- estimates related to medical malpractice claims. In
quacy of a variety of significant social welfare programs, addition, the State is party to other claims and litiga-
primarily involving the State’s Medicaid and mental tion that its legal counsel has advised may result in
health programs. Adverse judgments in these matters possible adverse court decisions with estimated poten-
generally could result in injunctive relief coupled with tial losses of approximately $116 million.
Note 12 Retirement Systems

New York State and Local Retirement System cost-sharing, multiple-employer, defined benefit
The Office of the New York State Comptroller admin- pension plans. The Public Employees’ Group Life
isters the following plans: the New York State and Insurance Plan (GLIP) provides death benefits in the
Local Employees’ Retirement System (ERS) and the form of life insurance. For financial reporting pur-
New York State and Local Police and Fire Retirement poses, GLIP amounts are apportioned to and included
System (PFRS), which are collectively referred to as as part of either ERS or PFRS.
the New York State and Local Retirement System (the The System issues a publicly available financial
System). The net position of the System is held in report that includes financial statements, expanded
the New York State Common Retirement Fund (the disclosures, and required supplementary informa-
Fund), which was established to hold all assets and tion for the System. The report may be obtained
record changes in fiduciary net position allocated by writing to the New York State and Local Retire-
to the System. The Comptroller of the State of New ment System, Office of the State Comptroller, 110
York serves as the trustee of the Fund and is the State Street, Albany, New York, 12244-0001 or at
administrative head of the System. ERS and PFRS are www.osc.state.ny.us/pension/cafr.htm.
Plan Benefits point in time at which the employees last joined the
The System provides retirement benefits as well as System. The RSSL has established distinct classes of
death and disability benefits. Retirement benefits are membership. The System uses a tier concept within
established by the RSSL and are dependent upon the ERS and PFRS to distinguish these groups, as follows:
ERS
Tier 1 . . . . . . . . . . . Those persons who last became members before July 1, 1973.
Tier 2 . . . . . . . . . . . Those persons who last became members on or after July 1, 1973, but before July 27, 1976.
Tier 3 . . . . . . . . . . . Generally, those persons who are State correction officers who last became members on or after July 27, 1976, but before
January 1, 2010, and all others who last became members on or after July 27, 1976, but before September 1, 1983.
Tier 4 . . . . . . . . . . . Generally, except for correction officers, those persons who last became members on or after September 1, 1983, but before
January 1, 2010.
Tier 5 . . . . . . . . . . . Those persons who last became members on or after January 1, 2010, but before April 1, 2012.
Tier 6 . . . . . . . . . . . Those persons who first became members on or after April 1, 2012.
PFRS
Tier 1 ........... Those persons who last became members before July 31, 1973.
Tier 2 ........... Those persons who last became members on or after July 31, 1973, but before July 1, 2009.
Tier 3 ........... Those persons who last became members on or after July 1, 2009, but before January 9, 2010.
Tier 4 ........... N/A
Tier 5 ........... Those persons who last became members on or after January 9, 2010, but before April 1, 2012, or who were previously
PFRS Tier 3 members who elected to become Tier 5.
Tier 6 . . . . . . . . . . . Those persons who first became members on or after April 1, 2012.
Generally, members of ERS and PFRS must be at of the wages earned in the three highest consecutive
least age 55 to be eligible to collect a retirement benefit. years of employment. Each year used in the final
There is no minimum service requirement for Tier 1 average salary calculation is limited to no more than
members. Full benefits may be collected at age 55 for 20 percent of the previous year (Tier 1) or no more
Tier 1 members. Members of Tiers 2, 3 and 4 must than 20 percent of the average of the previous two
generally have five years of service to be eligible to years (Tier 2). For Tier 3, 4 and 5 members, each year
collect a retirement benefit. The full benefit age for used in the final average salary calculation is limited
members of Tiers 2, 3 and 4 is 62. Tier 5 members to no more than 10 percent greater than the average
must have ten years of service to be eligible to collect of the previous two years. The benefit for Tier 6
a retirement benefit. The full benefit age for Tier 5 members who retire with 20 years of service is 1.75
members is 62. Tier 6 members must have ten years percent of final average salary for each year of service.
of service to be eligible to collect a retirement benefit. If a Tier 6 member retires with more than 20 years of
The full benefit age for Tier 6 is 63 for ERS member service, an additional benefit of 2 percent of final
and 62 for PFRS members. A member with less than average salary is applied for each year of service over
five years of service may withdraw and obtain a refund, 20 years. The final average salary for a Tier 6 member
including interest, of the accumulated employee con- is computed as the average of the wages earned in
tributions. Members who joined the System prior to the five highest consecutive years. Each year of final
January 1, 2010 generally need five years of service to average salary is limited to no more than 10 percent
be 100 percent vested. Members who joined on or after of the average of the previous four years.
January 1, 2010 (ERS) or January 9, 2010 (PFRS) need An automatic post-employment benefit is provided
10 years of service credit to be 100 percent vested. annually to pensioners who have attained age 62 and
Typically, the benefit for members in all Tiers have been retired for five years; to pensioners who
within ERS and PFRS is 1.67 percent of final average have attained age 55 and have been retired for 10
salary for each year of service if the member retires years; to all disability pensioners, regardless of age,
with less than 20 years. If a Tier 1 or 2 member retires who have been retired for five years; to ERS recipients
with 20 or more years of service, the benefit is 2 percent of an accidental death benefit, regardless of age, who
of final average salary for each year of service. If a have been receiving such benefit for five years; and
Tier 3, 4 or 5 member retires with between 20 and 30 the spouse of a deceased retiree receiving a lifetime
years of service, the benefit is 2 percent of final average benefit under an option elected by the retiree at retire-
salary for each year of service. If a Tier 3, 4 or 5 ment. An eligible spouse is entitled to one-half the
member retires with more than 30 years of service, cost-of-living adjustment amount that would have been
an additional benefit of 1.5 percent of final average paid to the retiree when the retiree would have met
salary is applied for each year of service over 30 years. the eligibility criteria. This cost-of-living adjustment
Final average salary for Tiers 1 through 5 is the average is a percentage of the annual retirement benefit of
____________________________________________________________________________________________ STATE OF NEW YORK
• 103
the eligible member as computed on a base benefit receivable due to the System as of March 31, 2017
amount not to exceed $18,000 of the annual retire- from the State is $691.9 million and from participating
ment benefit. The cost-of-living percentage shall be employers is $140.3 million. The thresholds for the
50 percent of the annual Consumer Price Index as fiscal year ended 2015 were 13.5 percent of payroll
published by the U.S. Bureau of Labor, but cannot be for ERS and 21.5 percent for PFRS. The interest rate
less than 1 percent or greater than 3 percent. was 3.15 percent. The amortized amount receivable
due to the System as of March 31, 2017 from the State
Contributions is $588.7 million and from participating employers
Employee contribution requirements depend upon is $114.8 million. The thresholds for the fiscal year
the point in time at which an employee last joined ended 2016 were 14.5 percent of payroll for ERS and
the System. Most Tier 1 and Tier 2 members of ERS, 22.5 percent for PFRS. The interest rate was 3.21
and most members of PFRS are not required to make percent. The amortized amount receivable due to the
employee contributions. Employees in Tiers 3, 4 and System as of March 31, 2017 from the State is $325.9
5 are required to contribute 3 percent of their salary million and from participating employers is $61.5
however, as a result of Article 19 of the RSSL, eligible million. The thresholds for the fiscal year ended 2017
Tier 3 and 4 employees who have ten or more years are 15.1 percent of payroll for ERS and 23.5 percent
of membership or credited service within the System for PFRS. The interest rate is 2.3 percent. The amor-
are not required to contribute. The Tier 6 contribution tized amount receivable due to the System as of March
rate varies from 3 percent to 6 percent depending on 31, 2017 from the State is zero and from participating
salary. Tiers 5 and 6 members are required to con- employers is $6.1 million. Amounts owed by the State
tribute for all years of service. Members cannot be under these programs have been allocated among the
required to begin contributing or to make increased governmental activities, and the SUNY and Lottery
contributions beyond what was required when their enterprise funds.
memberships began. The State’s contributions for the The fiscal year 2014 Enacted Budget included an
year ended March 31, 2017 were $1.6 billion for ERS alternate contribution program (the Alternate Con-
and $152 million for PFRS. tribution Stabilization Program) that provided certain
Participating employers are required under the participating employers with a one-time election to
RSSL to contribute to the System at an actuarially amortize slightly more of their required contributions
determined rate adopted annually by the Comptroller. than would be available for amortization under the
The average contribution rate for ERS for the fiscal 2010 legislation. In addition, the maximum payment
year ended March 31, 2017 was approximately 15.5 period was increased from ten years to twelve years.
percent of payroll. The average contribution rate for The election was available to counties, cities, towns,
PFRS for the fiscal year ended March 31, 2017 was villages, BOCES, school districts and the four public
approximately 24.3 percent of payroll. health care centers operated in the counties of Nassau,
RSSL Chapter 57 of the Laws of 2010 authorized Westchester and Erie. The State was not eligible to
the State and local employers to amortize over ten participate in the Alternate Contribution Stabilization
years, at 5 percent interest, the portion of their annual Program. The thresholds for the fiscal year ended
bill for fiscal year ended 2011 that exceeded 9.5 2014 were 12 percent of payroll for ERS and 20
percent of payroll for ERS and 17.5 percent of payroll percent for PFRS. The interest rate was 3.8 percent.
for PFRS. The amortized amount receivable due to The amortized amount receivable due to the System
the System as of March 31, 2017 from the State is as of March 31, 2017 from participating employers is
$111 million and from participating employers is $197.5 million. The thresholds for the fiscal year
$14.1 million. The thresholds for the fiscal year ended ended 2015 were 12 percent of payroll for ERS and
2012 were 10.5 percent of payroll for ERS and 18.5 20 percent for PFRS. The interest rate was 3.5 percent.
percent for PFRS. The interest rate was 3.75 percent. The amortized amount receivable due to the System
The amortized amount receivable due to the System as of March 31, 2017 from participating employers
as of March 31, 2017 from the State is $307.9 million is $168.9 million. The thresholds for the fiscal year
and from participating employers is $101.4 million. ended 2016 were 12.5 percent of payroll for ERS and
The thresholds for the fiscal year ended 2013 were 20.5 percent for PFRS. The interest rate was 3.3 per-
11.5 percent of payroll for ERS and 19.5 percent for cent. The amortized amount receivable due to the
PFRS. The interest rate was 3 percent. The amortized System as of March 31, 2017 from participating
amount receivable due to the System as of March 31, employers is $124.8 million. The thresholds for the
2017 from the State is $495.2 million and from par- fiscal year ended 2017 is 13 percent of payroll for
ticipating employers is $218.4 million. The thresholds ERS and 21 percent for PFRS. The interest rate is 2.6
for the fiscal year ended 2014 were 12.5 percent of percent. The amortized amount receivable due to
payroll for ERS and 20.5 percent for PFRS. The inter- the System as of March 31, 2017 from participating
est rate was 3.67 percent. The amortized amount employers is $93 million.
Net Pension Liabilities and State employees related to governmental activities,

Other Pension-Related Amounts as well as the SUNY and Lottery enterprise funds are
For purposes of determining net pension liability and members of ERS. The Statewide proportion of the
other pension-related amounts, information about ERS collective net pension liability measured at March
the fiduciary net position of ERS and PFRS and addi- 31, 2016 of 42.5 percent was allocated 39.6 percent
tions to and deductions from the ERS and PFRS fidu- to governmental activities, 2.8 percent to the SUNY
ciary net position have been determined on the same enterprise fund, and 0.05 percent to the Lottery enter-
basis reported by the System. Benefits are recognized prise fund, as compared to the March 31, 2015 pro-
when due and payable. Investments are recorded at portion being allocated 39.1 to governmental activities,
fair value as further described in Note 2. 2.7 percent to the SUNY enterprise fund, and .05
The State’s proportionate share of the collective percent to the Lottery enterprise fund. In addition to
net pension liability for ERS and PFRS reported at its allocation of the Statewide proportion, SUNY rec-
March 31, 2017, was measured as of March 31, 2016, ognized a proportion of the ERS collective net pension
and was determined using an actuarial valuation as liability of 2.6 percent associated with specific related
of April 1, 2015, with update procedures used to roll entities excluded from the Statewide proportion. Only
forward the total pension liability to March 31, 2016. State employees related to governmental activities are
The State’s proportion of the ERS and PFRS net members of PFRS. Therefore, the entire Statewide
pension liability measured at March 31, 2016, was proportion of the PFRS collective net pension liability
42.5 percent for ERS and 19.1 percent for PFRS, as is allocated to the governmental activities.
compared to 41.9 percent for ERS and 19 percent The State recognized net pension liability of $6.3
for PFRS at March 31, 2015. The State’s proportions billion and $566 million in the governmental activities
related to each plan were determined consistently with for its respective proportionate shares of the ERS and
the manner in which contributions to the pension plan PFRS collective net pension liabilities. Pension expense
are determined. The State’s total projected long-term recognized by the State in the governmental activities
contribution effort to ERS and PFRS was compared to was $2.3 billion for ERS and $205 million for PFRS
the total projected long-term contribution effort from for the year ended March 31, 2017. The State reported
all employers to ERS and PFRS in order to determine the following deferred outflows of resources and
the State’s proportion of the respective plan’s net deferred inflows of resources in the governmental activ-
pension liability. ities for ERS and PFRS at March 31, 2017 (amounts
in millions):
ERS PFRS
Deferred Deferred Deferred Deferred
Outflows of Inflows of Outflows of Inflows of
Resources Resources Resources Resources
Difference between expected and actual experience . . . . . . . . . $ 32 $ 753 $ 5 $ 86
Net difference between projected and actual investment
earnings on pension plan investments . . . . . . . . . . . . . . . . . . . 3,768 —0 0 0 0 0 318 —0 0 0 0 0
Changes in proportion and differences between employer
contributions and proportionate share of contributions . . . . . . 41 22 —0 0 0 0 0 14
Changes in assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,693 —0 0 0 0 0 244 —0 0 0 0 0
Contributions made subsequent to measurement date . . . . . . . . 1,477 —0 0 0 0 0 152 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,011 $ 775 $ 719 $ 100
The amounts of deferred outflows of resources of the net pension liability in the year ended March
resulting from contributions made subsequent to the 31, 2018. The remaining cumulative net amounts
measurement date will be recognized as a reduction reported as deferred outflows of resources and deferred
____________________________________________________________________________________________ STATE OF NEW YORK
• 105
inflows of resources related to pensions for the gov- SUNY recognized a net pension liability of $859.3
ernmental activities will be recognized in future million for its proportionate share of the ERS net
pension expense as follows (amounts in millions): pension liability. The Lottery recognized a net pension
Fiscal Year ERS PFRS
liability of $8.3 million for its proportionate share of
2018 ............... $ 1,209 $ 110
the ERS net pension liability. For the years ended June
2019 ............... 1,209 110
30, 2016 and March 31, 2017, SUNY and Lottery rec-
2020 ............... 1,209 110 ognized pension expense of $300 million and $3
2021 ............... 1,132 106 million, respectively, related to ERS, and deferred out-
2022 ............... —0 0 0 0 0 31 flows of resources and deferred inflows of resources
Total . . . . . . . . . . . . . $ 4,759 $ 467 related to ERS from the following sources (amounts
in millions):
SUNY Lottery
Difference between expected and actual experience . . . . . . . . . $ 4 $ 102 $ —0 0 0 0 0 $ 1
earnings on pension plan investments . . . . . . . . . . . . . . . . . . . 510 —0 0 0 0 0 5 —0 0 0 0 0
contributions and proportionate share of contributions . . . . . . 3 27 —0 0 0 0 0 —0 0 0 0 0
Changes in assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 —0 0 0 0 0 2 —0 0 0 0 0
Contributions made subsequent to measurement date . . . . . . . . —0 0 0 0 0 —0 0 0 0 0 2 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746 $ 129 $ 9 $ 1
The amounts of deferred outflows of resources of resources related to pensions for Lottery will be
resulting from contributions made subsequent to the recognized in pension expense in the amount of $2
measurement date will be recognized as a reduction million each year over the next four fiscal years.
of the net pension liability in the next fiscal year.
Remaining amounts reported as deferred outflows of Actuarial Assumptions
resources and deferred inflows of resources related The total pension liability for the March 31, 2016 mea-
to pensions for SUNY will be recognized in pension surement date was determined by using an actuarial
expense in the amount of $155.7 million each year valuation as of April 1, 2015, with update procedures
over the next three fiscal years and $149.9 million in used to roll forward the total pension liability to March
the fourth year. Remaining amounts reported as 31, 2016. The actuarial valuation for both ERS and
deferred outflows of resources and deferred inflows PFRS used the following actuarial assumptions:
Actuarial cost method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Entry age normal
Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 percent
Salary scale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8 percent in ERS; 4.5 percent in PFRS, indexed by service
Investment rate of return, including inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 percent compounded annually, net of investment expenses
Cost of living adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 percent annually
Decrements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Developed from each Plan’s 2015 experience study for period
April 1, 2010 through March 31, 2015
Mortality improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Society of Actuaries Scale MP-2014
The total pension liability for the March 31, 2015 to March 31, 2015. Actuarial methods and assumptions
measurement date was determined by using an actu- for ERS and PFRS for the prior year net pension lia-
arial valuation as of April 1, 2014, with update pro- bility measured at March 31, 2015 were:
cedures used to roll forward the total pension liability
Actuarial cost method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Entry age normal
Salary scale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9 percent in ERS; 6 percent in PFRS, indexed by service
Investment rate of return, including inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 percent compounded annually, net of investment expenses
Cost of living adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 percent annually
Decrements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Developed from each Plan’s 2010 experience study for period
April 1, 2005 through March 31, 2010
Mortality improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Society of Actuaries Scale MP-2014
Expected Rate of Return produce the long-term expected rate of return by

The long-term expected rate of return on pension plan weighting the expected future real rates of return by
investments was determined using a building-block the target asset allocation percentage and by adding
method in which best-estimate ranges of expected expected inflation. Best estimates of arithmetic real
future real rates of return (expected return, net of rates of return for each major asset class included in
investment expenses and inflation) are developed for the target asset allocation for each plan as of April 1,
each major asset class. These ranges are combined to 2015 are summarized below:
Long-term
Target Expected Rate
Asset Class Allocation of Return
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38% 7.30%
International equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13% 8.55%
Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 11%
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% 8.25%
Absolute return strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3% 6.75%
Opportunistic portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3% 8.60%
Real assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3% 8.65%
Bonds and mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18% 4%
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2% 2.25%
Inflation-indexed bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2% 4%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%
Discount Rate Therefore, the long-term expected rate of return on

The discount rate used to measure the ERS and PFRS pension plan investments was applied to all periods
total pension liabilities as of March 31, 2016 was 7 of projected benefit payments to determine the total
percent, as compared to 7.5 percent for the March pension liability.
31, 2015 measurement date. The projection of cash The following presents the current period net
flows used to determine the discount rate assumes pension liability of the State governmental activities,
that contributions from plan members will be made SUNY and Lottery calculated using the current
at the current contribution rates and that contributions period discount rate assumption of 7 percent, as well
from employers will be made at statutorily required as what the net pension liability (asset) would be if
rates, actuarially determined. Based upon these it were calculated using a discount rate that is 1 per-
assumptions, the ERS and PFRS fiduciary net positions centage-point lower (6 percent) or 1 percentage-
were projected to be available to make all projected point higher (8 percent) than the current assumption
future benefit payments of current plan members. (in millions):
1% Current 1%
Decrease Assumption Increase
(6%) (7%) (8%)
Governmental activities ERS net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . $ 14,319 $ 6,350 $ (383)
Governmental activities PFRS net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . $ 1,265 $ 566 $ (19)
SUNY net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,938 $ 859 $ (52)
Lottery net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19 $ 8 $ (1)
Voluntary Defined Contribution Plan ment selection. The VDCP is available to unrepresented
The Voluntary Defined Contribution Benefit Plan employees of New York State public employers hired
(VDCP) is offered though the Teachers Insurance and on or after July 1, 2013 and who earn $75,000 or more
Annuity Association—College Retirement Equities Fund on an annual basis. The VDCP includes a 366-day
(TIAA-CREF). TIAA-CREF is an Optional Retirement vesting period, after which a participant has full and
Program (ORP) and provides retirement and death immediate vesting in all retirement benefits provided
benefits through annuity contracts to those employees by the annuities purchased through the employee and
who elected to participate in the ORP. The VDCP is a employer contributions. The employer and employee
defined contribution pension plan. The State University contributions are not deposited into accounts until
of New York ORP is the administrator of the VDCP. the completion of the 366-day vesting period. Until
Prior to March 16, 2012, a limited number of that time, the funds are held in escrow by the Office
employees, most notably employees of the SUNY and of the State Comptroller. A participant who does not
CUNY Senior Colleges, had the option of enrolling complete the vesting period is entitled to a refund of
in this plan. Legislation signed into law on March 16, contributions, plus interest, upon request. The VDCP
2012, made the existing VDCP available to all eligible is the employees’ personal retirement account, and is
State employees who choose the plan as their retire- supported by employer and employee contributions
____________________________________________________________________________________________ STATE OF NEW YORK
• 107
plus any applicable earnings. Employee’s income is Employer and employee contributions for gov-
determined by the account balance. The employee has ernmental activities were $2 million and $1.5 million,
the opportunity for higher or lower retirement income respectively for March 31, 2017.
based on the investment decision and the performance
of the investment options selected by the employee. Other SUNY-related Pension Plans
The retirement income benefit will depend on several
factors including salary, duration of contributions, New York State Teachers’ Retirement System
investment earnings and age at retirement. Income is SUNY participates in the New York State Teachers’
not guaranteed. Retirement System (TRS). TRS was created and exists
Contribution rates are established by legislation pursuant to Article 11 of the New York State Education
passed by the State. Currently, the employer contri- Law. TRS is a cost-sharing, multiple-employer, defined-
bution of 8 percent of compensable salary is made to benefit public plan separately administered by a ten-
participants’ accounts while enrolled in this plan. For member board to provide pension and ancillary
the first three years of membership, the employee benefits to teachers employed by participating employ-
contribution rate is based on the reported annual ers in the State of New York, excluding New York
wage. After the first three years of membership, the City. The System issues a publicly available financial
employee contribution will be based on actual wages report that includes financial statements, expanded
earned during the prior two years. Legislation signed disclosures, and required supplementary informa-
into law on March 16, 2012 established the contribution for the System. The report may be obtained at
tion rates. Employee contributions increase in a pro- www.nystrs.org/Library/Publications/Annual-Report.
gressive fashion based on salary:
Employee
Plan Benefits
Contribution
Annual Wage Rate
Plan benefits for TRS are similar to that of ERS. Ben-
efits vary based on the date of membership, years of
$45,000 or less . . . . . . . . . . . . . . . . . . . . . . . 3% credited service and final average salary, vesting of
$45,000 to $55,000 . . . . . . . . . . . . . . . . . . . . 3.5%
$55,000 to $75,000 . . . . . . . . . . . . . . . . . . . . 4.5%
retirement benefits, death and disability benefits, and
$75,000 to $100,000 . . . . . . . . . . . . . . . . . . . 5.75%
optional methods of benefit payments.
More than $100,000 . . . . . . . . . . . . . . . . . . . 6%
The RSSL has established distinct classes of mem-
bership. The System uses a Tier concept within TRS
to distinguish these groups, as follows:
Tier 1 . . . . . . . . . . . Members who last joined prior to July 1, 1973 are covered by the provisions of Article 11 of the Education Law.
Tier 2 . . . . . . . . . . . Members who last joined on or after July 1, 1973, and prior to July 27, 1976 are covered by the provisions of Article 11
of the Education Law and Article 11 of the RSSL.
Tier 3 . . . . . . . . . . . Members who last joined on or after July 27, 1976 and prior to September 1, 1983 are covered by the provisions
of Article 14 and Article 15 of the RSSL.
Tier 4 . . . . . . . . . . . Members who last joined on or after September 1, 1983 and prior to January 1, 2010 are covered by the provisions
of Article 15 of the RSSL.
Tier 5 . . . . . . . . . . . Members who joined on or after January 1, 2010 and prior to April 1, 2012 are covered by the provisions of Article 15
of the RSSL.
Tier 6 . . . . . . . . . . . Members who joined on or after April 1, 2012 are covered by the provisions of Article 15 of the RSSL.
Tier 1 members are eligible, beginning at age 55, members are eligible for a service retirement allowance
for a service retirement allowance of approximately of 1.75 percent per year of credited service for the
2 percent per year of credited service times final first 20 years of service plus 2 percent per year for
average salary. Tiers 2 through 5 are eligible for the years of service in excess of 20 years of final average
same but with the following limitations: (1) Tiers 2 salary. Tier 6 members receive an unreduced benefit
through 4 members receive an unreduced benefit for for retirement at age 63 and receive a reduced benefit
retirement at age 62 or retirement at ages 55 through at ages 55 through 62 regardless of service credit. Plan
61 with 30 years of service or a reduced benefit for benefits vest after five years of credited service for
retirement at ages 55 through 61 with less than 30 members of Tiers 1 through 4 who joined prior to
years of service and (2) Tier 5 members receive an January 1, 2010. For members of Tiers 5 and 6, ben-
unreduced benefit for retirement at age 62 or retire- efits generally vest after 10 years of service. Obligations
ment at ages 57 through 61 with 30 years of service. of employers and employees to contribute, and related
They receive a reduced benefit for retirement at ages benefits, are governed by the RSSL and Education
55 and 56 regardless of service credit, or ages 57 Law and may only be amended by the Legislature with
through 61 with less than 30 years of service. Tier 6 the Governor’s approval.
Permanent cost of living adjustment (COLA) ben- At retirement, such accumulated member contributions
efits for both current and future retired members are can be withdrawn or are paid as a life annuity.
provided in Section 532-a of the Education Law. This Employers are required to contribute at an actu-
benefit will be paid commencing September of each arially determined rate adopted annually by the Retire-
year to retired members who have attained age 62 and ment Board, pursuant to Article 11 of the New York
have been retired for five years or attained age 55 and State Education Law. The actuarially determined con-
have been retired for 10 years. Disability retirees must tribution rate applicable to 2015-16 salaries was 13.3
have been retired for five years, regardless of age, to percent. For the fiscal year ended June 30, 2016,
be eligible. The annual COLA percentage is equal to SUNY employer contributions were $19.6 million.
50 percent of the increase in the consumer price index,
not to exceed 3 percent nor be lower than 1 percent. Net Pension Asset and
It is applied to the first $18,000 of the annual benefit. Pension-Related Amounts
SUNY’s proportionate share of the collective TRS net
Contributions pension asset reported at June 30, 2016 of $77.2
Tier 3 and Tier 4 members who have less than 10 million was measured at June 30, 2015. SUNY’s pro-
years of service or membership are required by law portion of the collective TRS net pension asset was
to contribute 3 percent of salary to the System. Tier based on the ratio of the SUNY’s employer contribu-
5 members are required by law to contribute 3.5 tion to the total TRS contractually required employer
percent of salary throughout their active membership. contributions for the year ended June 30, 2015.
Tier 6 members are required by law to contribute SUNY’s proportion of the collective TRS net pension
between 3 percent and 6 percent of salary throughout asset measured at June 30, 2015 was 0.74 percent,
their active membership in accordance with a schedule compared to 0.71 percent at June 30, 2014.
based upon salary earned. Pursuant to Article 14 and For purposes of determining net pension liability
Article 15 of the RSSL, those member contributions and other pension-related amounts, information about
are used to help fund the benefits provided by the the fiduciary net position of TRS and additions to and
System. However, if a member dies or leaves covered deductions from the TRS fiduciary net position have
employment with less than 5 years of credited service been determined on the same basis reported by the
for Tiers 3 and 4, or 10 years of credited service for System. Plan benefits are recognized when due and
Tiers 5 and 6, the member contributions with interest payable in accordance with the terms of the plan.
calculated at 5 percent per annum are refunded to Investments are reported at fair value.
the employee or designated beneficiary. Eligible Tier For the year ended June 30, 2016, SUNY recog-
1 and Tier 2 members may make member contribu- nized pension expense of ($5.2) million related to
tions under certain conditions pursuant to the provi- TRS. At June 30, 2016, SUNY reported deferred out-
sions of Article 11 of the Education Law and Article flows of resources and deferred inflows of resources
11 of the RSSL. Upon termination of membership, related to TRS from the following sources (amounts
such accumulated member contributions are refunded. in millions):
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —0 0 0 0 0 $ 2
Net difference between projected and actual investment earnings on pension plan investments . . . . . . . . —0 0 0 0 0 25
Changes in employer proportion and differences between employer contributions and
proportionate share of contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0 1
Employer contributions subsequent to measurement date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24 $ 28
The employer contributions subsequent to the as a reduction of net pension liability in the year
measurement date of $24 million will be recognized ended June 30, 2017. Remaining amounts reported
____________________________________________________________________________________________ STATE OF NEW YORK
• 109
as deferred inflows of resources related to TRS will Actuarial Assumptions

be recognized in pension expense as follows (amounts The total pension asset for the June 30, 2015 mea-
in millions): surement date was determined by using an actuarial
Fiscal Year valuation as of June 30, 2014, with update procedures
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10)
used to roll forward the total pension liability to June
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) 30, 2015. The actuarial assumptions used in the June
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10)
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
30, 2014 actuarial valuation were based on the actuarial
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)
experience study for the period July 1, 2005 through
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . (1)
June 30, 2010. The actuarial valuation used the fol-
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (28)
lowing actuarial assumptions:
Inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 percent
Investment rate of return, including inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 percent compounded annually, net of investment expenses
Cost of living adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.625 percent compounded annually
Annuitant mortality rates are based on plan Expected Rate of Return

member experience, with adjustments for mortality The long-term expected rate of return on pension
improvement based on Society of Actuaries Scale AA. plan investments was determined in accordance with
Rates of projected salary increases are based on age Actuarial Standards of Practice (ASOP) No. 27, Selection
and gender and have been calculated based on recent of Economic Assumptions for Measuring Pension Obligations,
TRS member experience and are as follows: (ASOP No. 27), which provides guidance on the selec-
Age Female Male tion of an appropriate assumed investment rate of
25 ................. 10.35% 10.91%
return. Consideration was given to the expected future
35 ................. 6.26% 6.27% real rates of return (expected returns, net of pension
45 ................. 5.39% 5.04%
55 ................. 4.42% 4.01%
plan investment expense and inflation) for each major
asset class as well as historical investment data and
plan performance. Best estimates of arithmetic real
rates of return for each major asset class included in
TRS’s target asset allocation as of the valuation date
of June 30, 2015 are as follows:
Long-term
Domestic equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37% 6.5%
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18% 7.7%
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 4.6%
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% 9.9%
Domestic fixed income securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17% 2.1%
Global fixed income securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2% 1.9%
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% 3.4%
Short-term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1% 1.2%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%
Discount Rate statutorily required rates, actuarially determined.

The discount rate used to measure the total pension Based on these assumptions, the fiduciary net position
liability at June 30, 2015 was 8 percent, which is con- was projected to be available to make all projected
sistent with the June 30, 2014 measurement date. The future benefit payments of current plan members.
projection of cash flows used to determine the discount Therefore, the long-term expected rate of return on
rate assumed that contributions from plan members pension plan investments was applied to all periods
will be made at the current member contribution rates of projected benefit payments to determine the total
and that contributions from members will be made at pension liability.
The following presents the net pension liability rate that is 1 percentage point lower (7 percent) and
(asset) of SUNY, calculated using the discount rate of 1 percentage point higher (9 percent) than the current
8 percent as well as what SUNY’s net pension liability year rate (in millions):
(asset) would be if it were calculated using a discount
1% Current 1%
(7%) (8%) (9%)
Net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.3 $ (77.2) $ (147.5)
Upstate Medical University Net Pension Liability and

Plan for Former Employees Other Pension-Related Amounts
of Community General Hospital SUNY recognized a net pension liability related to
SUNY administers a single-employer defined-benefit the Upstate Plan of $14.4 million as of June 30, 2016,
plan, “the Upstate Medical University Retirement Plan based on the net pension liability as reported by the
for Former Employees of Community General Hospital plan as of December 31, 2015, as follows (in millions):
Total pension liability . . . . . . . . . . . . . . . . . . . $ 104.6
(CGH)” (Upstate Plan). This plan provides for retire-
ment benefits for former employees of CGH, and can Plan fiduciary net position . . . . . . . . . . . . . . . 90.2
Net pension liability . . . . . . . . . . . . . . . . . . $ 14.4
be amended subject to applicable collective bargaining
and employment agreements. For those who opted
out of this plan, benefit accruals were frozen. No new
participants can enter this plan. SUNY established a At June 30, 2016, $2.8 million was reported as
Pension Oversight Committee (Committee) which has deferred outflows of resources related to pensions
the primary fiduciary responsibility oversight of the resulting from SUNY contributions subsequent to the
Upstate Plan. The Committee is permitted to invest measurement date that will be recognized as a reduc-
plan assets pursuant to various provisions of State law, tion of the net pension liability in the year ended June
including the RSSL. 30, 2017. Pension expense for the year was $5.9
The Upstate Plan provides retirement, disability, million. At June 30, 2016, SUNY reported deferred
termination and death benefits to plan participants outflows of resources related to the Upstate Plan from
and their beneficiaries. Pension benefits are generally the following sources (amounts in millions):
Deferred
based on the highest five year average compensation
of the final ten years of employment, and years of Outflows of
credited service as outlined in the plan. Covered Resources
employees with five or more years of service are enti- Difference between expected and
tled to a pension benefit beginning at normal retire- actual experience . . . . . . . . . . . . . . . . . . . $ 1
Net difference between projected and
actual investment earnings on
ment age (65). Participants become fully vested after
pension plan investments . . . . . . . . . . . . . 5
five years of service. Participants with less than five
Changes in assumptions . . . . . . . . . . . . . . . 1
years of service are not vested. The funding policy is
Employer contributions subsequent
to contribute enough to the Upstate Plan to satisfy
the annual required contribution. Employer contri- to measurement date . . . . . . . . . . . . . . . . 3
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10
butions for 2016 were $2 million. Employees do not
contribute to the plan. At December 31, 2015, mem-
bership of the Upstate Plan totaled 1,607 members,
comprising 465 active members, 439 inactive vested The employer contributions subsequent to the
members, and 703 retirees and beneficiaries currently measurement date of $3 million will be recognized as
receiving benefits. a reduction of net pension liability in the year ended
The Upstate Plan issues a stand-alone financial June 30, 2017. Remaining amounts reported as
report on a calendar year basis that includes disclosure deferred outflows of resources related to the Upstate
about the elements of the plan’s basic financial state- Plan will be recognized in pension expense as follows
ments. These financial statements are prepared on (amounts in millions):
the accrual basis of accounting in accordance with Fiscal Year
2017 ............................... $ 3
GAAP, with investments reported at fair value and
benefits recognized when due and payable in accor- 2018 ............................... 2
dance with the terms of the Upstate Plan. The Upstate 2019 ............................... 1
Plan’s fiduciary net position for purposes of deter- 2020 ............................... 1
mining net pension liability has been determined Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7
on the same basis used by the Upstate Plan. The
pension plan financial statements may be requested
at [email protected].
____________________________________________________________________________________________ STATE OF NEW YORK
• 111
Actuarial Assumptions Expected Rate of Return

The total pension liability at December 31, 2015 was The long-term expected rate of return on pension plan
determined by using an actuarial valuation as of investments was determined in accordance with ASOP
December 31, 2015. The actuarial assumptions No. 27 which provides guidance on the selection of an
included in the December 31, 2015 measurement appropriate assumed investment rate of return. Con-
included an inflation factor of 3 percent, projected sideration was given to the expected future real rates
salary increases of 3.5 percent and an investment rate of return (expected returns, net of pension plan invest-
of return of 6.5 percent. Mortality rates were based ment expense and inflation) for each major class as
on the RP-2014 Mortality Tables with full generational well as historical investment data and plan performance.
projections using Scale MP-2014. Best estimates of arithmetic real rates of return for each
major asset class included in the Upstate Plan’s target
asset allocation as of December 31, 2015 is as follows:
Long-term
U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50% 5.10%
Non-U.S. equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15% 5%
Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30% 0.75%
Alternatives (Real assets) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5% 3.75%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%
Discount Rate future benefit payments of current plan members.

The discount rate used to measure the total pension Therefore, the long-term expected rate of return on
liability was 6.5 percent, which is consistent with the pension plan investments was applied to all periods
December 31, 2014 measurement date. The projection of projected benefit payments to determine the total
of cash flows used to determine the discount rate pension liability.
assumed that contributions from plan members will The following presents the net pension liability
be made at the current member contribution rates calculated using the discount rate of 6.5 percent, as
and that contributions from members will be made at well as what the net pension liability would be if it were
statutorily required rates, actuarially determined. calculated using a discount rate that is 1 percentage
Based on these assumptions, the fiduciary net position point lower (5.5 percent) or 1 percentage point higher
was projected to be available to make all projected (7.5 percent) than the current rate (in millions):
1% Current 1%
(5.5%) (6.5%) (7.5%)
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27 $ 14 $ 4
Optional Retirement Program on or after April 1, 2012 are required to contribute

SUNY employees may also participate in an Optional between 3 percent and 6 percent, dependent upon their
Retirement Program (ORP) under IRS Section 401 (a), salary, for their entire working career. Employer con-
which is a multiple-employer, defined contribution tributions range from 8 percent to 15 percent depend-
plan administered by separate vendors—TIAA-CREF, ing upon when the employee was hired. Employee
Fidelity, Metropolitan Life, VALIC, and VOYA. ORP contributions are deducted from their salaries and
employer and employee contributions are dictated by remitted on a current basis to the respective ORP. For
State law. The ORP provides benefits through annuity the year ended June 30, 2016, SUNY recognized a
contracts and provides retirement and death benefits pension expense of $242.3 million.
to those employees who elected to participate in an
ORP. Benefits are determined by the amount of indi- The Research Foundation
vidual accumulations and the retirement income option The Research Foundation for SUNY is a separate,
selected. All benefits generally vest after the completion private, nonprofit educational corporation that admin-
of one year of service if the employee is retained there- isters the majority of SUNY’s sponsored programs.
after. Employer contributions are not remitted to an These programs are for the exclusive benefit of SUNY.
ORP plan until an employee is fully vested. As such, The Research Foundation maintains a separate non-
there are no forfeitures reported by these plans if an contributory plan through TIAA-CREF for substan-
employee is terminated prior to vesting. Employees tially all nonstudent employees. Contributions are
who joined an ORP after July 27, 1976, and have less based on a percentage of earnings and range from 8
than ten years of service or membership are required percent to 15 percent, depending on date of hire.
to contribute 3 percent of their salary. Those joining Employees become fully vested after completing one
year of service. Contributions are allocated to indi- Each of these retirement plans issue publicly avail-
vidual employee accounts. The Research Foundation able financial reports that include financial statements
pension contributions, which represents pension and required supplementary information. Please refer
expense, were $31 million for 2016, which is 100 to www.nycers.org and www.trsnyc.org for additional infor-
percent of the required contribution. mation about NYCERS and NYCTRS, respectively.
CUNY Senior Colleges Pension Plans Net Pension Liability and

Other Pension-Related Amounts
NYCERS and NYCTRS
At June 30, 2016, CUNY reported liabilities of $303
CUNY Senior Colleges participate in the New York million and $732.9 million for NYCERS and NYCTRS,
City Employees’ Retirement System (NYCERS) and respectively, for its proportionate share of each plan’s
the Teachers’ Retirement System of the City of New net pension liability, measured as of June 30, 2016.
York Qualified Pension Plan (NYCTRS). NYCERS and CUNY’s proportion of the respective net pension lia-
NYCTRS are cost-sharing, multiple-employer defined bility at June 30, 2016 was based on CUNY’s actual
benefit plans administered by the City of New York. contributions to NYCERS and NYCTRS relative to
NYCERS and NYCTRS provide retirement benefits, the total contributions of participating employers for
as well as death and disability benefits. each plan for fiscal year 2016, which was 1.2 percent
NYCERS and NYCTRS provide benefits to mem- and 2.8 percent for NYCERS and NYCTRS, respec-
bers who are in different Tiers. The members’ Tier is tively. CUNY’s proportion of the net pension liabilities
determined by the date of membership. Subject to of NYCERS and NYCTRS were 1.2 percent and 2.5
certain conditions, members generally become fully percent for fiscal year 2015, respectively.
vested as to benefits upon the completion of five years For purposes of measuring the net pension lia-
of service. Annual pension benefits are calculated as bility, deferred outflows of resources and deferred
a percentage of final average salary multiplied by the inflows of resources related to pensions, and pension
number of years of service, and changes with the expense, information about the respective fiduciary
number of years of membership within the plan. Ben- net positions of NYCERS and NYCTRS and additions
efits for members can be amended under the RSSL. to and deductions from NYCERS’ and NYCTRS’
Contribution requirements of the active employees respective fiduciary net positions have been deter-
and the participating New York City agencies are estab- mined on the same basis as they are reported by
lished and may be amended by the NYCERS and NYCERS and NYCTRS. Accordingly, benefit pay-
NYCTRS Board. Employees’ contributions are deter- ments (including refunds of employee contributions)
mined by their Tier and number of years of service. are recognized when due and payable in accordance
They may range between zero and 9.1 percent of their with the benefit terms. Investments are reported at
annual pay. Statutorily-required contributions to fair value.
NYCERS and NYCTRS are actuarially determined in CUNY’s annual pension expense for NYCERS
accordance with State statues and City laws and are and NYCTRS for the fiscal year ended June 30, 2016
funded by the employer within the appropriate fiscal was approximately $45.4 million and $125.2 million,
year. CUNY made its contractually required contri- respectively. The following presents a summary of the
butions to both NYCERS and NYCTRS for the year deferred outflows of resources and deferred inflows
ended June 30, 2016 in the amounts of $42 million of resources at June 30, 2016 (in millions):
and $102.9 million, respectively.
NYCERS NYCTRS
Differences between expected and actual experience . . . . . . . . . $ —0 0 0 0 0 $ 9 $ 46 $ —0 0 0 0 0
earnings on pension plan investments . . . . . . . . . . . . . . . . . . . 45 29 65 89
contributions and proportionate share of contributions . . . . . . 11 —0 0 0 0 0 50 4
Changes in assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 —0 0 0 0 0 50 —0 0 0 0 0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79 $ 38 $ 211 $ 93
____________________________________________________________________________________________ STATE OF NEW YORK
• 113
Amounts reported as defer red outflows of Actuarial Assumptions

resources and deferred inflows of resources related to The total pension liability used to calculate the net
pensions will be recognized in pension expense as pension liability was determined by an actuarial val-
follows (in millions): uation as of June 30, 2014 and rolled forward to
Fiscal Year NYCERS NYCTRS CUNY’s measurement date of June 30, 2016 for both
2016 ............... $ 8 $ 20
NYCERS and NYCTRS. The total pension liability
2017 ............... 10 35 in the June 30, 2014 actuarial valuation for both
2018 ............... 16 53 NYCERS and NYCTRS was determined using the
2019 ............... 7 10 following actuarial assumptions:
Total . . . . . . . . . . . . . $ 41 $ 118

Salary increases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Generally 3 percent per year and increases for merit
and promotional
Investment rate of return including inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 percent net of investment expenses and actual return
for variable funds
Cost of living adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 percent and 2.5 percent for various Tiers
Mortality rates and methods used in determination Expected Rate of Return

of the total pension liability for both NYCERS and The long-term rate of return on pension plan invest-
NYCTRS were adopted by the New York City Retire- ments was determined using a building-block method
ment System (NYCRS) Boards of Trustees during fiscal in which best-estimate ranges of expected real rates
year 2016. Pursuant to Section 96 of the New York of return are developed for each major asset class.
City Charter, studies of the actuarial assumptions used These ranges are combined to produce the long-term
to value liabilities of the five actuarially funded NYCRS expected rate of return by weighting the expected real
are conducted every two years. rates of return by the target asset allocation percentage
Mortality tables for service and disability pension- and by adding expected inflation. The target allocation
ers were developed from an experience study of the and best estimates of arithmetic real rates of return
Plan. The mortality tables for beneficiaries were devel- for each major asset class for both NYCERS and
oped from an experience review. NYCTRS are summarized in the following tables:
NYCERS
Real Return Long-term
Target Arithmetic Expected Rate
Asset Class Allocation Basis of Return
U.S. public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32.6% 6.6% 2.15%
International public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 7% 0.7%
Emerging public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.9% 7.9% 0.55%
Private market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7% 9.9% 0.69%
U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.5% 2.7% 0.9%
Alternatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% 4% 0.4%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 5.39%
NYCTRS
Real Return Long-term
Target Arithmetic Expected Rate
Asset Class Allocation Basis of Return
U.S. public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34% 6.6% 2.24%
International public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9% 7% 0.63%
Emerging public market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8% 7.9% 0.63%
Private market equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 9.9% 0.59%
U.S. fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37% 2.7% 1%
Alternatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% 4% 0.24%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 5.33%
Discount Rate current active and non-active NYCERS and NYCTRS

The discount rate used to measure the total pension members. Therefore, the long-term expected rate of
liability as of June 30, 2016 for both NYCERS and return on NYCERS and NYCTRS investments was
NYCTRS was 7 percent. The projection of cash flow applied to all periods of projected benefit payments
used to determine the discount rate assumed that to determine the total pension liability.
employee contributions will be made at the rates The following presents CUNY’s proportionate
applicable to the current Tier for each member and share of the net pension liabilities calculated using the
that the employer contributions will be made based discount rate of 7 percent, as well as what CUNY’s pro-
on rates determined by the Actuary. Based on those portionate share of the net pension liability would be
assumptions, the NYCERS and NYCTRS respective if it were calculated using a discount rate that is 1 per-
fiduciary net positions was projected to be available centage point lower (6 percent) or 1 percentage point
to make all projected future benefit payments of higher (8 percent) than the current rate (in millions):
1% Current 1%
(6%) (7%) (8%)
NYCERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 415.4 $ 303 $ 208.8
NYCTRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 936.6 $ 732.9 $ 562.6
TIAA-CREF Employer and employee contribution require-

The University also provides pension plans for its ments to TIAA-CREF are determined by the RSSL.
employees in Teachers’ Insurance and Annuity Asso- Participating employees in Tiers 1 through 4 con-
ciation—College Retirement Equities Fund (TIAA- tribute 1.5 percent of salary on an after-tax basis. Par-
CREF). TIAA-CREF provides retirement and death ticipating employees in Tier 5 contribute 3 percent
benefits for or on behalf of those full-time professional of salary on an after-tax basis. Employer contributions
employees and faculty members electing to participate range from 10.5 percent to 13.5 percent for Tiers 1
in this optional retirement program. through 4, depending upon the employee’s compen-
TIAA-CREF is a privately operated, multi-employer sation, and 8 percent to 10 percent of salary for Tier
defined contribution retirement plan. TIAA-CREF 5, depending upon the employee’s years of service.
obligations of employers and employees to contribute Employee contributions for fiscal year 2016 amounted
and of employees to receive benefits are governed by to approximately $54.7 million. The employer con-
the New York State Education Law and City laws. tributions recognized as pension expense for the year
ended June 30, 2016 were $79.6 million.
Note 13 Other Postemployment Benefits (OPEB)

Governmental Activities PA and PE employees and retirees. Eligible covered
The New York State Health Insurance Program dependents bring the total number of covered indi-
(NYSHIP) was established by the State Legislature in viduals to approximately 1.2 million. SUNY participates
1957 to provide health insurance to New York State in NYSHIP, but CUNY does not. Of the State’s 42 dis-
employees, retirees and their eligible dependents. cretely presented component units, which are consid-
Public authorities, public benefit corporations, and ered PEs, a majority participate in NYSHIP. NYSHIP
other quasi-public entities that choose to participate does not issue a stand-alone financial report, but
in NYSHIP are participating employers (PEs). Local NYSHIP’s activities are included within the State’s
government units that choose to participate in NYSHIP financial statements. NYSHIP is classified as an agent
are called participating agencies (PAs). At present, multiple-employer plan and financial information is
there are approximately 307 New York State agencies, reported in an agency fund and accounted for on the
97 PEs, and 811 PAs in NYSHIP. NYSHIP currently accrual basis of accounting. Information related to
covers approximately 603 thousand New York State, investment valuations is presented in Note 2.
Enrollment *NYS* PEs PAs Total
Current active participants** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,762 38,048 104,290 325,100
Vestee participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 207 244 781
COBRA participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761 535 277 1,573
Other inactive participants*** . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,242 19,109 97,408 275,759
Total participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,095 57,899 202,219 603,213
***Includes State and SUNY participants.

***Excludes active employees (6,117 NYS and 144 Roswell Park (PE employees) who have opted out of NYSHIP in return for a biweekly
reimbursement—for NYS, equal to $1,000 and $3,000 annually for opting out of Individual only coverage and Family coverage, respectively).
***Includes retirees, dependent survivors, long-term disability enrollees, young adult program enrollees and preferred list enrollees.
____________________________________________________________________________________________ STATE OF NEW YORK
• 115
During the fiscal year ended March 31, 2017, Contributions

NYSHIP provided health insurance coverage through: The authority under which the obligations of the plan
the Empire Plan, an indemnity health insurance plan members, employers and other contributing entities
with managed care components; eight Health Main- to contribute to the plan are established or may be
tenance Organizations (HMOs); and the Student amended can be found in Article XI, Section 167 of
Employee Health Plan (SEHP). Generally, these Civil Service Law. Contributions are determined in
include hospital, medical, mental health and substance accordance with Civil Service Law—Article XI, Sections
abuse benefits, and prescription drug benefits. 165, 165-a and 167, which assigns the authority to
The benefit design of the Empire Plan is the result NYSHIP to establish and amend the benefit provisions
of collective bargaining between the State and the of the plans and to establish maximum obligations of
various unions representing its employees. Therefore, the plan members to contribute. The costs of admin-
the benefit design is subject to periodic change. Ben- istering the plan are charged as part of the health
efits are administratively extended to non-represented insurance premium to all payors under the authority
State employees, employees of PAs and PEs, and of Section 163.2 of Civil Service Law. A retiree is gen-
retirees. Each participating employer in the plan is erally required to pay on a monthly basis either 12
required to disclose additional information with regard percent or 27 percent of the health insurance premium
to funding policy, the employer’s annual OPEB costs for enrollee or dependent coverage, respectively, which
and contributions made, the funded status and funding is reduced by the amount of sick leave credits available
progress of the employer’s individual plan, and actu- at the time of retirement factored by the employee’s
arial methods and assumptions used. retirement age. Required employer contribution rates,
Substantially all of the State’s employees may depending upon enrollee or dependent coverage, are
become eligible for postemployment benefits if they presented in the following table:
reach retirement age while working for the State. The
costs of providing postemployment benefits are shared
between the State and the retired employee.
EMPLOYER CONTRIBUTIONS
(As Percentages of Premium Rates)
Enrollee Dependent
Enrollee Group Coverage Coverage
Active GSEU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88% 73%
Active (Union and MC)—Below Grade 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88% 73%
Active (Union and MC)—Grade 10 and above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84% 69%
Preferred list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 75%
Retired before January 1, 1983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 75%
Retired on/after January 1, 1983 but before January 1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88% 73%
Retired on/after January 1, 2012—Below Grade 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88% 73%
Retired on/after January 1, 2012—Grade 10 and above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84% 69%
Amended dependent survivors(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75% 75%
Full share dependent survivors/long term disability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% 0%
Dependent survivors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 75%
Attica dependent survivors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 100%
Vestees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% 0%
COBRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% 0%
Young Adult Option enrollees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0% n/a
Participating employers and participating agencies(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50% 35%
(1)
State contribution for enrollee and dependent coverage is 75 percent of dependent coverage.
(2)
Values reported are minimum employer share. Employers can pay greater percentages of premiums for their retirees.
The State reimburses Medicare eligible enrollees In addition, the State reduces the retiree health
100 percent of the cost of the monthly Medicare Part insurance contributions for the value of a retiree’s
B premium. However, the funding of the cost of the unused sick leave credit at retirement (converted to
Medicare reimbursements is not the sole responsibility a monthly fixed value). The cost is paid by the State.
of the employer. A Medicare Part B component has
been incorporated into the NYSHIP Premium Rates. Funding Policy
It is just one component of the NYSHIP premiums in The contribution requirements of plan members and
which the above listed employer contribution percent- the State are established and may be amended by the
ages are applicable. The premium generated from State Legislature. The State is not required to fund
the Medicare Part B NYSHIP rate component is uti- the plan other than the pay-as-you-go amount neces-
lized to make the Medicare Part B reimbursement sary to provide current benefits to retirees. For the
payments to Medicare Primary NYSHIP enrollees. fiscal year ended March 31, 2017, the State paid $1.4
billion on behalf of the plan. The RSI contains a sched- any unfunded actuarial liabilities (or funding excess)
ule of funding progress that presents multi-year trend of the plan over a period not to exceed thirty years.
information for actuarial values of plan assets and Amounts “required” but not actually set aside to pay
accrued liabilities. for these benefits are accumulated with interest as part
of the net OPEB obligation, after adjusting for amounts
Annual OPEB Cost and previously “required.” The State’s annual OPEB cost
Net OPEB Obligation for the year, the amount actually paid on behalf of the
The annual required contribution (ARC) represents a plan, and changes in the State’s net OPEB obligation
level of funding that, if paid on an ongoing basis, is to the plan for the year ended March 31, 2017 are as
projected to cover normal costs each year and amortize follows (amounts in millions):
Annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,298
Interest on net OPEB obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489
Adjustment to annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (545)
Annual OPEB cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,242
Contributions made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,447)
Increase in OPEB obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,795
Net obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,507
Net obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,302
Actuarial accrued liability (AAL) April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,830

Funded OPEB plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 0 0
Unfunded actuarial accrued liability (UAAL) April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 72,830
Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 %
Covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,676
UAAL as percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 839.4%
In accordance with GASBS No. 45, Accounting and The State’s annual OPEB cost, the percentage of
Financial Reporting by Employers for Postemployment Ben- annual OPEB cost contributed to the plan, and the
efits Other Than Pensions, the actuarial valuation of net OPEB obligation for the three most recent fiscal
OPEB also includes the value of sick leave that will years ended March 31 were as follows (amounts in
be converted to reduce the retiree’s share of health millions):
Percentage
insurance premiums.
Annual of Annual Net OPEB
Fiscal Year Ended OPEB Cost OPEB Cost Paid Obligation
03/31/17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,242 44.63% $ 17,302
03/31/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,246 41.31% $ 15,507
03/31/15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,287 55.01% $ 13,602
Actuarial Methods and Assumptions of projected payroll amortization method. Health care
Projections of benefits for financial reporting purposes trends were split to reflect separate trends for pre and
are based on the plan and include the types of benefits post-65 (age) claims given that current standards suggest
provided at the time of each valuation. The actuarial post-65 claims grow at a smaller rate than do pre-65
methods and assumptions used include techniques claims. The pre-65 trend assumption begins at 8.25
that are designed to reduce short-term volatility in percent and decreases to a 4.75 percent long-term trend
actuarial accrued liabilities and the actuarial value of rate for all health care benefits after nine years. The
assets, consistent with the long-term perspective of trend assumption for post-65 benefits begins at 5.5
the calculations. percent and decreases to a 4.75 percent long-term trend
The State’s $3.2 billion annual OPEB cost, deter- rate after nine years. The drug benefits assumption
mined using the April 1, 2014 actuarial valuation with begins at 6.75 percent and decreases to a 4.75 percent
results projected to April 1, 2016 for the fiscal year long-term trend rate. Additionally, a trend starting at
ended March 31, 2017, was determined using the 5 percent per year and decreasing to 4.75 percent after
frozen entry age actuarial cost method, allocating costs nine years was assumed for the Employer Group Waiver
on a level basis over earnings. Plan (EGWP) benefits. Other actuarial assumptions
The State’s April 1, 2014 actuarial valuation used include a salary growth rate of 3 percent, an inflation
the frozen entry age actuarial cost method with amor- rate of 2.75 percent and a discount rate of 3.155 percent
tization of the unfunded actuarial accrued liability over that was the average short-term investment pool rate
an open period of 30 years using the level percentage for the past 20 years at the time of the valuation.
____________________________________________________________________________________________ STATE OF NEW YORK
• 117
The State’s $72.8 billion unfunded actuarial the probability of events in the future. Examples
accrued liability was calculated in the April 1, 2016 include assumptions about employment, mortality
actuarial valuation using the frozen entry age actuarial and healthcare cost trends. Actuarial valuations are
cost method and was amortized over an open period subject to continual revision as actual results are com-
of 30 years using the level percentage of projected pared to past expectations and new estimates are
payroll amortization method. Health care trends were made about the future.
split to reflect separate trends for pre and post-65
(age) claims given that current standards suggest post- Business-type Activities
65 claims grow at a smaller rate than do pre-65 claims. The State, on behalf of SUNY, provides health insur-
The pre-65 trend assumption begins at 6.75 percent ance coverage for eligible retired SUNY employees
and decreases to a 4.75 percent long-term trend rate and their spouses as part of the New York State Health
for all health care benefits after seven years. The trend Insurance Plan (NYSHIP). Employee contribution
assumption for post-65 benefits begins at 5.3 percent rates for NYSHIP are established by the State and are
and decreases to a 4.75 percent long-term trend rate generally 12 percent (ranging from 12 to 16 percent)
after seven years. The drug benefits assumption begins for enrollee coverage, and 27 percent (ranging from
at 10 percent and decreases to a 4.75 percent long- 27 to 31 percent) for dependent coverage. The frozen
term trend rate after seven years. Additionally, a trend entry age actuarial cost method is used to determine
starting at 5 percent per year and decreasing to 4.75 the annual required contribution amounts and the
percent after six years was assumed for the Employer annual net OPEB obligation. The actuarial assump-
Group Waiver Plan (EGWP) benefits. Other actuarial tions include a 3.2 percent discount rate, salary growth
assumptions include a salary growth rate of 3 percent, rate of 3 percent, an inflation rate of 2.75 percent,
an inflation rate of 2.5 percent and a discount rate and an annual healthcare cost trend rate for medical
of 2.637 percent that was the average short-term coverage of 8.25 percent initially, reduced by decre-
investment pool rate for the past 20 years at the time ments to a rate of 4.75 percent after 7 years.
of the valuation. SUNY’s annual OPEB costs and changes in net
Actuarial valuations involve estimates of the OPEB obligations for the year ended June 30, 2016
value of reported amounts and assumptions about are as follows (amounts in millions):
Annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 939
Annual OPEB cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 923
Contributions made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (284)
Increase in OPEB obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639
Net obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,680
Net obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,319
Actuarial accrued liability (AAL) April 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,427

Unfunded actuarial accrued liability (UAAL) April 1, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,427
Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 %
Covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,601
The SUNY Research Foundation, a blended com- ($5.5 billion), includes SUNY’s net obligation above
ponent unit of SUNY, is not included in the numbers ($5.3 billion), and the net obligation of the SUNY
reported above. The SUNY Research Foundation Research Foundation’s plan as of June 30, 2016
reports other postemployment benefits in accordance ($209 million).
with the Accounting Standards Codification (ASC) SUNY’s annual OPEB cost, the percentage of
Topic 715, Compensation—Retirement Benefits. SUNY’s annual OPEB cost contributed to the plan, and the
other postemployment benefits liability reported net OPEB obligation for SUNY’s three most recent
in the Statement of Net Position, Enterprise Funds fiscal years were as follows (amounts in millions):
Percentage
06/30/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 923 30.77% $ 5,319
06/30/15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 926 28.51% $ 4,680
06/30/14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 719 35.05% $ 4,018
CUNY retirees receive retiree healthcare benefits in NYCRS who retired from community colleges. The
through the New York City Health Benefits Program, entry age actuarial cost method is used to determine
which is a single-employer defined benefit healthcare the annual required contribution amounts and the
plan. The program covers individuals who receive annual net OPEB obligation. The actuarial assump-
pensions from one of the following three pension tions include a 4 percent discount rate, payroll growth
plans within the New York City Retirement System rate of 3 percent, and an annual healthcare cost trend
(NYCRS): New York City Employees’ Retirement rate for medical coverage of 8 percent initially, reduced
System; New York City Teachers’ Retirement System; to a rate of 5 percent by 2023.
and New York City Board of Education Retirement CUNY’s annual OPEB costs and changes in net
System. New York City pays for the coverage (Basic OPEB obligations for the year ended June 30, 2016
Coverage and Welfare Fund contributions) for retirees are as follows (amounts in millions):
Annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 123
Annual OPEB cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
Contributions made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29)
Increase in OPEB obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
Net obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 614
Net obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 708
Actuarial accrued liability (AAL) June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,186

Unfunded actuarial accrued liability (UAAL) June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,186
Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 %
Covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,026
The CUNY Research Foundation, a blended com- Senior Colleges’ net obligation above ($708 million),
ponent unit of the CUNY Senior Colleges, reports and the funded status of the CUNY Research Foun-
other postemployment benefits in accordance with dation’s plan as of June 30, 2016 ($0.6 million).
ASC Topic 715, Compensation—Retirement Benefits. CUNY’s annual OPEB cost, the percentage of
CUNY Senior Colleges’ other postemployment ben- annual OPEB cost contributed to the plan, and the
efits liability reported in the Statement of Net Position, net OPEB obligation for CUNY’s three most recent
Enterprise Funds ($708 million), includes the CUNY fiscal years were as follows (amounts in millions):
Percentage
06/30/16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 123 23.58% $ 708
06/30/15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 120 24.17% $ 614
06/30/14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100 33.00% $ 523
Note 14 Discretely Presented Component Units—Public Benefit Corporations

Discretely presented component units—public benefit Corporations are generally supported by revenues
corporations (Corporations), as defined in Note 1, are derived from their activities, although the State has
legally separate entities that are not operating depart- provided financial assistance, in some cases of a recur-
ments of the State. The Corporations are managed ring nature, to certain Corporations for operating
independently, outside the appropriated budget and other expenses. Financial assistance in the form
process, and their powers generally are vested in a of appropriated loans, contributed capital or operating
governing board. Corporations are established for the subsidies for certain Corporations, principally the
benefit of the State’s citizenry for a variety of purposes Metropolitan Transportation Authority, the Roswell
such as economic development, financing, and public Park Cancer Institute, and the Urban Development
transportation. They are not subject to State constitu- Corporation, was provided in the fiscal year ended
tional restrictions on the incurrence of debt, which March 31, 2017 and such assistance is expected to be
apply to the State itself, and may issue bonds and notes required in future years. Accordingly, the fiscal con-
within legislatively authorized amounts. dition of the State is related to the fiscal stability of
the Corporations.
____________________________________________________________________________________________ STATE OF NEW YORK
• 119
Entities Audited
by Other Auditors (cont’d): Fiscal Year-End
Thirty-six of the 42 entities listed below are dis-
Hugh L. Carey Battery Park

cretely presented component units of the State because
City Authority . . . . . . . . . . . . . . . . . . . . . October 31, 2016*

the Governor, with the approval of the State Senate,
Metropolitan Transportation
appoints the voting majority of the boards of directors
Authority (MTA) . . . . . . . . . . . . . . . . . . . December 31, 2016*
of these corporations, and the State is able to impose
its will on the corporations and/or has a financial Metro-North Commuter
benefit or burden relationship with the corporations. Railroad Company . . . . . . . . . . . . . . . December 31, 2016
The Long Island Rail
Road Company . . . . . . . . . . . . . . . . . December 31, 2016
The Governor does not have substantive appointment
Triborough Bridge and

authority over the board of directors of the Rochester-
Tunnel Authority . . . . . . . . . . . . . . . . . December 31, 2016
Genesee Regional Transportation Authority. However,
New York City Transit Authority . . . . . . . December 31, 2016
it is a discretely presented component unit because it
is fiscally dependent upon, and has a financial benefit Staten Island Rapid Transit
or burden relationship with the State. Health Research, Operating Authority . . . . . . . . . . . . . . December 31, 2016
MTA Capital Construction Company . . . December 31, 2016
MTA Bus Company . . . . . . . . . . . . . . . . . December 31, 2016
Inc., Metropolitan Transportation Authority, Research
First Mutual Transportation
Foundation for Mental Hygiene, Inc., State University
Assurance Company . . . . . . . . . . . . . December 31, 2016
of New York Foundations and Auxiliary Corporations,
Municipal Bond Bank Agency . . . . . . . . . . . October 31, 2016*
and City University of New York–Senior College Sup-
porting Organizations are included as component Natural Heritage Trust . . . . . . . . . . . . . . . . March 31, 2017*
Governor Nelson A. Rockefeller
Empire State Plaza Performing
units of the State because the nature and significance
Arts Center Corporation . . . . . . . . . . . . . March 31, 2017*

of their relationships with the State are such that it
New York Convention Center
would be misleading to exclude them.
Operating Corporation . . . . . . . . . . . . . . March 31, 2017
The amounts presented in the accompanying basic
financial statements for the Corporations include the New York State Affordable
following entities for the fiscal years indicated: Housing Corporation . . . . . . . . . . . . . . . March 31, 2017*
New York State Bridge Authority . . . . . . . . December 31, 2016*
Entities Audited New York State Health Foundation . . . . . . December 31, 2016
by KPMG LLP: Fiscal Year-End New York State Housing
City University of New York— Finance Agency . . . . . . . . . . . . . . . . . . . October 31, 2016*
Senior College Supporting New York State Job Development
Organizations . . . . . . . . . . . . . . . . . . . . . June 30, 2016*** Authority . . . . . . . . . . . . . . . . . . . . . . . . . March 31, 2017*
Dormitory Authority of the New York State Olympic Regional
State of New York . . . . . . . . . . . . . . . . . . March 31, 2017* Development Authority . . . . . . . . . . . . . . March 31, 2017*
Long Island Power Authority . . . . . . . . . . . . December 31, 2016* New York State Thoroughbred
New York Racing Association, Inc . . . . . . . December 31, 2016* Breeding and Development
New York State Energy Research Fund Corporation . . . . . . . . . . . . . . . . . . December 31, 2016*
and Development Authority . . . . . . . . . . March 31, 2017* New York State Thruway Authority . . . . . . . December 31, 2016*
New York State Environmental Niagara Frontier Transportation
Facilities Corporation . . . . . . . . . . . . . . . March 31, 2017* Authority . . . . . . . . . . . . . . . . . . . . . . . . . March 31, 2017*
New York State Higher Education Ogdensburg Bridge and Port Authority . . . . March 31, 2017*
Services Corporation . . . . . . . . . . . . . . . March 31, 2017* Port of Oswego Authority . . . . . . . . . . . . . . March 31, 2017*
Power Authority of the State Research Foundation for Mental
of New York . . . . . . . . . . . . . . . . . . . . . . December 31, 2016* Hygiene, Inc. . . . . . . . . . . . . . . . . . . . . . March 31, 2017*
State University of New York Rochester-Genesee Regional
Foundations and Auxiliary Transportation Authority . . . . . . . . . . . . . March 31, 2017*
Corporations . . . . . . . . . . . . . . . . . . . . . . June 30, 2016** Roosevelt Island Operating
Corporation . . . . . . . . . . . . . . . . . . . . . . March 31, 2017*
Entities Audited Roswell Park Cancer Institute . . . . . . . . . . March 31, 2017*
by Other Auditors: State Insurance Fund . . . . . . . . . . . . . . . . . December 31, 2016
Aggregate Trust Fund . . . . . . . . . . . . . . . . . December 31, 2016 State of New York Mortgage Agency . . . . . October 31, 2016*
Agriculture and New York State Urban Development Corporation . . . . . . . . March 31, 2017*
Horse Breeding Development ***Audit conducted in accordance with Government Auditing
Fund Corporation . . . . . . . . . . . . . . . . . . December 31, 2016* Standards as promulgated by the Comptroller General
Albany Convention Center Authority . . . . . December 31, 2016* of the United States.
Capital District Transportation Authority . . . March 31, 2017*
Central New York Regional ***KPMG LLP audited 36 percent of the total assets and
Transportation Authority . . . . . . . . . . . . . March 31, 2017* 18 percent of the total revenues of the State University
Health Research, Inc. . . . . . . . . . . . . . . . . . March 31, 2017 of New York Foundations and Auxiliary Corporations.
Homeless Housing and Assistance The remaining balances were audited by other auditors.
Corporation . . . . . . . . . . . . . . . . . . . . . . March 31, 2017* ***KPMG LLP audited 3 percent of the total assets and
Housing Trust Fund Corporation . . . . . . . . March 31, 2017* 26 percent of the total revenues of the City University
Hudson River-Black River of New York—Senior College Supporting Organizations.
Regulating District . . . . . . . . . . . . . . . . . June 30, 2016* The remaining balances were audited by other auditors.
Financial Information wholesale to various customers including private and

Substantially all of the financial data for the Corpo- municipal utilities. Three of NYPA’s largest facilities are
rations was derived from audited annual financial the Niagara Power Project at Lewiston, the Blenheim-
statements and summarized into the combining state- Gilboa Pumped Storage Power Project at Blenheim
ment format in the basic financial statements. Ten of and Gilboa and the St. Lawrence-Franklin D. Roosevelt
the 42 discrete entities presented comprise 95 percent Power Project at Massena. These hydroelectric facilities
of the combined assets and 80 percent of the combined have the capability of producing 2,704,500, 1,163,500
program revenues (before eliminations). The remain- and 823,500 kilowatts, respectively.
ing portion of this note contains a brief description NYPA has an outstanding receivable of approxi-
of the operations of the ten major discretely presented mately $258 million representing loaned reserves to
component units. A presentation of their accounts is the State treasury. The State has recorded a corre-
included in the Combining Statement of Net Position sponding liability in its financial statements.
and the Combining Statement of Activities. Additional In accordance with legislation enacted on April
information about each of the Corporations can be 4, 2016, the Canal Corporation, formerly a subsidiary
obtained by contacting the Corporations directly and of the New York Thruway Authority, became a sub-
requesting a copy of their annual financial reports, sidiary of NYPA, effective January 1, 2017. The Canal
or by visiting their websites. Corporation exists primarily to operate, improve,
Certain Corporations issue revenue bonds for maintain, repair and promote the NYS Canal System.
independent third-party entities to provide funding The individual financial statements of NYPA are
for the projects of those third parties. These bonds available on the web at www.nypa.gov.
are considered conduit debt and are secured by pay-
ments made by third party entities and in some cases Housing Finance Agency
certain other pledged funds. These bonds do not Housing Finance Agency (HFA) was created as a public
constitute a debt or pledge of the faith and credit of benefit corporation in 1960 under Article III of the
the Corporations or the State. DASNY, the New York Private Housing Finance Law. HFA is empowered to
State Housing Finance Agency (HFA), the Environ- finance or contract for the financing of the construc-
mental Facilities Corporation (EFC), the New York tion, acquisition, or refinancing of loans for: low-to-
State Energy Research and Development Authority moderate income housing; municipal health facilities;
(NYSERDA) and the New York Job Development non-profit health care facilities; community related
Authority (JDA) have issued conduit debt and have facilities; and to provide funds to repay the State for
elected different, but permissible, methods of account- amounts advanced to finance the cost of various
ing for it under GAAP. DASNY has elected to report housing assistance programs. HFA, through its Capital
conduit debt and related assets on its Statement of Grant Low Rent Assistance Program, rents housing to
Net Position. At March 31, 2017, the liability DASNY low and middle income persons and families. HFA
reported for such debt was approximately $19.6 billion. also participates in Federal housing assistance pro-
HFA reports conduit debt and related assets on its grams which provide interest reduction and rental
Statement of Net Position. At October 31, 2016, the assistance subsidies to eligible projects and tenants.
liability HFA reported for such debt was approximately HFA administers the State’s Housing Project Repair
$12.8 billion. At March 31, 2017, EFC’s Statement of and Infrastructure Trust Fund Programs.
Net Position did not include $145 million in bonds it To finance low income housing, HFA raises funds
issued for certain private companies. NYSERDA has through the issuance of municipal securities and the
issued conduit debt for participating gas and electric making of mortgage loans to eligible borrowers. HFA
utility companies and other private purpose users, is authorized to issue bonds in the amount of approx-
the principal of which totaled approximately $2.5 imately $24.3 billion to finance housing projects, and
billion at March 31, 2017, which is not included on approximately $4.7 billion in Service Contract Oblig-
NYSERDA’s Statement of Net Position. Local Devel- ation Revenue Bonds, Service Contract Revenue
opment Corporations that are blended component Bonds and Personal Income Tax Revenue Bonds.
units of JDA have issued conduit debt which is not Total bond indebtedness reported as of October 31,
included on JDA’s combined Statement of Net Position. 2016 is approximately $15.4 billion. Individual finan-
At March 31, 2017, the principal on these bonds cial statements can be obtained by contacting HFA
totaled approximately $10.3 billion. at www.nyshcr.org.
Power Authority Thruway Authority

The Power Authority of the State of New York (NYPA) The New York State Thruway Authority (NYSTA)
was created in 1931 to help provide a continuous ade- was created as a public benefit corporation by the
quate supply of dependable electric power and energy State Legislature in 1950 with powers to construct,
to the people of the State. NYPA generates, transmits, operate and maintain a Thruway system. In August
and sells electric power and energy principally at 1992, the Legislature created the New York State Canal
____________________________________________________________________________________________ STATE OF NEW YORK
• 121
Corporation (NYSCC) as a subsidiary corporation of the State’s Mass Transportation Operating Assistance
NYSTA to accept jurisdiction and control over the Fund, a Special Revenue Fund, which derives a major
State Canal System from the State. The State’s 2016- portion of its receipts from taxes imposed in the Met-
2017 enacted budget included legislation establishing ropolitan Transportation District for this purpose.
the NYSCC as a subsidiary of the Power Authority of Another significant portion of that aid came from the
the State of New York. The Power Authority assumed Metropolitan Commuter Transportation Mobility Tax
financial responsibility for the NYSCC on April 1, enacted in 2009, which is a tax imposed on certain
2016, and the assets and liabilities of the NYSCC were employers and self-employed individuals engaging
transferred effective January 1, 2017. During 2016, in business within the Metropolitan Transportation
the Power Authority contributed $61.1 million to fund District. The State also provides funding to pay the
Canal Corporation and Canal System costs. debt service on State Service Contract bonds issued
In 1991, the Legislature empowered NYSTA to by the MTA for its capital projects. At December 31,
issue Local Highway and Bridge Service Contract 2016, $145 million of MTA State Service Contract
(LHB) Bonds to provide funds to municipalities bonds remain outstanding. Capital assets acquired
throughout the State for qualifying capital expendi- prior to April 1982 for the New York City Transit
tures under State programs. In 1993, the Legislature Authority (NYCTA) were funded primarily by New
authorized NYSTA to issue Highway and Bridge Trust York City through capital grants. New York City has
Fund (HBTF) Bonds to reimburse the State for expen- title to a substantial portion of such assets, which are
ditures made by the State’s Department of Trans- not included among the assets reported under MTA.
portation in connection with the State’s multi-year In certain instances, title to MTA Bridges and Tunnels’
Highway and Bridge Capital Program. In 2001, the real property may revert to New York City in the event
Legislature authorized NYSTA to issue Personal the MTA determines it is unnecessary for corporate
Income Tax (PIT) Revenue Bonds to provide funds purposes. The Federal government has a contingent
to municipalities and other project sponsors through- equity interest in assets acquired by the MTA with
out the State for qualifying local highway, bridge and Federal funds, and upon disposal of such assets, the
multi-modal capital project expenditures under estab- Federal government may have a right to its share of
lished State programs. the proceeds from the sale. MTA’s financial statements
The financial position of and activities relating to can be found at www.mta.info.
the special bond programs (LHB, HBTF and PIT) are
reported within the funds of the State, rather than Dormitory Authority
under the NYSTA, because these special bond pro- The Dormitory Authority of the State of New York
grams are not separate legal entities but are considered (DASNY) is a public benefit corporation established
funds of the State. Columns headed “Thruway Author- in 1944. DASNY’s purpose is to finance, design, con-
ity” reflect the operations of the Thruway system and struct, purchase, reconstruct and/or rehabilitate build-
the NYSCC. ings (projects) for use by public and private educational,
In 2016 the State approved an additional $700 healthcare, and other not-for-profit institutions (insti-
million for the Thruway Stabilization Program, bring- tutions) located within the State, certain State agencies,
ing the State’s total commitment to $1.99 billion. Since local school districts, and cities and counties with respect
2015, the State has contributed $897 million to the to certain court and municipal facilities.
New NY Bridge and other Thruway capital projects. DASNY’s outstanding bonds and notes of $47.9
Individual financial statements can be obtained billion consist mainly of debt issued for New York
by contacting NYSTA at www.thruway.ny.gov. State agency projects ($13.8 billion), SUNY projects
($10.6 billion), independent institutions ($11.1 billion),
Metropolitan Transportation Authority health care facilities ($4.2 billion) and CUNY projects
The Metropolitan Transportation Authority (MTA) ($4.8 billion). The remaining debt was issued for pro-
was created in 1965 to continue, develop and improve jects for municipal facilities. The financial statements
public transportation and to develop and implement of DASNY can be obtained at www.dasny.org.
a unified public transportation policy in the New York
City metropolitan area. The accounts presented as Long Island Power Authority
the MTA are the combined accounts of its headquar- The Long Island Power Authority (LIPA) was estab-
ters and eight affiliates and subsidiaries. The MTA lished in 1985 as a corporate municipal instrumentality
operates the largest transit and commuter rail trans- of the State. On May 28, 1998, the LIPA Acquisition
portation system in North America and one of the Corporation, a wholly-owned subsidiary of LIPA, was
largest in the world. The MTA is dependent upon merged with and into the Long Island Lighting
the State for a portion of its revenues. During the Company (LILCO) pursuant to an Agreement and
MTA fiscal year ended December 31, 2016, the MTA Plan of Merger dated as of June 26, 1997. LIPA
reported $4.5 billion in payments from the State. A financed the cost of the merger and the refinancing
significant portion of that aid was in payments from of certain of LILCO’s outstanding debt by the issuance
of $6.7 billion aggregate principal amount of Electric the State’s competitive advantage as the world capital
System General Revenue Bonds and Electric System for many industries, ranging from finance and media
Subordinated Revenue Bonds. In addition, LIPA to technology and agriculture.
assumed $1.2 billion of LILCO’s General and Refund- UDC continues its efforts to foster economic devel-
ing Bonds which were defeased immediately upon the opment through the State. Its mission is to promote
closing of the merger. The excess of the acquisition a vigorous and growing State economy, encourage
costs over the fair value of net position acquired ($3.5 business investment and job creation, and support
billion) has been reported as an “intangible asset,” diverse, prosperous local economies across the State
which is being amortized through 2026. through efficient use of loans, grants, tax credits, real
Chapter 173 of the Laws of 2013 established the estate development, marketing and other forms of
Utility Debt Securitization Authority (UDSA) for the financial assistance. Financial assistance is provided
sole purpose of retiring certain outstanding indebt- primarily through State appropriated funds received
edness of LIPA through the issuance of restructuring by the UDC and State supported bonds issued by UDC
bonds by UDSA. In accordance with GASBS No. 61, which are disbursed to projects.
The Financial Reporting Entity: Omnibus, an amendment UDC continues to administer and manage a robust
of GASB Statements No. 14 and No. 34, UDSA is con- communications, marketing and tourism campaign.
sidered a blended component unit of LIPA. On March The campaign is committed to growing the tourism
30, 2015, the Securitization Law was amended allowing industry, creating jobs, increasing the number of vis-
for a total issuance of up to $4.5 billion of UDSA itors to the State and demonstrating to businesses that
restructuring bonds, inclusive of the $2 billion of New York is the place to invest and grow. UDC is also
restructuring bonds issued in December 2013. On the administrative agency for the New York State Film
October 15, 2015, the UDSA issued $1 billion Series Tax Credit Program, which is designed to increase the
2015 Restructuring Bonds, thereby creating $128 film production and post-production industry presence
million of net present value savings. Series 2016A in and overall economic benefits to the State. The
Restructuring Bonds totaling $636.8 million and financial statements of the UDC are available at
2016B Restructuring Bonds totaling $469.3 million www.esd.ny.gov.
produced a net present value saving of $186.8 million.
LIPA, as owner of the transmission and distribu- State Insurance Fund
tion (T&D) system located in Nassau, Suffolk and a The State Insurance Fund (SIF) was created in 1914 and
small portion of Queens counties, is responsible for comprises the Workers’ Compensation Fund and the
supplying electricity to customers in the service area. Disability Benefits Fund and is primarily engaged in
Under a contract starting January 1, 2014, responsi- providing workers’ compensation and disability benefit
bility for major operational and policy-making services insurance for employers in the State of New York.
for the T&D system effectively shifted from LIPA to During previous fiscal years, the SIF transferred
PSEG Long Island LLC for a period of twelve years. approximately $1.3 billion to the State’s General Fund
Individual financial statements can be obtained by and Other Governmental Funds. The statutes autho-
contacting LIPA at www.lipower.org. rizing these transfers required that the State appro-
priate amounts annually for the potential repayment
Urban Development Corporation of the transfers. Such repayment is required only to
The New York State Urban Development Corporation maintain the solvency, as defined, of the Workers’
(UDC) was established by legislative act in 1968 as a Compensation Fund. The entire receivable and equity
corporate governmental agency of the State. UDC related to these transfers were eliminated from the
conducts business as Empire State Development Cor- presentation of the SIF, resulting in a fund balance of
poration. UDC is engaged in various activities for the approximately $3.3 billion.
State, three of which are: promoting economic devel- The SIF’s financial statements are prepared in
opment and job creation; financing special projects conformity with the accounting practices prescribed
throughout the State with revenue bonds; and mar- by the New York State Department of Financial Ser-
keting the State as a great place to do business and vices, which is a comprehensive basis of accounting
as a vacation destination. other than the accounting principles generally
UDC is the State’s primary agent for economic accepted in the United States of America. A complete
development and works in partnership with the public list of departures from GAAP is disclosed in the SIF’s
and private sectors to create an environment that spurs financial statements, which may be obtained from
innovation and economic development while enhancing ww3.nysif.com.
____________________________________________________________________________________________ STATE OF NEW YORK
• 123
State of New York Mortgage Agency essential water resources. EFC supports this mission
The State of New York Mortgage Agency (SONYMA) by consistently using an innovative approach to devel-
was established in 1970 and makes mortgages available oping and advancing new financing strategies to max-
to first-time and other qualifying home buyers through imize the funding that can be made available to its
its Low Interest Rate Program and other specialized clients, aiding compliance with Federal and State
home ownership programs. To accomplish this pur- requirements, and promoting green infrastructure
pose, SONYMA issues tax-exempt and taxable mort- practices. EFC is governed by a board of directors,
gage revenue bonds for direct issuance of forward which consists of seven members.
commitments for new mortgage loans through par- The Corporation is empowered by State law to:
ticipating financial institutions. SONYMA also provides administer and finance the Clean Water and Drinking
mortgage insurance for qualifying real property loans Water State Revolving Funds, established by the State
through its Mortgage Insurance Program. By statute, as set forth in the EFC Act pursuant to the federal
all costs of providing mortgage insurance are recovered Water Quality Act of 1987 and the federal Safe Drink-
from a State mortgage recording tax surcharge, which ing Water Act Amendments of 1996; finance certain
is a dedicated tax revenue stream received directly by State Contributions to the State Revolving Fund pro-
SONYMA. In April 2009, SONYMA’s statutory author- grams and for certain environmental infrastructure
ity to purchase education loans was updated and projects; finance, through the issuance of special oblig-
expanded in order to permit the Agency to work with ation revenue bonds under its Industrial Finance
the New York State Higher Education Services Cor- Program, water management, solid waste disposal,
poration in developing a new program to offer edu- sewage treatment and pollution control projects under-
cation loans to eligible students attending colleges taken by or on behalf of private entities; and to provide
and universities in New York State. Financial state- technical advice and assistance to private entities, state
ments can be obtained by contacting SONYMA at agencies and local government units on sewage treat-
www.nyshcr.org. ment and collection, pollution control, recycling, haz-
ardous waste abatement, solid waste disposal, and
Environmental Facilities Corporation other related subjects. The complete audited financial
statements and related notes as well as additional
The New York State Environmental Facilities Corpo-
information regarding EFC can be obtained by visiting
ration (EFC) is a public benefit corporation, formed
EFC at www.efc.ny.gov.
in 1970 pursuant to the New York State Environmental
Facilities Corporation Act. The mission of EFC is to
assist communities throughout New York State to under- Eliminations
take critical water quality infrastructure projects by Eliminations are made primarily to avoid duplicate
providing access to low cost capital, grants, and expert reporting. As explained in Note 7, the State services
technical assistance. A primary goal is to ensure that a significant portion of the bonds and notes payable
these projects remain affordable while safeguarding of certain Corporations.
Note 15 Joint Ventures

A joint venture is an entity that results from a contractual transportation and commerce, and to advance projects
arrangement and that is owned, operated, or governed in the general fields of transportation, economic devel-
by two or more participants as a separate and specific opment, and world trade that contribute to promoting
activity subject to joint control, in which the participants and protecting the commerce and economy of the
retain an ongoing financial interest or an ongoing finan- port district, defined in the compact, which comprises
cial responsibility. The only material joint venture in an area of about 1,500 square miles in both states,
which the State has an interest is the Port Authority of centering around New York Harbor.
New York and New Jersey (Port Authority). The Governor of each state appoints six of the
The Port Authority is a municipal corporate instru- twelve members of the governing Board of Commis-
mentality of the States of New York and New Jersey sioners, subject to confirmation by the respective state
created by compact between the two states in 1921 senate. Governors have from time to time exercised
with the consent of the Congress of the United States. their statutory power to veto the actions of the com-
The Port Authority is authorized and directed to plan, missioners from their states.
develop, and operate terminals and other facilities of
The commissioners serve six-year overlapping Consolidated financial statements of the Port
terms as public officials without compensation. They Authority for the fiscal year ended December 31, 2016
establish Port Authority policy, appoint an Executive disclosed the following (amounts in millions):
Director to implement it, and appoint a General
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,261
Financial Position
Counsel to act as legal advisor to the Board and to
the Executive Director. Total deferred outflows of resources . . . . . . . . . 635
The compact envisions the Port Authority as being Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . (29,214)
financially self-sustaining and, as such, it must obtain Total deferred inflows of resources . . . . . . . . . . (107)
the funds necessary for the construction or acquisition Net position . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,575
of facilities upon the basis of its own credit. The Port
Operating revenues . . . . . . . . . . . . . . . . . . . . . . $ 5,167

Authority has the power neither to pledge the credit Operating Results
Operating expenses . . . . . . . . . . . . . . . . . . . . . (3,013)

of either state or any municipality nor the authority
Depreciation and amortization . . . . . . . . . . . . . (1,238)
to levy taxes or assessments.
Income from operations . . . . . . . . . . . . . . . 916
The liabilities of the Port Authority include $21.3
Passenger facility charges . . . . . . . . . . . . . . . . 264

billion of consolidated bonds. Consolidated bonds and
Financial income (expense), net . . . . . . . . . . . . (863)
notes are equally and ratably secured by a pledge of the
Contribution in aid of construction
net revenues of all existing facilities and any additional
facilities which may be financed in whole or in part and grants . . . . . . . . . . . . . . . . . . . . . . . . . . . 728
Increase in net position . . . . . . . . . . . . . . . $ 1,045
through the medium of consolidated bonds and notes.
The Port Authority’s Comprehensive Annual
Financial Report is available from the Marketing and
Balance at January 1, 2016 . . . . . . . . . . . . . . . $ 15,530
Changes in Net Position
Comptroller’s Departments of the Port Authority of
New York and New Jersey, 4 World Trade Center, 150 Increase in net position . . . . . . . . . . . . . . . . . . . 1,045
Greenwich Street—23rd Floor, New York, NY 10007, Balance at December 31, 2016 . . . . . . . . $ 16,575
or the Port Authority website at www.panynj.gov.
Note 16 Subsequent Events

Financing Arrangements Issued to the SUNY and CUNY Enterprise Funds, which are
The Statement of Net Position presents bonds and reported as of June 30, 2016). Subsequent to those
other financing arrangements and collateralized bor- dates, the following bonds and other financing
rowings outstanding as of the statement date of March arrangements and collateralized borrowings were
31, 2017 (except for business-type activities related issued (amounts in millions):
BONDS AND OTHER FINANCING ARRANGEMENTS ISSUED

SUBSEQUENT TO DATE OF THE STATEMENT OF NET POSITION
Par
Issuer Purpose Date Series Amount
Dormitory Authority CUNY Senior Colleges 9/16/2016 Personal Income Tax, Series 2016A $ 186
Dormitory Authority CUNY Senior Colleges, Refunding 10/20/2016 Personal Income Tax, Series 2016D $ 6
Dormitory Authority General Purposes, Refunding 7/13/2017 Personal Income Tax, Series 2017A $1,750
COLLATERALIZED BORROWINGS
SUBSEQUENT TO DATE OF THE STATEMENT OF NET POSITION
Par
Issuer Purpose Date Series Amount
Dormitory Authority SUNY Dormitory Facilities 4/27/2017 Revenue Bonds, Series 2017A $ 133
Dormitory Authority SUNY Dormitory Facilities, Refunding 4/27/2017 Revenue Bonds, Series 2017A $ 212
On June 1, 2017, bonds issued in 2003 that were

secured by annual payments under the Master Settle-
ment Agreement (MSA) with tobacco manufacturers
were fully retired.
Required
Supplementary
Information
(unaudited)
_____________________________________________________________________________________________
Budgetary Basis—Financial Plan and Actual—

Combined Schedule of Cash Receipts
and Disbursements
Major Funds—General Fund and Federal special revenue Fund
Year ended March 31, 2017
(amounts in millions) (unaudited)
General
Actual
Financial Plan Amounts (Budgetary Variance with
Original Final Basis) Final Budget
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 47,752 $ 46,061 $ 45,507 $ (554)
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,813 3,799 3,813 14
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,565 49,860 49,320 (540)
DISBURSEMENTS:
local assistance grants(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,957 44,826 44,440 386
state operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,299 8,253 8,086 167
General state charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,425 5,491 5,462 29
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,681 58,570 57,988 582
Excess (deficiency) of receipts over disbursements . . . . . . . . . . . . . . . . (9,116) (8,710) (8,668) 42

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,411 18,130 17,575 (555)
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,160) (11,122) (10,093) 1,029
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,251 7,008 7,482 474
Excess (deficiency) of receipts and other
financing sources over disbursements
and other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,865) $ (1,702) $ (1,186) $ 516
Note:
(1) Spending authority has not been exceeded by $1.666 billion in the Federal Special Revenue Fund.
The Final Financial Plan (published approximately six weeks before fiscal year-end) does not reflect
an increase in spending authority approved for local assistance grants through March 31, 2017.
See notes to required supplementary information.
See independent auditors’ report.

____________________________________________________________________________________________ STATE OF NEW YORK
• 127
Federal Special Revenue

Actual
Financial Plan Amounts (Budgetary Variance with
Original Final Basis) Final Budget
$ —00000 $ —00000 $ —00000 $ —00000

216 235 199 (36)
49,415 50,650 52,726 2,076
49,631 50,885 52,925 2,040
45,805 46,698 48,364 (1,666)

1,881 2,061 2,002 59
319 303 293 10
48,005 49,062 50,659 (1,597)
1,626 1,823 2,266 443
—00000 —00000 —00000 —00000

(1,719) (1,824) (1,786) 38
(1,719) (1,824) (1,786) 38
$ (93) $ (1) $ 480 $ 481

128 • Required Supplementary Information _______________________________________________________________________
NOTES TO BUDGETARY BASIS REPORTING

(unaudited)
Budgetary Basis Reporting are updated quarterly throughout the fiscal year by
The State Constitution requires the Governor to sub- the Governor, and include a comparison of the actual
mit annually to the Legislature an Executive Budget, year-to-date results with the latest revised plans, pro-
which contains plans for all funds of expenditures viding an explanation of any major deviations and
and disbursements for the ensuing fiscal year, as well any significant changes to the financial plans. Projected
as all monies and revenues estimated to be available. disbursements are based on agency staffing levels, pro-
Bills containing all recommended appropriations or gram caseloads, levels of service needs, formulas con-
reappropriations and any proposed legislation nec- tained in State and Federal law, inflation and other
essary to provide monies and revenues sufficient to factors. All projections account for the timing of pay-
meet such proposed expenditures and disbursements ments, since not all the amounts appropriated in the
accompany the Executive Budget. Reappropriations Budget are disbursed in the same fiscal year.
are commonly used for federally funded programs The Statewide Financial System includes controls
and capital projects, where the funding amount is over expenditures to ensure that the maximum spend-
intended to support activities that may span several ing authority is not exceeded during the life of the
fiscal years. Budgets are prepared and enacted for appropriation. Expenditures are controlled at the
all funds. Included in the proposed appropriation major account level within each program or project
bills is a provision for spending authority for unan- of each State agency in accordance with the underlying
ticipated revenues or unforeseen emergencies in appropriation purpose. Encumbrances are not con-
accordance with statutory requirements. The Executive sidered a disbursement in the financial plan or an
Budget also includes a cash basis financial plan that expenditure and expense in the basic financial state-
must be in balance, i.e., disbursements must not ments. Generally, appropriations are available for lia-
exceed available receipts. bilities incurred during the fiscal year. Following the
The Legislature enacts appropriation bills and end of the fiscal year, a ‘lapse period’ is provided to
revenue measures containing those parts of the liquidate prior year liabilities. Unless reappropriated,
Executive Budget it has approved or modified. The most state operations appropriations cease on June
Legislature may also enact supplemental appropriation 30th and local assistance, debt service, capital projects
or special appropriation bills after it completes action and federal funds appropriations cease on September
on the Executive Budget. Further, when the Legislature 15th following the end of the fiscal year. Disbursements
convenes in January, it may enact deficiency appro- made during the lapse period from prior year appro-
priations to meet actual or anticipated obligations not priations are included, together with disbursements
foreseen when the annual budget and any supplemental from new year appropriations, in the subsequent fiscal
budgets were enacted and for which the costs would year’s financial plan. Many appropriations enacted
exceed available spending authorizations. It might are not intended to be used, although required by law.
add to a previously authorized appropriation antici- These types of appropriations will generally cause
pated to be inadequate, or provide a new appropriation total appropriation authorizations to exceed cash basis
to finance an existing or anticipated liability for which financial plan disbursement amounts. Actual disburse-
no appropriation exists. A deficiency appropriation ments for certain spending categories may exceed
usually applies to the fiscal year during which it is financial plan estimates (as reported in the Budgetary
made. Pursuant to State law, once the Legislature has Basis—Financial Plan and Actual—Combined Schedule
completed action on the appropriation and revenue of Cash Receipts and Disbursements) but do not exceed
bills and they are approved by the Governor, the cash total enacted appropriations authority. Most capital
basis and the GAAP basis financial plans must be projects, federal funds and many state operations
revised by the Governor to reflect the impact resulting appropriations are reappropriated each year by the
from changes in appropriations and revenue bills. The Legislature and therefore the life of such appropriations
cash basis financial plan, which serves as the basis for may be many years. If the budget is not enacted by
the administration of the State’s finances during the April 1st, the Legislature enacts special emergency
fiscal year, provides a summary of projected receipts, appropriations to continue government functions, as
disbursements and fiscal year-end balances. Such plans was last done in April 2010.
____________________________________________________________________________________________ STATE OF NEW YORK
• 129
The following presents a reconciliation of the bud- (Schedule) with the GAAP-basis operating results
getary cash basis operating results as shown in the pre- reported in the Statement of Revenues, Expenditures
ceding Budgetary Basis—Financial Plan and Actual and Changes in Fund Balances—Governmental Funds
Combined Schedule of Cash Receipts and Disbursements (Statement) (amounts in millions):
Federal
Special
General Revenue
receipts and other financing sources over / (under) disbursements and other financing uses
per schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,186) $ 480
entity differences:
receipts and other financing sources over / (under) disbursements and other financing uses
for funds and accounts not included in the cash basis financial plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (417) (22)
perspective differences:
receipts and other financing sources over disbursements and other financing uses
for funds treated as special revenue Funds in the financial plan and part of the
General Fund for Gaap reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 —00000
Temporary interfund cash loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36) (153)
Basis of accounting differences:

revenue accrual adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (894) 1,335
expenditure accrual adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (361) (1,634)
Net Change in Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,788) $ 6
The entity differences relate to the inclusion of funds. These temporary loans are covered by the
certain funds considered to be Proprietary Funds for General Fund’s share of the pool. A perspective dif-
purposes of the cash basis financial plan. Perspective ference relating to the Infrastructure Trust Fund and
differences relate to variations in the presentation of Miscellaneous Special Revenue Accounts occurs because
the cash basis financial plan fund structure versus these funds are included in the Special Revenue Funds
GAAP fund structure. A perspective difference for cash basis financial plan while the GAAP basis pre-
temporary interfund loans occurs when a fund tem- sentation includes them in the General Fund.
porarily overdraws its share of the pooled investment
INFRASTRUCTURE ASSETS USING THE MODIFIED APPROACH

(unaudited)
In accordance with GAAP, the State has adopted an It is the State’s intention to maintain the roads
alternative method for recording depreciation expense at an average PCR between 6.7 and 7.2.
for the State’s network of roads and bridges maintained
by the Department of Transportation (DOT). Under Bridges
this method, referred to as the modified approach, The State Department of Transportation maintains the
the State will not report depreciation expense for roads Bridge Management System (BMS) which supports a
and bridges but will capitalize all costs that add to the construction program that preserves the State’s invest-
capacity and efficiency of State owned roads and ment in its bridges. The BMS is used in planning con-
bridges. Generally, all maintenance and preservation struction programs and estimating construction costs.
costs will be expensed and not capitalized. The overall goal is for the State to provide a manage-
In order to adopt the modified approach, the ment system for the State’s infrastructure assets in order
State is required to meet the following criteria: to provide long-term benefits to the State’s citizens.
The State conducts biennial inspections of all
1. Maintain an asset management system that
bridges in the State. During each general inspection,
includes a current inventory of eligible infra-
various components or elements of each bridge span
structure assets.
are rated by the inspector as to the extent of deterio-
2. Conduct condition assessments of eligible ration, as well as the component’s ability to function
assets and summarize the results using a mea- structurally relative to when it was newly designed and
surement scale. constructed. The State previously used a numerical
3. Estimate each year the annual amount nec- inspection condition rating (CR) scale ranging from
essary to maintain and preserve the eligible 1 (minimum) to 7 (maximum). Bridges with CR greater
assets at the condition level established and than 5.8 are in good condition that generally require
disclosed by the State. preventive and corrective maintenance actions such
as bridge washing, deck sealing and bearing lubrication.
4. Document that the assets are being preserved CR between 4.9 (inclusive) and 5.8 (inclusive) bridges
approximately at, or above, the established are in fair-protective condition that generally require
condition level. relatively minor preventive and corrective maintenance
actions, such as, bearing repairs, joint repairs, zone
Roads and spot painting and girder end repairs. CR between
The State Department of Transportation maintains 4.4 (inclusive) and 4.9 bridges are in fair-corrective
the Pavement Management System (PMS) which sup- condition that generally require moderate preventive
ports a construction program that preserves the State’s and corrective maintenance actions, such as, bearing
investment in its roads. The PMS contains locational, replacement, deck replacement, and major substructure
operational and historical condition data. The PMS repairs. Bridges with CR less than 4.4 are considered
is used to determine the appropriate program for to be in poor condition that generally require major
improving the asset condition and to determine future rehabilitation or replacement. The State has approx-
funding levels necessary to meet condition goals. The imately 7,891 bridges in the inventory, of which 7,677
overall goal is for the State to provide a management are highway bridges. The remainder include railroad
system for the State’s infrastructure assets in order to and pedestrian structures.
provide long-term benefits to the State’s citizens. Through 2015, using this rating scale, it was the
The State annually conducts an assessment of State’s intention to maintain the bridges at an aver-
the pavement condition of the State’s road network. age condition rating level between 5.3 and 5.6. In
Trained technicians rate the condition of the pave- 2016, the State transitioned to the American Associa-
ment based on surface condition and dominant dis- tion of State Highway and Transportation Officials
tress (e.g., cracking, faulting) using a scale of 1 (very (AASHTO) Element based rating system that utilizes
poor) to 10 (excellent) based on the prevalence of a a 1 (good) through 4 (severe) scale as mandated by
surface-related pavement distress. A pavement con- the Federal Highway Administration (FHWA). The
dition rating (PCR) is assigned to each surface section. new bridge goal will be based on the percentage of
The State currently has 42,739 lane miles of roads.
____________________________________________________________________________________________ STATE OF NEW YORK
• 131
Structurally Deficient (SD) Bridges as defined by and reported to FHWA on an annual basis. Using the
FHWA. The percent SD calculations are based on the new criteria of Structurally Deficient, it is the State’s
National Bridge Inventory (NBI) inspection data that intention to maintain the percent SD at or below 15
has been collected by the DOT for more than 15 years percent of the state highway bridge population.
Pavement and Bridge Assessment Summary as of December 31:

Percentage of Highway
Pavement Average Bridges Average Bridges Assessed
Year Surface Rating Condition Rating Structurally Deficient
2016 ...................................... 6.93 n/a 7.9
2015 ...................................... 6.92 5.30 n/a
2014 ...................................... 6.99 5.32 n/a
2013 ...................................... 6.99 5.34 n/a
2012 ...................................... 6.98 5.34 n/a
2011 ...................................... 6.87 5.35 n/a
2010 ...................................... 6.92 5.37 n/a
2009 ...................................... 6.95 5.38 n/a
2008 ...................................... 6.93 5.39 n/a
2007 ...................................... 6.86 5.41 n/a
Comparison of Estimated-to-Actual
Maintenance/Preservation Costs
Preservation of the roads and bridges is accomplished
through construction programs managed by the PMS
and BMS. The following presents the State’s estimate
of costs necessary to preserve and maintain the net-
work of roads and bridges at, or above, the established
condition level, compared to the actual costs incurred
during fiscal year 2016-2017 (amounts in millions):
Actual Preservation/Maintenance Costs as of March 31:

2017 2016 2015 2014 2013

Total roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,106 $ 1,100 $ 1,256 $ 1,069 $ 1,131
Total bridges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305 250 289 255 201
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,411 $ 1,350 $ 1,545 $ 1,324 $ 1,332
Estimated Preservation/Maintenance Costs as of March 31:

2017 2016 2015 2014 2013

Total roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 936 $ 950 $ 836 $ 764 $ 727
Total bridges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534 414 345 228 146
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,470 $ 1,364 $ 1,181 $ 992 $ 873

SCHEDULE OF FUNDING PROGRESS

(unaudited)
Other Postemployment Benefits
Actuarial UAAL as a
Actuarial Accrued Unfunded Percentage
Value of Liability AAL Funded Covered Covered
Assets (AAL) (UAAL) Ratio Payroll Payroll
Actuarial Valuation Date (a) (b) (b-a) (a/b) (c) ((b-a)/c)
april 1, 2016(1) . . . . . . . . . . . . . . $ —00000 $ 72,830 $ 72,830 —% $ 8,676 839.4%
april 1, 2014(2) . . . . . . . . . . . . . . $ —00000 $ 63,426 $ 63,426 —% $ 8,463 749.5%
april 1, 2012(3) . . . . . . . . . . . . . . $ —00000 $ 54,279 $ 54,279 —% $ 8,597 631.4%
Business-type Activities:
SUNY
april 1, 2014 . . . . . . . . . . . . . . . $ —00000 $ 14,427 $ 14,427 —% $ 3,601 400.6%
april 1, 2012 . . . . . . . . . . . . . . . $ —00000 $ 13,933 $ 13,933 —% $ 3,201 435.3%
april 1, 2010 . . . . . . . . . . . . . . . $ —00000 $ 12,200 $ 12,200 —% $ 3,037 401.7%
CUNY
june 30, 2015 . . . . . . . . . . . . . . $ —00000 $ 1,186 $ 1,186 —% $ 1,026 115.7%
june 30, 2014 . . . . . . . . . . . . . . $ —00000 $ 1,124 $ 1,124 —% $ 1,020 110.2%
june 30, 2013 . . . . . . . . . . . . . . $ —00000 $ 1,368 $ 1,368 —% $ 975 140.3%
AAL and UAAL as of 4/1/2016 reflects changes in medical trend and excise tax assumptions and a decrease in the discount rate
(1)
of 52 basis points.
(2)
AAL and UAAL as of 4/1/2014 was determined using the Society of Actuaries’ MP-2014 longevity scale.
(3)
AAL and UAAL as of 4/1/2012 reflect the State’s decision to implement an Employer Group Waiver Plan.
____________________________________________________________________________________________ STATE OF NEW YORK
• 133
PENSION PLANS
(unaudited)
Schedule of Proportionate Share of the Net Pension Liability for the
New York State and Local Employees’ Retirement System
March 31, 2017
2017 2016
state’s proportion of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.1% 44.5%
state’s proportionate share of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,217 $ 1,501
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,188 $ 10,236
state’s proportionate share of the net pension liability as a percentage
of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70.8% 14.7%
plan’s fiduciary net position as a percentage of the total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.7% 98%
Schedule of Proportionate Share of the Net Pension Liability for the

New York State and Local Police and Fire Retirement System
March 31, 2017
2017 2016
state’s proportion of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.1% 19%
state’s proportionate share of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 566 $ 52
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 615 $ 620
state’s proportionate share of the net pension liability as a percentage
of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92% 8.5%
plan’s fiduciary net position as a percentage of the total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.2% 99%
Schedule is intended to display ten years of information. Additional years will be displayed as they become available.
Schedule of Employer Contributions for the

New York State and Local Employees’ Retirement System
March 31, 2017
2017 2016
contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,585 $ 1,816
contributions in relation to the contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,585 $ 1,478
contribution deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 338
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,112 $ 10,188
contributions as a percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.3% 14.5%
Schedule of Employer Contributions for the

New York State and Local Police and Fire Retirement System
March 31, 2017
2017 2016
contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 152 $ 142
contributions in relation to the contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 152 $ 124
contribution deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 18
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 695 $ 615
____________________________________________________________________________________________ STATE OF NEW YORK
• 135
Other SUNY-Related Pension Plans

New York State Teachers’ Retirement System (TRS)
Schedule of the Proportionate Share of the TRS Net Pension Liability (Asset)
June 30, 2016
2016 2015
sunY’s proportion of the net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.74% 0.71%
sunY’s proportionate share of the net pension liability (asset) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (77.2) $ (79.6)
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 145.2 $ 140.7
sunY’s proportionate share of the net pension liability (asset) as a percentage
of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (53.2%) (56.6%)
plan’s fiduciary net position as a percentage of the total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110% 111%
Schedule of Employer Contributions for the TRS Plan

June 30, 2016
2016 2015
contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19.6 $ 17.2
contributions in relation to the contractually determined contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19.6 $ 17.2
contribution deficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 141.9 $ 145.2
Upstate Plan
Schedule of Changes in the Net Pension Liability and Related Ratios
June 30, 2016
2016 2015
Total pension liability:
service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.8 $ 0.9
interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 6
changes of assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5.8
difference between expected and actual experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .4
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (3.8)
net change in total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 9.3
Total pension liability, beginning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.3 94
Total pension liability, ending (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.6 103.3
plan fiduciary net position:

employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3.5
net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.7) 5.9
Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) (3.8)
administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2) (0.1)
net change in fiduciary net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.9) 5.5
Fiduciary net position, beginning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.1 90.6
Fiduciary net position, ending (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90.2 96.1
net pension liability, ending (a)–(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14.4 $ 7.2
ratio of fiduciary net position to total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.3% 93%

covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.9 $ 33.6
net pension liability as a percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48% 21.3%
____________________________________________________________________________________________ STATE OF NEW YORK
• 137
Upstate Plan
Schedule of Employer Contributions
June 30, 2016
2015 2014 2013 2012 2011*

actuarially determined contribution . . . . . . . . . . . . . . $ 1.9 $ 1.5 $ 2.6 $ 3 $ 1.2
contributions in relation to the actuarially
determined contribution . . . . . . . . . . . . . . . . . . . . . $ 2 $ 3 $ 2.6 $ 3 $ 1.2
contribution deficiency (excess) . . . . . . . . . . . . . . . . . $ (0.1) $ (1.5) $ —00000 $ —00000 $ —00000
covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29.9 $ 33.6 $ 36 $ 16 $ 21.9
contribution as a percentage of covered payroll . . . . 6.76% 9% 7.1% 18.6% 5.4%
*Period from July 7, 2011 through December 31, 2011
Changes in Assumptions Methods and Assumptions Used in Calculations

The actuarial assumptions for the mortality basis used of Actuarially Determined Contributions
for the January 1, 2016 actuarial valuation were The January 1, 2016 actuarial valuation determines
changed from the RP-2014 Mortality Tables for Males the employer rates for contributions payable in 2016.
and Females, with fully generational mortality improve- The following actuarial methods and assumptions
ments using scale MP-2015 to sex-distinct RP-2014 were used:
Mortality Tables for employees and healthy annuitants,
adjusted back to 2006 using Scale MP-2014, and then
projected with mortality improvements using Scale
MP-2015 on a fully generational basis.
investment rate of return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5 percent
Mortality basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . sex-distinct rp-2014 Mortality Tables for employees and
healthy annuitants, adjusted back to 2006 using scale
Mp-2014, and then projected with mortality improvements
using scale Mp-2015 on a fully generational basis.
amortization method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . level dollar, 20 year closed
remaining amortization period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.5 years
asset valuation method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Market value
inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 percent
compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.5 percent increases, limited to a maximum of $265,000
Termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 vaughn select and ultimate Table
CUNY Senior College Plans

Schedule of Proportionate Share of the Net Pension Liabilities for the
New York City Employees’ Retirement System (NYCERS)
June 30, 2016
2016 2015
cunY’s proportion of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2% 1.2%
cunY’s proportionate share of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 303 $ 247
cunY employee covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 217 $ 214
cunY’s proportionate share of the net pension liability as a percentage
of the employee covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139.6% 115.4%
plan fiduciary net position as a percentage of the total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70% 73%
Schedule of Proportionate Share of the Net Pension Liabilities for the

New York City Teachers’ Retirement System (NYCTRS)
June 30, 2016
2016 2015
cunY’s proportion of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8% 2.5%
cunY’s proportionate share of the net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733 $ 528
cunY’s proportionate share of the net pension liability as a percentage of the employee covered payroll . . . . 386% 301.7%
plan fiduciary net position as a percentage of the total pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62% 68%
____________________________________________________________________________________________ STATE OF NEW YORK
• 139
Schedule of Employer Contributions for NYCERS

June 30, 2016
2016 2015
contractually required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42 $ 39
contributions in relation to the contractually required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 39
contribution deficiency (excess) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000
contributions as a percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19% 18%
Schedule of Employer Contributions for NYCTRS

June 30, 2016
2016 2015
contractually required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 103 $ 84
contributions in relation to the contractually required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 84
contribution deficiency (excess) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000
contributions as a percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54% 48%
Other
Supplementary
Information
General Fund
The General Fund is the most significant of the State’s funds. Most tax revenues
and certain miscellaneous revenues are recorded in the General Fund.
The General Fund is divided into several accounts. Expenditures in the form of
aid to local governments for their general purposes (e.g., State-local revenue
sharing) and to school districts and municipalities for certain specific purposes
(e.g., education and social services) are made from the Local Assistance account.
These payments, often based on specific legislated formulas, are nevertheless
limited under the State Constitution to appropriations in force.
The expenditures of operating the departments of the Executive Branch, the

Legislature and the Judiciary, as well as expenditures for general state charges
such as contributions to employee retirement systems, are paid primarily
from the State Purposes, Fringe Benefit Escrow, Miscellaneous Special, and
Miscellaneous accounts.
_____________________________________________________________________________________________
Combining Schedule of Balance Sheet Accounts

GENERAL FUND
March 31, 2017
Tax
Local State Stabilization Community Rainy
Assistance Purposes Reserve Projects Day
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 $ —00000 $ 1,258 $ 55 $ 540
Receivables, net of allowance for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 9,515 —00000 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681 156 —00000 3 —00000
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 1,223 —00000 —00000 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 40 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,133 $ 10,934 $ 1,258 $ 58 $ 540
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 8,249 $ —00000 $ —00000 $ —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 123 —00000 —00000 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,542 999 —00000 —00000 —00000
Payable to local governments . . . . . . . . . . . . . . . . . . . . 2,829 15 —00000 1 —00000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 3,097 —00000 —00000 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . —00000 333 —00000 —00000 —00000
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 117 —00000 —00000 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,762 12,933 —00000 1 —00000
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . 61 711 —00000 3 —00000

Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 540
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 124 —00000 54 —00000
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,929) (2,834) 1,258 —00000 —00000
Total fund balances (deficits) . . . . . . . . . . . . . . . (3,690) (2,710) 1,258 54 540
Total liabilities, deferred inflows of resources
and fund balances (deficits) . . . . . . . . . . . . . . $ 1,133 $ 10,934 $ 1,258 $ 58 $ 540

____________________________________________________________________________________________ STATE OF NEW YORK
• 145
Fringe
Refund Benefit Miscellaneous
Reserve Escrow Special Miscellaneous Eliminations Total
$ 4,604 $ —00000 $ 1,097 $ 47 $ —00000 $ 7,605
—00000 —00000 —00000 —00000 —00000 9,515

—00000 —00000 132 31 —00000 1,003
1,271 703 23 14 (689) 2,873
—00000 —00000 5 1 —00000 166
$ 5,875 $ 703 $ 1,257 $ 93 $ (689) $ 21,162
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 8,249

—00000 —00000 31 14 —00000 168
—00000 —00000 171 12 —00000 2,724
—00000 —00000 58 3 —00000 2,906
—00000 —00000 491 201 (689) 3,491
—00000 —00000 —00000 —00000 —00000 333
—00000 —00000 92 —00000 —00000 209
—00000 —00000 843 230 (689) 18,080
—00000 —00000 21 —00000 —00000 796
387 —00000 —00000 34 —00000 961

5,488 703 538 56 —00000 7,202
—00000 —00000 (145) (227) —00000 (5,877)
5,875 703 393 (137) —00000 2,286
$ 5,875 $ 703 $ 1,257 $ 93 $ (689) $ 21,162

_____________________________________________________________________________________________
Combining Schedule of Revenues, Expenditures

and Changes in Fund Balance (Deficit) Accounts
GENERAL FUND
Tax
Local State Stabilization Community Rainy
Assistance Purposes Reserve Projects Day
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 30,821 $ —00000 $ —00000 $ —00000
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . —00000 6,770 —00000 —00000 —00000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5,079 —00000 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,063 —00000 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3,122 —00000 —00000 —00000
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 46,855 —00000 —00000 —00000
EXPENDITURES:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,745 —00000 —00000 —00000 —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,944 —00000 —00000 —00000 —00000
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,009 —00000 —00000 —00000 —00000
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 —00000 —00000 —00000 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 —00000 —00000 —00000 —00000
Environment and recreation . . . . . . . . . . . . . . . . . . . . 5 —00000 —00000 —00000 —00000
Support and regulate business . . . . . . . . . . . . . . . . . 197 —00000 —00000 —00000 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . 985 —00000 —00000 8 —00000
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 6,038 —00000 —00000 —00000
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,086 —00000 —00000 —00000
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,410 —00000 —00000 —00000
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,201 —00000 —00000 —00000
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 43,161 11,735 —00000 8 —00000
Excess (deficiency) of revenues over expenditures . . . (43,154) 35,120 —00000 (8) —00000

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 45,978 24,844 —00000 1 —00000
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (2,790) (61,806) —00000 —00000 —00000
Net other financing sources (uses) . . . . . . . . . . 43,188 (36,962) —00000 1 —00000
Special item—State Insurance Fund reserve release . . —00000 250 —00000 —00000 —00000
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . 34 (1,592) —00000 (7) —00000
Fund balances (deficits) at April 1, 2016 . . . . . . . . . . . . (3,724) (1,118) 1,258 61 540
Fund balances (deficits) at March 31, 2017 . . . . . . . . . . $ (3,690) $ (2,710) $ 1,258 $ 54 $ 540

____________________________________________________________________________________________ STATE OF NEW YORK
• 147
Fringe
Refund Benefit Miscellaneous
Reserve Escrow Special Miscellaneous Eliminations Total
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 30,821

—00000 —00000 —00000 —00000 —00000 6,770
—00000 —00000 —00000 —00000 —00000 5,079
—00000 —00000 —00000 —00000 —00000 1,063
—00000 2,680 2,745 728 (2,222) 7,060
—00000 2,680 2,745 728 (2,222) 50,793
—00000 —00000 1 —00000 —00000 24,746

—00000 —00000 2,455 —00000 —00000 16,399
—00000 —00000 4 —00000 —00000 3,013
—00000 —00000 86 2 —00000 258
—00000 —00000 —00000 —00000 —00000 106
—00000 —00000 4 —00000 —00000 9
—00000 —00000 69 —00000 —00000 266
—00000 —00000 82 1 —00000 1,076
—00000 —00000 2,947 98 —00000 9,083

—00000 122 994 455 (516) 3,141
—00000 724 3 —00000 —00000 2,137
—00000 1,850 1,626 249 (1,706) 4,220
—00000 2,696 8,271 805 (2,222) 64,454
—00000 (16) (5,526) (77) —00000 (13,661)
5,875 1 5,842 105 (63,564) 19,082

(7,053) —00000 (305) (69) 63,564 (8,459)
(1,178) 1 5,537 36 —00000 10,623
—00000 —00000 —00000 —00000 —00000 250
(1,178) (15) 11 (41) —00000 (2,788)
7,053 718 382 (96) —00000 5,074
$ 5,875 $ 703 $ 393 $ (137) $ —00000 $ 2,286
Federal
Special Revenue Fund
The Federal Special Revenue Fund is a major fund that accounts for most federal
revenues and expenditures.
The Federal Special Revenue Fund is divided into several accounts. The Fund
accounts for federal grants received by the State that are earmarked for specific
programs. The need to satisfy federal accounting and reporting requirements
dictates that federal grants be accounted for in a number of separate accounts.
These accounts include the Federal USDA—Food and Nutrition Services Account,
the Federal Health and Human Services Account, the Federal Education Account,
the Federal Operating Grants Account, the Unemployment Insurance
Administration Account, the Federal Unemployment Insurance Occupational
Training Account, and the Federal Employment and Training Grants Account.
_____________________________________________________________________________________________

Federal Special revenue Fund
March 31, 2017
(amounts in millions)
Federal Unemployment
Federal Federal Federal Operating Insurance
USDA-FNS DHHS Education Grants Administration
ASSETS:
cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14 $ 666 $ —00000 $ —00000 $ 83
receivables, net of allowance for uncollectibles:
due from Federal government . . . . . . . . . . . . . . . . . . 144 6,446 64 2,137 50
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 473 —00000 —00000 —00000
due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 —00000 —00000 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 25 3 497 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 179 $ 7,614 $ 67 $ 2,634 $ 133
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3 $ 24 $ 1 $ 2 $ 4
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3,674 9 7 17
payable to local governments . . . . . . . . . . . . . . . . . . . . 119 1,679 34 1,848 —00000
due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 924 23 266 19
unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 647 —00000 511 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 6,948 67 2,634 40
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . —00000 666 —00000 —00000 93
FUND BALANCES:
restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 —00000 —00000 —00000 —00000
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . 20 —00000 —00000 —00000 —00000
and fund balances . . . . . . . . . . . . . . . . . . . . . . $ 179 $ 7,614 $ 67 $ 2,634 $ 133

____________________________________________________________________________________________ STATE OF NEW YORK
• 151
Unemployment Federal
Insurance Employment
Occupational and Training
Training Grants Total
$ 1 $ —00000 $ 764
—00000 9 8,850
—00000 —00000 491
—00000 —00000 5
—00000 —00000 527
$ 1 $ 9 $ 10,637
$ —00000 $ 1 $ 35
—00000 5 3,714
—00000 —00000 3,680
—00000 3 1,268
—00000 —00000 1,160
—00000 9 9,857
1 —00000 760
—00000 —00000 20
—00000 —00000 20
$ 1 $ 9 $ 10,637
_____________________________________________________________________________________________

and Changes in Fund Balance Accounts
Federal Special revenue Fund
Federal Unemployment
Federal Federal Federal Operating Insurance
USDA-FNS DHHS Education Grants Administration
REVENUES:
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,185 $ 46,702 $ 2,654 $ 1,820 $ 252
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 —00000 13 75
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,187 46,705 2,654 1,833 327
EXPENDITURES:
local assistance grants:
education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 —00000 2,380 4 —00000
public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657 39,955 4 9 —00000
public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,409 3,797 —00000 27 4
public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 17 —00000 1,445 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 70 —00000
environment and recreation . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 3 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . —00000 59 —00000 —00000 —00000
State operations:
personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 222 93 108 152
non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . 44 768 119 118 49
pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . 4 26 11 10 20
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . 10 78 35 30 63
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 7,147 44,922 2,642 1,824 288
Excess of revenues over expenditures . . . . . . . . . . . . . 40 1,783 12 9 39

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . —00000 88 —00000 1 —00000
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (34) (1,871) (12) (10) (39)
Other financing sources (uses) . . . . . . . . . . . . . (34) (1,783) (12) (9) (39)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . 6 —00000 —00000 —00000 —00000
Fund balances at April 1, 2016 . . . . . . . . . . . . . . . . . . . . 14 —00000 —00000 —00000 —00000
Fund balances at March 31, 2017 . . . . . . . . . . . . . . . . . . $ 20 $ —00000 $ —00000 $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 153
Unemployment Federal
Insurance Employment
Occupational and Training
Training Grants Eliminations Total
$ 7 $ 162 $ —00000 $ 58,782

—00000 —00000 —00000 93
7 162 —00000 58,875
—00000 —00000 —00000 3,384

—00000 —00000 —00000 40,625
7 124 —00000 9,368
—00000 —00000 —00000 1,462
—00000 —00000 —00000 70
—00000 —00000 —00000 3
—00000 —00000 —00000 59
—00000 16 —00000 614

—00000 12 —00000 1,110
—00000 2 —00000 73
—00000 6 —00000 222
7 160 —00000 56,990
—00000 2 —00000 1,885
—00000 —00000 (89) —00000

—00000 (2) 89 (1,879)
—00000 (2) —00000 (1,879)
—00000 —00000 —00000 6
—00000 —00000 —00000 14
$ —00000 $ —00000 $ —00000 $ 20
General
Debt Service Fund
The General Debt Service Fund is a major fund that is used to account for the
payment of principal and interest on the State’s general debt and the payments
on certain lease/purchase or other contractual obligations.
The General Debt Service Fund is divided into two accounts. The principal and
interest payments for the State’s general debt and for certain lease/purchase or
other contractual obligations are made from the General Debt Service Account. The
principal and interest payments for the Tobacco Settlement Financing Corporation
(TSFC) are made from the Tobacco Settlement Financing Corporation Account.
_____________________________________________________________________________________________

GENERAL DEBT SERVICE FuND
March 31, 2017
General Tobacco
Debt Settlement
Service Financing
Account Corporation Total
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 677 $ 453 $ 1,130
Receivables, net of allowance for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,885 —00000 2,885
Due from Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 —00000 4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 326 326
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,566 $ 779 $ 4,345
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,223 $ —00000 $ 2,223
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —00000 11
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172 —00000 172
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346 —00000 346
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,752 —00000 2,752
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 —00000 126
FUND BALANCES:
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 667 779 1,446
Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 —00000 21
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688 779 1,467
Total liabilities, deferred inflows of resources and fund balances . . . . . . . . . . . . . $ 3,566 $ 779 $ 4,345

____________________________________________________________________________________________ STATE OF NEW YORK
• 157

and Changes in Fund Balance Accounts
General Tobacco
Debt Settlement
Service Financing
Account Corporation Total
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,079 $ —00000 $ 12,079
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,408 —00000 3,408
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 —00000 35
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 324 324
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 11
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,527 330 15,857
EXPENDITURES:
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 —00000 68
Debt service, including payments on financing arrangements . . . . . . . . . . . . . . . . . . . . . . . 4,206 768 4,974
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,274 768 5,042
Excess (deficiency) of revenues over expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,253 (438) 10,815

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,695 —00000 2,695
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,315) —00000 (14,315)
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,514 —00000 1,514
Payments to escrow agents for refundings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,762) —00000 (1,762)
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279 —00000 279
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,589) —00000 (11,589)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (336) (438) (774)
Fund balances at April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,024 1,217 2,241
Fund balances at March 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 688 $ 779 $ 1,467

_____________________________________________________________________________________________
Schedule of Cash Receipts and Disbursements

Budgetary Basis—Financial Plan and Actual
Financial
Plan Actual Variance
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,067 $ 15,133 $ 66
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 73 —00000
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,140 15,206 66
DISBURSEMENTS:
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 30 —00000
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,714 4,919 (205)
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,744 4,949 (205)
Excess of receipts over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,396 10,257 (139)

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,694 2,690 (4)
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,090) (12,947) 143
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,396) (10,257) 139
Excess (deficiency) of receipts and othe financing sources
over disbursements and other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000

Other
Governmental Funds
_____________________________________________________________________________________________
Combining Balance Sheet

Other GOvernmental Funds
march 31, 2017
Special Debt Capital

Revenue Service Projects Total
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,692 $ 830 $ 1,956 $ 6,478
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,006 265 67 1,338
due from Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 590 590
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 728 95 853 1,676
due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 476 351 108 935
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 —00000 8 17
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,911 $ 1,541 $ 3,582 $ 11,034
LIABILITIES:
tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 779 $ 32 $ 22 $ 833
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8 233 242
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 6 89 351
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 —00000 138 261
due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 204 1,397 1,710
unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 1 5
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268 254 1,880 3,402
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . . . . . . . . . . . . . . . 117 25 16 158
FUND BALANCES:
restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 391 592 221 1,204
Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338 667 2,140 4,145
assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,886 3 92 2,981
unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89) —00000 (767) (856)
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,526 1,262 1,686 7,474
and fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,911 $ 1,541 $ 3,582 $ 11,034

____________________________________________________________________________________________ STATE OF NEW YORK
• 161
Combining Statement of Revenues, Expenditures

Year ended march 31, 2017
Special Debt Capital

Revenue Service Projects Total
REVENUES:
taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,110 $ —00000 $ —00000 $ 3,110
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,995 3,408 629 6,032
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,661 —00000 632 2,293
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,395 1,054 119 2,568
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,639 2,639
Public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,220 472 —00000 5,692
tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 —00000 —00000 36
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,338 114 1,186 4,638
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,755 5,048 5,205 27,008
EXPENDITURES:
education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,401 —00000 203 6,604
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,034 —00000 204 6,238
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 353 353
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 —00000 72 149
transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,871 —00000 1,586 6,457
environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 387 387
support and regulate business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 835 835
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 —00000 406 541
state operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 —00000 —00000 195
non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,276 36 —00000 2,312
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 —00000 —00000 35
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 —00000 —00000 72
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 5,770 5,770
debt service, including payments on financing arrangements . . . . . . . . . —00000 616 —00000 616
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,096 652 9,816 30,564
Excess (deficiency) of revenues over expenditures . . . . . . . . . . . . . . . . (3,341) 4,396 (4,611) (3,556)

transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,919 1,330 2,631 7,880
transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (396) (5,559) (1,482) (7,437)
Financing arrangements issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,888 2,888
refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 312 —00000 312
Payments to escrow agents for refundings . . . . . . . . . . . . . . . . . . . . . . . . —00000 (349) —00000 (349)
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 45 421 466
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . 3,523 (4,221) 4,458 3,760
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 175 (153) 204
Fund balances at April 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,344 1,087 1,839 7,270
Fund balances at March 31, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,526 $ 1,262 $ 1,686 $ 7,474

_____________________________________________________________________________________________
Combining Schedule of
Cash Receipts and Disbursements
Special Revenue Debt Service

Financial Financial
Plan Actual Variance Plan Actual Variance
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,229 $ 8,101 $ (128) $ 4,258 $ 4,249 $ (9)
miscellaneous . . . . . . . . . . . . . . . . . . 16,823 17,487 664 489 458 (31)
Federal grants . . . . . . . . . . . . . . . . . . 1 (1) (2) —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 25,053 25,587 534 4,747 4,707 (40)
DISBURSEMENTS:
local assistance grants . . . . . . . . . . . 19,639 19,929 (290) —00000 —00000 —00000
state operations . . . . . . . . . . . . . . . . . 10,500 10,555 (55) 9 9 —00000
General state charges . . . . . . . . . . . . 2,140 2,172 (32) —00000 —00000 —00000
debt service . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 596 594 2
Capital projects . . . . . . . . . . . . . . . . . . 2 3 (1) —00000 —00000 —00000
Total disbursements . . . . . . . . . . 32,281 32,659 (378) 605 603 2
Excess (deficiency) of receipts
over disbursements . . . . . . . . . . . . . (7,228) (7,072) 156 4,142 4,104 (38)

Bond and note proceeds, net . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
transfers from other funds . . . . . . . . . 7,781 8,106 325 823 919 96
transfers to other funds . . . . . . . . . . . (689) (849) (160) (4,952) (5,038) (86)
sources (uses) . . . . . . . . . . . . . 7,092 7,257 165 (4,129) (4,119) 10
and other financing sources
over disbursements and
other financing uses . . . . . . . . . . . . $ (136) $ 185 $ 321 $ 13 $ (15) $ (28)

____________________________________________________________________________________________ STATE OF NEW YORK
• 163
Capital Projects
Financial
$ 1,358 $ 1,383 $ 25
4,829 4,637 (192)
2,161 2,608 447
8,348 8,628 280
3,569 3,604 (35)

—00000 —00000 —00000
—00000 —00000 —00000
—00000 —00000 —00000
7,334 6,553 781
10,903 10,157 746
(2,555) (1,529) 1,026
434 —00000 (434)

3,633 2,751 (882)
(1,450) (1,392) 58
2,617 1,359 (1,258)
$ 62 $ (170) $ (232)
Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of specific revenue
sources that are legally restricted to expenditures for specific purposes.
School Tax Relief Fund (STAR)—to reimburse school districts for the property
tax exemptions for homeowners.
Health Care Reform Act Resources—to account for health care initiatives
financed with hospital assessments, surcharges, proceeds from the sale of public
assets and cigarette tax receipts.
Dedicated Mass Transportation Trust Fund—to account for monies that are
earmarked for mass transportation purposes.
ENCON Special Revenue—to account for various fees, fines and penalties
earmarked for environmental monitoring activities, conservation and efficiency
projects and other environmental maintenance and regulation purposes.
Conservation Fund—to account for hunting and fishing license fees and related
fines and penalties that are dedicated to fish and wildlife programs.
Environmental Protection and Spill Compensation Fund—to account for license

fees and penalties that are earmarked for oil spill clean-up costs and claims for
damages.
Mass Transportation Operating Assistance—to account for various taxes

earmarked for public mass transportation operating assistance programs.
MTA Financial Assistance Fund—to account for taxes and fees imposed in the
Metropolitan Commuter Transportation District dedicated for Metropolitan
Transportation Authority operating and capital needs.
Miscellaneous—to account for various fees, fines, user charges and other
miscellaneous revenues that are earmarked for specific State programs.
_____________________________________________________________________________________________

Other GOvernmental Funds—special revenue Funds
march 31, 2017
Dedicated
School Health Care Mass ENCON
Tax Relief Reform Act Transportation Special
(STAR) Resources Trust Revenue Conservation
ASSETS:
cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 348 $ 85 $ —00000 $ 77
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 704 68 16 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 399 —00000 4 2
due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 1 —00000 —00000 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 812 $ 816 $ 101 $ 4 $ 79
LIABILITIES:
tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 579 $ 2 $ 10 $ —00000 $ —00000
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1 —00000 —00000
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 124 —00000 4 2
payable to local governments . . . . . . . . . . . . . . . . . . . . 45 14 —00000 —00000 —00000
due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2 —00000 24 3
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 735 142 11 28 5
DEFERRED INFLOWS OF RESOURCES . . . . . . . . . . . . 27 —00000 1 —00000 —00000

restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 674 89 —00000 74
assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (24) —00000
Total fund balances (deficits) . . . . . . . . . . . . . . . 50 674 89 (24) 74
and fund balances (deficits) . . . . . . . . . . . . . . $ 812 $ 816 $ 101 $ 4 $ 79

____________________________________________________________________________________________ STATE OF NEW YORK
• 167
Environmental Mass MTA

Protection Transportation Financial
and Spill Operating Assistance
Compensation Assistance Fund Miscellaneous Total
$ 33 $ 100 $ 162 $ 2,887 $ 3,692
—00000 121 97 —00000 1,006

82 —00000 —00000 241 728
—00000 —00000 —00000 367 476
—00000 —00000 —00000 9 9
$ 115 $ 221 $ 259 $ 3,504 $ 5,911
$ —00000 $ 173 $ 15 $ —00000 $ 779

—00000 —00000 —00000 —00000 1
1 —00000 —00000 14 256
—00000 —00000 —00000 64 123
3 5 —00000 72 109
4 178 15 150 1,268
72 —00000 —00000 17 117
39 —00000 244 108 391

—00000 43 —00000 408 1,338
—00000 —00000 —00000 2,886 2,886
—00000 —00000 —00000 (65) (89)
39 43 244 3,337 4,526
$ 115 $ 221 $ 259 $ 3,504 $ 5,911

_____________________________________________________________________________________________

and Changes in Fund Balances (Deficits)
Dedicated
School Health Care Mass ENCON
Tax Relief Reform Act Transportation Special
(STAR) Resources Trust Revenue Conservation
REVENUES:
taxes:
personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,110 $ —00000 $ —00000 $ —00000 $ —00000
consumption and use . . . . . . . . . . . . . . . . . . . . . . . . —00000 867 110 —00000 —00000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 362 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . —00000 5,219 —00000 —00000 —00000
tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 36 —00000 —00000 —00000
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2 142 87 54
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,110 6,124 614 87 54
EXPENDITURES:
education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,060 —00000 —00000 —00000 —00000
public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 6,029 —00000 —00000 —00000
public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 669 —00000 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
state operations:
personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 10 —00000 51 26
non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . —00000 23 —00000 16 9
pension contributions . . . . . . . . . . . . . . . . . . . . . . . . —00000 2 —00000 8 4
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 —00000 19 11
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 3,060 6,068 669 94 50
Excess (deficiency) of revenues over expenditures . . 50 56 (55) (7) 4

transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . —00000 1 63 13 —00000
transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (125) —00000 (6) (2)
Net other financing sources (uses) . . . . . . . . . . —00000 (124) 63 7 (2)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . 50 (68) 8 —00000 2
Fund balances (deficits) at April 1, 2016 . . . . . . . . . . . . —00000 742 81 (24) 72
Fund balances (deficits) at March 31, 2017 . . . . . . . . . . $ 50 $ 674 $ 89 $ (24) $ 74

____________________________________________________________________________________________ STATE OF NEW YORK
• 169
Environmental Mass MTA

Protection Transportation Financial
and Spill Operating Assistance
Compensation Assistance Fund Miscellaneous Eliminations Total
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 3,110

—00000 905 111 2 —00000 1,995
—00000 1,298 —00000 1 —00000 1,661
—00000 —00000 1,394 1 —00000 1,395
—00000 —00000 —00000 1 —00000 5,220
—00000 —00000 —00000 —00000 —00000 36
64 17 184 2,788 —00000 3,338
64 2,220 1,689 2,793 —00000 16,755
—00000 —00000 —00000 3,341 —00000 6,401

—00000 —00000 —00000 5 —00000 6,034
—00000 —00000 —00000 77 —00000 77
—00000 2,235 1,967 —00000 —00000 4,871
—00000 —00000 —00000 135 —00000 135
11 3 —00000 94 —00000 195

14 1 —00000 2,213 —00000 2,276
2 —00000 —00000 19 —00000 35
6 1 —00000 31 —00000 72
33 2,240 1,967 5,915 —00000 20,096
31 (20) (278) (3,122) —00000 (3,341)
—00000 34 333 3,480 (5) 3,919

(16) —00000 (1) (251) 5 (396)
(16) 34 332 3,229 —00000 3,523
15 14 54 107 —00000 182
24 29 190 3,230 —00000 4,344
$ 39 $ 43 $ 244 $ 3,337 $ —00000 $ 4,526
_____________________________________________________________________________________________
Mass Transportation
School Tax Relief Operating Assistance
Financial Financial
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,208 $ 3,139 $ (69) $ 2,199 $ 2,114 $ (85)
miscellaneous . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 18 17 (1)
Federal grants . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 3,208 3,139 (69) 2,217 2,131 (86)
DISBURSEMENTS:
local assistance grants . . . . . . . . . . . 3,208 3,139 69 2,236 2,235 1
state operations . . . . . . . . . . . . . . . . . —00000 —00000 —00000 4 3 1
General state charges . . . . . . . . . . . . —00000 —00000 —00000 2 2 —00000
capital projects . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total disbursements . . . . . . . . . . 3,208 3,139 69 2,242 2,240 2
over disbursements . . . . . . . . . . . . . —00000 —00000 —00000 (25) (109) (84)

transfers from other funds . . . . . . . . . —00000 —00000 —00000 35 34 (1)
transfers to other funds . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
sources (uses) . . . . . . . . . . . . . —00000 —00000 —00000 35 34 (1)
other financing uses . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 10 $ (75) $ (85)

____________________________________________________________________________________________ STATE OF NEW YORK
• 171
State Special Revenue Account Other

Financial Financial
$ —00000 $ —00000 $ —00000 $ 2,822 $ 2,848 $ 26

2,815 2,885 70 13,990 14,585 595
—00000 —00000 —00000 1 (1) (2)
2,815 2,885 70 16,813 17,432 619
2,384 2,673 (289) 11,811 11,882 (71)

4,271 4,269 2 6,225 6,283 (58)
1,639 1,630 9 499 540 (41)
—00000 —00000 —00000 2 3 (1)
8,294 8,572 (278) 18,537 18,708 (171)
(5,479) (5,687) (208) (1,724) (1,276) 448
7,737 6,109 (1,628) 2,536 2,281 (255)

(2,184) (317) 1,867 (1,032) (850) 182
5,553 5,792 239 1,504 1,431 (73)
$ 74 $ 105 $ 31 $ (220) $ 155 $ 375
(Continued)
_____________________________________________________________________________________________
Budgetary Basis—Financial Plan and Actual (cont’d)
Eliminations Total
Financial Financial
Plan Actual Plan Actual Variance
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 8,229 $ 8,101 $ (128)
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 16,823 17,487 664
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1 (1) (2)
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 25,053 25,587 534
DISBURSEMENTS:
local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 19,639 19,929 (290)
state operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 10,500 10,555 (55)
General state charges . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,140 2,172 (32)
capital projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2 3 (1)
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 32,281 32,659 (378)
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (7,228) (7,072) 156

transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . (2,527) (318) 7,781 8,106 325
transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . 2,527 318 (689) (849) (160)
Net other financing sources (uses) . . . . . . . . . . . . —00000 —00000 7,092 7,257 165
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ (136) $ 185 $ 321

Debt Service Funds
Debt Service Funds are used to account for the accumulation of resources for
and the payment of principal and interest on general long-term obligations
and payments on certain lease/purchase or other contractual obligations.
Mental Health Services Fund—to account for the payment of debt service in
conjunction with agreements for financing mental hygiene facilities.
State Housing Debt Fund—to account for the repayment of State advances
made to local governments and certain public authorities that are earmarked
for paying the principal and interest on State housing bonds.
Department of Health Income Fund—to account for the payment of debt

service in conjunction with agreements with the Dormitory Authority for
financing health facilities.
Clean Water/Clean Air Fund—to account for taxes earmarked for reimbursing the
General Debt Service Fund for the payment of debt service on the Clean Water/
Clean Air bonds.
Local Government Assistance Tax Fund—to account for revenues that are
earmarked for payment to the New York Local Government Assistance Corporation
for debt service.
_____________________________________________________________________________________________

Other GOvernmental Funds—debt service Funds
march 31, 2017
Local
Mental State Department Government
Health Housing of Health Clean Water/ Assistance
Services Debt Income Clean Air Tax Total
ASSETS:
cash and investments . . . . . . . . . . . . $ 282 $ —00000 $ 64 $ —00000 $ 484 $ 830
receivables, net of allowance
for uncollectibles:
taxes . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 46 219 265
Other . . . . . . . . . . . . . . . . . . . . . . . 61 6 28 —00000 —00000 95
due from other funds . . . . . . . . . . . . . 345 —00000 6 —00000 —00000 351
Total assets . . . . . . . . . . . . . . . $ 688 $ 6 $ 98 $ 46 $ 703 $ 1,541
LIABILITIES:
tax refunds payable . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ 32 $ 32
accounts payable . . . . . . . . . . . . . . . —00000 —00000 8 —00000 —00000 8
accrued liabilities . . . . . . . . . . . . . . . . —00000 —00000 6 —00000 —00000 6
due to other funds . . . . . . . . . . . . . . . —00000 —00000 —00000 46 158 204
unearned revenues . . . . . . . . . . . . . . —00000 4 —00000 —00000 —00000 4
Total liabilities . . . . . . . . . . . . . —00000 4 14 46 190 254
DEFERRED INFLOWS
OF RESOURCES . . . . . . . . . . . . . . . 3 —00000 —00000 —00000 22 25

restricted . . . . . . . . . . . . . . . . . . . . . . 91 2 21 —00000 478 592
committed . . . . . . . . . . . . . . . . . . . . . 594 —00000 63 —00000 10 667
assigned . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 3 3
Total fund balances . . . . . . . . . 685 2 84 —00000 491 1,262
Total liabilities, deferrred
inflows of resources
and fund balances . . . . . . . . $ 688 $ 6 $ 98 $ 46 $ 703 $ 1,541

____________________________________________________________________________________________ STATE OF NEW YORK
• 175

Local
Mental State Department Government
Health Housing of Health Clean Water/ Assistance
Services Debt Income Clean Air Tax Total
REVENUES:
taxes:
consumption and use . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ 3,408 $ 3,408
Other . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1,054 —00000 1,054
Patient fees . . . . . . . . . . . . . . . . . . . . 321 —00000 151 —00000 —00000 472
miscellaneous . . . . . . . . . . . . . . . . . . 109 5 —00000 —00000 —00000 114
Total revenues . . . . . . . . . . . . . 430 5 151 1,054 3,408 5,048
EXPENDITURES:
non-personal service . . . . . . . . . . . . . 28 —00000 5 —00000 3 36
debt service, including payments on
financing arrangements . . . . . . . . . 197 7 26 —00000 386 616
Total expenditures . . . . . . . . . . 225 7 31 —00000 389 652
over expenditures . . . . . . . . . . . . . . 205 (2) 120 1,054 3,019 4,396

transfers from other funds . . . . . . . . . 1,294 2 34 —00000 —00000 1,330
transfers to other funds . . . . . . . . . . . (1,331) —00000 (149) (1,054) (3,025) (5,559)
refunding debt issued . . . . . . . . . . . . 167 —00000 145 —00000 —00000 312
Payments to escrow agents
for refundings . . . . . . . . . . . . . . . . . (185) —00000 (164) —00000 —00000 (349)
Premiums on bonds issued . . . . . . . . 22 —00000 23 —00000 —00000 45
sources (uses) . . . . . . . . . . . (33) 2 (111) (1,054) (3,025) (4,221)
Net change in fund balances . . . . . . . 172 —00000 9 —00000 (6) 175
Fund balances at April 1, 2016 . . . . . . 513 2 75 —00000 497 1,087
Fund balances at March 31, 2017 . . . . $ 685 $ 2 $ 84 $ —00000 $ 491 $ 1,262

_____________________________________________________________________________________________
Mental Health Services Clean Water/Clean Air

Financial Financial
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 1,019 $ 1,007 $ (12)
miscellaneous . . . . . . . . . . . . . . . . . . 337 329 (8) —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 337 329 (8) 1,019 1,007 (12)
DISBURSEMENTS:
state operations . . . . . . . . . . . . . . . . . 3 3 —00000 —00000 —00000 —00000
debt service . . . . . . . . . . . . . . . . . . . . 193 193 —00000 —00000 —00000 —00000
Total disbursements . . . . . . . . . . 196 196 —00000 —00000 —00000 —00000
over disbursements . . . . . . . . . . . . . 141 133 (8) 1,019 1,007 (12)

transfers from other funds . . . . . . . . . 1,100 1,204 104 —00000 —00000 —00000
transfers to other funds . . . . . . . . . . . (1,241) (1,331) (90) (1,019) (1,007) 12
sources (uses) . . . . . . . . . . . . . (141) (127) 14 (1,019) (1,007) 12
other financing uses . . . . . . . . . . . . $ —00000 $ 6 $ 6 $ —00000 $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 177
Local Government Assistance Tax Other

Financial Financial
$ 3,239 $ 3,242 $ 3 $ —00000 $ —00000 $ —00000

—00000 —00000 —00000 152 129 (23)
3,239 3,242 3 152 129 (23)
3 3 —00000 3 3 —00000
370 369 1 33 32 1
373 372 1 36 35 1
2,866 2,870 4 116 94 (22)
—00000 —00000 —00000 (277) (285) (8)

(2,866) (2,870) (4) 174 170 (4)
(2,866) (2,870) (4) (103) (115) (12)
$ —00000 $ —00000 $ —00000 $ 13 $ (21) $ (34)
(Continued)
_____________________________________________________________________________________________
Total
Financial
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,258 $ 4,249 $ (9)
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 489 458 (31)
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,747 4,707 (40)
DISBURSEMENTS:
state operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 —00000
debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596 594 2
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . 605 603 2
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,142 4,104 (38)

transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 823 919 96
transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (4,952) (5,038) (86)
Net other financing sources (uses) . . . . . . . . . . . . (4,129) (4,119) 10
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13 $ (15) $ (28)

Capital Projects Funds
Capital Projects Funds are used to account for the financial resources used for
the acquisition or construction of major State-owned capital facilities and for
capital assistance grants to local governments and public authorities.
State Capital Projects Fund—to account for the construction or acquisition of

State capital assets and the payments to local governments and public authorities
for capital assistance financed primarily by transfers from the General Fund,
bond funds and proceeds from various financial arrangements.
Dedicated Highway and Bridge Trust Fund—to account for taxes and fees
that are earmarked for financing State, county, town, and village highway,
parkway, bridge, aviation or port facility capital projects.
Environmental Protection Fund—to account for dedicated revenues that will

be used to assist local governments, not-for-profit corporations, and fund State
initiatives to protect the environment and protect open space.
Dedicated Infrastructure Investment Fund—to account for projects, works,

activities or purposes necessary to support statewide investments including
loans to public authorities.
Bond Funds—to account for the proceeds of bonds issued for capital purposes.
A separate bond fund is established to account for the bond proceeds of each
bond issue authorized by public referendum, including the Environmental
Quality Protection Bond Fund, the Rebuild and Renew New York Transportation
Bond Fund, the Environmental Quality Bond Act Fund, the Clean Water/Clean
Air Bond Fund and the following included in the Miscellaneous category: the
Energy Conservation Through Improved Transportation Bond Fund, the Pure
Waters Bond Fund, the Transportation Capital Facilities Bond Fund, the Rail
Preservation and Development Bond Fund, the Transportation Infrastructure
Renewal Bond Fund and the Accelerated Capacity and Transportation Improve-
ment Bond Fund.
Hazardous Waste Remedial Fund—to account for revenues earmarked for the
clean-up of hazardous waste disposal sites.
Federal Capital Projects Fund—to account for capital projects financed from
federal grants.
Housing Program Fund—to account for the Low Income Housing Trust Fund
Program and the Affordable Home Ownership Development Program that are
financed by the New York State Housing Finance Agency.
Mental Hygiene Facilities Capital Improvement Fund—to account for mental

hygiene capital projects.
Correctional Facilities Capital Improvement Fund—to account for correctional

facility capital projects financed by the Urban Development Corporation.
Miscellaneous—to account for various capital projects financed from the sale of
land or other resources, gifts, grants or other miscellaneous revenue sources
earmarked for capital purposes or from transfers from the New York State
Infrastructure Trust Account.
_____________________________________________________________________________________________

Other GOvernmental Funds—Capital prOjeCts Funds
march 31, 2017
Rebuild
Dedicated Environmental and Renew
State Highway Dedicated Quality New York Environmental
Capital and Bridge Environmental Infrastructure Protection Transportation Quality
Projects Trust Protection Investment Bond Bond Bond
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . $ 1,121 $ 491 $ 147 $ 83 $ 2 $ 21 $ 6
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 67 —0000 —0000 —0000 —0000 —0000
due from Federal government . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 810 34 1 —0000 —0000 —0000 —0000
due from other funds . . . . . . . . . . . . . . . . . . . . . 1 9 —0000 —0000 —0000 —0000 —0000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . $ 1,932 $ 601 $ 148 $ 83 $ 2 $ 21 $ 6
LIABILITIES:
tax refunds payable . . . . . . . . . . . . . . . . . . . . . . $ —0000 $ 22 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . 58 47 —0000 5 —0000 —0000 —0000
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . 4 56 —0000 —0000 —0000 —0000 —0000
payable to local governments . . . . . . . . . . . . . . 97 1 1 —0000 —0000 —0000 —0000
due to other funds . . . . . . . . . . . . . . . . . . . . . . . 103 10 1 1 —0000 —0000 —0000
unearned revenues . . . . . . . . . . . . . . . . . . . . . . —0000 1 —0000 —0000 —0000 —0000 —0000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 262 137 2 6 —0000 —0000 —0000
DEFERRED INFLOWS OF RESOURCES . . . . . . 1 9 —0000 —0000 —0000 —0000 —0000

restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 19 —0000 —0000 2 21 6
Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,509 436 146 —0000 —0000 —0000 —0000
assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 77 —0000 —0000 —0000
unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Total fund balances (deficits) . . . . . . . . . 1,669 455 146 77 2 21 6
Total liabilities, deferred
inflows of resources and
fund balances (deficits) . . . . . . . . . . . . $ 1,932 $ 601 $ 148 $ 83 $ 2 $ 21 $ 6

____________________________________________________________________________________________ STATE OF NEW YORK
• 181
Mental
Hygiene Correctional
Hazardous Federal Clean Water/ Facilities Facilities
Waste Capital Clean Air Housing Capital Capital
Remedial Projects Bond Program Improvement Improvement Miscellaneous Eliminations Total
$ —0000 $ —0000 $ 1 $ —0000 $ —0000 $ —0000 $ 84 $ —0000 $ 1,956
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 67

—0000 590 —0000 —0000 —0000 —0000 —0000 —0000 590
7 —0000 —0000 —0000 —0000 —0000 1 —0000 853
—0000 98 —0000 —0000 —0000 —0000 743 (743) 108
—0000 —0000 —0000 —0000 —0000 —0000 8 —0000 8
$ 7 $ 688 $ 1 $ —0000 $ —0000 $ —0000 $ 836 $ (743) $ 3,582
$ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ 22

—0000 80 —0000 —0000 12 31 —0000 —0000 233
2 1 —0000 —0000 13 3 10 —0000 89
—0000 30 —0000 —0000 7 —0000 2 —0000 138
165 577 —0000 125 58 186 914 (743) 1,397
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 1
167 688 —0000 125 90 220 926 (743) 1,880
6 —0000 —0000 —0000 —0000 —0000 —0000 —0000 16
—0000 —0000 1 —0000 —0000 —0000 12 —0000 221

—0000 —0000 —0000 —0000 —0000 —0000 49 —0000 2,140
—0000 —0000 —0000 —0000 —0000 —0000 15 —0000 92
(166) —0000 —0000 (125) (90) (220) (166) —0000 (767)
(166) —0000 1 (125) (90) (220) (90) —0000 1,686
$ 7 $ 688 $ 1 $ —0000 $ —0000 $ —0000 $ 836 $ (743) $ 3,582

_____________________________________________________________________________________________

and Changes in Fund Balances (Deficits)
Rebuild
Dedicated Environmental and Renew
State Highway Dedicated Quality New York Environmental
Capital and Bridge Environmental Infrastructure Protection Transportation Quality
Projects Trust Protection Investment Bond Bond Bond
REVENUES:
taxes:
Consumption and use . . . . . . . . . . . . . . . . . . . $ —0000 $ 629 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 632 —0000 —0000 —0000 —0000 —0000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 119 —0000 —0000 —0000 —0000
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 5 —0000 —0000 —0000 —0000 —0000
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 864 36 —0000 —0000 —0000 —0000
Total revenues . . . . . . . . . . . . . . . . . . . . . 11 2,130 155 —0000 —0000 —0000 —0000
EXPENDITURES:
education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 —0000 —0000 —0000 —0000 —0000 —0000
public health . . . . . . . . . . . . . . . . . . . . . . . . . . 24 —0000 —0000 —0000 —0000 —0000 —0000
public welfare . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 35 —0000 —0000 —0000
public safety . . . . . . . . . . . . . . . . . . . . . . . . . . 61 —0000 —0000 —0000 —0000 —0000 —0000
transportation . . . . . . . . . . . . . . . . . . . . . . . . 904 16 —0000 —0000 —0000 —0000 —0000
environment and recreation . . . . . . . . . . . . . . 143 —0000 90 —0000 —0000 —0000 —0000
support and regulate business . . . . . . . . . . . . 796 —0000 —0000 39 —0000 —0000 —0000
General government . . . . . . . . . . . . . . . . . . . . 171 —0000 —0000 232 —0000 —0000 —0000
Capital construction . . . . . . . . . . . . . . . . . . . . . . 961 2,105 107 334 —0000 —0000 —0000
Total expenditures . . . . . . . . . . . . . . . . . . 3,263 2,121 197 640 —0000 —0000 —0000
over expenditures . . . . . . . . . . . . . . . . . . . . . . . (3,252) 9 (42) (640) —0000 —0000 —0000

transfers from other funds . . . . . . . . . . . . . . . . . 1,212 846 146 698 —0000 —0000 —0000
transfers to other funds . . . . . . . . . . . . . . . . . . . (104) (1,359) —0000 (2) —0000 (6) —0000
Financing arrangements issued . . . . . . . . . . . . . 1,810 488 —0000 —0000 —0000 —0000 —0000
premiums on bonds issued . . . . . . . . . . . . . . . . 209 117 —0000 —0000 —0000 —0000 —0000
Net other financing sources (uses) . . . . 3,127 92 146 696 —0000 (6) —0000
Net change in fund balances . . . . . . . . . . . . . . . . (125) 101 104 56 —0000 (6) —0000
Fund balances (deficits) at April 1, 2016 . . . . . . 1,794 354 42 21 2 27 6
Fund balances (deficits) at March 31, 2017 . . . . $ 1,669 $ 455 $ 146 $ 77 $ 2 $ 21 $ 6

____________________________________________________________________________________________ STATE OF NEW YORK
• 183
Mental
Hygiene Correctional
Hazardous Federal Clean Water/ Facilities Facilities
Waste Capital Clean Air Housing Capital Capital
Remedial Projects Bond Program Improvement Improvement Miscellaneous Eliminations Total
$ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ 629

—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 632
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 119
—0000 2,634 —0000 —0000 —0000 —0000 —0000 —0000 2,639
39 2 —0000 166 2 —0000 66 —0000 1,186
39 2,636 —0000 166 2 —0000 66 —0000 5,205
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 203

—0000 47 —0000 —0000 133 —0000 —0000 —0000 204
—0000 —0000 —0000 148 —0000 —0000 170 —0000 353
—0000 9 —0000 —0000 —0000 —0000 2 —0000 72
—0000 663 —0000 —0000 —0000 —0000 3 —0000 1,586
5 148 —0000 —0000 —0000 —0000 1 —0000 387
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 835
—0000 —0000 —0000 —0000 3 —0000 —0000 —0000 406
126 1,479 —0000 —0000 154 308 196 —0000 5,770
131 2,346 —0000 148 290 308 372 —0000 9,816
(92) 290 —0000 18 (288) (308) (306) —0000 (4,611)
18 1 —0000 1 5 5 22 (323) 2,631

(25) (291) (7) —0000 (4) (5) (2) 323 (1,482)
52 —0000 —0000 —0000 248 45 245 —0000 2,888
14 —0000 —0000 —0000 54 2 25 —0000 421
59 (290) (7) 1 303 47 290 —0000 4,458
(33) —0000 (7) 19 15 (261) (16) —0000 (153)
(133) —0000 8 (144) (105) 41 (74) —0000 1,839
$ (166) $ —0000 $ 1 $ (125) $ (90) $ (220) $ (90) $ —0000 $ 1,686
_____________________________________________________________________________________________
Dedicated Highway
State Capital Projects and Bridge Trust
Financial Financial
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 1,239 $ 1,264 $ 25
miscellaneous . . . . . . . . . . . . . . . . . . 2,460 2,507 47 1,380 1,328 (52)
Federal grants . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 5 5 —00000
Total receipts . . . . . . . . . . . . . . . . 2,460 2,507 47 2,624 2,597 (27)
DISBURSEMENTS:
local assistance grants . . . . . . . . . . . 2,504 2,097 407 74 12 62
Capital projects . . . . . . . . . . . . . . . . . . 1,977 1,607 370 2,084 2,146 (62)
Total disbursements . . . . . . . . . . 4,481 3,704 777 2,158 2,158 —00000
over disbursements . . . . . . . . . . . . . (2,021) (1,197) 824 466 439 (27)

Bond and note proceeds, net . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
transfers from other funds . . . . . . . . . 2,023 1,198 (825) 870 845 (25)
transfers to other funds . . . . . . . . . . . (2) (1) 1 (1,409) (1,358) 51
sources (uses) . . . . . . . . . . . . . 2,021 1,197 (824) (539) (513) 26
other financing uses . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ (73) $ (74) $ (1)

____________________________________________________________________________________________ STATE OF NEW YORK
• 185
Federal Capital Projects Hazardous Waste Remedial

Financial Financial
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ —00000

—00000 2 2 103 111 8
2,156 2,603 447 —00000 —00000 —00000
2,156 2,605 449 103 111 8
706 850 (144) —00000 5 (5)

1,091 1,476 (385) 110 124 (14)
1,797 2,326 (529) 110 129 (19)
359 279 (80) (7) (18) (11)
—00000 —00000 —00000 —00000 —00000 —00000

—00000 —00000 —00000 23 18 (5)
(338) (289) 49 (29) (25) 4
(338) (289) 49 (6) (7) (1)
$ 21 $ (10) $ (31) $ (13) $ (25) $ (12)
(Continued)
_____________________________________________________________________________________________
Other Eliminations
Financial Financial
Plan Actual Variance Plan Actual
RECEIPTS:
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 119 $ 119 $ —00000 $ —00000 $ —00000
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886 689 (197) —00000 —00000
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,005 808 (197) —00000 —00000
DISBURSEMENTS:
local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . 285 640 (355) —00000 —00000
Capital projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,072 1,200 872 —00000 —00000
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . 2,357 1,840 517 —00000 —00000
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,352) (1,032) 320 —00000 —00000

Bond and note proceeds, net . . . . . . . . . . . . . . . . . . . . . 434 —00000 (434) —00000 —00000
transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 1,479 971 (508) (762) (281)
transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (434) —00000 434 762 281
Net other financing sources (uses) . . . . . . . . . . . . 1,479 971 (508) —00000 —00000
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127 $ (61) $ (188) $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 187
Total
Financial
$ 1,358 $ 1,383 $ 25
4,829 4,637 (192)
2,161 2,608 447
8,348 8,628 280
3,569 3,604 (35)

7,334 6,553 781
10,903 10,157 746
(2,555) (1,529) 1,026
434 —00000 (434)

3,633 2,751 (882)
(1,450) (1,392) 58
2,617 1,359 (1,258)
$ 62 $ (170) $ (232)
Fiduciary Funds
Fiduciary Funds are used to account for assets held by the State in a fiduciary
capacity or as agent for individuals, private organizations or other governments
and include Private Purpose Trust Funds, the State and Local Retirement System
Fund and Agency Funds.
Private Purpose Trust Funds:

Agriculture and Milk Producers’ Security Funds—to provide security to agriculture
and milk producers against loss of revenues.
Abandoned Property Fund—accounts for assets from banks, utilities, investment

companies, and insurance companies representing inactive accounts that are
required by law to be turned over to the State. The Comptroller is custodian of
this account. Assets are returned to the proper owner upon approval of a claim.
Tuition Savings Program Fund—accounts for contributions made by individuals

and families for college savings. The withdrawals from the Fund are used to pay
college costs at any eligible public and private college and university in New
York State.
Agency Funds:
Employee Benefit and Payroll Related Funds—account for various employee
benefit programs, such as the New York State employee health insurance
programs, for the disposition of various payroll related deductions, such as for
social security contributions.
MMIS Statewide Escrow Fund—accounts for the transfer from other funds of
the Federal, State, and local shares of Medicaid program expenditures to a
paying agent for ultimate payment to health care providers.
Other Agency Funds—account for various escrow, revenue collection and agency
accounts for which the State acts in an agent’s capacity until proper disposition
of the assets can be made. This includes accounting for advances from the State
for paying CUNY operating costs.
_____________________________________________________________________________________________
Combining Statement of Fiduciary Net Position

Private PurPose trusts
March 31, 2017
Agriculture Milk Tuition

Producers’ Producers’ Abandoned Savings
Security Security Property Program Total
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 8 $ 48 $ 23,705 $ 23,763
receivables, net of allowance for uncollectibles . . . . . . —00000 —00000 191 66 257
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,853 —00000 2,853
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 8 3,092 23,771 26,873
LIABILITIES:
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 78 78
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 78 78
NET POSITION:
restricted for:
Claimant liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 3,092 —00000 3,092
other specified purposes . . . . . . . . . . . . . . . . . . . . . . 2 8 —00000 23,693 23,703
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 8 $ 3,092 $ 23,693 $ 26,795

____________________________________________________________________________________________ STATE OF NEW YORK
• 191
Combining Statement of Changes

in Fiduciary Net Position
Private PurPose trusts
Agriculture Milk Tuition

Producers’ Producers’ Abandoned Savings
Security Security Property Program Total
Additions:
investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 42 $ 42
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 471 471
other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 519 —00000 519
Net increase in the fair value of investments . . . . . . . . . —00000 —00000 —00000 1,072 1,072
Total investment and other losses . . . . . . . . . . . —00000 —00000 519 1,585 2,104
Less:
investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (50) (50)
Net investment and other losses . . . . . . . . . . . . —00000 —00000 519 1,535 2,054
Contributions:
College savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 2,707 2,707
Total contributions . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 2,707 2,707
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 519 4,242 4,761
Deductions:
College aid redemptions . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1,658 1,658
Claims paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 418 —00000 418
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 —00000 —00000 1
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 418 1,658 2,077
Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (1) 101 2,584 2,684
Net position restricted at April 1, 2016 . . . . . . . . . . . . . 2 9 2,991 21,109 24,111
Net position restricted at March 31, 2017 . . . . . . . . . . . $ 2 $ 8 $ 3,092 $ 23,693 $ 26,795

_____________________________________________________________________________________________
Combining Statement of Fiduciary Net Position

ageNCY FuNDs
March 31, 2017
School
Capital Management
Facilities Employees Social Employees Confidential
Financing Health Security Dental Group
Reserve Insurance Contribution Insurance Insurance
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 $ 736 $ 15 $ 1 $ 1
receivables, net of allowance for uncollectibles . . . . . . —00000 147 40 12 —00000
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 75 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 $ 958 $ 55 $ 13 $ 1
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 166 $ —00000 $ —00000 $ —00000
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 586 55 9 1
Payable to local governments . . . . . . . . . . . . . . . . . . . . —00000 206 —00000 4 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22 $ 958 $ 55 $ 13 $ 1

____________________________________________________________________________________________ STATE OF NEW YORK
• 193
CUNY
Senior MMIS
College Statewide Sole
Operating Escrow Custody Miscellaneous Total
$ 5 $ 120 $ 5,310 $ 1,409 $ 7,619

—00000 587 19 219 1,024
—00000 —00000 —00000 —00000 75
$ 5 $ 707 $ 5,329 $ 1,628 $ 8,718
$ —00000 $ 7 $ —00000 $ 19 $ 192

5 697 3,893 1,548 6,816
—00000 3 1,436 61 1,710
$ 5 $ 707 $ 5,329 $ 1,628 $ 8,718
_____________________________________________________________________________________________
Combining Statement of
Changes in Assets and Liabilities
ageNCY FuNDs
Balance Balance
April 1, 2016 Additions Deductions March 31, 2017
School Capital Facilities Financing Reserve
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20 $ 48 $ 46 $ 22
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 32 32 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20 $ 80 $ 78 $ 22
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 17 $ 17 $ —00000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 12 12 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20 $ 53 $ 51 $ 22
Employees Health Insurance
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 695 $ 13,577 $ 13,536 $ 736
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . 99 704 656 147
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 3,664 3,664 —00000
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 76 116 75
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 909 $ 18,021 $ 17,972 $ 958
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127 $ 9,348 $ 9,309 $ 166
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 501 10,097 10,012 586
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 206 281 206
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 909 $ 19,971 $ 19,922 $ 958
Social Security Contribution
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . 39 1,161 1,160 40
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 54 $ 2,385 $ 2,384 $ 55
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 1,192 $ 1,192 $ —00000
(Continued)

____________________________________________________________________________________________ STATE OF NEW YORK
• 195
Changes in Assets and Liabilities (cont’d)
ageNCY FuNDs
Balance Balance
Employees Dental Insurance
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8 $ 249 $ 244 $ 13
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $ 73 $ 74 $ —00000
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 —00000 4
Management Confidential Group Insurance
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . —00000 6 6 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $ 30 $ 30 $ 1
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 11 $ 11 $ —00000
CUNY Senior College Operating
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . —00000 1 1 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 65 $ 2,786 $ 2,846 $ 5
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 2,658 $ 2,658 $ —00000
(Continued)

_____________________________________________________________________________________________
ageNCY FuNDs
Balance Balance
MMIS Statewide Escrow
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . —00000 623 36 587
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 192 $ 176,341 $ 175,826 $ 707
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 3,226 $ 3,219 $ 7
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 3 —00000 3
Sole Custody
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,261 $ 5,331 $ 5,263 $ 5,329
LIABILITIES:
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,886 $ 3,894 $ 3,887 $ 3,893
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,375 1,436 1,375 1,436
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,261 $ 5,330 $ 5,262 $ 5,329
Miscellaneous
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . 210 7,057 7,048 219
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,874 $ 27,586 $ 27,832 $ 1,628
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1) $ 6,689 $ 6,669 $ 19
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,816 12,345 12,613 1,548
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 61 59 61
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5,397 5,397 —00000
(Continued)

____________________________________________________________________________________________ STATE OF NEW YORK
• 197
ageNCY FuNDs
Balance Balance
Total Assets and Liabilities—All Agency Funds
ASSETS:
receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . 363 9,584 8,923 1,024
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 76 116 75
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,384 $ 232,809 $ 232,475 $ 8,718
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127 $ 23,214 $ 23,149 $ 192
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,542 99,133 98,859 6,816
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,715 1,710 1,715 1,710
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 6,524 6,524 —00000

Non-Major
Component Units
The non-major component units listed are significant separate legal entities that are discretely presented in
the State’s financial statements. The inclusion of component units in the State’s financial statements reflects
the State’s financial accountability for these entities.
Health Research Incorporated—administers gifts and grants in keeping with the research, prevention and
treatment purposes of the New York State Department of Health and the Roswell Park Cancer Institute Corporation.
Housing Trust Fund Corporation—administers significant Federal and State low income housing programs.
Hugh L. Carey Battery Park City Authority—engages in the improvement of the Battery Park City Project
Area (a 92-acre site on the lower west side of Manhattan); the creation in the area of a mixed commercial
and residential community; and the making of loans secured by first mortgages to housing companies
organized to provide housing within the project area.
Municipal Bond Bank Agency—provides access to the capital markets for special programs and purposes
that benefit the State of New York and its municipalities.
New York State Energy Research and Development Authority—conducts and finances a multifaceted energy
and environmental research and development program; promotes energy efficiency measures; manages the
Western New York Nuclear Service Center at West Valley; and coordinates the State’s activities on nuclear
energy matters.
New York State Higher Education Services Corporation—administers the State’s Guaranteed Student Loan
Programs.
Niagara Frontier Transportation Authority—promotes the development and improvement of transportation

and related services within the Niagara Frontier Transportation District, and operates a number of transportation
related business centers including aviation, surface transportation and property management.
Roswell Park Cancer Institute Corporation—as a public hospital and medical research center, provides
total care to cancer patients, conducts research into the causes, treatment and prevention of cancer, and
educates those who treat and study cancer.
SUNY Foundations—include campus-related foundations and student housing corporations reported as an

aggregate discretely presented component unit in the State University of New York financial statements.
The campus-related foundations are responsible for the fiscal administration of revenues and support received
for the promotion, development and advancement of the welfare of the campuses. The student housing
corporations operate and administer certain housing and related services for students.
CUNY Foundations—include eighteen campus-related foundations reported as discretely presented component

units in the City University of New York Senior Colleges’ financial statements. These foundations support
both academic and general needs of the colleges and their students.
Miscellaneous—aggregation of 22 other non-major component units listed in Note 14.

_____________________________________________________________________________________________
Combining Statement of Net Position

DISCRETELY PRESENTED NoN-majoR ComPoNENT UNITS
march 31, 2017
Hugh L. Carey NYS Energy

Health Housing Battery Municipal Research &
Research Trust Fund Park City Bond Bank Development
Incorporated Corporation Authority Agency Authority
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 598 $ 382 $ 526 $ 2 $ 945
Loans, leases, and notes . . . . . . . . . . . . . . . . . . . . . . —00000 2 3 459 457
other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 9 2 8 12
other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 20 5 —00000 13
Capital assets:
Construction in progress . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Land, buildings and equipment, net of depreciation . . 1 —00000 497 —00000 17
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697 413 1,033 469 1,444

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 6 3 —00000 16
Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 35 —00000 —00000
Deferred loss on refunding . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 78 19 —00000
Total deferred outflows of resources . . . . . . . . . —00000 6 116 19 16
LIABILITIES:
accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 —00000 5 —00000 10
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 68 240 8 57
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 23 47 —00000 2
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 26 53 6
Current portion of other long-term liabilities . . . . . . . . . . —00000 —00000 —00000 —00000 3
accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 28 —00000 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 6 —00000 —00000 —00000
other postemployment benefits . . . . . . . . . . . . . . . . . —00000 5 36 —00000 —00000
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Unearned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 494 —00000 261 —00000 —00000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,027 431 122
other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . 53 —00000 —00000 —00000 22
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 94 —00000 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 608 102 1,764 492 222

Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 —00000 —00000 —00000
other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total deferred inflows of resources . . . . . . . . . . —00000 1 —00000 —00000 —00000
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . —00000 —00000 (4) —00000 17
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 60 —00000 —00000
Higher education, research and patient care . . . . . . . —00000 —00000 —00000 —00000 —00000
Environmental projects and energy programs . . . . . . —00000 —00000 —00000 —00000 1,218
Economic development, housing and transportation . . —00000 242 4 —00000 —00000
Insurance and administrative requirements . . . . . . . . —00000 —00000 —00000 —00000 —00000
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 74 (675) (4) 3
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $ 89 $ 316 $ (615) $ (4) $ 1,238

____________________________________________________________________________________________ STATE OF NEW YORK
• 201
NYS Higher Niagara Roswell Park SUNY

Education Frontier Cancer Foundations CUNY
Services Transportation Institute and Auxiliary Supporting
Corporation Authority Corporation Corporations Organizations Miscellaneous Total
$ 116 $ 118 $ 562 $ 2,323 $ 745 $ 1,345 $ 7,662
—00000 —00000 21 —00000 —00000 22 964

24 20 102 204 118 101 645
2 6 18 117 14 48 296
—00000 33 41 24 —00000 101 199

—00000 571 270 555 161 872 2,944
—00000 —00000 7 —00000 —00000 —00000 7
142 748 1,021 3,223 1,038 2,489 12,717
8 27 96 —00000 —00000 60 216

—00000 —00000 —00000 —00000 —00000 —00000 35
—00000 —00000 —00000 —00000 5 —00000 102
8 27 96 —00000 5 60 353
14 —00000 —00000 —00000 —00000 48 112

—00000 30 129 298 24 470 1,350
—00000 —00000 —00000 15 1 69 157
—00000 —00000 —00000 —00000 —00000 6 6
—00000 11 14 14 2 12 138
—00000 10 —00000 —00000 —00000 27 40
—00000 —00000 —00000 —00000 —00000 44 72

2 —00000 —00000 —00000 —00000 2 4
7 43 88 —00000 —00000 81 225
—00000 151 456 —00000 —00000 384 1,032
—00000 —00000 —00000 —00000 —00000 1 1
—00000 —00000 —00000 —00000 —00000 63 818
—00000 —00000 30 —00000 22 1 53
—00000 98 146 381 136 97 2,438
2 78 5 —00000 1 65 226
—00000 —00000 —00000 —00000 —00000 —00000 94
25 421 868 708 186 1,370 6,766
1 3 16 —00000 —00000 16 37
—00000 —00000 —00000 —00000 —00000 12 12
1 3 16 —00000 —00000 28 49
—00000 467 135 221 14 922 1,772
—00000 —00000 —00000 —00000 —00000 18 78

117 —00000 124 1,755 743 —00000 2,739
—00000 —00000 —00000 —00000 —00000 36 1,254
—00000 48 —00000 —00000 —00000 222 516
—00000 —00000 —00000 —00000 —00000 50 50
7 (164) (26) 539 100 (97) (154)
$ 124 $ 351 $ 233 $ 2,515 $ 857 $ 1,151 $ 6,255
_____________________________________________________________________________________________
Combining Statement of Activities

DISCRETELY PRESENTED NoN-majoR ComPoNENT UNITS
Year Ended march 31, 2017
Hugh L. Carey NYS Energy

Health Housing Battery Municipal Research &
Research Trust Fund Park City Bond Bank Development
Incorporated Corporation Authority Agency Authority
EXPENSES:
Program operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 650 $ 2,796 $ 217 $ —00000 $ 611
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 30 20 4
other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . —00000 —00000 10 —00000 2
other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 11 —00000 27 35
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 682 2,807 257 47 652
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —00000 279 23 17
operating grants and contributions . . . . . . . . . . . . . . . . 683 2,856 —00000 —00000 39
Capital grants and contributions . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total program revenues . . . . . . . . . . . . . . . . . . . 686 2,856 279 23 56
Net program revenue (expenses) . . . . . . . . . . 4 49 22 (24) (596)
GENERAL REVENUES:
Non-State grants and contributions
not restricted to specific programs . . . . . . . . . . . . . . . —00000 —00000 —00000 2 —00000
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1 —00000 —00000 7
miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 7 25 151
Total general revenues . . . . . . . . . . . . . . . . . . . . 6 2 7 27 158
Change in net position . . . . . . . . . . . . . . . . . . . . 10 51 29 3 (438)
Net position—beginning of year, as restated . . . . . . . . 79 265 (644) (7) 1,676
Net position—end of year . . . . . . . . . . . . . . . . . . . . . . . . $ 89 $ 316 $ (615) $ (4) $ 1,238

____________________________________________________________________________________________ STATE OF NEW YORK
• 203
NYS Higher Niagara Roswell Park SUNY

Education Frontier Cancer Foundations CUNY
Services Transportation Institute and Auxiliary Supporting
Corporation Authority Corporation Corporations Organizations Miscellaneous Total
$ 696 $ 202 $ 689 $ 564 $ 181 $ 1,322 $ 7,928

—00000 —00000 6 —00000 —00000 2 62
—00000 5 —00000 —00000 3 —00000 8
—00000 52 35 —00000 7 76 182
5 —00000 17 164 20 20 331
701 259 747 728 211 1,420 8,511
714 72 589 514 52 729 2,992

—00000 54 89 209 4 497 4,431
—00000 20 15 —00000 —00000 83 118
714 146 693 723 56 1,309 7,541
13 (113) (54) (5) (155) (111) (970)
4 58 —00000 —00000 77 132 273
—00000 —00000 —00000 21 —00000 14 35

1 —00000 5 10 5 21 56
—00000 48 39 20 63 24 378
5 106 44 51 145 191 742
18 (7) (10) 46 (10) 80 (228)
106 358 243 2,469 867 1,071 6,483
$ 124 $ 351 $ 233 $ 2,515 $ 857 $ 1,151 $ 6,255
Statistical Section
This part of the State’s Comprehensive Annual Financial Report presents detailed
information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about
the State’s overall financial health.
Contents
Financial Trends
These schedules contain trend information to help the reader understand how
the State’s financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the State’s most
significant revenue source, the personal income tax.
Debt Capacity
These schedules present information to help the reader assess the affordability
of the State’s current levels of outstanding debt and the State’s ability to issue
additional debt in the future.
Demographic and Economic Information

These schedules offer demographic and economic indicators to help the reader
understand the environment within which the State’s financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader
understand how the information in the State’s financial report relates to the
services the State provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the
Comprehensive Annual Financial Reports for the relevant years.
_____________________________________________________________________________________________
Changes in Fund Balances

GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(Modified accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,792 $ 33,096 $ 34,536 $ 37,705 $ 38,355
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . 13,101 13,131 13,069 14,133 14,528
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,163 7,711 7,547 7,115 7,758
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,292 1,769 2,753 3,228 3,115
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,802 41,637 51,407 54,659 48,016
Public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . 3,900 3,734 4,296 4,655 4,648
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 580 594 491 457 453
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,410 9,044 11,780 11,371 11,433
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,040 110,716 125,879 133,323 128,306
EXPENDITURES:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Environment and recreation . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Support and regulate business . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,689 44,741 52,341 53,894 51,893
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,208 31,047 31,097 32,380 31,255
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,859 1,998 1,912 2,020 2,090
General purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 928 1,220 1,251 1,037 1,042
Health and environment . . . . . . . . . . . . . . . . . . . . . . . 4,423 4,592 4,250 4,460 4,466
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,634 4,109 5,123 5,311 5,327
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 493 516 624 506 745
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,142 2,901 2,068 2,685 2,049
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,230 9,819 9,733 9,857 9,439
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . 6,324 6,331 6,329 6,554 6,320
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . 1,117 973 874 1,234 1,538
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . 3,354 3,203 3,390 3,683 3,924
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,467 5,127 5,029 4,174 4,198
Debt service, including payments
on financing arrangements:
Principal (General Obligation) . . . . . . . . . . . . . . . . . . 350 353 355 365 361
Interest (General Obligation) . . . . . . . . . . . . . . . . . . . 139 127 123 135 137
Principal (Other financing arrangements) . . . . . . . . . —00000 —00000 —00000 —00000 2,778
Interest (Other financing arrangements) . . . . . . . . . . —00000 —00000 —00000 —00000 1,956
Principal and Interest (Other financing arrangements) . . 3,589 3,622 4,067 4,394 —00000
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 115,946 120,679 128,566 132,689 129,518
Excess (deficiency) of revenues over expenditures . . (1,906) (9,963) (2,687) 634 (1,212)
Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 2,709 2,761 2,959 3,315 3,282
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (4,810) (5,072) (5,158) (5,085) (5,099)
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 102 —00000
General obligation bonds issued . . . . . . . . . . . . . . . . . . 268 455 449 500 330
Financing arrangements issued . . . . . . . . . . . . . . . . . . . 3,237 3,689 4,354 2,253 2,945
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . 2,280 3,874 2,200 1,907 1,868
Payments to escrow agents for refundings . . . . . . . . . . (2,383) (3,926) (2,278) (2,052) (2,033)
Swap termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (32) (94) (48) (27)
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . 245 215 378 375 565
Net other financing sources (uses) . . . . . . . . . . 1,546 1,964 2,810 1,267 1,831
Special item—State Insurance Fund reserve release . . —00000 —00000 —00000 —00000 —00000
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . $ (360) $ (7,999) $ 123 $ 1,901 $ 619
Debt service (principal and interest)
as a percentage of non-capital expenditures . . . . . . 3.61% 3.45% 3.58% 3.74% 4.09%
Source: Office of the State Comptroller

Note: Figures restated for prior period adjustments.
Beginning in fiscal year 2013, expenditures for local assistance grants are reported using the new Statewide Financial
System program categories. Prior fiscal years’ reported amounts are categorized by local assistance object codes.
____________________________________________________________________________________________ STATE OF NEW YORK
• 207
Fiscal Year
2013 2014 2015 2016 2017
$ 41,962 $ 41,295 $ 45,438 $ 46,089 $ 46,010

14,598 15,139 15,361 15,741 16,210
8,275 8,438 8,321 7,575 7,372
2,973 3,398 3,537 3,967 3,631
49,263 50,176 51,494 57,781 61,456
4,574 4,968 5,142 5,213 5,692
447 492 426 803 360
10,745 10,811 15,186 11,005 10,904
132,837 134,717 144,905 148,174 151,635
30,717 31,139 32,229 34,595 34,734

48,363 48,078 51,939 56,694 63,262
13,970 13,758 12,477 12,989 12,734
2,003 2,714 2,814 2,382 1,869
5,901 5,799 5,864 5,565 6,633
451 454 316 319 399
700 836 695 804 1,101
1,189 1,363 1,355 1,587 1,676
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
9,597 9,599 9,780 9,947 9,892

6,128 6,093 6,883 6,773 6,584
1,457 1,880 1,979 2,038 2,245
3,255 3,233 3,277 3,386 3,663
4,260 4,506 4,725 5,516 5,770
346 333 304 290 265

141 139 132 123 115
3,035 2,921 3,052 3,407 3,470
1,801 1,876 1,850 1,886 1,740
—00000 —00000 —00000 —00000 —00000
133,314 134,721 139,671 148,301 156,152
(477) (4) 5,234 (127) (4,517)
3,131 3,319 3,258 3,335 3,282

(5,146) (5,658) (5,432) (5,657) (5,715)
—00000 370 —00000 —00000 —00000
396 —00000 148 —00000 —00000
1,836 2,684 1,934 2,219 2,888
2,434 2,247 1,527 3,888 1,826
(2,784) (2,468) (1,737) (4,465) (2,111)
—00000 —00000 —00000 —00000 —00000
746 461 527 965 745
613 955 225 285 915
—00000 250 1,000 250 250
$ 136 $ 1,201 $ 6,459 $ 408 $ (3,352)
4.05% 3.97% 3.86% 3.86% 3.63%

_____________________________________________________________________________________________
Net Position by Component

(Accrual basis of accounting)
Fiscal Year
2008 2009 2010 2011 2012
Net investment in capital assets . . . . . . . . . . . . . . . . . . $ 62,800 $ 63,476 $ 63,797 $ 65,118 $ 65,875
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,304 2,321 2,277 2,506 2,502
Environmental projects and energy programs . . . . . . 18 27 60 88 107
Economic development, housing and transportation . . 467 46 171 272 233
Other government programs . . . . . . . . . . . . . . . . . . . 746 444 156 148 309
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,825) (35,420) (38,485) (40,484) (42,693)
Total governmental activities net position . . . . $ 43,510 $ 30,894 $ 27,976 $ 27,648 $ 26,333
Net investment in capital assets . . . . . . . . . . . . . . . . . . $ 353 $ 569 $ 468 $ 685 $ 920
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Higher education, research and patient care . . . . . . . 1,634 1,619 1,021 1,003 1,204
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . 1,313 351 —00000 —00000 —00000
Future lottery prizes . . . . . . . . . . . . . . . . . . . . . . . . . . 110 72 79 105 141
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 807 420 (1,452) (2,411) (2,923)
Total business-type activities net position . . . . $ 4,217 $ 3,031 $ 116 $ (618) $ (658)
Primary government:
Net investment in capital assets . . . . . . . . . . . . . . . . . . $ 63,153 $ 64,045 $ 64,265 $ 65,803 $ 66,795
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,304 2,321 2,277 2,506 2,502
Higher education, research and patient care . . . . . . . 1,634 1,619 1,021 1,003 1,204
Environmental projects and energy programs . . . . . . 18 27 60 88 107
Economic development, housing and transportation . . 467 46 171 272 233
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . 1,313 351 —00000 —00000 —00000
Future lottery prizes . . . . . . . . . . . . . . . . . . . . . . . . . . 110 72 79 105 141
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Other government programs . . . . . . . . . . . . . . . . . . . 746 444 156 148 309
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,018) (35,000) (39,937) (42,895) (45,616)
Total primary government net position . . . . . . . $ 47,727 $ 33,925 $ 28,092 $ 27,030 $ 25,675

____________________________________________________________________________________________ STATE OF NEW YORK
• 209
Fiscal Year
2013 2014 2015 2016 2017
$ 67,162 $ 68,791 $ 69,286 $ 69,394 $ 70,561
2,508 3,271 2,574 3,328 2,729

102 113 129 95 113
151 199 105 229 298
728 231 277 365 478
(44,380) (44,767) (39,817) (40,872) (45,599)
$ 26,271 $ 27,838 $ 32,554 $ 32,539 $ 28,580
$ 1,390 $ 1,220 $ 1,323 $ 1,589 $ 1,746
—00000 —00000 —00000 117 72

1,037 1,120 1,039 985 975
—00000 —00000 892 1,944 2,712
185 150 139 157 184
—00000 —00000 —00000 25 73
(3,534) (3,331) (2,622) (4,592) (5,430)
$ (922) $ (841) $ 771 $ 225 $ 332
$ 68,552 $ 70,011 $ 70,609 $ 70,983 $ 72,307
2,508 3,271 2,574 3,445 2,801

1,037 1,120 1,039 985 975
102 113 129 95 113
151 199 105 229 298
—00000 —00000 892 1,944 2,712
185 150 139 157 184
—00000 —00000 —00000 25 73
728 231 277 365 478
(47,914) (48,098) (42,439) (45,464) (51,029)
$ 25,349 $ 26,997 $ 33,325 $ 32,764 $ 28,912
_____________________________________________________________________________________________

Fiscal Year
2008 2009 2010 2011 2012
EXPENSES:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,215 $ 32,184 $ 31,075 $ 32,478 $ 30,828
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,777 47,233 51,499 52,618 58,817
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,491 13,824 16,226 17,091 12,703
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,011 6,066 5,641 6,143 6,264
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,595 7,164 8,112 7,778 8,347
Environment and recreation . . . . . . . . . . . . . . . . . . . . 1,275 1,276 1,338 1,625 1,653
Support and regulate business . . . . . . . . . . . . . . . . . 1,288 1,911 1,713 1,827 1,625
General government . . . . . . . . . . . . . . . . . . . . . . . . . 7,841 9,457 9,234 9,707 5,641
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . 1,862 1,752 1,839 2,040 1,922
Total governmental activities expenses . . . . 113,355 120,867 126,677 131,307 127,800
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,044 5,235 5,221 5,250 5,587
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . 2,412 4,562 10,267 9,414 7,363
State University of New York . . . . . . . . . . . . . . . . . . . 7,965 8,379 9,509 9,032 9,709
City University of New York . . . . . . . . . . . . . . . . . . . . 2,443 2,617 2,847 2,950 2,937
Total business-type activities expenses . . . . 17,864 20,793 27,844 26,646 25,596
Total primary government expenses . . . . . . . . . . . . . . . $ 131,219 $ 141,660 $ 154,521 $ 157,953 $ 153,396
PROGRAM REVENUES:
Charges for services:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88 $ 73 $ 118 $ 119 $ 99
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,676 4,459 5,086 5,687 6,159
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . 597 458 1,024 751 636
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 194 173 167 163
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,033 1,109 1,317 1,425 1,483
Environment and recreation . . . . . . . . . . . . . . . . . . 291 297 324 315 269
Support and regulate business . . . . . . . . . . . . . . . 539 822 1,528 1,413 1,527
General government . . . . . . . . . . . . . . . . . . . . . . . 1,050 1,920 1,989 1,848 2,426
Operating grants and contributions . . . . . . . . . . . . . . 36,509 40,401 50,058 53,072 46,627
Capital grants and contributions . . . . . . . . . . . . . . . . 1,305 1,344 1,240 1,427 1,429
Total governmental activities
program revenues . . . . . . . . . . . . . . . . . . . . 46,296 51,077 62,857 66,224 60,818
Charges for services:
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,548 7,660 7,818 7,868 8,439
State University of New York . . . . . . . . . . . . . . . . . 3,219 3,279 3,533 3,803 4,004
City University of New York . . . . . . . . . . . . . . . . . . 504 519 541 614 622
Operating grants and contributions . . . . . . . . . . . . . . 4,518 5,667 10,903 11,445 10,020
Capital grants and contributions . . . . . . . . . . . . . . . . 61 69 48 76 95
Total business-type activities
program revenues . . . . . . . . . . . . . . . . . . . . 15,850 17,194 22,843 23,806 23,180
Total primary government program revenues . . . . . . . $ 62,146 $ 68,271 $ 85,700 $ 90,030 $ 83,998
NET (EXPENSE)/REVENUE:
Governmental activities: . . . . . . . . . . . . . . . . . . . . . . . . $ (67,828) $ (70,563) $ (63,820) $ (65,083) $ (66,982)
Business-type activities: . . . . . . . . . . . . . . . . . . . . . . . . (1,660) (3,599) (5,001) (2,840) (2,416)
Total primary government net expense . . . . . . . . . . . . . $ (69,488) $ (74,162) $ (68,821) $ (67,923) $ (69,398)
____________________________________________________________________________________________ STATE OF NEW YORK
• 211
Fiscal Year
2013 2014 2015 2016 2017
$ 31,125 $ 31,791 $ 32,672 $ 35,175 $ 35,585

55,042 54,995 58,442 63,454 68,505
15,931 15,525 14,146 14,722 15,263
8,264 7,680 7,662 7,768 8,175
8,928 8,171 9,315 10,344 10,218
1,376 1,350 1,424 1,413 1,489
1,423 1,600 1,606 1,555 1,732
7,394 7,534 10,030 10,234 11,078
1,823 1,785 1,690 1,618 1,456
131,306 130,431 136,987 146,283 153,501
5,914 6,162 6,120 6,442 6,513

6,718 4,529 2,588 2,403 2,294
9,940 10,061 10,353 10,700 11,201
3,022 3,088 3,166 3,265 3,659
25,594 23,840 22,227 22,810 23,667
$ 156,900 $ 154,271 $ 159,214 $ 169,093 $ 177,168
$ 94 $ 86 $ 209 $ 136 $ 108

5,671 6,207 6,476 5,408 6,648
490 905 587 261 562
141 188 176 207 223
1,371 1,406 1,322 1,502 1,382
245 258 256 265 324
1,855 1,870 5,879 2,953 1,872
3,664 3,143 3,565 4,439 4,045
48,337 48,598 48,700 56,089 59,776
1,370 1,455 1,432 1,629 1,766
63,238 64,116 68,602 72,889 76,706
8,934 9,226 9,156 9,691 9,676

4,140 4,067 4,095 4,430 4,212
659 642 647 651 666
9,066 7,681 6,366 6,160 5,771
64 89 144 65 31
22,863 21,705 20,408 20,997 20,356

$ 86,101 $ 85,821 $ 89,010 $ 93,886 $ 97,062
$ (68,068) $ (66,315) $ (68,385) $ (73,394) $ (76,795)

(2,731) (2,135) (1,819) (1,813) (3,311)
$ (70,799) $ (68,450) $ (70,204) $ (75,207) $ (80,106)
(Continued)
_____________________________________________________________________________________________
Changes in Net Position (cont’d)

Fiscal Year
2008 2009 2010 2011 2012
GENERAL REVENUES AND OTHER CHANGES
IN NET POSITION:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,756 $ 33,108 $ 34,521 $ 37,629 $ 38,329
Consumption and use . . . . . . . . . . . . . . . . . . . . . . 13,087 13,137 13,076 14,115 14,492
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,157 7,661 7,662 6,892 7,782
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,291 1,898 2,780 3,187 3,128
Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . 997 256 115 84 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,876 3,983 4,906 4,663 3,682
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,922) (2,226) (2,158) (1,739) (1,746)
Special item—State Insurance Fund
reserve release . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total governmental activities . . . . . . . . . . . . . 65,242 57,817 60,902 64,831 65,667
Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . 639 270 39 208 367
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 300 235 593 474
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,543 1,845 1,812 1,307 1,535
Total business-type activities . . . . . . . . . . . . . 2,301 2,415 2,086 2,108 2,376
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ 67,543 $ 60,232 $ 62,988 $ 66,939 $ 68,043
CHANGE IN NET POSITION:

Governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,817) $ (11,973) $ (2,918) $ (252) $ (1,315)
Business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . 287 (1,184) (2,915) (732) (40)
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ (1,530) $ (13,157) $ (5,833) $ (984) $ (1,355)

____________________________________________________________________________________________ STATE OF NEW YORK
• 213
Fiscal Year
2013 2014 2015 2016 2017
$ 41,975 $ 41,298 $ 45,482 $ 46,104 $ 46,070

14,593 15,129 15,295 15,742 16,242
8,285 8,542 8,254 7,458 7,467
3,078 3,402 3,524 4,018 3,571
54 63 86 100 123
2,103 2,063 2,204 1,695 1,609
(2,082) (2,373) (2,744) (2,416) (2,496)
—00000 250 1,000 250 250

68,006 68,374 73,101 72,951 72,836
131 64 308 119 150

619 917 1,133 498 505
1,717 1,561 1,990 1,962 2,763
2,467 2,542 3,431 2,579 3,418
$ 70,473 $ 70,916 $ 76,532 $ 75,530 $ 76,254
$ (62) $ 2,059 $ 4,716 $ (443) $ (3,959)

(264) 407 1,612 766 107
$ (326) $ 2,466 $ 6,328 $ 323 $ (3,852)
_____________________________________________________________________________________________
Fund Balances
GOVERNMENTAL FUNDS
Fiscal Year
2008 2009 2010 2011 2012
General Fund (per GASBS 54):
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ —00000
Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 219 567
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 989 1,574
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (3,217) (4,009)
General Fund (prior to GASBS 54):
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,546 2,624 3,125 —00000 —00000
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 (5,568) (6,663) —00000 —00000
Total general fund . . . . . . . . . . . . . . . . . . . . . . . . $ 3,951 $ (2,944) $ (3,538) $ (2,009) $ (1,868)
All Other Governmental Funds (per GASBS 54):

Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 3,649 $ 3,151
Committed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 3,480 3,715
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1,784 1,772
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (1,128) (375)
All Other Governmental Funds (prior to GASBS 54):
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,257 9,787 11,406 —00000 —00000
Unreserved, reported in:
Federal special revenue funds . . . . . . . . . . . . . . . . . . (964) (1,081) (1,341) —00000 —00000
Special revenue funds . . . . . . . . . . . . . . . . . . . . . . . . 3,558 2,677 2,093 —00000 —00000
Capital projects funds . . . . . . . . . . . . . . . . . . . . . . . . (5,144) (4,798) (5,279) —00000 —00000
Debt service funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 111 534 —00000 —00000
Total all other governmental funds . . . . . . . . . . $ 7,800 $ 6,696 $ 7,413 $ 7,785 $ 8,263
Note: 2011 figures restated for GASBS 54 implementation.
Tax Receipts by Source

GOVERNMENTAL FUNDS
Total Taxes
Personal Sales Corporate Cigarette Corporate Other Collected
Fiscal Year Income and Use Motor Fuel Franchise & Tobacco & Utility Miscellaneous by Year
2007-2008 ...... $ 38,792 $ 11,197 $ 520 $ 3,964 $ 967 $ 795 $ 6,113 $ 62,348
2008-2009 ...... 33,096 10,906 500 3,265 1,330 875 5,735 55,707
2009-2010 ...... 34,536 10,705 516 2,541 1,389 965 7,253 57,905
2010-2011 ...... 37,705 11,479 513 2,782 1,608 796 7,298 62,181
2011-2012 ...... 38,355 11,839 501 3,128 1,628 785 7,520 63,756
2012-2013 ...... 41,962 11,975 491 2,941 1,549 874 8,016 67,808
2013-2014 ...... 41,295 12,577 535 4,109 1,445 786 7,523 68,270
2014-2015 ...... 45,438 12,971 486 3,473 1,312 712 8,265 72,657
2015-2016 ...... 46,089 13,373 503 4,233 1,252 744 7,178 73,372
2016-2017 ...... 46,010 13,868 519 3,343 1,235 761 7,487 73,223

New York State Division of the Budget

____________________________________________________________________________________________ STATE OF NEW YORK
• 215
Fiscal Year
2013 2014 2015 2016 2017
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000

398 1,030 573 1,072 961
1,240 1,772 8,063 8,126 7,202
(2,377) (3,369) (2,584) (4,124) (5,877)
—00000 —00000 —00000 —00000 —00000

—00000 —00000 —00000 —00000 —00000
$ (739) $ (567) $ 6,052 $ 5,074 $ 2,286
$ 3,101 $ 3,292 $ 3,553 $ 3,385 $ 2,670

2,946 2,967 3,324 3,979 4,166
2,045 2,534 2,460 2,837 2,981
(822) (494) (1,198) (676) (856)
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000

—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
—00000 —00000 —00000 —00000 —00000
$ 7,270 $ 8,299 $ 8,139 $ 9,525 $ 8,961
_____________________________________________________________________________________________
Program Revenues by Function/Program

Program Revenues
2008 2009 2010 2011 2012
FUNCTION/PROGRAM:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,315 $ 3,684 $ 3,853 $ 4,322 $ 4,221
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,900 31,402 38,314 38,733 34,984
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,315 9,056 12,021 12,590 12,011
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 916 481 758 730 762
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,613 2,931 3,017 3,491 3,365
Environment and recreation . . . . . . . . . . . . . . . . . . . . 493 413 521 742 625
Support and regulate business . . . . . . . . . . . . . . . . . 552 835 1,542 1,430 1,546
General government . . . . . . . . . . . . . . . . . . . . . . . . . 1,192 2,275 2,826 4,156 3,261
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . —00000 —00000 5 30 43
Total governmental activities . . . . . . . . . . . . . . . 46,296 51,077 62,857 66,224 60,818
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,548 7,660 7,818 7,868 8,439
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . 2,389 3,582 8,603 8,813 7,323
State University of New York . . . . . . . . . . . . . . . . . . . 4,719 4,740 5,154 5,646 5,893
City University of New York . . . . . . . . . . . . . . . . . . . . 1,194 1,212 1,268 1,479 1,525
Total business-type activities . . . . . . . . . . . . . . . 15,850 17,194 22,843 23,806 23,180
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ 62,146 $ 68,271 $ 85,700 $ 90,030 $ 83,998
New York State and Local Retirement System—

(Amounts in thousands)
Fiscal Year
2008 2009 2010 2011 2012
Additions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . $ 265,676 $ 273,316 $ 284,291 $ 286,199 $ 273,247
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . 2,648,448 2,456,223 2,344,222 4,164,571 4,585,178
Investment income (loss), net of expenses . . . . . . . . . . 3,163,728 (40,428,820) 28,422,361 19,339,896 7,868,313
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,112 155,918 81,981 127,709 157,625
Total additions to plan net position . . . . . . . . . . . . 6,193,964 (37,543,363) 31,132,855 23,918,375 12,884,363
Deductions:
Retirement allowances . . . . . . . . . . . . . . . . . . . . . . . . . 6,653,820 7,031,621 7,480,101 8,272,262 8,677,822
Death benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,693 180,491 183,023 192,265 184,960
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . 90,304 99,229 100,029 101,333 100,649
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,521 53,387 55,748 55,696 75,049
Total deductions from plan net position . . . . . . . . 6,973,338 7,364,728 7,818,901 8,621,556 9,038,480
Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . $ (779,374) $ (44,908,091) $ 23,313,954 $ 15,296,819 $ 3,845,883
Source: New York State and Local Retirement System
Note: For additional information, please see www.osc.state.ny.us/retire/publications/index.htm.

____________________________________________________________________________________________ STATE OF NEW YORK
• 217
Program Revenues
2013 2014 2015 2016 2017
$ 3,709 $ 4,013 $ 3,652 $ 4,324 $ 3,726

34,972 35,250 37,859 42,884 49,544
12,689 12,800 11,120 11,548 11,082
2,211 2,640 2,579 2,299 2,036
3,248 3,549 3,303 3,555 3,637
608 665 482 514 570
1,882 1,896 5,906 2,992 1,888
3,876 3,264 3,661 4,743 4,183
43 39 40 30 40
63,238 64,116 68,602 72,889 76,706
8,934 9,226 9,156 9,691 9,676

6,474 4,937 3,677 3,424 3,023
5,952 6,036 6,018 6,314 6,010
1,503 1,506 1,557 1,568 1,647
22,863 21,705 20,408 20,997 20,356
$ 86,101 $ 85,821 $ 89,010 $ 93,886 $ 97,062
Fiscal Year
2013 2014 2015 2016 2017
$ 269,134 $ 281,398 $ 284,793 $ 306,631 $ 328,827

5,336,045 6,064,133 5,797,449 5,140,204 4,786,963
14,717,622 20,598,593 12,444,891 (384,834) 20,225,244
131,853 192,581 230,799 332,880 236,401
20,454,654 27,136,705 18,757,932 5,394,881 25,577,435
9,256,052 9,695,009 10,253,077 10,720,294 11,232,532

194,170 203,820 183,091 188,190 216,150
105,720 105,662 107,151 106,620 107,134
71,314 78,697 77,546 151,988 59,631
9,627,256 10,083,188 10,620,865 11,167,092 11,615,447
$ 10,827,398 $ 17,053,517 $ 8,137,067 $ (5,772,211) $ 13,961,988
_____________________________________________________________________________________________
Personal Income Tax Filers and Liability by Income Level

FOR TEN YEARS STATED
2005 2006
Income Tax Components of Full-Year Residents Income Tax Components of Full-Year Residents
by Size of Income (All Returns) in 2005 by Size of Income (All Returns) in 2006
Number Percentage Percentage Number Percentage Percentage
Income Class of Filers of Total Tax Liability of Total Income Class of Filers of Total Tax Liability of Total
Under $5,000 1,145,067 14% $ (66,663) 0% Under $5,000 1,118,894 13% $ (91,631) 0%
$ 5,000–9,999 826,503 10% (148,495) –1% $ 5,000–9,999 824,596 10% (172,332) –1%
10,000–19,999 1,275,641 16% (289,586) –1% 10,000–19,999 1,290,097 15% (386,792) –1%
20,000–29,999 1,002,581 12% 294,028 1% 20,000–29,999 1,016,079 12% 184,324 1%
30,000–39,999 814,589 10% 789,437 3% 30,000–39,999 829,814 10% 706,969 3%
40,000–49,999 629,992 8% 968,166 4% 40,000–49,999 640,364 8% 917,624 4%
50,000–59,999 469,666 6% 973,557 4% 50,000–59,999 480,661 6% 939,863 4%
60,000–74,999 528,785 6% 1,456,936 6% 60,000–74,999 543,846 7% 1,424,481 6%
75,000–99,999 574,255 7% 2,191,923 9% 75,000–99,999 597,498 7% 2,185,284 9%
100,000–199,999 637,544 8% 4,451,432 19% 100,000–199,999 704,317 8% 4,815,069 19%
200,000 and over 257,867 3% 13,244,481 56% 200,000 and over 293,425 4% 14,291,890 56%
Total 8,162,490 100% $23,865,215 100% Total 8,339,591 100% $24,814,750 100%
2009 2010
Under $5,000 1,268,716 15% $ (102,968) 0% Under $5,000 1,282,711 15% $ (92,214) 0%
$ 5,000–9,999 811,045 10% (177,287) –1% $ 5,000–9,999 800,816 9% (157,452) 0%
10,000–19,999 1,301,282 15% (444,632) –2% 10,000–19,999 1,326,538 15% (425,938) –1%
20,000–29,999 987,772 12% 89,498 0% 20,000–29,999 1,019,577 12% 134,398 0%
30,000–39,999 799,520 9% 631,541 2% 30,000–39,999 799,696 9% 644,131 2%
40,000–49,999 634,187 7% 918,218 4% 40,000–49,999 626,044 7% 918,924 3%
50,000–59,999 493,064 6% 991,028 4% 50,000–59,999 491,094 6% 999,461 3%
60,000–74,999 551,325 6% 1,480,225 6% 60,000–74,999 551,121 6% 1,495,589 5%
75,000–99,999 623,467 7% 2,323,477 9% 75,000–99,999 626,636 7% 2,364,101 8%
100,000–199,999 803,594 9% 5,531,643 21% 100,000–199,999 822,011 10% 5,728,904 20%
200,000 and over 296,502 4% 14,674,350 57% 200,000 and over 324,565 4% 17,367,109 60%
Total 8,570,474 100% $25,915,093 100% Total 8,670,809 100% $28,977,013 100%
2013 2014(1)
Under $5,000 1,361,979 15% $ (94,709) 0% Under $5,000 1,348,996 15% $ (85,690) 0%
$ 5,000–9,999 797,346 9% (152,949) 0% $ 5,000–9,999 786,232 9% (150,001) –1%
10,000–19,999 1,338,798 15% (458,063) –2% 10,000–19,999 1,342,659 15% (467,479) –1%
20,000–29,999 1,011,025 11% 89,597 0% 20,000–29,999 1,017,247 11% 78,527 0%
30,000–39,999 806,511 9% 623,581 2% 30,000–39,999 809,235 9% 625,704 2%
40,000–49,999 632,279 7% 912,078 3% 40,000–49,999 638,786 7% 922,152 3%
50,000–59,999 501,978 6% 1,010,948 3% 50,000–59,999 512,956 6% 1,042,047 3%
60,000–74,999 562,400 6% 1,507,948 5% 60,000–74,999 571,596 6% 1,542,664 4%
75,000–99,999 650,960 7% 2,417,687 8% 75,000–99,999 661,694 7% 2,476,512 7%
100,000–199,999 914,485 10% 6,218,293 20% 100,000–199,999 959,926 10% 6,567,497 19%
200,000 and over 395,765 5% 19,192,242 61% 200,000 and over 432,859 5% 22,459,843 64%
Total 8,973,526 100% $31,266,653 100% Total 9,082,186 100% $35,011,776 100%
Source: New York State Department of Taxation and Finance
Note: (1) Calendar years after 2014 are not yet available; please see www.tax.ny.gov for additional information.
____________________________________________________________________________________________ STATE OF NEW YORK
• 219
2007 2008
Under $5,000 1,221,819 14% $ (126,447) 0% Under $5,000 1,292,795 15% $ (84,305) 0%
$ 5,000–9,999 847,130 10% (188,932) –1% $ 5,000–9,999 787,894 9% (147,595) –1%
10,000–19,999 1,317,075 15% (406,225) –1% 10,000–19,999 1,256,101 15% (386,794) –1%
20,000–29,999 1,024,299 12% 168,782 1% 20,000–29,999 985,422 11% 148,501 0%
30,000–39,999 848,679 10% 720,900 2% 30,000–39,999 815,979 10% 681,716 3%
40,000–49,999 657,263 7% 948,389 3% 40,000–49,999 646,905 8% 942,276 3%
50,000–59,999 498,842 6% 983,954 3% 50,000–59,999 496,499 6% 992,709 4%
60,000–74,999 561,981 6% 1,482,444 5% 60,000–74,999 556,628 6% 1,486,364 6%
75,000–99,999 622,813 7% 2,288,409 8% 75,000–99,999 625,853 7% 2,323,346 9%
100,000–199,999 768,436 9% 5,276,023 18% 100,000–199,999 801,428 9% 5,518,224 21%
200,000 and over 332,655 4% 18,490,962 62% 200,000 and over 321,736 4% 14,850,163 56%
Total 8,700,992 100% $29,638,258 100% Total 8,587,240 100% $26,324,603 100%
2011 2012
Under $5,000 1,345,851 15% $ (96,258) 0% Under $5,000 1,344,401 15% $ (91,324) 0%
$ 5,000–9,999 802,102 9% (158,570) –1% $ 5,000–9,999 792,924 9% (147,366) –1%
10,000–19,999 1,338,661 15% (436,834) –1% 10,000–19,999 1,337,211 15% (435,080) –1%
20,000–29,999 1,011,281 12% 121,871 0% 20,000–29,999 1,008,344 12% 112,513 0%
30,000–39,999 794,670 9% 645,921 2% 30,000–39,999 798,168 9% 632,184 2%
40,000–49,999 622,486 7% 921,825 3% 40,000–49,999 625,203 7% 908,436 3%
50,000–59,999 491,651 6% 1,010,534 3% 50,000–59,999 492,726 6% 991,635 3%
60,000–74,999 555,236 6% 1,523,190 5% 60,000–74,999 555,574 6% 1,484,828 5%
75,000–99,999 632,868 7% 2,411,623 8% 75,000–99,999 638,679 7% 2,357,144 7%
100,000–199,999 850,894 10% 5,987,198 20% 100,000–199,999 883,044 10% 5,961,917 19%
200,000 and over 348,137 4% 18,249,488 61% 200,000 and over 373,910 4% 20,149,104 63%
Total 8,793,837 100% $30,179,988 100% Total 8,850,184 100% $31,923,991 100%
_____________________________________________________________________________________________
Personal Income by Industry

LAST TEN CALENDAR YEARS
Calendar Year
2007 2008 2009 2010 2011
Total personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 914,432 $ 937,010 $ 917,610 $ 946,054 $ 983,868
Farm earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,170 1,015 806 1,209 1,694
Nonfarm earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724,080 752,457 700,447 721,629 754,162
Private earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622,711 644,763 588,548 606,487 640,345

Agricultural services, forestry, fishing . . . . . . . . . . 1,216 1,300 343 389 300
Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,739 2,456 1,417 2,087 646
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,855 6,672 5,671 5,738 5,663
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,776 30,092 28,584 28,398 29,984
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,153 46,448 37,575 37,994 38,582
Wholesale trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,959 32,434 29,851 30,781 31,950
Retail trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,444 35,081 33,982 34,857 38,372
Transportation and warehousing . . . . . . . . . . . . . . 14,657 14,614 14,391 14,618 15,141
Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,203 44,959 38,250 41,032 41,832
Finance and insurance . . . . . . . . . . . . . . . . . . . . . 144,606 147,543 116,255 114,662 127,417
Real estate, rental and leasing . . . . . . . . . . . . . . . 17,938 16,196 13,338 13,859 14,634
Professional and technical services . . . . . . . . . . . . 80,728 88,121 80,161 83,742 89,879
Management of companies and enterprises . . . . . 21,174 20,949 19,055 21,302 22,543
Administrative and waste services . . . . . . . . . . . . . 22,334 23,332 21,721 23,553 24,710
Educational services . . . . . . . . . . . . . . . . . . . . . . . 15,381 16,354 17,838 18,368 18,889
Health care and social assistance . . . . . . . . . . . . . 69,867 72,827 78,312 82,971 83,918
Arts, entertainment, and recreation . . . . . . . . . . . . 9,532 9,807 11,563 11,204 12,262
Accommodation and food services . . . . . . . . . . . . 16,010 16,718 17,354 18,141 20,722
Other services, except public administration . . . . . 18,136 18,859 22,887 22,791 22,901
Government and government enterprises . . . . . . 101,369 107,694 111,899 115,142 113,817

Federal, civilian . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,813 12,072 12,532 12,510 13,019
Military . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,555 3,831 4,421 4,591 4,512
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,002 91,791 94,945 98,041 96,286
Source: U.S. Bureau of Economic Analysis
Notes:
Deviations between personal income and earnings by industry are due to dividends, interest, rent, personal current
transfer receipts, employer contributions for government social insurance, employee and self-employed contributions
for government social insurance, and adjustments for residence.
Reported amounts are based on estimates. For more information, please see www.bea.gov.
____________________________________________________________________________________________ STATE OF NEW YORK
• 221
Calendar Year
2012 2013 2014 2015 2016
$ 1,019,514 $ 1,062,391 $ 1,110,345 $ 1,142,485 $ 1,195,263
1,605 1,882 1,956 1,789 1,063
780,436 808,728 843,960 886,957 909,172
664,592 676,475 706,186 742,444 760,546

437 440 491 466 424
784 1,244 1,236 1,250 1,133
6,294 5,968 6,068 6,419 6,332
32,251 34,892 36,975 39,670 41,926
37,794 37,185 36,879 39,616 39,300
33,586 34,491 35,307 36,215 37,774
39,977 40,065 42,506 42,866 44,911
15,514 17,611 17,970 19,135 21,155
43,117 40,106 43,337 46,216 46,466
135,500 126,805 137,897 141,732 136,871
16,823 20,753 19,214 24,885 23,977
91,492 95,000 99,364 103,592 108,126
22,311 23,127 22,672 23,266 23,412
25,451 26,976 27,601 29,764 30,851
20,197 21,403 22,334 25,332 26,020
84,460 89,270 90,834 92,560 99,352
13,166 12,998 14,009 14,650 15,442
21,381 22,944 24,541 26,366 26,743
24,057 25,197 26,951 28,444 30,331
115,844 132,253 137,773 144,513 148,626

13,067 11,866 12,160 12,699 13,178
4,629 3,463 3,245 3,050 3,111
98,148 116,924 122,368 128,764 132,337
_____________________________________________________________________________________________
Personal Income Tax Rates

Top Income Tax Rate is Applied

to Taxable Income in Excess of
Married Average
Top Filing Head of Effective
Year Rate Single Jointly Household Rate(1)
2007 .......................................... 6.85% $ 20,000 $ 40,000 $ 30,000 4.23%
2008 .......................................... 6.85% 20,000 40,000 30,000 4.24%
2009 .......................................... 8.97% 500,000 500,000 500,000 3.53%
2010 .......................................... 8.97% 500,000 500,000 500,000 3.76%
2011 .......................................... 8.97% 500,000 500,000 500,000 3.99%
2012 .......................................... 8.82% 1,000,000 2,000,000 1,500,000 3.90%
2013 .......................................... 8.82% 1,029,250 2,058,550 1,543,900 4.12%
2014 .......................................... 8.82% 1,046,350 2,092,800 1,569,550 3.89%
2015 .......................................... 8.82% 1,062,650 2,125,450 1,594,050 4.09%
2016 .......................................... 8.82% 1,070,350 2,140,900 1,605,650 4.03%
Source: New York State Department of Taxation and Finance (www.tax.ny.gov)
Notes:
(1) Fiscal year personal income tax collections divided by prior-year personal income.
See Exhibit: Demographic and Economic Statistics I for personal income and population data.
See Exhibit: Tax Receipts by Source for personal income tax collections.
____________________________________________________________________________________________ STATE OF NEW YORK
• 223
Ratios of Outstanding Debt by Type

(Amounts in millions except per capita)
Business-
type
Governmental Activities Activities
General Other Other Total Percentage
Obligation Financing Financing Primary of Personal Debt
Fiscal Year Bonds(1) Arrangements(2) Arrangements(3) Government Income(4) Per Capita(4)
2007-2008 ....................... $ 3,264 $ 38,511 $ 8,787 $ 50,562 6% $ 2,620
2008-2009 ....................... 3,367 40,191 8,935 52,493 6% 2,693
2009-2010 ....................... 3,461 42,410 9,413 55,284 6% 2,829
2010-2011 ....................... 3,625 42,279 10,222 56,126 6% 2,896
2011-2012 ....................... 3,611 42,574 11,875 58,060 6% 2,983
2012-2013 ....................... 3,688 41,582 12,375 57,645 6% 2,946
2013-2014 ....................... 3,345 41,300 13,677 58,322 5% 2,968
2014-2015 ....................... 3,189 40,178 14,023 57,390 5% 2,906
2015-2016 ....................... 2,887 39,071 14,734 56,692 5% 2,863
2016-2017 ....................... 2,614 38,613 14,947 56,174 5% 2,845
Notes:
(1) General Obligation Debt figures include par value, premiums and discounts.
(2) Other Financing Arrangements for Governmental Activities include Tobacco Settlement Financing Corporation
bonds, Municipal Bond Bank Agency Special Purpose School Aid bonds, Capital Lease Obligations, Unamortized
Bond Premiums and Discounts, Accumulated Accretion on Capital Appreciation bonds, and other State-Supported
debt as defined by the State Finance Law.
(3) Other Financing Arrangements for Business-type Activities include Capital Lease Obligations, Mortgage Loan
Commitments, Unamortized Bond Premiums, Certificates of Participation, and other State-Supported debt
as defined by the State Finance Law.
(4) See Exhibit: Demographic and Economic Statistics I for personal income and population data.
_____________________________________________________________________________________________
Legal Debt Margin Information

Fiscal Year
2008 2009 2010 2011 2012
Authorized debt limit—General Obligation debt:
Transportation bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,400 $ 10,400 $ 10,400 $ 10,400 $ 10,400
Environmental bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,650 5,650 5,650 5,650 5,650
Housing bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,135 1,135 1,135 1,135 1,135
Education bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total General Obligation debt . . . . . . . . . . . . . . . 17,185 17,185 17,185 17,185 17,185
Local Government Assistance Corporation . . . . . . . . . . 4,700 4,700 4,700 4,700 4,700
Other lease purchase and contractual
financing arrangements . . . . . . . . . . . . . . . . . . . . . . . 76,538 79,696 79,696 82,058 86,364
Total Authorized debt . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 98,423 $ 101,581 $ 101,581 $ 103,943 $ 108,249
Total debt applicable to limit:(1)

General Obligation(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,264 $ 3,367 $ 3,461 $ 3,625 $ 3,611
Local Government Assistance Corporation . . . . . . . . . . 4,021 3,849 3,639 3,330 3,119
Other lease purchase and contractual
financing arrangements . . . . . . . . . . . . . . . . . . . . . . . 40,823 42,868 45,638 46,857 48,286
Direct debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,108 50,084 52,738 53,812 55,016
Legal debt margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,315 $ 51,497 $ 48,843 $ 50,131 $ 53,233
Total net debt applicable to the limit
as a percentage of debt limit . . . . . . . . . . . . . . . . . . . 48.88% 49.30% 51.92% 51.77% 50.82%
Sources:
Office of the State Comptroller
New York State Division of the Budget, Annual Information Statement
Notes:
(1) Amount of debt applicable to limitations is dependent upon authorization language.
(2) General Obligation debt figures include par value, premiums and discounts.
For additional information, please see the notes to the financial statements and www.budget.ny.gov.
Balances have been restated for prior period adjustments, corrections and reclassifications.
____________________________________________________________________________________________ STATE OF NEW YORK
• 225
Fiscal Year
2013 2014 2015 2016 2017
$ 10,400 $ 10,400 $ 10,400 $ 10,400 $ 10,150

5,650 5,650 5,650 5,650 5,650
1,135 1,135 1,135 1,135 1,135
—00000 —00000 2,000 2,000 2,000
17,185 17,185 19,185 19,185 18,935
4,700 4,700 4,700 4,700 4,700
89,943 95,496 103,070 111,719 145,828

$ 111,828 $ 117,381 $ 126,955 $ 135,604 $ 169,463
$ 3,688 $ 3,345 $ 3,189 $ 2,887 $ 2,614

2,836 2,592 2,345 2,058 1,758
47,839 48,436 47,706 46,938 46,322

54,363 54,373 53,240 51,883 50,694
$ 57,465 $ 63,008 $ 73,715 $ 83,721 $ 118,769
48.61% 46.32% 41.94% 38.26% 29.91%

_____________________________________________________________________________________________
Ratios of General Obligation Debt Outstanding

and Legal Debt Margin
Fiscal Year
2008 2009 2010 2011 2012
General Obligation Debt Outstanding:
General obligation bonds(1) . . . . . . . . . . . . . . . . . . . . . $ 3,264 $ 3,367 $ 3,461 $ 3,625 $ 3,611
Per capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 169 $ 173 $ 177 $ 187 $ 186
Legal debt limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,185 $ 17,185 $ 17,185 $ 17,185 $ 17,185
Total net debt applicable to debt limit . . . . . . . . . . . . . . . . . 3,264 3,367 3,461 3,625 3,611
Legal debt margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,921 $ 13,818 $ 13,724 $ 13,560 $ 13,574
Legal debt margin as a percentage
of the debt limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.01% 80.41% 79.86% 78.91% 78.99%
Sources:
Office of the State Comptroller
New York State Division of the Budget, Annual Information Statement
Notes:
(2) The increase in the legal debt limit in 2015 is related to the authorization of Education bonds under the
Smart School Bond Act (2014).
____________________________________________________________________________________________ STATE OF NEW YORK
• 227
Fiscal Year
2013 2014 2015 2016 2017
$ 3,688 $ 3,345 $ 3,189 $ 2,887 $ 2,614

$ 188 $ 170 $ 162 $ 146 $ 132
$ 17,185 $ 17,185 $ 19,185(2) $ 19,185 $ 18,935
3,688 3,345 3,189 2,887 2,614
$ 13,497 $ 13,840 $ 15,996 $ 16,298 $ 16,321
78.54% 80.54% 83.38% 84.95% 86.19%

_____________________________________________________________________________________________
Pledged Revenue Coverage

(Cash basis of accounting)
New York Local Government

Assistance Corporation Bonds(a) Sales Tax Revenues
Sales
Tax Operating Net Available Annual Debt Debt Service
Fiscal Year Receipts Expenses Revenues Service Coverage
2008 .......................................... $ 2,645,580 $ 6,000 $ 2,639,580 $ 278,891 9.46
2009 .......................................... 2,566,957 10,963 2,555,994 360,771 7.08
2010 .......................................... 2,466,528 11,218 2,455,310 332,596 7.38
2011 .......................................... 2,697,197 6,634 2,690,563 339,865 7.92
2012 .......................................... 2,779,505 5,146 2,774,359 378,663 7.33
2013 .......................................... 2,808,654 3,757 2,804,897 389,054 7.21
2014 .......................................... 2,947,027 3,998 2,943,029 375,253 7.84
2015 .......................................... 3,026,568 3,849 3,022,719 390,937 7.73
2016 .......................................... 3,121,260 3,453 3,117,807 389,550 8.00
2017 .......................................... 3,241,633 3,020 3,238,613 368,408 8.79
New York State Personal

Income Tax Revenue Bonds(b) Personal Income Tax Revenues
Revenue Bond
Tax Fund Operating Net Available Annual Debt Debt Service
2008 .......................................... $ 9,140,962 $ 7,292 $ 9,133,670 $ 873,653 10.45
2009 .......................................... 9,210,005 8,571 9,201,434 1,016,423 9.05
2010 .......................................... 8,687,845 9,136 8,678,709 1,411,673 6.15
2011 .......................................... 9,052,304 15,056 9,037,248 1,871,476 4.83
2012 .......................................... 9,691,957 13,086 9,678,871 2,141,504 4.52
2013 .......................................... 10,056,679 12,842 10,043,837 2,330,114 4.31
2014 .......................................... 10,740,194 14,475 10,725,719 2,516,908 4.26
2015 .......................................... 10,927,458 12,580 10,914,878 3,059,454 3.57
2016 .......................................... 11,763,821 12,950 11,750,871 2,698,930 4.35
2017 .......................................... 11,891,486 11,242 11,880,244 2,990,728 3.97
(Continued)
____________________________________________________________________________________________ STATE OF NEW YORK
• 229
Pledged Revenue Coverage (cont’d)

(Cash basis of accounting)
New York State Sales Tax

Revenue Bonds(c) Sales Tax Revenues
Revenue Bond
Tax Fund Operating Net Available Annual Debt Debt Service
2014 .......................................... $ 2,954,095 $ 277 $ 2,953,818 $ 17,829 165.67
2015 .......................................... 3,026,568 7 3,026,561 86,686 34.91
2016 .......................................... 3,121,259 620 3,120,639 361,897 8.62
2017 .......................................... 3,241,634 627 3,241,007 569,097 5.69

Notes:
(a) An amount equal to one-cent of the State’s sales tax, less refunds to taxpayers, is to be deposited in the
New York Local Government Assistance Corporation Bonds
Local Government Assistance Tax Fund (LGATF). The monies of such Fund are reserved for payment to the
New York Local Government Assistance Corporation to enable it to meet principal and interest on its bonds.
Pursuant to Section 92-r(5) of the State Finance Law, monies in the LGATF in excess of debt service requirements
and administrative expenses of the New York Local Government Assistance Corporation are required to be
transferred to the General Fund.
(b) An amount equal to twenty five percent of the State’s Personal Income Tax (PIT) receipts, less refunds to taxpayers,
New York State Personal Income Tax Revenue Bonds
is to be deposited in the Revenue Bond Tax Fund (RBTF). The monies of such Fund are reserved for payment
of debt service on Personal Income Tax Revenue Bonds. Pursuant to Section 92-z(5) of the State Finance Law,
monies in the RBTF in excess of debt service requirements are required to be transferred to the General Fund.
(c) An amount equal to one-cent of the State’s sales tax, less refunds to taxpayers, is to be deposited in the Sales Tax
New York State Sales Tax Revenue Bonds
Revenue Bond Tax Fund (STRBTF). The monies of such Fund are reserved for payment of debt service on Sales
Tax Revenue Bonds. Pursuant to Section 92-h(5) of the State Finance Law, monies in the STRBTF in excess
of debt service requirements are required to be transferred to the General Fund.
_____________________________________________________________________________________________
Ratios of General Bonded Debt Outstanding

General Bonded
Debt Outstanding
General
Obligation Per
Fiscal Year Bonds(1) Capita(2)
2007-2008 ............................................................................... $ 3,264 $ 169
2008-2009 ............................................................................... 3,367 173
2009-2010 ............................................................................... 3,461 177
2010-2011 ............................................................................... 3,625 187
2011-2012 ............................................................................... 3,611 186
2012-2013 ............................................................................... 3,688 188
2013-2014 ............................................................................... 3,345 170
2014-2015 ............................................................................... 3,189 162
2015-2016 ............................................................................... 2,887 146
2016-2017 ............................................................................... 2,614 132
Notes:
(2) See Exhibit: Demographic and Economic Statistics I for population data.
____________________________________________________________________________________________ STATE OF NEW YORK
• 231
Demographic and Economic Statistics I

Personal Per Capita
Population Income Personal Unemployment
Year (1000s) (1000s) Income Rate
2007 ....................................................... 19,298 $ 914,431,670 $ 47,385 4.2%
2008 ....................................................... 19,490 937,009,617 48,076 4.9%
2009 ....................................................... 19,541 917,610,217 46,958 8.1%
2010 ....................................................... 19,378 946,053,718 48,821 8.3%
2011 ....................................................... 19,465 983,867,508 50,545 7.8%
2012 ....................................................... 19,570 1,019,514,062 52,095 8.4%
2013 ....................................................... 19,651 1,062,390,591 54,063 7.5%
2014 ....................................................... 19,746 1,110,344,725 56,231 6.4%
2015 ....................................................... 19,799 1,142,485,112 57,705 5.3%
2016 ....................................................... 19,745 1,195,263,336 60,534 4.3%
Sources:
U.S. Census Bureau
U.S. Bureau of Economic Analysis
New York State Department of Labor
_____________________________________________________________________________________________
Demographic and Economic Statistics II

Population
U.S. State of
Population Change from New York Change from
Year (1000s) Prior Period (1000s) Prior Period
2007 ........................................................ 301,621 0.74% 19,298 –0.04%
2008 ........................................................ 304,060 0.81% 19,490 0.99%
2009 ........................................................ 307,007 0.97% 19,541 0.26%
2010 ........................................................ 308,746 0.57% 19,378 –0.83%
2011 ........................................................ 311,592 0.92% 19,465 0.45%
2012 ........................................................ 313,914 0.75% 19,570 0.54%
2013 ........................................................ 316,129 0.71% 19,651 0.41%
2014 ........................................................ 318,857 0.86% 19,746 0.48%
2015 ........................................................ 321,467 0.82% 19,799 0.27%
2016 ........................................................ 323,128 0.52% 19,745 –0.27%
Sources:
U.S. Census Bureau
U.S. Bureau of Economic Analysis
New York State Department of Labor
New York State Department of Motor Vehicles
New York State Education Department
Note:
2013 Public School Enrollment was restated.
____________________________________________________________________________________________ STATE OF NEW YORK
• 233
Per Capita Personal Income Civilian Labor Force

New York as a
State of Percentage Employed Unemployed Unemployment Public School Motor Vehicles
U.S. New York of U.S. (1000s) (1000s) Rate Enrollment Registered
$ 38,611 $ 47,385 122.7% 9,046 395 4.2% 2,715,068 10,664,811
39,751 48,076 120.9% 9,147 472 4.9% 2,684,024 10,697,644
39,138 46,958 120.0% 8,888 786 8.1% 2,654,700 10,699,846
40,584 48,821 120.3% 8,816 800 8.3% 2,647,840 10,749,952
41,663 50,545 121.3% 8,736 735 7.8% 2,635,066 10,727,796
42,693 52,095 122.0% 8,769 804 8.4% 2,604,881 10,791,198
44,543 54,063 121.4% 8,906 725 7.5% 2,622,032 10,876,551
46,129 56,231 121.9% 8,959 617 6.4% 2,522,523 10,966,425
47,669 57,705 121.1% 9,192 518 5.3% 2,649,039 11,132,587
49,571 60,534 122.1% 9,152 415 4.3% 2,640,250 11,256,778
_____________________________________________________________________________________________
Employment by Industry
TEN YEARS STATED
2006 2007 2008 2009 2010
Total employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,952,095 11,039,874 11,289,001 10,929,753 10,979,188
Wage and salary employment . . . . . . . . . . . . . . . . . . . . 8,925,539 9,047,065 9,004,901 8,738,853 8,738,192

Proprietors employment . . . . . . . . . . . . . . . . . . . . . . . . . 2,026,556 1,992,809 2,284,100 2,190,900 2,240,996
Farm proprietors employment . . . . . . . . . . . . . . . . . . 35,724 34,782 32,683 32,491 32,228
Nonfarm proprietors employment . . . . . . . . . . . . . . . 1,990,832 1,958,027 2,251,417 2,158,409 2,208,768
Farm employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,102 50,784 51,724 51,219 50,628
Nonfarm employment . . . . . . . . . . . . . . . . . . . . . . . . . 10,899,993 10,989,090 11,237,277 10,878,534 10,928,560
Private employment . . . . . . . . . . . . . . . . . . . . . . . . . 9,399,820 9,478,570 9,708,898 9,352,706 9,410,362

Forestry, fishing, related activities, and other . . . . . 23,707 23,744 14,341 14,274 13,574
Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,959 10,675 14,286 16,157 13,474
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,506 40,119 40,355 41,026 39,746
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508,530 527,531 533,932 481,531 460,003
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598,993 584,955 565,032 501,685 488,760
Wholesale trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,772 397,410 390,550 368,081 362,207
Retail trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,731 1,073,776 1,066,636 1,017,181 1,037,002
Transportation and warehousing . . . . . . . . . . . . . . 337,573 334,622 346,712 324,256 319,556
Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,293 302,404 301,954 292,108 288,921
Finance and insurance . . . . . . . . . . . . . . . . . . . . . 733,599 731,480 789,048 785,910 813,265
Real estate, rental and leasing . . . . . . . . . . . . . . . 466,261 470,170 565,276 523,673 525,680
Professional, scientific and technical services . . . . 866,101 869,279 900,523 857,138 836,836
Management of companies and enterprises . . . . . 135,334 137,157 139,224 139,298 145,749
Administrative and waste services . . . . . . . . . . . . . 539,449 559,928 567,179 526,294 547,991
Educational services . . . . . . . . . . . . . . . . . . . . . . . 401,273 405,562 412,051 414,554 426,934
Health care and social assistance . . . . . . . . . . . . . 1,466,699 1,483,772 1,500,582 1,507,891 1,532,549
Arts, entertainment, and recreation . . . . . . . . . . . . 295,198 299,829 320,716 316,950 313,381
Accommodation and food services . . . . . . . . . . . . 598,360 616,162 628,012 628,254 652,705
Other services, except public administration . . . . . 605,482 609,995 612,489 596,445 592,029
Government and government enterprises . . . . . . 1,500,173 1,510,520 1,528,379 1,525,828 1,518,198

Federal, civilian . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,015 127,046 127,037 127,052 132,803
Military . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,590 57,087 59,940 60,058 60,269
State government . . . . . . . . . . . . . . . . . . . . . . . . . 246,101 247,038 250,133 246,748 242,306
Local government . . . . . . . . . . . . . . . . . . . . . . . . . 1,069,467 1,079,349 1,091,269 1,091,970 1,082,820
Source: Regional Economic Information System, U.S. Bureau of Economic Analysis
Note: Full-Time and Part-Time Employment data shown.

____________________________________________________________________________________________ STATE OF NEW YORK
• 235
2011 2012 2013 2014 2015

11,154,532 11,434,246 11,555,389 11,764,104 12,115,516
8,837,168 8,935,624 9,066,866 9,232,209 9,388,514

2,317,364 2,498,622 2,488,523 2,531,895 2,727,002
32,075 31,858 31,441 32,247 32,604
2,285,289 2,466,764 2,457,082 2,499,648 2,694,398
51,584 51,609 54,849 54,826 55,129
11,102,948 11,382,637 11,500,540 11,709,278 12,060,387
9,625,140 9,925,486 10,041,944 10,254,096 10,604,381

13,504 13,535 14,557 15,360 15,593
16,354 13,545 17,814 17,919 15,945
38,853 37,718 38,609 40,651 41,169
457,019 465,546 488,369 506,244 524,401
486,728 490,214 490,939 491,514 491,287
368,266 376,376 375,110 376,718 399,993
1,049,816 1,080,494 1,090,752 1,110,766 1,119,649
322,951 339,507 355,301 373,954 409,290
293,900 303,600 302,092 307,088 313,085
840,182 886,294 874,068 881,788 861,509
560,100 525,324 516,912 531,218 651,071
865,670 898,786 914,860 938,438 974,093
144,407 146,467 151,898 155,523 159,928
565,216 583,641 592,517 601,893 618,661
439,928 441,063 444,844 462,062 491,383
1,552,866 1,586,051 1,598,293 1,620,745 1,644,352
322,386 336,168 348,315 350,417 361,302
685,582 723,476 744,100 771,504 803,905
601,412 677,681 682,594 700,294 707,765
1,477,808 1,457,151 1,458,596 1,455,182 1,456,006

121,187 118,511 116,234 114,773 115,146
61,472 60,310 59,347 58,273 56,762
236,299 233,078 243,922 244,683 245,100
1,058,850 1,045,252 1,039,093 1,037,453 1,038,998
_____________________________________________________________________________________________
Government Employees by Level of Government

NEW YORK STATE 2006–2015
(Annual averages in thousands)
Employees
Fiscal Years State(1) Local(2)
2006 .................................................................................... 259.1 1,101.3
2007 .................................................................................... 261.7 1,115.7
2008 .................................................................................... 262.7 1,126.1
2009 .................................................................................... 261.2 1,135.8
2010 .................................................................................... 260.8 1,117.9
2011 .................................................................................... 259.1 1,102.3
2012 .................................................................................... 254.6 1,086.0
2013 .................................................................................... 252.9 1,075.3
2014 .................................................................................... 250.8 1,070.1
2015 .................................................................................... 250.1 1,072.9
Source: New York State Department of Labor
Notes:
(1) State employees figures represent the annual average of the number of checks issued as of the pay period
including the 12th of the month, regardless of funding source, to individuals in: State departments and agencies;
the Legislature; the Judiciary; public authorities; and miscellaneous boards and commissions.
(2) Local government employees include full- and part-time employees of counties, cities, villages and towns,
engaged in educational or noneducational functions.
____________________________________________________________________________________________ STATE OF NEW YORK
• 237
Select State Agency Employment

MARCH 2017
Actual Estimated
Agency March 2016 March 2017
Major Agencies:
State University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,250 44,732
Corrections and Community Supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,094 29,089
People with Developmental Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,963 18,873
Mental Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,391 14,200
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,419 8,367
State Police . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,435 5,685
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,898 4,919
Taxation and Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,249 4,276
Children and Family Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,842 2,954
Environmental Conservation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,900 2,946
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700 2,692
Temporary and Disability Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,868 1,953
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,009 140,686
Other Major Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,477 14,822
Minor Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,626 8,033
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,108 18,203
GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,220 181,744
Source: New York State Division of the Budget, 2017-18 Executive Budget Five-Year Financial Plan
(www.budget.ny.gov)
Note: Does not include: the Legislature; the Judiciary; public authorities; or miscellaneous boards and commissions.
_____________________________________________________________________________________________
Operating Indicators
TEN YEARS STATED
Academic Year
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
State University of New York:
Campuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 64 64 64 64
Fall Credit Course Enrollment . . . . . . . . . . . . . . . . . . 414,165 417,575 427,398 439,523 461,447
All Degrees and Certificates Awarded . . . . . . . . . . . . 80,807 80,579 80,273 81,876 86,038
State Fiscal Year

2004-2005 2005-2006 2006-2007 2007-2008 2008-2009
Corrections and Community Supervision:
Persons in State Correctional Facilities:
Under Custody All or Part of Year . . . . . . . . . . . . . 89,973 89,079 90,185 91,517 88,733
Total Population on March 31 . . . . . . . . . . . . . . . . . 63,634 63,298 63,800 62,731 60,128
Persons on Parole:
Dynamic Parolee Population for Year(1) . . . . . . . . . 59,045 58,607 58,233 59,999 60,499
Active Parolees on March 31 . . . . . . . . . . . . . . . . . 34,970 34,174 33,785 34,894 33,740
Calendar Year
2005 2006 2007 2008 2009
Transportation:
Highway Utilization (amounts in billions):
Estimated Vehicle Miles of Travel(2) . . . . . . . . . . . . 139.20 141.34 136.74 133.72 133.50
Public Transit Service (amounts in millions):
Passengers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,599 2,609 2,740 2,811 2,776
Vehicle Miles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720 733 748 776 792
Sources:
2015 New York State Statistical Yearbook and prior years’ editions of the New York State Statistical Yearbook
Federal Highway Administration
Notes:
Prior period figures revised.
(1) Dynamic population is the cumulative number of parolees who are under supervision at some point during the year.
(2) Estimated travel by all vehicles on all public roads, streets and highways within New York State.
____________________________________________________________________________________________ STATE OF NEW YORK
• 239
Academic Year
2010-2011 2011-2012 2012-2013 2013-2014 2014-2015
64 64 64 64 64
471,184 468,006 461,816 459,550 454,839
90,092 93,702 93,579 94,302 95,951
State Fiscal Year

2009-2010 2010-2011 2011-2012 2012-2013 2013-2014
84,818 82,166 80,611 78,644 77,293

57,747 56,568 55,456 54,135 53,514
58,499 55,874 54,164 52,496 52,136

32,551 31,017 29,999 29,992 29,903
Calendar Year
2010 2011 2012 2013 2014
131.25 127.73 127.87 129.74 129.26
2,753 2,759 2,766 2,836 2,831

786 759 750 762 766
_____________________________________________________________________________________________
Capital Asset Balances by Function

Fiscal Year
Function 2008 2009 2010 2011 2012
Land and Land Improvements:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95 $ 125 $ 125 $ 125 $ 125
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 257 271 282 289
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 27 32 30 36
Support/regulate business . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 6 6
Environment/recreation . . . . . . . . . . . . . . . . . . . . . . . . . 1,241 1,360 1,211 1,240 1,268
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 3 3
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196 208 218 225 225
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,262 2,306 2,349 2,400 2,453
Depreciation (Land Improvements) . . . . . . . . . . . . . . (300) (314) (332) (348) (369)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 3,773 3,978 3,883 3,963 4,036
Land Preparation:
Transportation (Roads) . . . . . . . . . . . . . . . . . . . . . . . . . 3,083 3,191 3,271 3,314 3,430
Buildings:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,954 2,192 2,222 2,254 2,290
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,146 3,344 3,476 3,542 3,683
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 180 186 189 218
Environment/recreation . . . . . . . . . . . . . . . . . . . . . . . . . 371 399 451 453 459
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 107 111 120 123
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,910 3,073 3,146 3,247 3,348
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 299 302 303 315
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,776) (5,033) (5,293) (5,581) (5,876)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 4,208 4,595 4,635 4,563 4,596
Equipment:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 162 161 157 152
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 90 92 98 97
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 19 21 21 21
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 57 57 58 58
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 278 324 347 363
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (403) (431) (460) (489) (498)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 225 236 257 254 257
Construction in Progress:
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510 444 499 477 537
Transportation (Roads and Bridges) . . . . . . . . . . . . . . . 3,079 3,248 3,405 4,271 4,356
Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 63 113
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,589 3,692 3,904 4,811 5,006
Infrastructure:(1)
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 11 11 11
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 91 102 128 140
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 13 18 19
Support/regulate business . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 42 46 46 46
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) (17) (24) (33) (42)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 116 160 181 201 208
Infrastructure:(2)
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,200 64,567 65,141 65,451 65,926
Intangible Assets:
Easements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 163 193 194
Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 32 64
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (6) (21)
Total, net of amortization . . . . . . . . . . . . . . . . . . —00000 —00000 163 219 237
Business-Type Activities, Net . . . . . . . . . . . . . . . . . . . . . 7,773 8,445 9,206 10,374 11,746

Notes:
(1) Depreciable
(2) Roads and Bridges, non-depreciable
Figures restated for prior period adjustments.
____________________________________________________________________________________________ STATE OF NEW YORK
• 241
Fiscal Year
2013 2014 2015 2016 2017
$ 125 $ 125 $ 125 $ 124 $ 129

296 302 310 316 325
38 35 36 37 37
6 6 6 7 19
1,289 1,318 1,327 1,348 1,397
3 3 3 3 3
225 224 216 217 219
2,506 2,534 2,584 2,599 2,634
(386) (402) (417) (433) (450)
4,102 4,145 4,190 4,218 4,313
3,517 3,581 3,863 3,923 3,993
2,412 2,421 2,426 2,468 2,540

3,804 3,920 3,979 4,089 4,228
226 208 204 204 212
36 36 36 37 39
464 472 500 509 544
121 123 123 125 129
3,437 3,422 3,439 3,477 3,520
321 325 333 350 359
(6,162) (6,401) (6,652) (6,937) (7,242)
4,659 4,526 4,388 4,322 4,329
151 152 146 145 193

97 97 94 95 103
21 15 12 10 2
6 6 6 6 5
55 58 60 61 62
7 4 4 4 4
59 62 61 64 58
363 401 416 461 501
(537) (523) (547) (574) (564)
222 272 252 272 364
651 712 938 1,037 1,155

4,805 5,664 2,859 2,048 2,057
11 14 14 —00000 —00000
5,467 6,390 3,811 3,085 3,212
12 15 15 15 15
148 168 184 210 237
19 19 27 27 31
—00000 —00000 —00000 —00000 14
34 43 47 49 50
46 46 48 52 50
—00000 2 2 2 2
(52) (63) (74) (87) (100)
207 230 249 268 299
66,237 66,550 69,345 69,841 70,715
194 194 194 194 194

270 444 511 614 709
(53) (97) (152) (216) (287)
411 541 553 592 616
13,087 14,206 15,185 15,957 16,990
_____________________________________________________________________________________________
Membership by Type of Benefit Plan

AS OF MARCH 31, 2017
Retirement Plan Membership

Retirement System Tier 1 Tier 2 Tiers 3, 4, 5 & 6
New York State and Local Employees’ Retirement System . . . . . . . . . . . . . . . . . . . . . . . . . 3,241 3,668 610,234
New York State and Local Police and Fire Retirement System . . . . . . . . . . . . . . . . . . . . . . 54 25,518 9,609
Note: Please see www.osc.state.ny.us/retire/publications/index.php for more information.
Principal Participating Employers

2008 2009 2010
Percentage Percentage Percentage
Participating Covered of Total Covered of Total Covered of Total
Government Employees Rank System Employees Rank System Employees Rank System
State . . . . . . . . . . . . . . . . . . . . . . . 226,439 1 33.43% 225,963 1 33.23% 222,555 1 32.77%
Schools . . . . . . . . . . . . . . . . . . . . 132,132 2 19.51% 133,876 2 19.69% 136,203 2 20.05%
Counties . . . . . . . . . . . . . . . . . . . 122,982 3 18.16% 122,356 3 18.00% 121,282 3 17.86%
Miscellaneous . . . . . . . . . . . . . . . 98,283 4 14.51% 100,052 4 14.72% 100,684 4 14.82%
Towns . . . . . . . . . . . . . . . . . . . . . . 47,567 5 7.02% 47,743 5 7.02% 48,610 5 7.16%
Cities . . . . . . . . . . . . . . . . . . . . . . 31,406 6 4.64% 31,326 6 4.61% 31,186 6 4.59%
Villages . . . . . . . . . . . . . . . . . . . . 18,512 7 2.73% 18,592 7 2.73% 18,697 7 2.75%
Total . . . . . . . . . . . . . . . . . . . . . 677,321 100.00% 679,908 100.00% 679,217 100.00%
2015 2016 2017

Percentage Percentage Percentage
Participating Covered of Total Covered of Total Covered of Total
Government Employees Rank System Employees Rank System Employees Rank System
State . . . . . . . . . . . . . . . . . . . . . . . 207,203 1 32.22% 208,462 1 32.20% 209,913 1 32.18%
Schools . . . . . . . . . . . . . . . . . . . . 130,486 2 20.29% 131,872 2 20.37% 133,770 2 20.52%
Counties . . . . . . . . . . . . . . . . . . . 110,761 3 17.22% 110,104 3 17.01% 109,775 3 16.83%
Miscellaneous . . . . . . . . . . . . . . . 97,299 4 15.13% 98,667 4 15.24% 100,418 4 15.39%
Towns . . . . . . . . . . . . . . . . . . . . . . 49,022 5 7.62% 49,632 5 7.67% 49,735 5 7.62%
Cities . . . . . . . . . . . . . . . . . . . . . . 29,935 6 4.65% 30,066 6 4.64% 30,026 6 4.60%
Villages . . . . . . . . . . . . . . . . . . . . 18,472 7 2.87% 18,596 7 2.87% 18,687 7 2.86%
Total . . . . . . . . . . . . . . . . . . . . . 643,178 100.00% 647,399 100.00% 652,324 100.00%
Notes:
Total includes inactive members identified with their last employer as active members.
Please see www.osc.state.ny.us/retire/publications for more information.
____________________________________________________________________________________________ STATE OF NEW YORK
• 243
2011 2012 2013 2014

Percentage Percentage Percentage Percentage
Covered of Total Covered of Total Covered of Total Covered of Total
Employees Rank System Employees Rank System Employees Rank System Employees Rank System
218,868 1 32.53% 208,822 1 31.82% 208,200 1 32.15% 206,984 1 32.16%
135,358 2 20.12% 133,442 2 20.34% 131,236 2 20.27% 130,358 2 20.25%
119,610 3 17.78% 116,423 3 17.74% 113,378 3 17.51% 111,691 3 17.35%
100,785 4 14.98% 99,837 4 15.21% 97,746 4 15.09% 97,391 4 15.13%
48,621 5 7.23% 48,822 5 7.44% 48,560 5 7.50% 48,838 5 7.59%
30,804 6 4.58% 30,394 6 4.63% 30,044 6 4.64% 29,994 6 4.66%
18,677 7 2.78% 18,484 7 2.82% 18,410 7 2.84% 18,403 7 2.86%
672,723 100.00% 656,224 100.00% 647,574 100.00% 643,659 100.00%
STATE OF NEW YORK
Office of the State Comptroller
Organization Chart
THOMAS P. DINAPOLI
Comptroller
Alexander B. “Pete” Grannis Shawn Thompson

First Deputy Comptroller Chief of Staff
Margaret Becker Vicki Fuller H. Tina Kim

Deputy Comptroller Chief Investment Officer Deputy Comptroller
Contracts and Expenditures Pension Investment State Government Accountability
and Cash Management
Kenneth Bleiwas Robert Loomis
Deputy Comptroller Colleen Gardner Deputy Comptroller
Office of the State Deputy Executive Deputy Comptroller Chief Information Officer
Comptroller (NYC) State and Local Retirement
Andrew SanFilippo
Gabriel Deyo Christopher Gorka Executive Deputy Comptroller
Deputy Comptroller Deputy Comptroller State and Local Government
Local Government and Payroll, Accounting Accountability
School Accountability and Revenue Services
Nelson Sheingold
Angela Dixon Nancy Groenwegen Deputy Comptroller
Deputy Comptroller Counsel to the Comptroller Investigations
Human Resources
Steve Hamilton John Traylor
and Administration
Inspector General Executive Deputy Comptroller
Jennifer Freeman Office of Operations
Nancy Hernandez
Deputy Comptroller
Deputy Comptroller Robert Ward
Communications
Diversity Management Deputy Comptroller
Budget and Policy Analysis
Division of Payroll, Accounting and Revenue Services

David Hasso, CPA, CGFM, CGMA, Assistant Comptroller
Bureau of Financial Reporting and Oil Spill Remediation

Executive Director: Supervising Accountants: Senior Accountants:
Deborah J. Hilson Donna Greenberg, CPA, CGFM Laurie Ferlazzo
Jennifer Hallanan, CGFM Laura Hennessey
Assistant Director:
Rosemary Liss Kelly Nadeau
Maria Guzman, CPA
Peter Salony
Associate Accountants:
Assistant Chief Accountants:
Renée Bult Business Systems Analyst 2:
Deidre Clark
Laura Canham-Lunde Brenda Carver, CPA, CBA, DBA
Carrie Piser
Gregory Cerio
Accountant Aide Trainee 2:
Principal Accountants: Bo Jiang
Stacey Myrie
Michael Mezz, CGFM Stephen Raptoulis, CPA
Maria Moran, CPA, CGFM Sandra Trzcinski, CGFM, CGAP, APM
Maureen Shaw, CBA Christopher Tuohy
Cara Jo Vettovalli
Paula Walker
C
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STATE OF NEW YORK

For Fiscal Year Ended

Office of the New York State Comptroller

Prepared by the Office of the

MANAGEMENT’S DISCUSSION AND ANALYSIS (unaudited) .......... 19

BASIC FINANCIAL STATEMENTS

REQUIRED SUPPLEMENTARY INFORMATION (unaudited)

OTHER SUPPLEMENTARY INFORMATION

Federal Special Revenue Fund

General Debt Service Fund

Other Governmental Funds

Other Governmental Funds—Special Revenue Funds

Other Governmental Funds—Debt Service Funds

Other Governmental Funds—Capital Projects Funds

Non-Major Component Units

OFFICE OF THE STATE COMPTROLLER

To the Citizens, Governor and Members of the

Profile of New York State

Economic Condition and Outlook

The Reporting Entity and Its Services

Budgetary and Other Control Systems

General Governmental Results

State of New York

For its Comprehensive Annual

March 31, 2016

CITIZENS OF NEW YORK STATE

LEGISLATURE EXECUTIVE JUDICIARY

State and Local

State Department of Department of Department of Department of

Public Miscellaneous City University

STATE OF NEW YORK

Independent Auditors’ Report

The Audit Committee

Report on the Financial Statements

Management’s Responsibility for the Financial Statements

Other Supplementary Information

Other Reporting Required by Government Auditing Standards

July 26, 2017

MANAGEMENT’S DISCUSSION AND ANALYSIS

USING THIS ANNUAL REPORT

Government-Wide Financial Statements

Governmental Fund Financial Statements

Enterprise Fund Financial Statements

Component Unit Financial Statements

Notes to the Basic Financial Statements

Budgetary Basis Reporting with Notes, Infrastructure Assets Using

OTHER SUPPLEMENTARY Non-Mandatory

Reporting the State as a Whole

Reporting the State’s Most Significant Funds

Reporting the State’s Fiduciary Responsibilities

Component Units of the State

OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS

Governmental Business-type Total

Deferred outﬂows of resources . . . . . . . . . . . . 8,306 2,814 1,246 275 9,552 3,089

Deferred inﬂows of resources . . . . . . . . . . . . . 1,014 402 299 250 1,313 652

Governmental Business-type Total

THE STATE’S FUNDS

General Fund Budgetary Highlights

CAPITAL ASSET AND DEBT ADMINISTRATION

Governmental Business-type Total