Comprehensive Annual Financial Report 2011

STATE OF NEW YORK
State of New York

Comprehensive Annual Financial Report
For Fiscal Year Ended March 31, 2011
COMPREHENSIVE ANNUAL FINANCIAL REPORT
Thomas P. DiNapoli, State Comptroller

2011
C
Printed on Recycled Paper
STATE OF NEW YORK
COMPREHENSIVE
ANNUAL
FINANCIAL REPORT
For Fiscal Year Ended
March 31, 2011
Prepared by the Office of the

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 Assets (Deficits) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Balance Sheet—Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Reconciliation of the Balance Sheet—Governmental Funds
to the Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits)—
Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund
Balances (Deficits)—Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . 37
Statement of Net Assets (Deficits)—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Statement of Revenues, Expenses and Changes in Fund Net Assets (Deficits)—
Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Statement of Cash Flows—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Statement of Fiduciary Net Assets—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Statement of Changes in Fiduciary Net Assets—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Combining Statement of Net Assets—Discretely Presented Component Units . . . . . . . . . . . . . . . . . 44
Combining Statement of Activities—Discretely Presented Component Units . . . . . . . . . . . . . . . . . 46
Notes to the Basic Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Notes to Budgetary Basis Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Infrastructure Assets Using the Modified Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
Schedule of Funding Progress—Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . 106
_______________________________________________________________________________________________ STATE OF NEW YORK
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OTHER SUPPLEMENTARY INFORMATION

General Fund
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Combining Schedule of Balance Sheet Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance
(Deficit) Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Federal Special Revenue Fund

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Accounts . . . . 118
General Debt Service Fund

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Accounts . . . . 123
Schedule of Cash Receipts and Disbursements—Budgetary Basis—
Financial Plan and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Other Governmental Funds

Combining Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Combining Statement of Revenues, Expenditures and Changes in Fund Balances . . . . . . . . . . 127
Combining Schedule of Cash Receipts and Disbursements—Budgetary Basis—
Financial Plan and Actual . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Special Revenue Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
Combining Balance Sheet—Other Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits)—
Other Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
Financial Plan and Actual—Other Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136
Debt Service Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
Combining Statement of Revenues, Expenditures and Changes in Fund Balances—
Other Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
Capital Projects Funds

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
(Deficits)—Other Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
_______________________________________________________________________________________________
Fiduciary Funds
Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
Combining Statement of Fiduciary Net Assets—Private Purpose Trusts . . . . . . . . . . . . . . . . . . . . 158
Combining Statement of Changes in Fiduciary Net Assets—Private Purpose Trusts . . . . . . . . . . 159
Combining Statement of Fiduciary Net Assets—Agency Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Combining Statement of Changes in Assets and Liabilities—Agency Funds . . . . . . . . . . . . . . . . 162
Non-Major Component Units

Narrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Combining Statement of Net Assets—Discretely Presented Non-Major Component Units . . . . 168
Combining Statement of Activities—Discretely Presented Non-Major Component Units . . . . . 170
STATISTICAL SECTION
Changes in Fund Balances—Governmental Funds—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . 174
Net Assets by Component—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176
Changes in Net Assets—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
Fund Balances—Governmental Funds—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
Tax Receipts by Source—Governmental Funds—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . 182
Program Revenues by Function/Program—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . 184
New York State and Local Retirement System—Changes in Net Assets—
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
Personal Income Tax Filers and Liability by Income Level—For Ten Years Stated . . . . . . . . . . . . . 186
Personal Income by Industry—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
Personal Income Tax Rates—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
Ratios of Outstanding Debt by Type—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Legal Debt Margin Information—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
Ratios of General Obligation Debt Outstanding and Legal Debt Margin—
Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
Pledged Revenue Coverage—Ten Fiscal Years Stated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Ratios of General Bonded Debt Outstanding—Last Ten Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . 197
Government Employees by Level of Government—New York State 2000–2009 . . . . . . . . . . . . . . . 197
Demographic and Economic Statistics I—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . 198
Demographic and Economic Statistics II—Last Ten Calendar Years . . . . . . . . . . . . . . . . . . . . . . . . . 198
Employment by Industry—Nine Years Stated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
Select State Agency Employment—March 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
Operating Indicators—Last Ten Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
Capital Asset Balances by Function—Last Nine Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
Membership by Type of Benefit Plan—As of March 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Principal Participating Employers—Ten Most Recent Fiscal Years . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Introductory Section
THOMAS P. DINAPOLI
State Comptroller
THOMAS P. DINAPOLI 110 STATE STREET
COMPTROLLER ALBANY, NEW YORK 12236
STATE OF NEW YORK

OFFICE OF THE STATE COMPTROLLER
September 1, 2011
To the Citizens, Governor and Members of the

Legislature of the State of New York:
ike most states, New York continues to struggle with the fiscal challenges associated
L with the worst economic crisis since the Great Depression. However, in addition to
economic conditions outside of the State’s control, New York entered the Great
Recession with a pre-existing structural budget deficit that further worsened the
State’s financial position.
The State Fiscal Year 2011-12 Enacted Budget made significant progress in
addressing the State’s structural deficit primarily through spending reductions and
without relying heavily on temporary revenue, one-shots or fiscal gimmicks.
The Enacted Budget provides recurring actions intended to address the $10
billion budget gap and reduce the State’s structural imbalance. While this year’s
effort involved significant budgetary discipline, continued vigilance is needed to
ensure future budgets do not regress to fiscally irresponsible practices.
There is still substantial risk that the budget could fall out of balance as
weakness in the housing market along with international financial and political
instability continue to pose threats to the recovery. The Blue Chip consensus
economic forecasts for growth continue to be revised downward.
While $10 billion in gap-closing actions in this current fiscal year minimized
increases in State taxes and fees, the impact of spending reductions on local
services and the economy remains uncertain. School budgets for the upcoming
school year include layoffs and service reductions. Also, while the economic
impact of Medicaid reductions and correctional facility closures are undetermined,
they could be significant.
The State also needs to do a better job monitoring its debt. Debt service is one
of the fastest growing categories of the budget. Much of this debt has been issued
by public authorities without voter approval.
The need for further comprehensive fiscal reform is compelling. Despite the
spending cuts and revenue increases in the enacted budget, formidable budget gaps
in future years are assured.
Reforms such as requiring the Executive to identify actions to close out-year
gaps in the Financial Plan, imposing a binding revenue forecast, and enacting real
debt reform to ban backdoor borrowing by public authorities and restore voter
control over debt, are needed.
Only by making difficult decisions and instituting prudent, systematic reforms can
New York continue to reduce its structural deficit and ensure long-term prosperity.
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 accor-
dance 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 governmental auditing standards (GAGAS) and their auditors’ report precedes
the basic financial statements. An independent audit provides reasonable assurance that the State’s basic financial state-
ments for the year ended March 31, 2011 are free of material misstatement. Independent audit procedures include: exam-
ining, 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 state-
ment presentation. An audit also includes consideration of internal controls over financial reporting as a basis for design-
ing 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 auditors expressed
no opinion with respect to internal controls over financial reporting. The independent auditors believed that their audit
provided a reasonable basis for rendering an unqualified opinion that the State’s basic financial statements for the fis-
cal year ended March 31, 2011 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 land area of 49,576 square miles and the largest park system (home of the Adirondack Park)
in the nation. 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, 555 villages and 697 school districts. The State’s
major economic sectors are the industrial-commercial, service, and agricultural sectors.
New York’s government comprises three branches—executive, legislative and judicial. The executive branch
includes the Executive (including 20 State departments), the Department of Audit and Control, and the Department of
Law, which are headed respectively by the Governor, Comptroller and Attorney General. With the exception of the depart-
ments of Audit and Control and Law, which report to their respective elected officials, the departments of the State report
to the Governor. The legislative branch comprises two houses, the Senate with 62 senators and the Assembly with 150 mem-
bers. 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 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

During 2010, economic conditions began to improve for both the nation and New York State, with the State outperforming
the nation in several measures. Aided by enactment of a major federal stimulus program, the nation’s Gross Domestic
Product (GDP) began to rise sharply at the end of 2009, although growth subsequently slowed, averaging 2.9 percent in
2010. New York’s Gross State Product (GSP) expanded at a faster rate, rising by 5.1 percent in 2010. Job growth
resumed, although gains (0.7 percent for the nation and 0.8 percent for the State) were constrained by rising job losses
in government. Personal income recovered from declines in 2009, rising by 3 percent for the nation, while New York State’s
gain of 4.1 percent was the second-highest growth rate among all the states. The rebound in New York’s personal income
reflects Wall Street’s continued recovery from the financial crisis, which was aided by government bailouts, the Federal
Reserve’s low interest rate policy, and other government actions. During 2010, the broker/dealer operations of New York
Stock Exchange member firms earned $27.6 billion, the second-highest level on record.
______________________________________________________________________________________________
The economic recovery, however, has been slow by historical standards, and problems persist in many areas. The hous-
ing market remained weak in 2010, as a modest recovery in home prices faltered by the end of the year. The large inven-
tory of homes in the foreclosure process has also put downward pressure on prices. While the foreclosure crisis is less severe
in New York State than in many other parts of the nation, the percentage of mortgages in the State at some point in the
foreclosure process continues to rise, reaching 5.3 percent in the first quarter of 2011—five times greater than before
the recession. Unrest in the Middle East contributed to a rise in energy prices, with the price of oil reaching $100 per
barrel and gas prices climbing to more than $4 per gallon. Despite steady corporate profits and record levels of cash held
by corporations, firms have limited their investments in capital and labor, and unemployment rates for the nation and
the State remain high. With energy prices rising and continued weakness in the labor and housing markets, con-
sumers have become more cautious and reduced the growth in their spending. In addition, the financial markets were
disrupted by renewed concerns over the European debt crisis, primarily centered on a potential default in Greece.
The Reporting Entity and Its Services

The funds and entities included in this Comprehensive Annual Financial Report are those for which the State is account-
able, based on criteria for defining the financial reporting entity prescribed by the GASB. The criteria include: legal stand-
ing, 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, social services, health and envi-
ronment, criminal justice, transportation, mental hygiene, and housing, 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 trans-
portation. 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 autho-
rized 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 in recent years 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 state-
ments. At year-end these entities reported net assets of $38 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 unfore-
seen 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 con-
sistent with those used in preparing the annual GAAP financial statements. Generally, the financial plans are updated quar-
terly. The Legislature enacts appropriation bills and revenue measures embodying those parts of the Executive Budget
it has approved. Expenditures are controlled at the major object 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.
______________________________________________________________________________________________ STATE OF NEW YORK
• 11
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.
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 comprehensive inter-
nal control systems and to regularly evaluate the effectiveness and adequacy of these systems by internal reviews and exter-
nal audits. Finally, the legislation promotes accountability by assuring that all external audits are made available to the public.
General Governmental Results

An operating surplus of $1.5 billion is reported in the General Fund for the fiscal year ended March 31, 2011. As a result,
the General Fund now has an accumulated fund deficit of $2 billion. The State completed its fiscal year ended March
31, 2011 with a combined Governmental Funds operating surplus of $1.9 billion as compared to a combined
Governmental Funds operating surplus in the preceding fiscal year of $123 million. The combined operating surplus of
$1.9 billion for the fiscal year ended March 31, 2011 included an operating surplus in the General Fund of $1.5 billion,
in the Federal Special Revenue Fund of $2 million, in the General Debt Service Fund of $276 million and in the Other
Governmental Funds of $94 million. For further information, refer to the MD&A which immediately follows the inde-
pendent auditors’ report.
The State’s financial position as shown in its Governmental Funds Balance Sheet as of March 31, 2011 includes a fund
balance of $5.8 billion comprised of $34 billion of assets available to liquidate liabilities of $28.2 billion. The
Governmental Funds fund balance includes a $2 billion accumulated deficit in the General Fund.
Certificate of Achievement
The Office of the State Comptroller was honored for the 22nd consecutive year to receive the Certificate of Achievement
for Excellence in Financial Reporting from the Government Finance Officers Association for the State’s 2010
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 communicate
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.
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, 2010
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
______________________________________________________________________________________________ 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

Education Banking Department of Executive Department of Insurance Department of
Economic Correctional Environmental
Department Department Civil Service Department Health Department Labor
Development Services Conservation
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 • Robert J. Duffy, Lieutenant Governor • Thomas P. DiNapoli, State Comptroller
Eric T. Schneiderman, Attorney General
Judicial
Jonathan Lippman, Chief Judge of the Court of Appeals of New York
Legislative
Dean G. Skelos, Temporary President of the Senate • Sheldon Silver, Speaker of the Assembly
John L. Sampson, Senate Minority 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:
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, 2011, which collectively comprise the State’s basic financial
statements as listed in the table of contents. These financial statements are the responsibility of
the State’s management. Our responsibility is to express opinions on these financial statements
based on our audit. We did not audit the financial statements of certain discretely presented
component units identified in note 14, the State University of New York, the Tuition Savings
Program or the Port Authority of New York and New Jersey. The certain discretely presented
component units represent 51% of the total assets and 64% of the total revenues of the aggregate
discretely presented component unit amounts. The State University of New York represents
100% of the total assets and total revenues of the SUNY fund and 56% of the total assets and
22% of the total revenues of the business-type activities. The Tuition Savings Program
represents 6% of the total assets and 6% of the total revenues (including additions) of the
aggregate remaining fund information. The Port Authority of New York and New Jersey
represents 100% of the information disclosed in note 15. Those financial statements were
audited by other auditors whose reports thereon have been furnished to us and, our opinions,
insofar as they relate to the amounts and disclosures included for those component units, the
State University of New York, the Tuition Savings Program and the Port Authority of New York
and New Jersey, are based 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 of material misstatement. The financial statements of the Lottery, a
major enterprise fund, and of certain discretely presented component units identified in note 14,
were not audited in accordance with Government Auditing Standards. An audit includes
consideration of internal control 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 control over financial reporting. Accordingly,
we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports of other auditors
provide a reasonable basis for our opinions.
KPMG LLP is a Delaware limited liability partnership,

the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.
The Audit Committee
New York State Legislature
July 25, 2011
Page 2 of 2
In our opinion, based on our audit and the reports of 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, 2011, and the respective changes in financial position, and where
applicable, cash flows thereof for the year then ended in conformity with U.S. generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated
July 25, 2011 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 the internal control over financial reporting or on compliance. That report
is an integral part of an audit performed in accordance with Government Auditing Standards and
should be considered in assessing the results of our audit.
The management’s discussion and analysis and required supplementary information listed in the
accompanying table of contents, are not a required part of the basic financial statements but are
supplementary information required by U.S. generally accepted accounting principles. We have
applied certain limited procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the State of New York’s basic financial statements. The introductory
section, other supplementary information section, and the statistical section, listed in the
accompanying table of contents, are presented for purposes of additional analysis and are not a
required part of the basic financial statements. The other supplementary information has been
subjected to the auditing procedures applied by us and other auditors in the audit of the basic
financial statements and, in our opinion, based on our audit and the reports of other auditors, is
fairly stated in all material respects in relation to the basic financial statements taken as a whole.
The introductory section and the statistical section have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no
opinion on them.
July 25, 2011

______________________________________________________________________________________________ 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, 2011. The MD&A is intended to serve as an introduc-
tion to the State’s basic financial statements, which have the following components: (1) government-wide financial state-
ments, (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
y New York State reported net assets of $27 billion, comprised of $135.9 billion in total assets offset by $108.9 billion in
total liabilities (Table 1).
y The State’s net assets decreased by $1.1 billion as a result of this year’s operations, offset by a restatement of net asset
balance resulting from implementation of an accounting standard which requires reporting for derivative instruments.
The net assets for governmental activities decreased by $328 million (1.2 percent), comprised of $252 million from
operations and a restatement of net asset balance of $76 million. The net assets for business-type activities decreased
by $734 million (632.8 percent), comprised of $732 million from operations and a restatement of net asset balance
of $2 million (Table 2).
y The State’s governmental activities had total revenues of $132.8 billion, which exceeded total expenses of $131.3 billion,
excluding transfers to business-type activities of $1.7 billion, by $1.5 billion (Table 2).
y The total cost of all the State’s programs, which includes $26.6 billion in business-type activities, was $158 billion
(Table 2).
y The General Fund reported a surplus this year of $1.5 billion, which decreased the accumulated fund deficit to $2 billion.
y The State reported additional Federal funding of $13.6 billion for Medicaid, unemployment benefits, education and
other programs from the American Recovery and Reinvestment Act (Federal Stimulus) as of March 31, 2011.
y Total debt outstanding at year-end was $56.1 billion, comprised of $45.9 billion in governmental activities and $10.2 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 Assets
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 gov-
ernmental 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 finan-
cial 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
REQUIRED SUPPLEMENTARY Budgetary Basis Reporting with Notes, Infrastructure Assets Using
INFORMATION (Other than MD&A) the Modified Approach, and Schedule of Funding Progress (OPEB)
OTHER SUPPLEMENTARY Non-Mandatory

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

The Statement of Net Assets 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 Assets
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 and liabilities using the accrual basis of accounting, which is sim-
ilar 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 assets and changes to them. One can think of the State’s net assets—the
difference between assets and liabilities—as one way to measure the State’s financial health, or financial position. Over time,
increases or decreases in the State’s net assets 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, employ-
ment, 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 Assets and the Statement of Activities, operations of the State are divided into three kinds
of activities:
y 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, gen-
eral 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.
y Business-type Activities—The State charges a fee to customers to help it cover all or part of the cost of certain ser-
vices 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.
______________________________________________________________________________________________ STATE OF NEW YORK
• 21
y Component Units—The State includes 43 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 car-
rying 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 gov-
ernment-wide statements. The State’s governmental and proprietary fund types use different perspectives and account-
ing 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—gov-
ernmental, proprietary and fiduciary. The analysis of the State’s major funds begins on page 24. The fund financial state-
ments begin on page 34 and provide detailed information about the most significant funds, not the State as a whole.
y 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 read-
ily be converted to cash. Assets and liabilities that do not impact current financial resources within 12 months after
fiscal year-end, such as capital assets and long-term liabilities, are not recognized in the governmental funds state-
ments. The governmental funds statements provide a detailed short-term view of the State’s general government oper-
ations 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 Assets and Statement of
Activities) and governmental funds are presented in the reconciliations following the fund financial statements.
y Proprietary Funds—These funds are utilized when the State charges customers to recover its costs of providing ser-
vices. Proprietary funds report on business-type activities, which include enterprise type funds and internal ser-
vice 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 Assets and
a Statement of Revenues, Expenses and Changes in Fund Net Assets, Proprietary Funds are also required to report
a Statement of Cash Flows (page 40).
Reporting the State’s Fiduciary Responsibilities

The State is the trustee, or fiduciary, for 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 Assets and Changes in Fiduciary Net Assets on pages 42 and 43, 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 gov-
ernment itself, the New York Local Government Assistance Corporation (LGAC) and the Tobacco Settlement Financing
Corporation (TSFC), and the rest of which also provide services directly to citizens. The financial position and activities
of the LGAC and the TSFC have been blended within the Statement of Net Assets and Statement of Activities in the gov-
ernmental 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 Assets and Statement
of Activities under the component units’ column and also in more detail in the component units’ Combining Statement
of Net Assets and component units’ Combining Statement of Activities. These component units have been discretely pre-
sented 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 asset condition. The Statement of Net Assets presents
the value of all of New York State’s assets and liabilities, with the difference between the two reported as net assets. Over
time, increases or decreases in net assets may serve as a useful indicator of changes in a government’s financial position.
The State reported net assets of $27 billion, comprised of $65.8 billion in capital assets net of related debt, and $4.1 bil-
lion in restricted net assets, offset by an unrestricted net assets deficit of $42.9 billion.
Net assets reported for governmental activities decreased by $328 million (comprised of $252 million from opera-
tions and a restatement of net asset balance of $76 million due to the implementation of an accounting standard which
requires reporting for derivative instruments), decreasing from $28 billion to $27.7 billion from last fiscal year.
Unrestricted net assets for governmental activities—the part of net assets that can be used to finance day-to-day opera-
tions without constraints established by debt covenants, enabling legislation, or other legal requirements—had a deficit
of $40.5 billion at March 31, 2011. The following table (Table 1) was derived from the current and prior year government-
wide Statements of Net Assets:
Table 1
Net Assets as of March 31, 2011 and 2010
(Amounts in millions)
Governmental Business-type Total

Activities Activities Primary Government
2011 2010 2011 2010 2011 2010
Assets and deferred outflows of resources:
Non-capital assets:
Cash and investments . . . . . . . . . . . . . . . . $ 9,570 $ 10,715 $ 5,858 $ 5,885 $ 15,428 $ 16,600
Receivables, net . . . . . . . . . . . . . . . . . . . . . 21,571 19,000 4,447 3,950 26,018 22,950
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 933 843 232 220 1,165 1,063
Total non-capital assets . . . . . . . . . . . . 32,074 30,558 10,537 10,055 42,611 40,613
Capital assets . . . . . . . . . . . . . . . . . . . . . . . . . 82,776 81,435 10,374 9,206 93,150 90,641
Total assets . . . . . . . . . . . . . . . . . . . . . . 114,850 111,993 20,911 19,261 135,761 131,254
Deferred outflows of resources . . . . . . . . . . . . 86 —00000 69 —00000 155 —00000

Total assets and deferred
outflows of resources . . . . . . . . . . . . 114,936 111,993 20,980 19,261 135,916 131,254
Liabilities and deferred inflows of resources:

Liabilities due within one year . . . . . . . . . . . . . 29,153 28,739 5,060 6,325 34,213 35,064
Liabilities due in more than one year . . . . . . . 58,135 55,278 16,534 12,820 74,669 68,098
Total liabilities . . . . . . . . . . . . . . . . . . . . 87,288 84,017 21,594 19,145 108,882 103,162
Deferred inflows of resources . . . . . . . . . . . . . —00000 —00000 4 —00000 4 —00000

Total liabilities and deferred
inflows of resources . . . . . . . . . . . . . 87,288 84,017 21,598 19,145 108,886 103,162
Net assets (deficits):

Invested in capital assets,
net of related debt . . . . . . . . . . . . . . . . . . . . 65,118 63,797 685 468 65,803 64,265
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,014 2,664 1,108 1,100 4,122 3,764
Unrestricted deficits . . . . . . . . . . . . . . . . . . . . (40,484) (38,485) (2,411) (1,452) (42,895) (39,937)
Total net assets (deficits) . . . . . . . . . . . $ 27,648 $ 27,976 $ (618) $ 116 $ 27,030 $ 28,092
The deficit in unrestricted governmental net assets, which increased by nearly $2 billion in 2011, exists primarily
because the State has issued debt for purposes not resulting in a capital asset related to State governmental activities. Such
outstanding debt included: securitizing the State’s future tobacco settlement receipts ($3 billion); eliminating the need
for seasonal borrowing by the LGAC ($3.3 billion); and borrowing for local highway and bridge projects ($3.8 billion),
local mass transit projects ($2.1 billion), and a wide variety of grants and other expenditures not resulting in State cap-
ital assets ($13.1 billion). This deficit in unrestricted net assets 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 gov-
ernmental capital assets.
______________________________________________________________________________________________ STATE OF NEW YORK
• 23
The net assets for business-type activities decreased by $734 million (comprised of $732 million from operations and
a restatement of net asset balance of $2 million), to a deficit of $618 million in 2011 as compared to a surplus of $116
million in 2010. The decrease in net assets for business-type activities was caused primarily by: unemployment benefit pay-
ments for the Unemployment Insurance Fund exceeding employer contributions ($601 million); SUNY and CUNY Senior
College expenses exceeding revenues and State support ($165 million and $8 million, respectively); and a net restate-
ment of CUNY’s beginning net assets ($2 million).
The following table (Table 2) was derived from the current and prior year government-wide Statements of Activities:
Table 2
Changes in Net Assets for the Fiscal Years Ended March 31, 2011 and 2010

2011 2010 2011 2010 2011 2010
Revenues:
Program revenues:
Charges for services . . . . . . . . . . . . . . . . . . $ 11,725 $ 11,559 $ 12,285 $ 11,892 $ 24,010 $ 23,451
Operating grants and contributions . . . . . . . 53,072 50,058 11,445 10,903 64,517 60,961
Capital grants and contributions . . . . . . . . . 1,427 1,240 76 48 1,503 1,288
General revenues:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,823 58,039 —00000 —00000 61,823 58,039
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,747 5,021 801 274 5,548 5,295
Total revenues . . . . . . . . . . . . . . . . . . . . 132,794 125,917 24,607 23,117 157,401 149,034
Expenses:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,478 31,075 —00000 —00000 32,478 31,075
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . 52,618 51,499 —00000 —00000 52,618 51,499
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . 17,091 16,226 —00000 —00000 17,091 16,226
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . 6,143 5,641 —00000 —00000 6,143 5,641
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . 7,778 8,112 —00000 —00000 7,778 8,112
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,199 14,124 —00000 —00000 15,199 14,124
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 5,250 5,221 5,250 5,221
Unemployment insurance . . . . . . . . . . . . . . . . —00000 —00000 9,414 10,267 9,414 10,267
State University of New York . . . . . . . . . . . . . . —00000 —00000 9,032 9,509 9,032 9,509
City University of New York . . . . . . . . . . . . . . . —00000 —00000 2,950 2,847 2,950 2,847
Total expenses . . . . . . . . . . . . . . . . . . . 131,307 126,677 26,646 27,844 157,953 154,521
Increase (decrease) in net assets
before transfers . . . . . . . . . . . . . . . . . . . . . . . 1,487 (760) (2,039) (4,727) (552) (5,487)
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,739) (2,158) 1,307 1,812 (432) (346)
Changes in net assets . . . . . . . . . . . . . (252) (2,918) (732) (2,915) (984) (5,833)
Net assets, beginning of year, as restated . . . 27,900 30,894 114 3,031 28,014 33,925
Net assets (deficits), end of year . . . . . . . . . . . $ 27,648 $ 27,976 $ (618) $ 116 $ 27,030 $ 28,092
Governmental Activities
The State’s total revenues for governmental activities of $132.8 billion exceeded its total expenses of $131.3 billion by
$1.5 billion (Table 2). However, as shown in the Statement of Activities on page 32, the amount that State taxpayers ulti-
mately financed for activities through State taxes and other State revenues was $66.6 billion, including education aid trans-
fers from the State Lottery of $3 billion, grants and contributions of $54.5 billion, and revenues derived by those who
directly benefited from the programs of $11.7 billion. Overall, the State’s governmental program revenues, including inter-
governmental aid, fees for services and capital grants, were $66.2 billion in 2011. The State paid for the remaining “pub-
lic benefit” portion of governmental activities with $61.8 billion in taxes and $4.8 billion in other revenues including
investment earnings.
______________________________________________________________________________________________
Table 3 presents the cost of State support for each of the State’s five largest programs: education, public health, pub-
lic 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, 2011 and 2010
2011 2010
Total Cost Program Net Cost Net Cost
of Services Revenues of Services of Services
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,478 $ 4,322 $ 28,156 $ 27,222
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,618 38,733 13,885 13,185
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,091 12,590 4,501 4,205
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,143 730 5,413 4,883
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,778 3,491 4,287 5,095
All others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,199 6,358 8,841 9,230
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 131,307 $ 66,224 $ 65,083 $ 63,820
Business-type Activities
The cost of all business-type activities this year was $26.6 billion, a decrease of $1.2 billion as compared to $27.8 billion
in 2010 (Table 2). The decrease in expenses for business-type activities was caused primarily by decreases in unemployment
benefit payments for the Unemployment Insurance Fund, and decreases in nonoperating expenses for the SUNY
Fund. As shown in the Statement of Activities on page 32, the amount reported as transfers that General Fund tax rev-
enues ultimately financed for business-type activities was $1.3 billion after activity costs were paid by: those directly ben-
efiting from the programs ($12.3 billion), and grants and contributions ($11.5 billion). The increase in revenues from
operating grants and contributions was primarily due to Federal reimbursable benefit programs that provide assistance
for high unemployment benefit payments. The increase in revenues from charges for services was caused by increases
in SUNY hospitals’ inpatient and outpatient revenues and Medicaid Disproportionate Share Program revenue, increases
in SUNY’s enrollment, and increases in CUNY Senior Colleges’ enrollment and tuition rates.
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 $5.8 billion. Included in this year’s total change in fund balance is a surplus of $1.5 billion in the State’s
General Fund which resulted from expenditures exceeding revenues by $8 billion, which was offset by other financing
sources of $9.5 billion to the General Fund. Although the General Fund reported an increase in personal income taxes
($2.6 billion), consumption and use taxes ($519 million), and other taxes ($395 million), the General fund also
reported a decrease in business tax revenue ($361 million) and miscellaneous revenues ($916 million). Personal
income taxes and consumption and use taxes primarily increased due to changes in the law and the economic recovery.
The increase in other taxes was related to collections in the estate tax from larger estates. The decline in business taxes
was mostly due to lower collections in corporate and utility taxes, insurance taxes and bank taxes. A reduction in mis-
cellaneous revenues is related to lower collections of temporary utility surcharges, contributions from several authori-
ties, and in fines. The increase in General Fund revenues was offset by a $961 million increase in expenditures. Local
assistance expenditures increased by nearly $155 million, due primarily to increased Medicaid assistance from the Federal
government. State operations increased $806 million, due primarily to increases in pension and healthcare costs. The
State ended the 2010-11 fiscal year with a General Fund accumulated deficit fund balance of $2 billion.
The Enterprise Funds financial statements provide the same type of information found in the government-wide finan-
cial statements, but in more detail. The change in net assets of the Enterprise Funds has already been discussed in the
preceding discussion of business-type activities.
General Fund Budgetary Highlights

The financial plan, which uses the cash basis of accounting, was updated quarterly throughout the year as required by
the State Finance Law. The quarterly updates 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.
General Fund disbursements exceeded receipts by $926 million in 2010-11. The General Fund ended the fiscal year
with a closing cash fund balance of $1.4 billion, which consisted of $1.2 billion in the State’s rainy day reserve funds ($1
billion in the Tax Stabilization Reserve Account and $175 million in the Rainy Day Reserve Account), $136 million in
the Community Projects Account, $21 million in the Contingency Reserve Account, and $13 million in refund reserves.
______________________________________________________________________________________________ STATE OF NEW YORK
• 25
Actual operating results were $9 million less favorable than anticipated in the original financial plan, and fell above
the projections in the final financial plan by $19 million. The original financial plan projected that expenditures
would exceed receipts by $917 million in 2010-11. During the fiscal year, actual receipts and disbursements were less than
the level forecast in the original financial plan. The 2010-11 Enacted Budget plan assumed base tax growth of 2.2 per-
cent. Actual base tax growth for 2010-11, at 2.1 percent, finished very close to the initial estimate. Based on the financial
plan, lower than expected collections from personal income taxes and business taxes were nearly offset by higher than
anticipated receipts from consumption and use and other taxes. Total disbursements for 2010-11 were lower than pro-
jected in the original financial plan, attributable to lower local aid spending, across virtually all areas; the most signifi-
cant variances occurring in public health and social services. In addition, lower agency operations spending resulted from
attrition, layoffs, and early retirement.
The final financial plan (issued on March 3, 2011) projected negative General Fund operating results of $945 mil-
lion, or $19 million below actual results. The most significant variances from the final financial plan include higher-than-
anticipated collections in personal income tax offset by lower collections for business taxes and higher spending
driven by the timing of certain payments due and budgeted for the first quarter of 2011-12 but that were made in the final
quarter of 2010-11.
The State’s General Fund GAAP surplus of $1.5 billion reported on page 36 differs from the General Fund’s bud-
getary basis deficit of $926 million reported in the reconciliation found under Budgetary Basis Reporting on page 100.
This variation results from differences in basis of accounting, entity and perspective differences between budgetary report-
ing versus those established as GAAP and followed in preparation of this financial statement.
CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets
As of 2011, the State has $93.2 billion invested in a broad range of capital assets, including equipment, buildings, con-
struction 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 $2.5 billion over last year.
Table 4
Capital Assets at Year-End
(Net of depreciation, amounts in millions)

2011 2010 2011 2010 2011 2010
Land and land improvements . . . . . . . . . . . . . . . $ 3,963 $ 3,883 $ 600 $ 550 $ 4,563 $ 4,433
Land preparation . . . . . . . . . . . . . . . . . . . . . . . . . 3,314 3,271 —00000 —00000 3,314 3,271
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,563 4,635 6,142 5,538 10,705 10,173
Equipment and library books . . . . . . . . . . . . . . . 254 257 772 765 1,026 1,022
Construction in progress . . . . . . . . . . . . . . . . . . . 4,811 3,904 2,359 1,912 7,170 5,816
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,652 65,322 462 405 66,114 65,727
Artwork and historical treasures . . . . . . . . . . . . . —00000 —00000 36 36 36 36
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . 219 163 3 —00000 222 163
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 82,776 $ 81,435 $ 10,374 $ 9,206 $ 93,150 $ 90,641
State-owned roads and bridges that are maintained by the Department of Transportation are being reported using the
modified approach. As allowed by the reporting provisions in the Governmental Accounting Standards Board Statement
(GASBS) No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, infra-
structure assets that meet prescribed criteria do not have to be depreciated but must be maintained at levels defined by
State policy. The State is responsible for maintaining more than 42,500 lane miles of highway and 7,857 bridges.
Highway condition is rated using a scale of A1 (very poor) to A10 (excellent) based on the prevalence of surface-related
pavement distress. For bridges, a rating of 6 to 7 is excellent, which indicates that no repairs are necessary. A rating of 3
to 5 is fair to good, which indicates that minor repairs are required. A rating of 1 to 2 is deficient, which indicates major
repairs or replacements are necessary. Refer to Required Supplementary Information (RSI) for additional information
regarding infrastructure assets using the modified approach. Pavement condition rating parameters for the current year
are expected to be between 6.7 and 7.2, while bridge pavement condition parameters are expected to be between 5.3 and
5.6. Capital spending for highway and bridge maintenance and preservation projects was approximately $1.2 billion in 2011.
______________________________________________________________________________________________
The State’s 2011-12 fiscal year capital budget calls for it to spend $9.6 billion for capital projects, of which $4.5 bil-
lion is for transportation projects. To pay for these capital projects, the State plans to use $484.3 million in general oblig-
ation bond proceeds, $4.7 billion in other financing arrangements with public authorities, $2 billion in Federal funds,
and $2.4 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), includ-
ing 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 and Building Capital Leases, and Mortgage Loan Commitments, which represent $399 mil-
lion as of March 31, 2011, do not require legislative or voter approval. Other obligations include certain bonds issued
through State public authorities, certificates of participation, and capital leases obtained through vendors. The State admin-
isters 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 busi-
ness-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 repaid from resources generated by busi-
ness-type activities. The State Finance Law allows the bonded portion of this single combined debt portfolio, which includes
debt reported in both governmental and business-type activities, to include debt instruments which result in a net vari-
able rate exposure in an amount that does not exceed 15 percent of total outstanding State-supported debt, and inter-
est rate exchange agreements (swaps) that do not exceed 15 percent of total outstanding State-supported debt. At March
31, 2011, the State had $465 million in State-supported (net) variable rate bonds outstanding and $2.3 billion in inter-
est rate exchange agreements, in which the State issues variable rate bonds and enters into a swap agreement that effec-
tively converts the rate to a fixed rate. Risks related to these transactions are explained in Note 7.
In addition, the State has $1.2 billion in convertible bonds, which bear a fixed rate until future mandatory tender
dates in 2012 and 2013, at which time they can convert to either a fixed or variable rate. The interest rate mode will be
determined close to the conversion date.
At March 31, 2011, variable rate bonds, net of those subject to the fixed rate swaps, were equal to 0.9 percent of the
State-supported debt portfolio. Variable rate bonds that were converted to a synthetic fixed rate through swap agreements
of $2.3 billion were equal to 4.4 percent of the total State-supported debt portfolio. Additionally, CUNY reported $177
million in fixed-to-variable rate swap agreements outstanding, which were all terminated by March 31, 2011.
At March 31, 2011, the State had $56.1 billion in bonds, notes, and other financing agreements outstanding compared
with $55.3 billion last year, an increase of $842 million as shown below in Table 5.
Table 5
Outstanding Debt at Year-End
2011 2010 2011 2010 2011 2010
General obligation bonds (voter-approved) . . . . $ 3,625 $ 3,461 $ —00000 $ —00000 $ 3,625 $ 3,461
Tobacco Settlement Financing
Corporation bonds . . . . . . . . . . . . . . . . . . . . . 3,012 3,257 —00000 —00000 3,012 3,257
MBBA Special Purpose School Aid bonds . . . . . 395 419 —00000 —00000 395 419
Capital lease obligations . . . . . . . . . . . . . . . . . . . 21 25 230 257 251 282
Mortgage loan commitments . . . . . . . . . . . . . . . . —00000 —00000 148 155 148 155
Unamortized bond premiums (discounts) . . . . . . 1,774 1,607 (6) (30) 1,768 1,577
Accumulated accretion on capital
appreciation bonds . . . . . . . . . . . . . . . . . . . . . 70 113 —00000 —00000 70 113
State-supported debt as defined by the
State Finance Law . . . . . . . . . . . . . . . . . . . . . 37,007 36,989 9,850 9,031 46,857 46,020
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,904 $ 45,871 $ 10,222 $ 9,413 $ 56,126 $ 55,284
______________________________________________________________________________________________ STATE OF NEW YORK
• 27
During the 12 month period reported, the State issued $6.3 billion in bonds, of which $2.3 billion was for refund-
ing and $4 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

2011 2010 2011 2010 2011 2010
Voter-approved debt:
General obligation:
New issues . . . . . . . . . . . . . . . . . . . . . . . . . $ 500 $ 449 $ —00000 $ —00000 $ 500 $ 449
Refunding issues . . . . . . . . . . . . . . . . . . . . 329 349 —00000 —00000 329 349
Total voter-approved debt . . . . . . . . . . 829 798 —00000 —00000 829 798
Non-voter-approved debt:
Other financing arrangements:
New issues . . . . . . . . . . . . . . . . . . . . . . . . . 2,253 4,354 1,286 802 3,539 5,156
Refunding issues . . . . . . . . . . . . . . . . . . . . 1,578 1,850 368 925 1,946 2,775
Total non-voter-approved debt . . . . . . 3,831 6,204 1,654 1,727 5,485 7,931
Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,660 $ 7,002 $ 1,654 $ 1,727 $ 6,314 $ 8,729
The State’s assigned general obligation bond ratings on March 31, 2011 were as follows: AA by Standard & Poor’s
Investor Services (S&P), Aa2 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 $1.7 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 length of term 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

During 2010, economic conditions began to improve for both the nation and New York State. Private sector employment
slowly started to increase, although gains were partially offset by rising job losses in the government. The nation’s Gross
Domestic Product (GDP) and New York’s Gross State Product (GSP) rebounded from declines in 2009, as did personal
income. While the State as a whole outperformed the nation, the recovery in the State was still slow by historical stan-
dards, and not all regions of the State benefited equally. At the beginning of 2011, the recovery continued to be weak,
with consumers buffeted by rising energy prices and renewed declines in home values.
The nation began to emerge from the recession in the third quarter of 2009, and—aided by enactment of a major
federal stimulus program—the GDP surged by 5 percent in the fourth quarter of 2009 and by 3.7 percent in the first quar-
ter of 2010. During subsequent quarters, the recovery slowed, and for all of 2010 GDP growth averaged 2.9 percent. New
York State’s economy expanded at a faster rate than the nation’s in 2010, with the GSP rising by 5.1 percent. After siz-
able losses, job growth also resumed, with modest gains beginning in December 2009 for the State and in February 2010
for the nation. For all of 2010, the rate of job growth in the State (0.8 percent) was slightly higher than in the nation (0.7
percent).
Although job growth resumed in 2010, unemployment rates remain high. During the recession, the unemployment
rate more than doubled for the nation (rising from 4.4 percent in May 2007 to 10.1 percent in October 2009) and for
New York State (rising from 4.3 percent in March 2007 to 8.9 percent in September 2009). By December 2010, the rate
had only eased to 9.4 percent for the nation and 8.2 percent for New York.
Personal income rebounded in 2010 following declines in 2009. Nationally, personal income increased by 3 percent,
while New York State’s gain of 4.1 percent was the second-highest growth rate among all the states. Wages—the largest
component of personal income—increased by 4.4 percent in New York State in 2010 after falling by 7.2 percent in 2009.
______________________________________________________________________________________________
The rebound in personal income and wages reflects Wall Street’s continued recovery from the financial crisis. During
2010, the broker/dealer operations of New York Stock Exchange member firms earned $27.6 billion, second only to the
record profits of $61.4 billion earned in 2009 (during the previous two years, the industry had combined losses of $53.9
billion). The rapid recovery in profitability was driven by government bailouts, the Federal Reserve’s low interest rate pol-
icy, and other government actions. The record profits in 2009 fueled a 27 percent increase in cash bonuses, most of which
was paid in the first quarter of 2010. As a result, wages in the securities industry rose by 12.8 percent in 2010 compared
to a 27.8 percent decline in 2009. Although the securities industry accounted for less than 3 percent of all jobs in the State,
it comprised 12.5 percent of all wages in 2010 and accounted for more than one-third of the increase in total wages
statewide that year.
Wall Street has begun to modify its compensation practices in response to regulatory reforms, including raising base
pay and deferring a greater share of bonuses in order to reward long-term profitability and discourage excessive risk-tak-
ing. This trend was evident in industry compensation for 2010, with overall compensation estimated to have risen by 6
percent even as cash bonus payments declined by nearly 8 percent for securities industry employees in New York City.
Inflation was subdued throughout most of 2010, rising by 1.6 percent nationally and by 1.7 percent in the New York
City metropolitan area. Excluding food and energy prices, core inflation during 2010 was 1 percent in the nation and
1.3 percent in the New York City metro area.
The housing market remained weak in 2010, as a modest recovery faltered by the end of the year. Home prices (as
measured by the S&P/Case-Shiller Home Price Index) held steady in the New York metropolitan region between July 2009
and July 2010, after declining by 20 percent during the recession. Beginning in August 2010, however, home prices resumed
their decline, falling by nearly 5 percent through March 2011. Nationally, home prices declined by 4.2 percent between
July 2010 and March 2011 (home values in the U.S. declined by more than 30 percent during the recession).
The large inventory of homes in the foreclosure process has contributed to the weakness in the housing market. In
2010, there were nearly 3 million foreclosure filings in the nation and nearly 44,000 filings in New York State. Although
banks temporarily suspended filings in the second half of the year in response to documentation problems, the number
of filings still rose in the nation, and the foreclosure filing rate per 1,000 households edged up to 22.3 from 21.9 in 2009.
In New York State, the number of foreclosure filings fell by 12.8 percent in 2010, and the filing rate declined to 5.5 per
1,000 households, which ranked 42nd among all states. While the foreclosure crisis is less severe in New York State than
in many other parts of the nation, the percentage of mortgages in the State at some point in the foreclosure process con-
tinues to rise, reaching 5.3 percent in the first quarter of 2011—five times greater than before the recession.
During the first quarter of 2011, the pace of the recovery weakened as national GDP growth eased to an annual rate
of 1.9 percent. Unrest in the Middle East contributed to a rise in energy prices, with the price of oil reaching $100 per
barrel and gas prices climbing to more than $4 per gallon. Core inflation remained low in the nation during the first quar-
ter of 2011, averaging 2 percent, but when the higher costs of food and energy are added, the total inflation for this period
rises to 6.1 percent. The financial markets were also disrupted by renewed concerns over the European debt crisis, pri-
marily centered on a potential default in Greece and worsening problems in Ireland, Portugal, and Spain. Domestically,
despite steady corporate profits and record levels of cash held by corporations, firms have limited their investments in
capital and labor, and unemployment rates for the nation and the State remained high (at 8.8 percent for the nation and
8 percent for the State in March 2011).
With energy prices rising and continued weakness in the labor and housing market, consumers have become
more cautious. The consumer confidence index for the nation fell from 74.4 points in January 2011 to 67.5 points in March
2011, while the decline in confidence in the State was less severe, with a drop of one percentage point to 67.6 points in
March 2011. Growth in consumer spending, which accounts for more than two-thirds of economic activity, slowed to 2.2
percent in the first quarter of 2011, down from 4 percent in the fourth quarter of 2010.
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 Assets (Deficits)

March 31, 2011
Primary Government
Governmental Business-type Component
Activities Activities Total Units
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,570 $ 5,858 $ 15,428 $ 39,841
Receivables, net of allowances for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,054 —00000 12,054 —00000
Due from Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,358 —00000 6,358 —00000
Loans, leases and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 41,909
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,663 3,726 7,389 3,830
Internal balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (504) 721 217 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 933 232 1,165 4,473
Capital assets:
Land, infrastructure and construction in progress . . . . . . . . . . . . . . . . . 77,331 2,989 80,320 10,660
Buildings, equipment, land improvements
and infrastructure, net of depreciation . . . . . . . . . . . . . . . . . . . . . . . . 5,226 7,382 12,608 58,135
Intangible assets, net of amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219 3 222 2,489
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 16
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,850 20,911 135,761 161,353
Deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 69 155 917

Total assets and deferred outflows of resources . . . . . . . . . 114,936 20,980 135,916 162,270
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES:

Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,136 —00000 9,136 —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 749 822 1,571 489
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,273 1,023 9,296 17,350
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,864 —00000 5,864 —00000
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 529 196 725 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189 —00000 189 304
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573 335 908 1,147
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 179
Long-term liabilities:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,840 2,684 6,524 6,927
Due in more than one year:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023 —00000 1,023 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,725 856 5,581 333
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640 —00000 640 —00000
Due to Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,115 2,115 —00000
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,258 1,258 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 710 —00000 710 84
Other postemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,150 2,454 10,604 5,869
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 593 —00000 593 104
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 —00000 102 —00000
Obligations under lease/purchase and other financing arrangements . . 39,597 9,782 49,379 —00000
Deferred loss on refunding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (825) —00000 (825) —00000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 499
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,258 —00000 3,258 80,256
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 9,770
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 69 231 936
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,288 21,594 108,882 124,247
Deferred inflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 4 2

Total liabilities and deferred inflows of resources . . . . . . . . 87,288 21,598 108,886 124,249
NET ASSETS (DEFICITS):

Invested in capital assets, net of related debt . . . . . . . . . . . . . . . . . . . . . . 65,118 685 65,803 25,301
Restricted for:
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,506 —00000 2,506 2,833
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,003 1,003 1,634
Environmental projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 4,888
Insurance requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1,499
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508 105 613 2,389
Unrestricted deficits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,484) (2,411) (42,895) (523)
Total net assets (deficits) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,648 $ (618) $ 27,030 $ 38,021
See accompanying notes to the basic financial statements.

______________________________________________________________________________________________
Statement of Activities
For the Year Ended March 31, 2011
Program Revenues
Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions
Primary Government:
Governmental activities:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 32,478 $ 119 $ 4,203 $ —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,618 5,687 33,046 —00000
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,091 751 11,836 3
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,143 167 544 19
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,778 1,425 916 1,150
Environment and recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,625 315 172 255
Support and regulate business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827 1,413 17 —00000
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,707 1,848 2,308 —00000
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,040 —00000 30 —00000
Total governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,307 11,725 53,072 1,427
Business-type activities:
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,250 7,868 —00000 —00000
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,414 —00000 8,813 —00000
State University of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,032 3,803 1,767 76
City University of New York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,950 614 865 —00000
Total business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,646 12,285 11,445 76
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 157,953 $ 24,010 $ 64,517 $ 1,503
Total component units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,250 $ 17,995 $ 8,347 $ 2,483
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total general revenues and transfers . . . . . . . . . . . . . . . .
Change in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net assets—beginning of year, as restated . . . . . . . . . .
Net assets (deficits)—end of year . . . . . . . . . . . . . . . . .

______________________________________________________________________________________________ STATE OF NEW YORK
• 33
Net (Expense) Revenue and Changes in Net Assets

Primary Government
Governmental Business-type Component
Activities Activities Total Units
$ (28,156) $ —00000 $ (28,156) $ —00000

(13,885) —00000 (13,885) —00000
(4,501) —00000 (4,501) —00000
(5,413) —00000 (5,413) —00000
(4,287) —00000 (4,287) —00000
(883) —00000 (883) —00000
(397) —00000 (397) —00000
(5,551) —00000 (5,551) —00000
(2,010) —00000 (2,010) —00000
(65,083) —00000 (65,083) —00000
—00000 2,618 2,618 —00000

—00000 (601) (601) —00000
—00000 (3,386) (3,386) —00000
—00000 (1,471) (1,471) —00000
—00000 (2,840) (2,840) —00000
(65,083) (2,840) (67,923) —00000
(4,425)
37,629 —00000 37,629 —00000

14,115 —00000 14,115 —00000
6,892 —00000 6,892 —00000
3,187 —00000 3,187 —00000
—00000 —00000 —00000 1,214
84 208 292 1,141
4,663 593 5,256 2,037
66,570 801 67,371 4,392
(1,739) 1,307 (432) —00000
64,831 2,108 66,939 4,392
(252) (732) (984) (33)
27,900 114 28,014 38,054
$ 27,648 $ (618) $ 27,030 $ 38,021
______________________________________________________________________________________________
Balance Sheet
GOVERNMENTAL FUNDS
March 31, 2011
Major Funds
Federal General Other
Special Debt Governmental
General Revenue Service Funds Eliminations Total
ASSETS:
Cash and investments . . . . . . . . . . . . $ 2,218 $ 231 $ 1,561 $ 5,560 $ —00000 $ 9,570
Receivables, net of allowances
for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . 9,080 —00000 2,352 622 —00000 12,054
Due from Federal government . . . . —00000 6,393 —00000 104 —00000 6,497
Other . . . . . . . . . . . . . . . . . . . . . . . 1,472 790 389 1,012 —00000 3,663
Due from other funds . . . . . . . . . . . . . 1,722 5 —00000 985 (941) 1,771
Other assets . . . . . . . . . . . . . . . . . . . 332 45 17 15 —00000 409
Total assets . . . . . . . . . . . . . . . $ 14,824 $ 7,464 $ 4,319 $ 8,298 $ (941) $ 33,964
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . $ 7,133 $ —00000 $ 1,741 $ 262 $ —00000 $ 9,136
Accounts payable . . . . . . . . . . . . . . . 309 70 —00000 370 —00000 749
Accrued liabilities . . . . . . . . . . . . . . . . 3,204 3,905 6 219 —00000 7,334
Payable to local governments . . . . . . 3,153 2,166 74 471 —00000 5,864
Due to other funds . . . . . . . . . . . . . . . 1,807 673 467 955 (941) 2,961
Pension contributions payable . . . . . . 189 —00000 —00000 —00000 —00000 189
Deferred revenues . . . . . . . . . . . . . . . 1,038 646 63 208 —00000 1,955
Total liabilities . . . . . . . . . . . . . 16,833 7,460 2,351 2,485 (941) 28,188
FUND BALANCES (DEFICITS):

Reserved for:
Encumbrances . . . . . . . . . . . . . . . . 860 1,329 —00000 7,351 —00000 9,540
Debt service . . . . . . . . . . . . . . . . . . —00000 —00000 1,926 580 —00000 2,506
Tax stabilization . . . . . . . . . . . . . . . 1,031 —00000 —00000 —00000 —00000 1,031
Refund . . . . . . . . . . . . . . . . . . . . . . 13 —00000 —00000 —00000 —00000 13
Other specified purposes . . . . . . . . 304 —00000 —00000 562 —00000 866
Unreserved:
General . . . . . . . . . . . . . . . . . . . . . (4,217) —00000 —00000 —00000 —00000 (4,217)
Federal special revenue . . . . . . . . —00000 (1,325) —00000 —00000 —00000 (1,325)
Special revenue . . . . . . . . . . . . . . . —00000 —00000 —00000 2,819 —00000 2,819
Debt service . . . . . . . . . . . . . . . . . . —00000 —00000 42 460 —00000 502
Capital projects . . . . . . . . . . . . . . . —00000 —00000 —00000 (5,959) —00000 (5,959)
Total fund balances (deficits) . . (2,009) 4 1,968 5,813 —00000 5,776
Total liabilities and
fund balances (deficits) . . . . $ 14,824 $ 7,464 $ 4,319 $ 8,298 $ (941) $ 33,964

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

GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS
March 31, 2011
Total fund balances—governmental funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,776
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,776
Some of the State’s revenues will be collected after year-end, but are not available soon enough
to pay for the current period’s expenditures and therefore are deferred in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,382
Medicaid cost recoveries not available soon enough to reduce current period expenditures
that are due to the Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (139)
Deferred charges related to bond issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524
Deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Some liabilities (listed below) are not due and payable in the current period and therefore
are not reported in the funds:
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (529)
Due to business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253)
Long-term liabilities due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,840)
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,023)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,725)
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (640)
Pension contributions payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (710)
Other postemployment benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,150)
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (593)
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (102)
Lease/purchase and other financing arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,597)
Deferred loss on refunding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,258)
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (162)
Total net assets—governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 27,648

______________________________________________________________________________________________
Statement of Revenues, Expenditures

and Changes in Fund Balances (Deficits)
GOVERNMENTAL FUNDS
Year Ended March 31, 2011
Major Funds
General Revenue Service Funds Eliminations Total
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . $ 24,895 $ —00000 $ 9,519 $ 3,291 $ —00000 $ 37,705
Consumption and use . . . . . . . . . . 8,578 —00000 —00000 5,555 —00000 14,133
Business . . . . . . . . . . . . . . . . . . . . 5,129 —00000 —00000 1,986 —00000 7,115
Other . . . . . . . . . . . . . . . . . . . . . . . 1,268 —00000 —00000 1,960 —00000 3,228
Federal grants . . . . . . . . . . . . . . . . . . 55 52,200 27 2,377 —00000 54,659
Public health/patient fees . . . . . . . . . . —00000 —00000 —00000 4,655 —00000 4,655
Tobacco settlement . . . . . . . . . . . . . . —00000 —00000 390 67 —00000 457
Miscellaneous . . . . . . . . . . . . . . . . . . 7,144 56 38 4,880 (747) 11,371
Total revenues . . . . . . . . . . . . . 47,069 52,256 9,974 24,771 (747) 133,323
EXPENDITURES:
Local assistance grants:
Social services . . . . . . . . . . . . . . . . 12,425 37,601 —00000 3,868 —00000 53,894
Education . . . . . . . . . . . . . . . . . . . . 19,862 5,974 —00000 6,544 —00000 32,380
Mental hygiene . . . . . . . . . . . . . . . 1,660 241 —00000 119 —00000 2,020
General purpose . . . . . . . . . . . . . . 1,037 —00000 —00000 —00000 —00000 1,037
Health and environment . . . . . . . . . 1,838 1,113 —00000 1,509 —00000 4,460
Transportation . . . . . . . . . . . . . . . . 476 57 —00000 4,778 —00000 5,311
Criminal justice . . . . . . . . . . . . . . . 177 259 —00000 70 —00000 506
Miscellaneous . . . . . . . . . . . . . . . . 402 765 —00000 1,518 —00000 2,685
State operations:
Personal service . . . . . . . . . . . . . . 8,863 676 —00000 318 —00000 9,857
Non-personal service . . . . . . . . . . . 3,072 677 59 2,792 (701) 5,899
Pension contributions . . . . . . . . . . 1,152 60 —00000 22 —00000 1,234
Other fringe benefits . . . . . . . . . . . 4,126 196 —00000 62 (46) 4,338
Capital construction . . . . . . . . . . . . . . —00000 —00000 —00000 4,174 —00000 4,174
Debt service, including payments
on financing arrangements . . . . . . —00000 —00000 4,133 761 —00000 4,894
Total expenditures . . . . . . . . . . 55,090 47,619 4,192 26,535 (747) 132,689
Excess (deficiency) of revenues
over expenditures . . . . . . . . . . . . . . (8,021) 4,637 5,782 (1,764) —00000 634
OTHER FINANCING SOURCES (USES):

Transfers from other funds . . . . . . . . . 15,773 —00000 3,484 8,129 (24,071) 3,315
Transfers to other funds . . . . . . . . . . . (6,638) (4,635) (8,996) (8,887) 24,071 (5,085)
Collateralized borrowing . . . . . . . . . . —00000 —00000 —00000 102 —00000 102
General obligation bonds issued . . . . —00000 —00000 —00000 500 —00000 500
Financing arrangements issued . . . . . 368 —00000 —00000 1,885 —00000 2,253
Refunding debt issued . . . . . . . . . . . . —00000 —00000 1,451 456 —00000 1,907
Payments to escrow agents
for refundings . . . . . . . . . . . . . . . . . —00000 —00000 (1,542) (510) —00000 (2,052)
Swap termination . . . . . . . . . . . . . . . . —00000 —00000 (48) —00000 —00000 (48)
Premiums on bonds issued . . . . . . . . 47 —00000 145 183 —00000 375
Net other financing
sources (uses) . . . . . . . . . . . 9,550 (4,635) (5,506) 1,858 —00000 1,267
Net change in fund balances . . . . . . . 1,529 2 276 94 —00000 1,901
Fund balances (deficits)
at April 1, 2010 . . . . . . . . . . . . . . . . . (3,538) 2 1,692 5,719 —00000 3,875
Fund balances (deficits)
at March 31, 2011 . . . . . . . . . . . . . . . $ (2,009) $ 4 $ 1,968 $ 5,813 $ —00000 $ 5,776

______________________________________________________________________________________________ STATE OF NEW YORK
• 37
Reconciliation of the Statement of Revenues,

Expenditures and Changes in Fund Balances (Deficits)
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Net change in fund balances—total governmental funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,901
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (348)
Disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (305)
Purchase of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,994
1,341
Bond proceeds provide current financial resources to governmental funds, but issuing debt
increases long-term liabilities in the statement of net assets. Repayment of bond principal
is an expenditure in the governmental funds, but the repayment reduces long-term liabilities
in the statement of net assets. This amount is the net effect of proceeds and repayments:
Repayment of principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,885
Long-term debt proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,987)
Payments to refunding agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,052
(50)
Proceeds received related to a collateralized borrowing are reported as a liability in the

statement of net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (102)
Revenues in the statement of activities that do not provide current financial resources and
are not reported in the funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (525)
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,512)
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (127)
Transfers to business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (253)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
(2,817)
Change in net assets of governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (252)

______________________________________________________________________________________________
Statement of Net Assets (Deficits)

ENTERPRISE FUNDS
March 31, 2011
Unemployment
June 30, 2010
Insurance
Lottery Benefit SUNY CUNY Total
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . $ 230 $ 37 $ 1,386 $ 553 $ 2,206
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 —00000 296 21 466
Deposits with trustees and DASNY . . . . . . . . . . . . . . —00000 —00000 —00000 170 170
Receivables, net of allowance for uncollectibles . . . . 598 1,952 856 190 3,596
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 407 167 574
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —00000 72 20 103
Total current assets . . . . . . . . . . . . . . . . . . . . . 988 1,989 3,017 1,121 7,115
Noncurrent assets:
Restricted cash and cash equivalents . . . . . . . . . . . . —00000 —00000 83 6 89
Long-term investments . . . . . . . . . . . . . . . . . . . . . . . 1,330 —00000 576 190 2,096
Deposits with trustees . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 584 247 831
Receivables, net of allowance for uncollectibles . . . . —00000 —00000 126 4 130
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 316 —00000 316
Capital assets:
Land, construction in progress and artwork . . . . . . —00000 —00000 1,768 1,221 2,989
Buildings and equipment, net of depreciation . . . . —00000 —00000 5,322 2,060 7,382
Intangible assets, net of amortization . . . . . . . . . . —00000 —00000 —00000 3 3
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —00000 89 38 129
Total noncurrent assets . . . . . . . . . . . . . . . . . 1,332 —00000 8,864 3,769 13,965
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 2,320 1,989 11,881 4,890 21,080
Deferred outflows of resources . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 69 69
Total assets and deferred outflows of resources . . . 2,320 1,989 11,881 4,959 21,149

Current liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 —00000 449 203 822
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326 40 732 249 1,347
Due to Federal government . . . . . . . . . . . . . . . . . . . . —00000 1,748 —00000 —00000 1,748
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . 172 —00000 —00000 —00000 172
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 —00000 —00000 —00000 169
Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 128 68 196
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 —00000 190 134 335
Obligations under lease/purchase and other
financing arrangements . . . . . . . . . . . . . . . . . . . . . 2 —00000 305 133 440
Total current liabilities . . . . . . . . . . . . . . . . . . . 850 1,788 1,804 787 5,229
Noncurrent liabilities:
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —00000 771 84 856
Due to Federal government . . . . . . . . . . . . . . . . . . . . —00000 2,115 —00000 —00000 2,115
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 —00000 2,150 304 2,454
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . 1,258 —00000 —00000 —00000 1,258
Obligations under lease/purchase and other
financing arrangements . . . . . . . . . . . . . . . . . . . . . —00000 —00000 6,424 3,358 9,782
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 69 69
Total noncurrent liabilities . . . . . . . . . . . . . . . 1,259 2,115 9,345 3,815 16,534
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . 2,109 3,903 11,149 4,602 21,763
Deferred inflows of resources . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 4 4
Total liabilities and deferred inflows of resources . . 2,109 3,903 11,149 4,606 21,767

Invested in capital assets, net of related debt . . . . . . . . —00000 —00000 806 (121) 685
Restricted for:
Nonexpendable purposes . . . . . . . . . . . . . . . . . . . . . —00000 —00000 267 41 308
Expendable purposes . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 363 332 695
Future prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 —00000 —00000 —00000 105
Unrestricted (deficits) . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 (1,914) (704) 101 (2,411)
Total net assets (deficits) . . . . . . . . . . . . . . . . $ 211 $ (1,914) $ 732 $ 353 $ (618)

______________________________________________________________________________________________ STATE OF NEW YORK
• 39
Statement of Revenues, Expenses and

Changes in Fund Net Assets (Deficits)
ENTERPRISE FUNDS
Unemployment
June 30, 2010
Insurance
OPERATING REVENUES:
Ticket and video gaming sales . . . . . . . . . . . . . . . . . . . . $ 7,868 $ —00000 $ —00000 $ —00000 $ 7,868
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . —00000 8,813 —00000 —00000 8,813
Tuition and fees, net . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,107 594 1,701
Government grants and contracts . . . . . . . . . . . . . . . . . —00000 —00000 937 736 1,673
Private gifts, grants and contracts . . . . . . . . . . . . . . . . . —00000 —00000 328 83 411
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,877 —00000 1,877
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 819 20 839
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 95 36 131
Total operating revenues . . . . . . . . . . . . . . . . . . . . 7,868 8,813 5,163 1,469 23,313
OPERATING EXPENSES:
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 9,414 —00000 —00000 9,414
Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,968 —00000 —00000 —00000 3,968
Commissions and fees . . . . . . . . . . . . . . . . . . . . . . . . . 1,025 —00000 —00000 —00000 1,025
Educational and general . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 5,267 2,606 7,873
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,227 —00000 2,227
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 792 27 819
Instant game ticket costs . . . . . . . . . . . . . . . . . . . . . . . . 26 —00000 —00000 —00000 26
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . 2 —00000 432 165 599
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 —00000 5 —00000 160
Total operating expenses . . . . . . . . . . . . . . . . . . . . 5,176 9,414 8,723 2,798 26,111
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . 2,692 (601) (3,560) (1,329) (2,798)
NONOPERATING REVENUES (EXPENSES):

Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 —00000 31 10 132
Other income (expenses) . . . . . . . . . . . . . . . . . . . . . . . 382 —00000 (50) 9 341
Private gifts, grants, and contracts . . . . . . . . . . . . . . . . —00000 —00000 98 7 105
Federal and city appropriations . . . . . . . . . . . . . . . . . . . —00000 —00000 17 46 63
Federal and State student financial aid . . . . . . . . . . . . . —00000 —00000 485 —00000 485
Net increase in the fair value of investments . . . . . . . . . —00000 —00000 64 12 76
Plant and equipment write-off . . . . . . . . . . . . . . . . . . . . —00000 —00000 (9) —00000 (9)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (74) —00000 (300) (152) (526)
Total nonoperating revenues (expenses) . . . . . . . 399 —00000 336 (68) 667
Income (loss) before other revenues and transfers . . . 3,091 (601) (3,224) (1,397) (2,131)
State transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,966 1,054 4,020
Education aid transfer . . . . . . . . . . . . . . . . . . . . . . . . . . (3,049) —00000 —00000 —00000 (3,049)
Capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1 335 336
Capital gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 76 —00000 76
Additions to permanent endowments . . . . . . . . . . . . . . —00000 —00000 16 —00000 16
Decrease in net assets (deficits) . . . . . . . . . . . . . . 42 (601) (165) (8) (732)
Net assets (deficits)—beginning of year, as restated . . . 169 (1,313) 897 361 114
Net assets (deficits)—end of year . . . . . . . . . . . . . . . . . $ 211 $ (1,914) $ 732 $ 353 $ (618)

______________________________________________________________________________________________
Statement of Cash Flows

ENTERPRISE FUNDS
Unemployment
June 30, 2010
Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from:
Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 8,711 $ —00000 $ —00000 $ 8,711
Ticket sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,866 —00000 —00000 —00000 7,866
Tuition and fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,106 581 1,687
Government grants and contracts . . . . . . . . . . . . . . . —00000 —00000 863 722 1,585
Private grants and contracts . . . . . . . . . . . . . . . . . . . —00000 —00000 330 89 419
Hospitals and clinics . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,878 —00000 1,878
Auxiliary enterprises . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 805 20 825
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382 —00000 25 5 412
Payments for:
Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (9,414) —00000 —00000 (9,414)
Prizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,038) —00000 —00000 —00000 (4,038)
Commissions and fees . . . . . . . . . . . . . . . . . . . . . . . (1,073) —00000 —00000 —00000 (1,073)
Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (131) —00000 (6,375) (2,505) (9,011)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (109) (231) (340)
Net cash provided (used) by
operating activities . . . . . . . . . . . . . . . . . . . . . 3,006 (703) (1,477) (1,319) (493)
CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES:
Transfer to education . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,143) —00000 —00000 —00000 (3,143)
Temporary loan from Federal government . . . . . . . . . . . —00000 982 —00000 —00000 982
Repayment of temporary loan from
Federal government . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (202) —00000 —00000 (202)
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 —00000 1,747 1,095 2,965
Federal and State student financial aid grants . . . . . . . . —00000 —00000 483 —00000 483
Private gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 105 —00000 105
Gifts and grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 8 8
Proceeds from short-term loans . . . . . . . . . . . . . . . . . . —00000 —00000 24 —00000 24
Repayment of short-term loans . . . . . . . . . . . . . . . . . . . —00000 —00000 (38) —00000 (38)
Direct loan receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 533 —00000 533
Direct loan disbursements . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (533) —00000 (533)
Enterprise fund transactions . . . . . . . . . . . . . . . . . . . . . —00000 (40) 20 (7) (27)
noncapital financing activities . . . . . . . . . . . . (3,020) 740 2,341 1,096 1,157
CASH FLOWS FROM CAPITAL

FINANCING ACTIVITIES:
Proceeds from capital debt . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 943 681 1,624
Capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1 335 336
Purchase of capital assets . . . . . . . . . . . . . . . . . . . . . . . (2) —00000 (1,154) (460) (1,616)
Principal payments on capital leases . . . . . . . . . . . . . . . —00000 —00000 (295) (207) (502)
Principal payments on refunded bonds . . . . . . . . . . . . . —00000 —00000 —00000 (70) (70)
Interest payments on capital leases . . . . . . . . . . . . . . . —00000 —00000 (368) (139) (507)
Capital gifts and grants received . . . . . . . . . . . . . . . . . . —00000 —00000 38 —00000 38
Proceeds from sale of capital assets . . . . . . . . . . . . . . . —00000 —00000 1 —00000 1
Bond issuance cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 (9) (9)
Deposits held by bond trustees and DASNY . . . . . . . . . —00000 —00000 12 (26) (14)
Decrease in amounts held by the DASNY . . . . . . . . . . . —00000 —00000 —00000 8 8
capital financing activities . . . . . . . . . . . . . . . . (2) —00000 (822) 113 (711)
(Continued)
______________________________________________________________________________________________ STATE OF NEW YORK
• 41
Statement of Cash Flows (cont’d)

ENTERPRISE FUNDS
Unemployment
June 30, 2010
Insurance
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest, dividends and realized gains
on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 —00000 51 10 82
Proceeds from sales and maturities of investments . . . 223 —00000 3,293 869 4,385
Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . (151) —00000 (3,243) (816) (4,210)
Payment of collateral held for securities lending . . . . . . —00000 —00000 —00000 (1) (1)
Net cash provided by investing activities . . . . . 93 —00000 101 62 256
Net increase (decrease) in cash and
cash equivalents . . . . . . . . . . . . . . . . . . . . . . . 77 37 143 (48) 209
Cash and cash equivalents—beginning of year . . . 153 —00000 1,326 607 2,086
Cash and cash equivalents—end of year . . . . . $ 230 $ 37 $ 1,469 $ 559 $ 2,295
RECONCILIATION OF OPERATING INCOME

(LOSS) TO NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES:
Operating income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,692 $ (601) $ (3,560) $ (1,329) $ (2,798)
Adjustments to reconcile operating income (loss)
to net cash provided (used) by nonoperating
and noncash activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . 2 —00000 432 165 599
Other nonoperating and noncash items . . . . . . . . . . . 382 —00000 1,054 —00000 1,436
Change in assets and liabilities:
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (178) (102) (26) (61) (367)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) —00000 (5) (1) (7)
Lottery prizes payable . . . . . . . . . . . . . . . . . . . . . . . . (92) —00000 —00000 —00000 (92)
Unclaimed and future prizes . . . . . . . . . . . . . . . . . . . 44 —00000 —00000 —00000 44
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 —00000 202 (182) 177
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 —00000 451 70 521
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (25) 19 (6)
Net cash provided (used) by operating activities . . . . . $ 3,006 $ (703) $ (1,477) $ (1,319) $ (493)
NONCASH INVESTING, CAPITAL,

AND FINANCING ACTIVITIES:
New capital leases/debt agreements . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 410 $ —00000 $ 410
Fringe benefits provided by the State . . . . . . . . . . . . . . $ —00000 $ —00000 $ 1,021 $ —00000 $ 1,021
Litigation costs provided by the State . . . . . . . . . . . . . . $ —00000 $ —00000 $ 35 $ —00000 $ 35
Noncash gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 35 $ —00000 $ 35
Increase in unrealized gains on investments . . . . . . . . . $ 16 $ —00000 $ —00000 $ —00000 $ 16
Amortization of investment discount . . . . . . . . . . . . . . . $ 50 $ —00000 $ —00000 $ —00000 $ 50

______________________________________________________________________________________________
Statement of Fiduciary Net Assets

FIDUCIARY FUNDS
March 31, 2011
Private
Pension Purpose
Trusts Trusts Agency
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 11,402 $ 3,162
Retirement system investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,360 —00000 —00000
Government bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,417 —00000 —00000
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,621 —00000 —00000
Domestic equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,720 —00000 —00000
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,225 —00000 —00000
Private equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,915 —00000 —00000
Absolute return strategy investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,497 —00000 —00000
Real estate and mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,482 —00000 —00000
Securities lending collateral, invested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,498 —00000 —00000
Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767 —00000 —00000
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,345 —00000 —00000
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —00000 —00000
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,066 —00000 —00000
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 162 134
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 939 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 116
Capital assets, at cost, net of accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,915 12,503 $ 3,412
LIABILITIES:
Securities lending obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,679 —00000 $ —00000
Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772 —00000 —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 23
Accounts payable-investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357 —00000 —00000
Accounts payable-benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387 —00000 —00000
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171 1,478 1,792
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,597
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,366 1,478 $ 3,412
NET ASSETS:
Held in trust for pension benefits and other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 149,549 $ 11,025

______________________________________________________________________________________________ STATE OF NEW YORK
• 43
Statement of Changes in Fiduciary Net Assets

FIDUCIARY FUNDS
Private
Pension Purpose
Trusts Trusts
Additions:
Investment earnings:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,427 $ 18
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,269 225
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 —00000
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 —00000
Net increase in the fair value of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,741 911
Total investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,790 1,154
Less:
Securities lending expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) —00000
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (447) (40)
Net investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,340 1,114
Contributions:
College savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,837
Employers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,165 —00000
Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286 —00000
Interest on accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 —00000
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,578 1,837
Net transfers from General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 289
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,918 3,240
Deductions:
College aid redemptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,001
Benefits paid:
Retirement allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,273 —00000
Death benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 —00000
Other benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 —00000
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 1
Claims paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 289
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,621 1,291
Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,297 1,949
Net assets held in trust for pension benefits and other purposes at April 1, 2010 . . . . . . . . . . . . . . . . . . . . 134,252 9,076
Net assets held in trust for pension benefits and other purposes at March 31, 2011 . . . . . . . . . . . . . . . . . $ 149,549 $ 11,025

______________________________________________________________________________________________
Combining Statement of Net Assets

DISCRETELY PRESENTED COMPONENT UNITS
March 31, 2011
Major Component Units

Housing Metropolitan
Power Finance Thruway Transportation Dormitory
Authority Agency Authority Authority Authority
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,345 $ 1,524 $ 797 $ 4,935 $ 6,240
Loans, leases, and notes . . . . . . . . . . . . . . . . . . . . . . 386 9,206 —00000 —00000 38,664
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218 32 73 2,816 667
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 744 —00000 61 1,957 —00000
Capital assets:
Construction in progress . . . . . . . . . . . . . . . . . . . . . . 125 —00000 694 9,506 —00000
Land and buildings, net of depreciation . . . . . . . . . . . 3,572 —00000 4,011 40,627 12
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 14 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,390 10,762 5,636 59,855 45,583
Deferred outflows of resources . . . . . . . . . . . . . . . . . . . 231 40 —00000 360 —00000

Total assets and deferred outflows
of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,621 10,802 5,636 60,215 45,583

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 7 —00000 351 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 73 253 2,245 1,174
Pension contributions payable . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 296 —00000
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 139 58 435 52
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 —00000 687 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 129 59 602 4,604
Current portion of other long-term liabilities . . . . . . . . . . —00000 —00000 2 33 3
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . . . 86 —00000 —00000 —00000 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 160
Pension contributions payable . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 39 —00000
Other postemployment benefits . . . . . . . . . . . . . . . . . —00000 31 194 4,903 43
Pollution remediation . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 75 —00000
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 751 349 —00000 —00000 —00000
Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,111 9,609 2,282 30,803 39,025
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . 1,248 —00000 10 3,142 105
Derivative instruments . . . . . . . . . . . . . . . . . . . . . . . . 186 40 —00000 415 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,620 10,377 3,545 43,339 45,166
Deferred inflows of resources . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000

Total liabilities and deferred inflows
of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,620 10,377 3,545 43,339 45,166
NET ASSETS:
Invested in capital assets, net of related debt . . . . . . . . 1,748 —00000 1,936 19,264 12
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 366 128 1,279 337
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Environmental projects . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Insurance requirements . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 —00000 91 146 —00000
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,219 59 (64) (3,813) 68
Total net assets . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,001 $ 425 $ 2,091 $ 16,876 $ 417

______________________________________________________________________________________________ STATE OF NEW YORK
• 45

Long Island Urban State SONY Environmental Non-Major
Power Development Insurance Mortgage Facilities Component
Authority Corporation Fund Agency Corporation Units Eliminations Total
$ 479 $ 2,988 $ 12,355 $ 2,388 $ 3,634 $ 5,354 $ (3,198) $ 39,841
155 8,142 —00000 3,212 9,391 801 (28,048) 41,909

711 241 277 31 176 655 (2,067) 3,830
1,133 187 142 98 —00000 208 (57) 4,473
203 —00000 —00000 —00000 —00000 132 —00000 10,660

6,229 1,255 —00000 —00000 —00000 2,429 —00000 58,135
2,488 —00000 —00000 —00000 —00000 1 —00000 2,489
—00000 —00000 —00000 —00000 —00000 2 —00000 16
11,398 12,813 12,774 5,729 13,201 9,582 (33,370) 161,353
196 —00000 —00000 58 —00000 72 (40) 917
11,594 12,813 12,774 5,787 13,201 9,654 (33,410) 162,270
—00000 —00000 —00000 —00000 —00000 131 —00000 489

740 362 10,782 66 275 1,042 (70) 17,350
—00000 —00000 —00000 —00000 —00000 8 —00000 304
—00000 —00000 362 —00000 1 107 (7) 1,147
200 60 —00000 —00000 —00000 3 (3) 1,351
238 654 —00000 150 428 126 (1,726) 5,304
136 76 —00000 —00000 —00000 22 —00000 272
93 —00000 —00000 —00000 —00000 —00000 —00000 179
96 —00000 —00000 —00000 —00000 77 —00000 333

—00000 —00000 —00000 —00000 —00000 45 —00000 84
18 15 —00000 28 7 630 —00000 5,869
—00000 28 —00000 —00000 —00000 1 —00000 104
—00000 —00000 —00000 —00000 4 493 —00000 1,597
—00000 93 —00000 —00000 —00000 38 (18) 499
6,363 9,297 —00000 3,365 7,594 2,577 (31,770) 80,256
3,133 391 —00000 —00000 —00000 175 (31) 8,173
200 —00000 —00000 58 —00000 77 (40) 936
11,217 10,976 11,144 3,667 8,309 5,552 (33,665) 124,247
—00000 —00000 —00000 —00000 —00000 2 —00000 2
11,217 10,976 11,144 3,667 8,309 5,554 (33,665) 124,249
(87) 1,094 —00000 —00000 —00000 1,334 —00000 25,301
—00000 —00000 —00000 639 —00000 70 14 2,833

—00000 —00000 —00000 —00000 —00000 1,634 —00000 1,634
—00000 —00000 —00000 —00000 4,888 —00000 —00000 4,888
—00000 —00000 —00000 1,490 —00000 9 —00000 1,499
—00000 743 —00000 —00000 —00000 1,375 —00000 2,389
464 —00000 1,630 (9) 4 (322) 241 (523)
$ 377 $ 1,837 $ 1,630 $ 2,120 $ 4,892 $ 4,100 $ 255 $ 38,021
______________________________________________________________________________________________
Combining Statement of Activities

DISCRETELY PRESENTED COMPONENT UNITS

Housing Metropolitan
Power Finance Thruway Transportation Dormitory
Authority Agency Authority Authority Authority
EXPENSES:
Program operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,126 $ 155 $ 478 $ 10,716 $ 106
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . . . 68 105 110 1,299 1,885
Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 —00000 —00000 —00000 —00000
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . 163 —00000 252 2,000 —00000
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 —00000 —00000 41 199
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,525 260 840 14,056 2,190
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,568 146 674 6,003 1,944
Operating grants and contributions . . . . . . . . . . . . . . . . —00000 73 23 4,093 —00000
Capital grants and contributions . . . . . . . . . . . . . . . . . . . —00000 —00000 15 1,938 —00000
Total program revenues . . . . . . . . . . . . . . . . . . . . 2,568 219 712 12,034 1,944
Net program revenues (expenses) . . . . . . . . . 43 (41) (128) (2,022) (246)
GENERAL REVENUES:
Non-State grants and contributions
not restricted to specific programs . . . . . . . . . . . . . . . —00000 —00000 —00000 1,028 —00000
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 7 —00000 —00000 25
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 —00000 —00000 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 14 —00000 429 106
Total general revenues . . . . . . . . . . . . . . . . . . . . 138 21 —00000 1,457 131
Change in net assets . . . . . . . . . . . . . . . . . . . . . . 181 (20) (128) (565) (115)
Net assets—beginning of year, as restated . . . . . . . . . . 2,820 445 2,219 17,441 532
Net assets—end of year . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,001 $ 425 $ 2,091 $ 16,876 $ 417

______________________________________________________________________________________________ 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
$ 3,334 $ 1,404 $ 1,681 $ 62 $ 369 $ 6,177 $ (3) $ 26,605

316 415 —00000 140 349 88 (1,649) 3,126
14 —00000 —00000 —00000 —00000 9 —00000 44
251 12 —00000 3 —00000 172 —00000 2,853
—00000 38 —00000 1 —00000 199 (3) 622
3,915 1,869 1,681 206 718 6,645 (1,655) 33,250
3,860 32 1,320 174 17 2,306 (1,049) 17,995

—00000 1,499 —00000 25 15 3,240 (621) 8,347
—00000 —00000 —00000 —00000 409 121 —00000 2,483
3,860 1,531 1,320 199 441 5,667 (1,670) 28,825
(55) (338) (361) (7) (277) (978) (15) (4,425)
66 —00000 —00000 —00000 —00000 120 —00000 1,214
—00000 —00000 744 47 147 57 —00000 1,027

6 2 —00000 —00000 —00000 65 —00000 114
40 101 51 120 362 717 —00000 2,037
112 103 795 167 509 959 —00000 4,392
57 (235) 434 160 232 (19) (15) (33)
320 2,072 1,196 1,960 4,660 4,119 270 38,054
$ 377 $ 1,837 $ 1,630 $ 2,120 $ 4,892 $ 4,100 $ 255 $ 38,021
______________________________________________________________________________________________ STATE OF NEW YORK
• 49
NOTES TO THE BASIC FINANCIAL STATEMENTS

March 31, 2011
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 long-term debt on behalf of the State to finance State
conformity with generally accepted accounting principles operations plus amounts necessary to fund a capital
(GAAP) for gover nments. Such principles are reserve fund and other issuance costs. TSFC is legally
prescribed 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 primar y
establishing governmental accounting and financial government 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 corporate powers. The Governor, with the approval of
prepared 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
or subsidiary accounting systems maintained by them. Governor 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
component units and other organizational entities Gover nor and the Legislature annual budget
determined to be included in the State’s financial information on operations and capital construction.
reporting entity. The State Comptroller is empowered to conduct
The decision to include a component unit in the financial and management audits of the Corporations.
State’s reporting entity is based on several criteria, Financial assistance was provided in the fiscal year
including legal standing, fiscal dependency and ended March 31, 2011 to certain Corporations and
financial accountability. Based on the application of such assistance is expected to be required in future
these criteria, the following is a brief review of certain years. Accordingly, the fiscal condition of the State is
entities included in the State’s reporting entity. related to the fiscal stability of the Corporations. Since
Blended Component Units the Corporations are legally separate organizations for
The New York Local Gover nment Assistance which the Governor and Legislature are financially
Corporation (LGAC) was created by Chapter 220 of the accountable, they are discretely presented as component
Laws of 1990. LGAC is administered by seven directors units of the State.
consisting of the State Comptroller and the Director of Related Organizations and Joint Ventures
the Division of the Budget, serving ex-officio, and five The State’s officials are also responsible for appointing
directors appointed by the Governor. LGAC was created the members of the boards of various related
to issue long-term debt on behalf of the State to finance organizations (e.g., the Nassau County Interim Finance
certain local assistance aid payments plus amounts Authority), but the State’s accountability for these
necessary to fund a capital reserve fund and other organizations does not extend beyond making the
issuance costs. LGAC is legally separate but provides appointments. As discussed in more detail in Note 15,
ser vices exclusively to the State and therefore is the State participates in several joint ventures but only
reported as part of the primar y government as a reports on one due to materiality.
blended component unit.
The Tobacco Settlement Financing Corporation
(TSFC) was created by Part D3 of Chapter 62 of the
b. Government-Wide and
Laws of 2003. TSFC was created as a subsidiary of the
Fund Financial Statements
State of New York Municipal Bond Bank Agency The government-wide financial statements (i.e., the
(Agency). The directors of the Agency are members of Statement of Net Assets and the Statement of Activities)
TSFC. TSFC is governed by a seven member board, report information on all of the non-fiduciary activities
consisting of: the Chairman of the Agency, the of the primary government and its component units. For
Secretary of State, the Director of the Budget, the the most part, the effect of interfund activity within
State Comptroller or his appointee, and three directors governmental and business-type activities has been
50 • Notes to Basic Financial Statements ____________________________________________________________________________
eliminated from these statements. However, balances recorded by the State as taxpayers earn income (per-
due and resource flows between governmental and sonal income, general business and other taxes), as
business-type activities have not been eliminated. sales are made (consumption and use taxes) and as the
Governmental activities, which normally are supported taxable event occurs (miscellaneous taxes), net of esti-
by taxes and intergovernmental revenues, are reported mated overpayments (refunds). Receivables not
separately from business-type activities, which rely to a expected to be collected within the next 12 months are
significant extent on fees and charges for support. offset by deferred revenues. Expenditures and related
Likewise, the primary government is reported separately liabilities are recorded in the accounting period the
from certain legally separate component units for which liability is incurred to the extent it is expected to be
the primary government is financially accountable. paid within the next 12 months, with the exception of
The Statement of Activities demonstrates the degree items covered by GASB Interpretation 6 (GASBI 6),
to which the direct expenses of a given function or Recognition and Measurement of Certain Liabilities and
program is offset by program revenues. Direct expenses Expenditures in Governmental Fund Financial Statements.
are those that are clearly identifiable with a specific GASBI 6 modified the recognition criteria of certain
function or segment. Certain indirect costs have been expenditures and liabilities. GASBI 6 requires that
allocated and are reported as direct program expenses expenditures and liabilities such as debt service, com-
of individual functions or programs. Program revenues pensated absences, and claims and judgments
include: charges to customers or applicants who be recorded in the governmental fund statements only
purchase, use, or directly benefit from goods, services, when they mature or become due for payment within
or privileges provided by a given function or segment; the period. Expenditure-driven grants are recognized as
grants and contributions that are restricted to meeting revenues when the qualifying expenditures have been
the operational requirements of a particular function or incurred and all other grant requirements have been
segment; and capital grants and contributions, including met. Nonexchange grants and subsidies, such as local
special assessments. Internally dedicated resources are assistance grants and public benefit corporation subsi-
reported as general revenues rather than as program dies, are recognized as expenditures when all require-
revenues. Taxes and other items not included as ments of the grant and/or subsidy have been satisfied.
program revenues are reported as general revenues, Private-sector standards of accounting and financial
as required. reporting issued prior to December 1, 1989, generally
Separate financial statements are provided for are followed in both the government-wide and
Governmental Funds, Enterprise Funds and Fiduciary Enterprise Fund financial statements to the extent
Funds, even though the latter are excluded from the that those standards do not conflict with or contradict
government-wide financial statements. Major individual the guidance of GASB. The State also has the option of
Governmental Funds and major individual Enterprise following private-sector guidance issued after November
Funds are reported as separate columns in the fund 30, 1989 for its business-type activities, Enterprise Funds
financial statements. and component units. As allowed by GASBS No. 20,
Accounting and Financial Reporting for Proprietary Funds
c. Measurement Focus, Basis of Accounting and Other Governmental Entities That Use Proprietary Fund
and Financial Statement Presentation Accounting, the State has elected only to follow those
The government-wide financial statements are prepared Financial Accounting Standards Board (FASB)
using the economic resources measurement focus and Statements and Interpretations, Accounting Principles
the accrual basis of accounting, as are the Enterprise Board (APB) Opinions, and Accounting Research
Funds, Component Units and the Fiduciary Funds Bulletins (ARB), issued prior to December 1, 1989.
financial statements. Revenues are recorded when However, the Power Authority of the State of New York
earned and expenses are recorded when a liability is and the Long Island Power Authority have elected to
incurred, regardless of the timing of related cash flows. continue to apply all FASB Statements and
Taxes are recognized as revenues in the year in which Interpretations issued after November 30, 1989, except
they are earned. Grants, entitlements and donations are for those that conflict with or contradict GASB
recognized as revenues as soon as all eligibility pronouncements. In addition, the State Insurance
requirements have been met. Fund prepares financial statements in conformity with
Governmental fund financial statements are pre- accounting practices prescribed or permitted by the
pared using the current financial resources measure- Insurance Department of the State of New York
ment focus and the modified accr ual basis of (Insurance Department). The Insurance Department
accounting. Revenues are recognized as soon as they recognizes only New York Statutor y Accounting
are both measurable and available. Revenues are con- Practices for determining and reporting the financial
sidered available when they are collected within the condition and results of operations of an insurance
current period or collectible within 12 months of the company and for determining its solvency under New
end of the current fiscal period. Tax revenues are York State Insurance Law.
______________________________________________________________________________________________ STATE OF NEW YORK
• 51
The State reports the following major and other SUNY Fund—accounts for the operation of the
governmental funds: State University of New York (SUNY). Information
reported in this fund is obtained from the audited
General Fund—is the primary operating fund of
financial statements prepared by SUNY for the
the State and is used to account for all financial
fiscal year ended June 30, 2010.
transactions not required to be accounted for in
another fund. CUNY Fund—accounts for the operation of the
City University of New York (CUNY) Senior
Federal Special Revenue Fund—accounts for Federal
Colleges. Information reported in this fund is
grants received by the State that are earmarked for
obtained from the audited financial statements
specific programs. In order to comply with Federal
prepared by CUNY for the fiscal year ended June
accounting and reporting requirements, certain
30, 2010.
Federal grants are accounted for in a number of
accounts that are combined and reported as the Enterprise Funds distinguish operating revenues
Federal Special Revenue Fund. Accounts that are and expenses from non-operating items. Operating
combined include the Federal USDA-Food and revenues and expenses generally result from providing
Nutrition Services Account, the Federal Health and ser vices in connection with an Enterprise Fund’s
Human Services Account, the Federal Education principal ongoing operations. Operating expenses for
Account, the Federal HHS Block Grant Account, Enterprise Funds include the cost of sales and services,
the Federal Operating Grants Account, the administrative expenses and depreciation on capital
Unemployment Insurance Administration Account, assets. All revenues and expenses not meeting this
the Unemployment Insurance Occupational definition are reported as non-operating revenues
Training Account and the Federal Employment and expenses.
and Training Grants Account. Fiduciary Funds are used to report assets held in a
trustee or agency capacity for others and therefore
General Debt Service Fund—accounts for the
cannot be used to support the government’s own
payment of principal and interest on the State’s
programs. The Fiduciary Fund types of the State consist
general debt, the payments on certain lease/pur-
of the following:
chase or other contractual obligations, and trans-
actions related to the Tobacco Settlement Financing Pension Trust Fund—accounts for the activities of
Corporation. the New York State and Local Retirement System,
which accumulates resources for pension benefit
Other Governmental Funds—is a summarization of
payments to qualified public employees.
all the non-major governmental funds.
Private Purpose Trust Funds—are used to account
The governmental fund financial statements
for resources legally held in trust as escheat
include a reconciliation between the fund statements
property and resources held in trust to facilitate
and the government-wide statements. Differences that
savings for higher education expenses, pursuant to
make a reconciliation necessary include the differing
the New York State tuition savings program. There
measurement focuses and bases of accounting between
is no requirement that any portion of these
the statements. The Statement of Activities reflects the
resources be preserved as capital. Information
net costs of each major function of State operations,
reported for the tuition savings program is
which differs from the presentation of expenditures
obtained from the audited financial statements
in the Statement of Revenues, Expenditures and
prepared by the program for the fiscal year ended
Changes in Fund Balances—Governmental Funds,
December 31, 2010.
which closely matches the State’s budgetary (financial
plan) presentation. Agency Funds—report those resources held by the
The State reports the following major Enterprise State in a purely custodial capacity (assets equal
Funds: liabilities).
Lottery Fund—accounts for lottery revenues that Additionally, the State includes discretely presented
are earmarked for education assistance to local component units:
school districts, administrative costs of the Division
Component Units—the public benefit corporations’
of the Lottery and payment of lottery prizes.
financial statements, except for the State Insurance
Unemployment Insurance Benefit Fund—accounts Fund, are prepared using the economic resources
for employer unemployment contributions utilized measurement focus and are accounted for on the
for the payment of unemployment compensation accrual basis of accounting.
benefits.
d. Cash and Investments balances.” For the most part, the remaining difference
Cash balances of funds held in the State Treasury are is a result of different year-ends between the State and
commingled in a general checking account and several SUNY and CUNY.
special purpose bank accounts. The available cash
balance in the general checking account beyond g. Other Assets
immediate need is pooled for short-term investment Other assets in governmental activities include
purposes. The balances pooled are limited to legally payments for costs applicable to future accounting
stipulated investments, which are reported at cost, periods, and other types of assets not reported on
including accrued interest, which approximates fair other lines. Inventories reported by the Governmental
value. Non-interest-bearing compensating balances of Funds are recorded as expenditures when they are
$1.8 billion are included in cash and investments at purchased. Inventories reported by the Enterprise
March 31, 2011. At various times during the year, Funds are valued at cost using the first-in/first-out
compensating balances could be substantially higher. (FIFO) method.
Cash balances not held in the State Treasury and
controlled by various State officials are generally h. Capital Assets
deposited in interest-bearing accounts or other legally Capital assets are reported in the government-wide
stipulated investments. Additional information about Statement of Net Assets and further disclosed in Note 5.
the State’s cash and investments is provided in Note 2. Capital assets include: land in urban centers, rural
Generally, for purposes of reporting cash flows, areas and forest preserves; land improvements; land
cash includes cash and cash equivalents. Cash preparation-roads; buildings which house State offices,
equivalents are composed of liquid assets with correctional facilities, hospitals and educational facilities;
maturities of 90 days or less. The Enterprise Funds equipment used in construction work, hospitals, offices,
Statement of Cash Flows uses the direct method of etc.; construction in progress; intangible assets (i.e.,
reporting cash flows. easements and internally generated software); and
All investments with a maturity of more than a infrastructure assets such as roads and bridges. Capital
year are recorded on the Statement of Net Assets and assets are reported at historical cost or estimated
the balance sheet at fair value and all investment historical cost and donated capital assets are valued at
income, including changes in the fair value of their estimated fair market value at the date of donation.
investments, is reported as revenue. Investments of Equipment that has a cost in excess of $40 thou-
the short-term investment pool have a maturity of one sand at the date of acquisition and has an expected
year or less and are recorded at cost. Fair values were useful life of two or more years is capitalized. All initial
determined using market values at the applicable building costs and building improvements and land
entities’ year-end. and land improvements in excess of $100 thousand
are capitalized. Infrastructure assets in excess of $1
e. Receivables million are also capitalized. Software is capitalized when
Receivables are stated net of estimated allowances for the costs exceed $1 million. The State chose the option
uncollectible amounts, which are determined based in GASBS No. 34, Basic Financial Statements—and Man-
upon past collection experience and current economic agement’s Discussion and Analysis—for State and Local
conditions. Due from Federal government represents Governments, of not recording non-major infrastruc-
amounts owed to the State to reimburse it for ture assets at transition except for Department of Trans-
expenditures incurred pursuant to federally funded portation (DOT) infrastructure assets. Therefore,
programs. Other receivables represent amounts owed non-DOT infrastructure assets acquired prior to April
to the State, including lottery revenues, Medicaid drug 1, 2002 were deemed to be non-major relative to total
rebates, student loans, tobacco settlements, and patient infrastructure and are not reported. However, prospec-
fees of SUNY and Health Department hospitals and tive reporting of non-DOT depreciable infrastructure
various mental hygiene facilities. Additional acquired subsequent to April 1, 2002 is included in
information about receivables is provided in Note 4. the capital asset balances at March 31, 2011.
The costs of normal repairs and maintenance that
f. Internal Balances do not add to the value or extend lives of assets
All outstanding balances between funds at the end of materially are not capitalized, but are reported as
the fiscal year are referred to as “due to/from other expenses in the year incurred. Expenses relating to
funds” on the governmental fund financial statements. roads and bridges that add to the capacity and
Generally, the effect of interfund activity within the efficiency of the road and bridge networks are not
governmental funds has been removed. Any residual expensed but are capitalized. All maintenance and
balances outstanding between the governmental preservation costs relating to roads and bridges will be
activities and business-type activities are reported in the expensed and not capitalized.
government-wide financial statements as “internal
______________________________________________________________________________________________ STATE OF NEW YORK
• 53
Buildings, land improvements, equipment and artwork, historical treasures and library books with a
intangible assets of the primar y government are unit cost of more than $5 thousand. SUNY and CUNY
depreciated or amortized using the straight-line method capital assets, with the exception of land, construction
over the following estimated useful lives: in progress and works of art and historical treasures, are
depreciated or amortized on a straight-line basis over
Governmental Business-type
their estimated useful lives ranging from 3 to 50 years.
Activities Activities
Assets (Years) (Years)
Buildings and building i. Long-Term Obligations
improvements . . . . . . . . . 12-60 3-50 In the government-wide financial statements and
Equipment and vehicles . . . 4-30 3-50 Enterprise Funds financial statements, long-term debt
Land improvements . . . . . . 12-30 3-50 and other long-term obligations are reported as
Intangibles—easements . . . 20 3-50
liabilities in the applicable governmental activities or
Intangibles—computer
software . . . . . . . . . . . . . 10-12 3-50 business-type activities Statement of Net Assets. Bond
premiums, discounts, issuance costs and deferred loss
on refunding are deferred and amortized over the life
Land preparation reflects the costs of preparing the of the bonds using the straight-line method for
land for the constr uction of roads. Since land governmental activities.
preparation has an indefinite life, associated costs are In the fund financial statements, governmental
not depreciated. fund types recognize bond premiums and discounts, as
The State has elected to use the modified approach well as bond issuance costs, during the current period.
for reporting and accounting for its highways and The face amount of debt issued is reported as other
bridges reported by DOT. The modified approach financing sources. Premiums received on debt issuances
requires the State to commit to preser ving and are reported as other financing sources, while discounts
maintaining these infrastructure assets at levels on debt issuances are reported as other financing uses.
established by DOT. No depreciation expense is Issuance costs, whether or not withheld from the actual
reported for these assets and no amounts are capitalized debt proceeds received, are reported as non-personal
in connection with improvements that lengthen the service expenditures.
lives of such assets, unless the improvements also
increase their service potential. DOT maintains an
inventor y of these assets and performs periodic
j. Compensated Absences
condition assessments to ensure that the predetermined The estimated vacation leave liability for State
condition level is maintained. Refer to the Required employees at March 31, 2011 is $868 million and
Supplementar y Information (RSI) for additional represents an increase of $101 million over the prior
information regarding infrastructure using the year. State employees accrue vacation leave based
modified approach. primarily on the number of years employed up to a
Capital asset reporting does not include historical maximum rate of 25 days per year, but may accumulate
artifacts, artwork and collections that are maintained by no more than a maximum of 40 days.
various State agencies, the State Archives, State Museum SUNY employees accrue vacation leave based
and State Librar y. These items are protected and primarily on the number of years employed up to a
preserved, held for public exhibition and educational maximum rate of 21 days per year and may accumulate
purposes, and the proceeds from the sale of items are no more than a maximum of 40 days. CUNY employees
used to acquire new items for the collection. accrue vacation leave based upon the number of years
Capital assets in business-type activities and employed, with the maximum accumulation generally
Enterprise Funds are from SUNY and CUNY. These ranging from 45 to 50 days. The liability for vacation
capital assets are stated at cost, or in the case of gifts, fair leave approximated $240 million and $71 million for
value at the date of receipt. SUNY capitalizes building SUNY and CUNY, respectively, at June 30, 2010.
renovations and additions costing over $100 thousand, CUNY employees may receive payments of up to 50
equipment items with a unit cost of $5 thousand or percent of the value of their accumulated sick leave as
more, intangible assets for internally generated of the date of retirement from CUNY. CUNY reported
computer software costing $1 million or more and a liability of $31 million for sick leave credits in accrued
other intangible assets costing over $100 thousand. liabilities as of June 30, 2010.
SUNY reports all artwork, historical treasures and Lottery’s employees, upon termination, may receive
librar y books. CUNY capitalizes renovations and vacation pay benefits up to a maximum of 225 hours.
improvements that significantly increase the value or Lottery recognizes employees’ compensated absence
extends the useful lives of the structures and equipment benefits when earned. The liability for employees’
with a cost of more than $5 thousand and useful lives of compensated absences was approximately $1.8 million
two or more years. CUNY reports intangible assets, as of March 31, 2011.
k. Accounting for Lease Purchase At March 31, 2011, the Governmental Activities
and Other Financing Arrangements reported restricted net assets of $3 billion due to
The construction of certain State office buildings, restrictions imposed by enabling legislation. This
campus facilities and other public facilities has been included $2.5 billion restricted for debt ser vice
financed through bonds and notes issued by public payments from various capital reserve funds, and $508
benefit corporations pursuant to lease/purchase and million restricted for other purposes (comprised of
other financing arrangements with the State. The State $263 million restricted for Metropolitan Transportation
has also entered into financing arrangements with Authority assistance, $63 million for trusts restricted by
public benefit corporations that have issued bonds to their donors, $71 million restricted for environmental
finance past State budgetary deficits and grants to conservation, and $111 million restricted for various
local governments for both capital and operating purposes).
purposes (see Note 7). The following terms are used in the reporting of
These lease/purchase and other financing net assets:
arrangements, which the State will repay over the
Debt Service
duration of the agreements, constitute long-term
Net assets restricted for the payment of future debt
liabilities. The amount included in obligations under
service payments from various capital reserve funds.
lease/purchase and other financing arrangements
consists of total future principal payments and equals Higher Education
the outstanding balance of the related bonds and Net assets restricted for funding of various higher
notes. Reporting relative to capitalized interest is not education instruction, research, scholarships, and
included for leased capital assets. operations.
l. State Lottery Insurance Requirements

Net assets restricted for payment of costs related to
The State Lottery is accounted for within an Enterprise
the payment of mortgage insurance.
Fund. The revenues, administrative costs, aid to
education and expenses for amounts allocated to prizes Other Purposes
are reported, and uncollected ticket sales at March 31, Net assets restricted for the funding of various mass
2011 are accrued. Prize monies to meet long-term prize transportation projects, environmental remediation
payments are invested in United States government- projects, payment of future lottery prizes, and various
backed obligations, New York City municipal bonds other legally restricted funds.
and Agency for International Development Bonds, and
are recorded at fair value. Lottery prize liabilities are Unrestricted Net Asset (Deficit)
recorded at a discounted value equivalent to the related Unrestricted net asset (deficit) is the amount by which
investments. At March 31, 2011, the prize liabilities of liabilities exceed the total assets of the State less net
approximately $2.3 billion were reported at a discounted assets invested in capital assets net of related debt and
value of approximately $1.4 billion (at interest rates those restricted net assets described above.
ranging from 0.18 percent to 9.4 percent).
n. Reservations of Fund Balance
m. Net Assets Reserved fund balances indicate that portion of fund
Net assets are reported as restricted when constraints balance that is not available for appropriation or is
placed on net asset use are either: legally segregated for specific future use.
The following terms are used in the reporting of
a. Externally imposed by creditors (such as debt reservations of fund balance:
covenants), grantors, contributors, laws or
regulations of other governments; or Encumbrances
b. Imposed by law through constitutional provi- Encumbrance accounting, under which purchase
sions or enabling legislation. orders, contracts, and other commitments for expen-
ditures are recorded in order to reserve that portion
Enabling legislation authorizes the State to assess, of the applicable appropriation, is employed in the Gov-
levy, charge or otherwise mandate payment of resources ernmental Funds. The cost of construction contract
(from resource providers) and includes a legally commitments generally is recorded as an encumbrance
enforceable requirement that those resources be used of Other Governmental Funds and is presented as a
only for the specific purposes stipulated in the legislation. reserve for encumbrances. These committed amounts
A legally enforceable requirement is one that an outside generally will become liabilities in future periods as the
party (such as citizens, public interest groups or the construction work is performed by the contractors.
judiciary) can compel the government to honor. When Encumbrances outstanding at year-end are reported as
both restricted and unrestricted resources are available reservations of fund balances since they do not consti-
for use, it is the State’s policy to use restricted resources tute expenditures or liabilities.
first, then unrestricted resources as they are needed.
______________________________________________________________________________________________ STATE OF NEW YORK
• 55
Debt Service p. Deficit Fund Balances

Fund balance reserved for debt service represents As of March 31, 2011, fund deficits were reported in the
various capital reserve assets available to finance future following Capital Projects Funds: the Housing Program
debt ser vice payments in accordance with the Fund ($172 million), the Dedicated Highway and Bridge
underlying bond indentures. Trust Fund ($171 million), the Hazardous Waste
Remedial Fund ($114 million) and the Department of
Tax Stabilization
Transportation Engineering Ser vices Fund ($23
Pursuant to law, receipts in excess of disbursements of
million). The deficits related to the Capital Projects
the General Fund (Local Assistance and State Purposes
Funds are the result of differences in cash flow timing
Accounts) not otherwise appropriated are required
relating to the reimbursement of capital project costs
to be transferred to the Tax Stabilization Reserve
and contractual commitments from bond proceeds,
Account at the end of each fiscal year. These amounts
and are routinely resolved during subsequent fiscal
may be borrowed by these two accounts temporarily
years. The ENCON Special Revenue Fund ($30 million)
and repaid within the same fiscal year. They may also be
and the Mass Transportation Operating Assistance
borrowed to cover an operating deficit at year-end.
Fund ($103 million), both of which are Special Revenue
Generally, these loans must be repaid within six years in
Funds, also had fund deficits. The deficits are the result
no less than three equal annual installments.
of timing differences between the receipt of cash and
Other Specified Purposes the transfer of funds to finance operating expenditures.
As of March 31, 2011, the Governmental Funds had an
other specified purposes balance of $866 million q. Estimates
consisting of $304 million in the General Fund and The preparation of the basic financial statements in
$562 million in Other Governmental Funds. Other conformity with GAAP requires management to make
specified purposes in the General Fund included $175 estimates and assumptions that affect the reported
million for rainy day reserves, $85 million reserved amounts of assets and liabilities and disclosure of
for the Consolidated Highway Improvement Program, contingent assets and liabilities at the date of the basic
$21 million for community projects, $2 million for financial statements. Estimates also affect the reported
appropriated loans and $21 million for contingency amounts of revenues and expenditures during the
reser ves. Other specified purposes in the Other reporting period. Actual results could differ from
Governmental Funds included $375 million for capital those estimates.
project programs not subject to budgetar y
encumbrances, $174 million for appropriated loans r. Adoption of New Accounting
and $13 million for the Public Asset Fund. Pronouncements and Restatements
During the fiscal year ended March 31, 2011, the State
o. Post-Retirement Benefits adopted the following new accounting standards issued
Other postemployment costs are measured and by the GASB:
disclosed using the accrual basis of accounting in the
government-wide statements (see Note 13). In addition GASBS No. 51, Accounting and Financial Reporting for
to providing pension benefits, the State is statutorily Intangible Assets, establishes a uniform reporting
required to provide health insurance coverage and standard to reduce the inconsistencies in the
sur vivor benefits for retired employees and their financial reporting and disclosures of intangible
survivors. Substantially all of the State’s employees assets, thereby improving the comparability of the
may become eligible for these benefits if they reach accounting and financial reporting of such assets
normal retirement age while working for the State. among state and local governments. Specifically,
Health care benefits are provided through plans whose GASBS 51 provides the needed guidance regarding
premiums are based on the benefits paid during the how to identify, account for, and report intangible
year. The cost of providing post-retirement benefits is assets. The effects of applying this standard are
shared between the State and the retired employee. The disclosed in Note 5.
State, including the Lottery, recognizes the cost of GASBS No. 53, Accounting and Financial Reporting for
providing health insurance by recording its share of Derivative Instruments, establishes accounting and
insurance premiums as an expenditure in the respective financial reporting standards for derivatives, which
fund in the year paid. Additionally, the sur vivor’s are financial arrangements used to manage specific
benefit program provides for a death benefit to be risks or to make investments. By entering into
paid by the State to a retiree’s designated beneficiary. these arrangements, the State receives and makes
During the year, approximately $11 million was paid on payments based on interest rates without actually
behalf of 3,608 retirees and recorded as an expenditure entering into the related financial transaction.
in the General Fund. GASBS No. 53 requires that derivatives be reported
at fair value in the financial statements prepared
under the economic resources measurement focus.
Changes in fair value of investment derivative GASBS No. 58, Accounting and Financial Reporting for
instruments are reported as investment revenue. Chapter 9 Bankruptcies, provides accounting and
Changes in fair value of hedging derivative instru- financial reporting guidance for governments that
ments are reported as deferred inflows of resources have petitioned for protection from creditors by
or deferred outflows of resources as applicable. filing for bankruptcy under Chapter 9 of the
Information regarding the swap transactions are United States Bankruptcy Code. The requirements
disclosed in Note 7 of the statements. will improve financial reporting by providing
consistent recognition, measurement, display, and
The provisions of GASBS 53 are required to be
disclosure guidance for governments that file for
applied retroactively; therefore, the State’s
Chapter 9 bankruptcy. This standard did not have
beginning net assets were restated to reflect the fair
an impact on the financial statements.
value of derivatives at March 31, 2010 along with
the related deferred inflows or deferred outflows of In CUNY’s 2010 fiscal year, a foundation that was
resources. The following is a reconciliation of the once a blended component unit of the CUNY Senior
total net assets as previously reported as of March Colleges is now discretely presented. This necessitated
31, 2010 to the beginning net assets balance of a restatement of beginning net assets as follows
governmental activities reported in 2011 financial (amounts in millions):
statements (amounts in millions):
Net assets at June 30, 2009 . . . . . . . . . . . . . . . $ 363
Net assets at March 31, 2010 . . . . . . . . . . . . . . $ 27,976 The Macaulay Honors College Foundation . . . . (2)
GASBS 53 adjustment . . . . . . . . . . . . . . . . . . . (76) Total net assets at July 1, 2009 . . . . . . . . . $ 361
Total net assets at April 1, 2010 . . . . . . . . . $ 27,900
Note 2 Cash and Investments

Information on cash and investments of the Pension For demand accounts, checking accounts and
Trust Fund is presented in Note 12. certificates of deposit, the State requires that its
depository banks pledge collateral or provide a surety
Governmental Activities, bond based on actual and average daily available bank
Private Purpose and Agency Funds balances. All securities pledged as collateral are held by
Deposits the State’s fiscal agent in the name of the State and are
The State maintains approximately 3,000 bank accounts valued on a monthly basis. Surety bonds will be accepted
for various purposes at locations throughout the State. only from AAA rated insurance companies. The use
Cash deposits in the State Treasury are under the joint of average daily available balances to determine
custody of the State Comptroller and the Commissioner collateral requirements may result in the available
of Taxation and Finance. Cash balances not required for balances being under-collateralized at various times
immediate use are invested in a short-term investment during the fiscal year. The State’s cash management
pool (STIP) administered by the State Comptroller or policy is to invest all major revenues as soon as the
by the fund custodian to maximize interest earnings. monies are available within the banking system, which
Cash is invested in repurchase agreements involving limits under-collateralization. The State’s cash deposits
United States Treasur y obligations, United States with financial institutions had a book and bank balance
Treasur y bills, commercial paper, government of $5.5 billion and were fully collateralized at fiscal
sponsored agencies, and certificates of deposit. Cash year-end. Included in these balances were certificates of
deposits not held in the State Treasury are under the deposit held in the STIP with a book and bank balance
sole custody of a specified State official and are generally of $2.7 billion. Additional deposits, with a book and
held in interest-bearing accounts. Both the State bank balance of $27.6 million, were held by the State’s
Comptroller and the Commissioner of Taxation and fiscal agent and were fully collateralized except for $1.2
Finance are sole custodians of certain accounts. million in deposits that were exposed to custodial credit
The custodial credit risk is the risk that, in the event risk because they were uninsured and uncollateralized.
of the failure of a depository financial institution, the For the fiscal year ended March 31, 2011, the
State will not be able to recover deposits or will not be average daily balance of the STIP was $7.3 billion, with
able to recover collateral securities that are in the pos- an average yield of 0.2 percent and total investment
session of an outside party. income of $18.2 million.
______________________________________________________________________________________________ STATE OF NEW YORK
• 57
Investments obligations of, or guaranteed by, the United States;

The State holds investments both for its own benefit obligations of New York State and its political
and as an agent for other parties. Major investment subdivisions; certificates of deposit; savings bank trust
programs conducted for the direct benefit of the State company notes; bankers’ acceptances; repurchase
include STIP, which is used for the temporar y agreements; corporate bonds; and commercial paper.
investment of funds not required for immediate As of March 31, 2011 (except for the Tuition
payments, and sole custody funds administered by the Savings Program, which is as of December 31, 2010),
Department of Taxation and Finance. the State had the following investments and maturities
Investments are made in accordance with State (amounts in millions):
Finance Law and vary by fund but generally include:
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,890 $ 1,890 $ —0000 $ —0000 $ —0000
U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 550 94 456 —0000 —0000
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466 411 55 —0000 —0000
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . 1,997 1,993 4 —0000 —0000
Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340 340 —0000 —0000 —0000
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,378 1,378 —0000 —0000 —0000
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 225 —0000 —0000 —0000
Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 106 —0000 —0000 —0000
Forward purchase agreements . . . . . . . . . . . . . . . . . . . . . . . . 57 —0000 —0000 —0000 57
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 80 6 —0000 21
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,116 $ 6,517 $ 521 $ —0000 $ 78
Mutual fund equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,998
Investments held in an agent or trust capacity . . . . . . . . . . . . . 472
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,586
Included in the table are securities which either statistical rating organizations (NRSROs). Investments
were not acquired for investment purposes or cannot be in commercial paper and repurchase agreements are
classified or categorized, and are being held by the limited to a rating of A-1 by Standard & Poor’s
State in an agent or trust capacity. Employers seeking Corporation (S&P) and P-1 by Moody’s Investors
self-insurer status for workers’ compensation purposes Service, Inc. (Moody’s). If an investment in commercial
may deposit securities specified by Section 235 of the paper drops in rating below the legal requirements
New York State Banking Law with the Chairman of the during the year, the State investment staff would consult
Workers’ Compensation Board. Acting as an agent for with appropriate advisors to determine what action, if
the employers, the State holds these securities (carrying any, should be taken. Repurchase agreements are
amount $44 million, which approximates fair value) collateralized with U.S. Treasury obligations. Investments
only as an agent for the employers. Securities that are in money market funds are unrated.
unclaimed at financial institutions are transferred The Tuition Savings Program, a Private Purpose
periodically to the State and are held temporarily by Trust Fund, has certain underlying mutual funds
the State until they can be liquidated. The securities invested in fixed income securities which are subject to
or proceeds can be claimed by the owners under classification of risk under GASBS No. 40, Deposit and
established procedures. These securities had a carrying Investment Risk Disclosures. Investing in fixed income
amount and fair value of $382 million at March 31, securities may involve certain risks, including the credit
2011. The State holds cash and securities deposited by quality of individual issuers, possible prepayments,
contractors in lieu of retainage on contract payments market or economic developments and yields, and
(carrying amount and fair value of $46 million). share price fluctuations due to changes in interest
In addition to the securities held by the Workers’ rates. The underlying mutual funds in which the
Compensation Board noted above, the State holds Tuition Savings Program invests are not rated by any
$2.9 billion in surety bonds and letters of credit that are NRSRO. Certain mutual funds in the Tuition Savings
not included in the table above. Program invest primarily in bonds rated Ba or B by
Moody’s, or BB or B by S&P. These lower rated bonds,
Credit Risk commonly referred to as “junk bonds,” are subject to
State law limits investments in commercial paper, greater credit risk, and are generally less liquid than
repurchase agreements and corporate bonds to the higher-rated, lower yielding bonds.
highest ratings issued by two nationally recognized
Custodial Credit Risk the Tuition Savings Plan has certain underlying mutual
Investment securities are exposed to custodial credit risk funds which invest in foreign securities. There are
if the securities are uninsured, are not registered in the certain additional risks involved when investing in
name of the government and are held either by: (a) the foreign securities that are not inherent with investments
counterparty or (b) the counterparty’s trust department in domestic securities. These risks may involve foreign
or agent but not in the government’s name. The risk is currency exchange rate fluctuations, adverse political
that the State will not be able to recover the value of its and economic developments and the possible
investments or collateral securities that are in the prevention of currency exchange or other foreign
possession of an outside party if the counterparty fails. governmental laws or restrictions. In addition, the
The State’s policy is to hold all of its investments in the liquidity of foreign securities may be more limited
State’s name; however, the investments listed below than that of domestic securities.
are exposed to custodial credit risk because they are not
held by the State but are held by a public benefit Business-type Activities
corporation in the public benefit corporation’s name Deposits
or administered by a fiscal agent on behalf of New SUNY does not have a formal policy for collateral
York State. The following table presents the fair value requirements for cash deposits. At June 30, 2010, SUNY
of investments by type (amounts in millions): had $1.3 billion in deposits held by the State Treasury,
Investment Type Fair Value invested in the STIP, and $146 million held by other
local depositories. Deposits not held in the State
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . $ 1,604
U.S. Treasury notes . . . . . . . . . . . . . . . . . . . 213 Treasury that are not covered by depository insurance
Government sponsored agencies . . . . . . . . . 1,997 are: uncollateralized ($45 million); collateralized with
Money market . . . . . . . . . . . . . . . . . . . . . . . . 106 securities held by a pledging financial institution ($21
Repurchase agreements . . . . . . . . . . . . . . . 28 million); or collateralized with securities held by a
Forward purchase agreements . . . . . . . . . . . 57 pledging financial institution’s trust department or
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
agency, but not in SUNY’s or an affiliate’s name ($13
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,108 million). SUNY also has $175 million in cash and cash
equivalents deposited with trustees, which are registered
Interest Rate Risk in SUNY’s name and held by an agent or in trust
The fair values of the State’s fixed-maturity investments accounts in SUNY’s name.
fluctuate in response to changes in market interest rates. CUNY’s cash and cash equivalents were held by
Increases in prevailing interest rates generally translate depositories and amounted to $570 million, of which
into decreases in fair values of those instruments. $18 million was insured and $552 million was uninsured
Fair values of interest rate-sensitive instruments may and uncollateralized, or collateralized with securities
be affected by the creditworthiness of the issuer, held by the pledging financial institution, or by its
prepayment options, relative values of alternative trust department or agent, but not in CUNY’s name.
investments, the liquidity of the instrument and other CUNY also held $6 million of restricted cash in escrow
general market conditions. relating to loan agreement requirements and tenant
The State manages its interest rate risk by limiting security deposits.
the majority of its investments to a maturity structure of Lottery deposits are made in accordance with State
one year or less. Additionally, the State holds its Finance Law and State Tax Law. At March 31, 2011,
investments to maturity, which minimizes the occurrence Lottery had $230 million in deposits held by the State
of a loss on an investment. Treasury, which were invested in the STIP.
The State’s investments in mutual funds and equity The Unemployment Insurance Benefit Fund has a
securities have no stated maturity and have not been total of $37 million in a sole custody bank account,
allocated on the preceding table to a time period. which is on deposit with the State Comptroller and
invested in the STIP, and is subject to the same
Concentration of Credit Risk collateralization requirements as the State.
Concentration of credit risk is the risk of loss attributed
to the magnitude of the State’s investment in a single Investments
issuer (five percent or more of total investments). To Generally, SUNY and CUNY are allowed to invest in a
mitigate this risk, it is the policy of the State to maintain diverse investment portfolio. Permitted investments
a diversified portfolio among a variety of investment include, but are not limited to, obligations of the
instruments in which it is legally permitted to invest. U.S. Government and its agencies, municipal debt
securities, repurchase agreements, corporate bonds,
Foreign Currency Risk commercial paper, equity securities, mutual funds,
The State Finance Law, Section 98-a, does not expressly asset-backed securities, money market funds and
permit investment in foreign currency and there is no security lending transactions.
formal policy related to foreign currency; however,
______________________________________________________________________________________________ STATE OF NEW YORK
• 59
The Lottery is authorized by State statute to invest As of June 30, 2010 (except for the State Lottery
in U.S. Government-backed obligations and New York which is as of March 31, 2011), the business-type
City municipal bonds that provide for payment of activities had the following investments and maturities
prizes payable. (amounts in millions):
Investment Maturities (in Years)
Investment Type Fair Value Less than 1 1-5 6-10 More than 10
Municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 474 $ 39 $ 124 $ 110 $ 201
Aid bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 603 51 157 140 255
U.S. Treasury strips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616 237 115 94 170
U.S. Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429 428 1 —0000 —0000
U.S. Treasury notes/bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 32 27 1 2
Mutual fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 —0000 23 48 —0000
U.S. agency mortgage-backed securities . . . . . . . . . . . . . . . . 137 137 —0000 —0000 —0000
Government sponsored agencies . . . . . . . . . . . . . . . . . . . . . . 94 89 4 —0000 1
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 14 54 8 1
Asset-backed securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 1 2 2 4
Repurchase agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 —0000 —0000 —0000
International fund non-equities . . . . . . . . . . . . . . . . . . . . . . . . . 9 1 4 2 2
U.S. Government TIPS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0000 —0000 —0000 2
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 —0000 —0000 —0000
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,593 $ 1,039 $ 511 $ 405 $ 638
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216
Corporate stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Money market funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Mutual fund equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
International stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
International mutual fund equities . . . . . . . . . . . . . . . . . . . . . . 19
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,387
Credit Risk percent of the portfolio. CUNY’s policy does not

Generally, SUNY individual fixed income investment other wise place formal limitations on credit risk.
securities must be of investment grade. SUNY maintains CUNY’s investment policy specific to the CUNY
a portfolio that possesses an overall weighted average Investment Pool includes specific guidelines for
rating by Moody’s and S&P of at least A. Private investment managers with a target allocation to fixed
placement securities must be rated A3 or higher by income of 25 percent and is invested in a bank
Moody’s or A- or higher by S&P. Parameters exist that commingled fund. The Pool contains securities with an
allow some limited investments in non-investment grade Average Quality Rating of AA2, with no securities with
securities; however, investments rated below B3 by ratings below Baa, according to the Barclays Capital US
Moody’s or B- by S&P are prohibited. Government/Credit Index.
CUNY’s investment policy requires that the overall As of June 30, 2010 (except for the State Lottery,
average quality of each fixed income portfolio be AA or which is as of March 31, 2011), the business-type
higher. Non-rated issues or issues below investment activities had the following investments with ratings
grade (BBB) may be purchased up to a maximum of 15 (amounts in millions):
Investment Type AAA AA A BBB BB B Not Rated
Municipal bonds . . . . . . . . . . . . . . . . . . $ 473 $ —0000 $ 1 $ —0000 $ —0000 $ —0000 $ —0000
Aid bonds . . . . . . . . . . . . . . . . . . . . . . . 603 —0000 —0000 —0000 —0000 —0000 —0000
Mutual fund non-equities . . . . . . . . . . . 51 —0000 6 3 —0000 4 7
Asset-backed securities . . . . . . . . . . . . 2 —0000 —0000 1 1 111 4
Corporate bonds . . . . . . . . . . . . . . . . . 15 10 33 13 2 3 1
U.S. agency mortgage-backed
securities . . . . . . . . . . . . . . . . . . . . . 137 —0000 —0000 —0000 —0000 —0000 —0000
Government sponsored agencies . . . . 56 —0000 —0000 —0000 —0000 —0000 38
Repurchase agreements . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 7
International fund non-equities . . . . . . . 4 2 1 1 —0000 —0000 1
Total . . . . . . . . . . . . . . . . . . . . . . . $ 1,341 $ 12 $ 41 $ 18 $ 3 $ 8 $ 58
Custodial Credit Risk Lottery’s policy for managing interest rate risk is to hold
At June 30, 2010, SUNY had $584 million in cash and investment securities to maturity, at which time the
investments held by the Dormitory Authority of the fair value of the investment is equal to the stated
State of New York (DASNY), which represents bond maturity value.
proceeds needed to finance capital projects and to
establish required building and equipment replacement Foreign Currency Risk
and debt service reserves. These cash and investments SUNY has no formal policy related to foreign currency
are registered in SUNY’s name and held by an agent or risk; however, their primary means of control is placing
in a trust in SUNY’s name. SUNY’s investment policy limits on non-U.S. categories of investments. SUNY’s
does not formally address custodial credit risk. exposure to foreign currency risk for investments held
At June 30, 2010, CUNY had $412 million in at June 30, 2010, by currency denomination, was as
investments held by DASNY or the bond trustee, not in follows (amounts in millions):
CUNY’s name. CUNY’s policy for deposits of the CUNY Currency Fair Value
Investment Pool does not allow for participation in
Japanese Yen . . . . . . . . . . . . . . . . . . . . . . . . $ 5
programs that have uninsured investments held by Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
counterparties and uses specific monitor initiatives for British Pound Sterling . . . . . . . . . . . . . . . . . . 4
investments as a means of limiting custodial credit Hong Kong Dollar . . . . . . . . . . . . . . . . . . . . . 3
risk. CUNY’s investment policy does not formally Taiwanese Dollar . . . . . . . . . . . . . . . . . . . . . 2
address custodial credit risk for investments not South Korean Won . . . . . . . . . . . . . . . . . . . . 2
Brazilian Real Cruzeiro . . . . . . . . . . . . . . . . . 1
included in the Investment Pool.
Malaysian Ringgit . . . . . . . . . . . . . . . . . . . . . 1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Interest Rate Risk
SUNY has policies in place that limit fixed income Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29
investment duration within certain benchmarks, and a
highly diversified portfolio is maintained which limits Investment Pool
interest rate exposure. CUNY’s investment policy for the CUNY has certain assets included with investments in
CUNY Investment Pool specifies that its fixed income the accompanying financial statements, which are
investments are made in long-term, non-callable, or call- pooled on a fair value basis, with each individual fund
protected high quality bonds. CUNY’s investment policy subscribing to or disposing of units on the basis of the
does not otherwise formally limit investment maturities fair value per unit determined quarterly. At June 30,
as a means of managing exposure to fair market value 2010, the investment pool consisted of 131.8 million
losses arising from increased interest rates. The units with a fair value of $131.8 million.
Note 3 Taxes Receivable and Tax Refunds Payable

Taxes Receivable Consumption and use tax revenues are reported in
Taxes receivable represent amounts owed by taxpayers the fiscal period when the sale is made. The principal
for the 2010 calendar year and the first quarter of the component of this receivable is sales tax receivables,
2011 calendar year, including prior year assessments for which include sales tax due through March 31, 2011
underpayments, penalties and interest. Taxes receivable and assessments which relate to prior tax periods.
are accrued when they become both measurable and General business tax revenues are reported as
available, based on actual collections or estimates of businesses ear n income. General business tax
amounts to be collected during the next 12 months. receivables are comprised of estimated tax payments,
Personal income tax (PIT) revenues are reported payments remitted with final returns, and assessments.
as income is earned by the taxpayers. The primary Other taxes receivable are comprised of estate and
components of the PIT receivable are the estimated and gift taxes, real property gains taxes, real estate transfer
withholding payments that relate to the first quarter of taxes, metropolitan commuter transportation mobility
the 2011 calendar year, payments with final returns taxes and assessments.
which relate to the 2010 calendar year, and assessments
which relate to prior tax periods.
______________________________________________________________________________________________ STATE OF NEW YORK
• 61
Taxes receivable at March 31, 2011 for the govern- table summarizes taxes receivable by major tax type
mental funds totaled $12.1 billion. The following for the governmental funds (amounts in millions):
General Other Total
Debt Governmental Governmental
General Service Funds Funds
Current taxes receivable:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,835 $ 2,302 $ —0 0 000 $ 9,137
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659 —0 0 000 388 1,047
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 —0 0 000 65 565
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 786 —0 0 000 175 961
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,780 2,302 628 11,710
Long-term taxes receivable:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 64 —0 0 000 256
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 —0 0 000 16 62
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 —0 0 000 1 100
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 —0 0 000 —0 0 000 118
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 64 17 536
Allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155) (14) (23) (192)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,080 $ 2,352 $ 622 $ 12,054
Tax Refunds Payable estimates of overpayments of the first calendar quarter

Tax refunds payable primarily represent amounts owed (2011) tax liability and payments of 2010 calendar and
to taxpayers because of overpayments of their 2010 prior year refunds. The remaining portion of tax
calendar year and first quarter 2011 calendar year tax refunds payable are comprised of payments made
liabilities. Tax refunds payable, which reduce respective subsequent to the end of the fiscal year and estimates
tax revenues, are accrued to the extent they are of a remaining refund liability.
measurable based on payments and estimates. The Tax refunds payable at March 31, 2011 are
amount of PIT refunds payable are comprised of summarized as follows (amounts in millions):
Current
General Other
Total
Debt Governmental
General Service Funds Current Long-term
Governmental Activities:
Personal income . . . . . . . . . . . . . . . . . . . . . $ 5,388 $ 1,741 $ —0 0 000 $ 7,129 $ 389
Consumption and use . . . . . . . . . . . . . . . . . 64 —0 0 000 40 104 227
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,631 —0 0 000 215 1,846 386
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 —0 0 000 7 57 21
Total . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,133 $ 1,741 $ 262 $ 9,136 $ 1,023
Note 4 Other Receivables

Other receivables at March 31, 2011 are summarized as
follows (amounts in millions):
Federal General Other Total
Special Debt Governmental Governmental
General Revenue Service Funds Activities
Other current receivables:
Public health/patient fees . . . . . . . . . . . $ —0 0 000 $ —0 0 000 $ —0 0 000 $ 597 $ 597
Medicaid . . . . . . . . . . . . . . . . . . . . . . . 1,248 716 —0 0 000 —0 0 000 1,964
Tobacco settlement . . . . . . . . . . . . . . . —0 0 000 —0 0 000 388 —0 0 000 388
Miscellaneous agency . . . . . . . . . . . . . 135 —0 0 000 —0 0 000 7 142
Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 118 118
Worker’s compensation . . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 203 203
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 96 18 1 25 140
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,479 734 389 950 3,552
Other long-term receivables:
Public health/patient fees . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 64 64
Medicaid . . . . . . . . . . . . . . . . . . . . . . . 34 139 —0 0 000 —0 0 000 173
Appropriated loans . . . . . . . . . . . . . . . . 22 —0 0 000 —0 0 000 325 347
Miscellaneous agency . . . . . . . . . . . . . 81 —0 0 000 —0 0 000 17 98
Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 72 72
Other . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 41 41
Subtotal . . . . . . . . . . . . . . . . . . . . . 137 139 —0 0 000 519 795
Gross receivables . . . . . . . . . . . . . . . . . 1,616 873 389 1,469 4,347
Allowance for uncollectibles . . . . . . . . . . . (144) (83) —0 0 000 (457) (684)
Total receivables . . . . . . . . . . . . . . $ 1,472 $ 790 $ 389 $ 1,012 $ 3,663
Unemployment
Insurance
Lottery Benefits SUNY CUNY Total
Enterprise Funds:
Other current receivables:
Ticket sales . . . . . . . . . . . . . . . . . . . . . $ 420 $ —0 0 000 $ —0 0 000 $ —0 0 000 $ 420
Public health/patient fees . . . . . . . . . . . —0 0 000 —0 0 000 585 —0 0 000 585
Student loans . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 159 41 200
Contributions . . . . . . . . . . . . . . . . . . . . —0 0 000 2,750 —0 0 000 —0 0 000 2,750
Benefit overpayments . . . . . . . . . . . . . —0 0 000 290 —0 0 000 —0 0 000 290
State agencies/municipalities . . . . . . . —0 0 000 56 —0 0 000 —0 0 000 56
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 179 6 329 179 693
Subtotal . . . . . . . . . . . . . . . . . . . . . 599 3,102 1,073 220 4,994
Allowance for uncollectibles . . . . . . . . . . . (1) (1,150) (217) (30) (1,398)
Net current receivables . . . . . . . . . 598 1,952 856 190 3,596
Other long-term receivables:
Accounts, notes and loans . . . . . . . . . . —0 0 000 —0 0 000 136 19 155
Contributions . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 13 —0 0 000 13
Other . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 —0 0 000 1 1
Allowance for uncollectibles . . . . . . . . . . . —0 0 000 —0 0 000 (23) (16) (39)
Net long-term receivables . . . . . . . —0 0 000 —0 0 000 126 4 130
Total receivables . . . . . . . . . . . . . . $ 598 $ 1,952 $ 982 $ 194 $ 3,726
Other receivables, in the tables above, include authorizing these loans provide that the advanced
monies advanced in the form of loans from the amounts will be repaid pursuant to repayment
Governmental Funds to finance the operations, agreements. The loans are reported net of estimated
construction or debt service of local governments and uncollectible amounts and as a reservation of fund
public benefit corporations. The appropriation bills balance (other specified purposes).
______________________________________________________________________________________________ STATE OF NEW YORK
• 63
Note 5 Capital Assets

Capital asset activity for the year ended March 31, 2011
was as follows (amounts in millions):
Balance Balance
April 1, 2010 Additions Retirements March 31, 2011
Depreciable and amortizable assets:
Buildings and building improvements . . . . . . . . . . . . . . . . . . $ 9,928 $ 251 $ 35 $ 10,144
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541 18 3 556
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 33 4 234
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 717 49 23 743
Intangible assets—easements . . . . . . . . . . . . . . . . . . . . . . . 163 30 —0 0 000 193
Intangible assets—computer software . . . . . . . . . . . . . . . . . —0 0 000 32 —0 0 000 32
Total depreciable and amortizable assets . . . . . . . . . . 11,554 413 65 11,902
Less accumulated depreciation and amortization:
Buildings and building improvements . . . . . . . . . . . . . . . . . . (5,293) (323) (35) (5,581)
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (332) (17) (1) (348)
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (24) (9) —0 0 000 (33)
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (460) (51) (22)(0 (489)
Intangible assets—easements . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 (5) —0 0 000 (5)
Intangible assets—computer software . . . . . . . . . . . . . . . . . —0 0 000 (1) —0 0 000 (1)
Total accumulated depreciation
and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,109) (406) (58) (6,457)
Total depreciable and amortizable assets, net . . . . . . 5,445 7 7 5,445
Non-depreciable and non-amortizable assets:

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,674 82 1 3,755
Land preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,271 43 —0 0 000 3,314
Construction in progress (buildings) . . . . . . . . . . . . . . . . . . . 499 244 266 477
Construction in progress (roads and bridges) . . . . . . . . . . . 3,405 1,412 546 4,271
Construction in progress (computer software) . . . . . . . . . . . —0 0 000 63 —0 0 000 63
Infrastructure (roads and bridges) . . . . . . . . . . . . . . . . . . . . 65,141 549 239 65,451
Total non-depreciable and
non-amortizable assets . . . . . . . . . . . . . . . . . . . . . . . 75,990 2,393 1,052 77,331
Governmental activities, capital assets, net . . . . . . . . $ 81,435 $ 2,400 $ 1,059 $ 82,776
Balance Balance
July 1, 2009 Additions Retirements June 30, 2010
Business-type Activities:
SUNY:
Depreciable assets:
Infrastructure and land improvements . . . . . . . . . . . . . . . $ 665 $ 82 $ 9 $ 738
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,685 691 45 7,331
Equipment and library books . . . . . . . . . . . . . . . . . . . . . . 2,422 219 123 2,518
Total depreciable assets . . . . . . . . . . . . . . . . . . . . . . 9,772 992 177 10,587
Less accumulated depreciation:
Infrastructure and land improvements . . . . . . . . . . . . . . . (349) (25) (8) (366)
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,923) (189) (38) (3,074)
Equipment and library books . . . . . . . . . . . . . . . . . . . . . . (1,731) (214) (120) (1,825)
Total accumulated depreciation . . . . . . . . . . . . . . . . (5,003) (428) (166) (5,265)
Total depreciable assets, net . . . . . . . . . . . . . . . . . . 4,769 564 11 5,322
Non-depreciable assets:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314 47 —0 0 000 361
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . 1,125 1,116 862 1,379
Artwork . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 —0 0 000 —0 0 000 28
Total non-depreciable assets . . . . . . . . . . . . . . . . . . 1,467 1,163 862 1,768
SUNY capital assets, net . . . . . . . . . . . . . . . . . . . . . . 6,236 1,727 873 7,090
CUNY:
Depreciable and amortizable assets:
Buildings and building improvements . . . . . . . . . . . . . . . . 3,342 238 16 3,564
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 3 —0 0 000 55
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371 43 21 393
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 7 —0 0 000 117
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 4 —0 0 000 4
Total depreciable and amortizable assets . . . . . . . . 3,875 295 37 4,133
Less accumulated depreciation and amortization:
Buildings and building improvements . . . . . . . . . . . . . . . . (1,566) (120) (7) (1,679)
Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (49) —0 0 000 —0 0 000 (49)
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (297) (36) (19) (314)
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21) (6) —0 0 000 (27)
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 (1) —0 0 000 (1)
Total accumulated depreciation
and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . (1,933) (163) (26) (2,070)
Total depreciable and amortizable
assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,942 132 11 2,063
Non-depreciable assets:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 —0 0 000 —0 0 000 233
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . 787 386 193 980
Artwork and historical treasures . . . . . . . . . . . . . . . . . . . . 8 —0 0 000 —0 0 000 8
Total non-depreciable assets . . . . . . . . . . . . . . . . . . 1,028 386 193 1,221
CUNY capital assets, net . . . . . . . . . . . . . . . . . . . . . . 2,970 518 204 3,284
Business-type activities, capital assets, net . . . . . . $ 9,206 $ 2,245 $ 1,077 $ 10,374
______________________________________________________________________________________________ STATE OF NEW YORK
• 65
For the year ended March 31, 2011, depreciation For the year ended June 30, 2010, depreciation and
and amortization expense was charged to the following 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 428
Public health . . . . . . . . . . . . . . . . . . . . . . . 122 CUNY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
Public welfare . . . . . . . . . . . . . . . . . . . . . . 10 Total depreciation and
Public safety . . . . . . . . . . . . . . . . . . . . . . . 123 amortization expense . . . . . . . . . . . $ 591
Transportation . . . . . . . . . . . . . . . . . . . . . . 31
Environment and recreation . . . . . . . . . . . 47
Support and regulate business . . . . . . . . . 1
General government . . . . . . . . . . . . . . . . . 68
Total depreciation and
amortization expense . . . . . . . . . . . . $ 406
Note 6 Bonds Payable

General obligation bonds are backed by the full faith maximum term of new State-supported debt issued on
and credit of the State and constitutionally must be and after April 1, 2000, including general obligation
repaid in equal annual principal installments or bonds, to a maximum term of 30 years. Refer to Note 7
substantially level or declining debt service payments for further discussion of the Debt Reform Act of 2000.
beginning not more than one year after issuance of Changes for the year in bonds payable were as
such bonds. They mature within 40 years after issuance. follows (amounts in millions):
The Debt Reform Act of 2000 further limits the
Outstanding Outstanding
Purpose March 31, 2010 Issued Redeemed March 31, 2011
Accelerated capacity and transportation
improvements of the 1990s . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 553 $ 148 $ 243 $ 458
Clean water/clean air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799 32 85 746
Environmental quality:
Land acquisition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 8 15 39
Solid waste management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 472 39 89 422
Environmental quality protection:
Air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 —0 0 000 3 15
Land and wetlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 5 13 32
Water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 47 62 98
Housing:
Low income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 —0 0 000 7 42
Middle income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 34 38 37
Pure waters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 28 36 75
Rail preservation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 6 10 8
Transportation capital facilities:
Mass transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 8 16 9
Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 7 11 19
Energy conservation through improved transportation . . . . . . . . 21 11 16 16
Rebuild New York—transportation infrastructure renewal:
Highways, parkways, and bridges . . . . . . . . . . . . . . . . . . . . . . 4 1—0 0 000 1 3
Rapid transit, rail, and aviation . . . . . . . . . . . . . . . . . . . . . . . . . 22 6 9 19
Rebuild and Renew New York transportation:
Highway facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521 204 27 698
Canals and waterways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 —0 0 000 1 12
Aviation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 14 101 45
Mass transit—DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 4 1 14
Mass transit—MTA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459 199 18 640
Rail and port—DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 29 2 78
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,400 $ 829 $ 704 $ 3,525
Debt service expenditures (principal and interest) billion. At March 31, 2011, approximately $375 million
related to the above general obligation bonds during of bonds defeased by refunding transactions in the
the year were approximately $500 million. Federal current and prior years remain outstanding.
subsidies related to the interest payments made during Debt service requirements for general obligation
the year on Build America Bonds were $3.8 million. bonds in future years, which are financed by transfers
The total amount of general obligation bonds from the General Fund to the General Debt Service
authorized but not issued at March 31, 2011 was $1.7 Fund, are as follows (amounts in millions):
Fiscal Year Principal Interest Total
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 361 $ 137 $ 498
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334 128 462
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 116 420
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 105 383
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255 95 350
2017-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815 348 1,163
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464 227 691
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375 131 506
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 65 257
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 19 166
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,525 $ 1,371 $ 4,896
Debt service requirements on approximately $134 During the fiscal year ended March 31, 2011, $329
million in general obligation variable rate bonds were million in general obligation refunding (Series 2011C
calculated using the variable rates in effect as of March and 2011D) were issued at a premium of $15 million.
31, 2011, which ranged from 0.15 percent to 0.18 The issues refunded $339 million in existing debt with
percent. Debt service requirements for fixed rate issues a cash flow savings of $33 million and present value
were calculated based upon actual rates ranging from savings of $29 million.
zero percent to 6.15 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-
arrangements with certain public benefit corporations supported debt issued on and after April 1, 2000. The
and other entities for various capital assets, local Act imposes statutory limitations which restrict the
assistance 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 of
State from the proceeds of bonds issued by the public State personal income, and new State-supported debt
benefit corporations or other entities (reported as service (on debt issued on and after April 1, 2000) to 5
financing arrangements in the Governmental Funds). percent of total governmental funds receipts. The Act
The State becomes the tenant of the facility under a requires the limitations be calculated by October 31st
lease/purchase agreement, which provides for the 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 from
debt service and for the passage of title to the State after the previous fiscal year. For the fiscal year ended March
the bonds have been repaid. 31, 2010, the cumulative debt outstanding and debt
The State has also entered into contractual service caps were both 3.98 percent. There was $29.9
obligation financing arrangements (also referred to as billion of new State-supported debt outstanding
“service contract bonds”) with certain public benefit applicable to the debt reform cap, which was about $6.3
corporations that have issued bonds to finance past billion below the statutory debt outstanding limitation.
State budgetary deficits, grants to local governments The debt service cost on this new debt was $2.4 billion,
and various special project initiatives undertaken in about $2.7 billion below the statutory debt service
partnership with private entities, including commercial limitation. The Act does not apply to debt that is not
enterprises, for both capital and operating purposes. considered State-supported and therefore does not
The terms of these arrangements require the State to encompass State-guaranteed debt, moral obligation
fund the debt service requirements of the specific debt debt, and contingent-contractual obligation financing
issued by these entities. such as the bonds issued by the Tobacco Settlement
Financing Corporation (TSFC).
______________________________________________________________________________________________ STATE OF NEW YORK
• 67
The State and some of its public authorities which these payments in the past, the State issued short-term
issue debt on behalf of the State have purchased letters tax and revenue anticipation notes called the annual
of credit and standby purchase agreements from various “Spring Borrowing”. The New York Local Government
providers to ensure that the liquidity needs of variable Assistance Corporation (LGAC) was established in
rate demand bonds can be met. As of March 31, 2011, 1990 to issue up to $4.7 billion in long-term debt to
these agreements covered $2.3 billion of variable rate finance certain local assistance aid payments plus
demand bonds outstanding, with costs ranging from 39 amounts necessary to fund a capital reserve fund and
to 80 basis points of the amount of credit provided with other issuance costs. Issuance of the entire $4.7 billion
expiration dates ranging from June 24, 2011 to bond authorization as of March 31, 1996 eliminated the
December 31, 2015. need for the State’s annual Spring Borrowing. Pursuant
In 2003, the State enacted legislation creating the to the legislation establishing LGAC, the State deposits
TSFC to finance a portion of its future revenues an amount equal to a 1 percent rate of taxation of the
expected to be received under the 1998 Master total State sales and use tax collected into Other
Settlement Agreement (MSA) with the settling cigarette Governmental Funds (Local Government Assistance
manufacturers. The future MSA revenues are to Tax Fund) to make payments to LGAC for debt service
compensate the State for all claims for past, present, on its bonds and other expenses of LGAC. Amounts in
and future health care costs originating from health excess of LGAC’s needs are subsequently transferred to
care expenses incurred by the State from the effects of the General Fund. Payments to LGAC are subject to
cigarette smoking by its citizens. In accordance with the annual appropriations by the Legislature. LGAC’s
legislation, TSFC issued $4.6 billion in bonds to finance bondholders do not have a lien on monies deposited in
a payment of $4.2 billion to the State’s General Fund, the Local Government Assistance Tax Fund. Under
enabling it to finance a portion of the budget deficits current State statute, any issuance of bonds by LGAC in
occurring in fiscal years ending March 31, 2003 through the future will be for refunding purposes only.
March 31, 2005, to establish $449 million in debt Chapter 62 and Chapter 63 of the Laws of 2003
service reserves, and to provide $129 million to finance enacted, among other provisions, the Municipal
a portion of the first debt service payments due on Assistance Refinancing Act (Act), effective July 1, 2003
TSFC bonds. In accordance with the legislation, all and deemed repealed July 1, 2034. The Act created an
future revenues from the 1998 MSA will be used to incentive for the State to seek an appropriation to
repay the debt until it is fully retired, after which all provide $170 million per year, from Other
funds of TSFC will revert to the State. The State has Governmental Funds (Local Government Assistance
agreed to make additional payments for TSFC debt Tax Fund (Fund)) to the City of New York (City) for
service, subject to annual appropriation, from other each of the City’s fiscal years beginning July 1, 2003 and
sources if the future revenues prove insufficient to ending June 30, 2034. The Act requires LGAC to
meet TSFC debt service requirements of the State. annually certify $170 million so that the State, subject
In 2001, the State enacted legislation providing to annual State appropriation by the legislature, can
for the issuance of State Personal Income Tax Revenue provide for a series of payments to the City or the
Bonds (PIT) to be issued by several State public benefit Mayor’s assignee in each City fiscal year, beginning
corporations. The legislation provides that 25 percent July 1, 2003 and ending June 30, 2034, totaling $5.3
of personal income tax receipts, excluding refunds billion. Based on current law, until the legislature
owed to taxpayers, be deposited to the Revenue Bond enacts an appropriation of $170 million, LGAC certifies
Tax Fund which is an account of the General Debt the release of the funds, the $170 million State payment
Service Fund. These deposits are used to make debt is made, and LGAC receives the amount it has certified
service payments on PIT bonds, with excess amounts for its needs, no excess sales tax receipts can be
returned to the General Fund. In the event that the transferred from the Fund to the State’s General Fund.
State Legislature fails to appropriate amounts required During the fiscal year ended March 31, 2011, LGAC
to make debt service payments on the PIT bonds, or if certified the release for the State payment of $170
required payments have not been made when due, million to the City.
the legislation requires that deposits continue to be Chapter 56 of the Laws of 1993 authorized the New
made to the Revenue Bond Tax Fund until amounts on York State Thruway Authority to issue up to $2.93 billion
deposit equal the greater of 25 percent of personal in bonds for State highway and bridge projects (the
income tax receipts or $6 billion. Amounts in excess of amount of authorized bonds has been raised three
that needed for current debt service are subsequently times, most recently in 2005, up to $16.5 billion). The
transferred to the General Fund. The first PIT bonds bonds are secured and funded by a dedication of por-
were issued on May 9, 2002 and approximately $21 tions of the State’s petroleum business tax, motor fuel
billion were outstanding as of March 31, 2011. tax, highway and fuel use tax, motor vehicle registra-
Prior to 1996, certain payments due to the State’s tion fees, auto rental tax, transmission and transporta-
local government units in the first quarter of the State’s tion tax and certain miscellaneous revenues.
fiscal year exceeded available State funds. To meet
Changes in lease/purchase and other financing

arrangements for the year were as follows (amounts in
millions):
Outstanding Outstanding
Issuer April 1, 2010 Issued Redeemed March 31, 2011
Public Benefit Corporations (PBCs):
Dormitory Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,286 $ 882 $ 604 $ 9,564
Environmental Facilities Corporation . . . . . . . . . . . . . . . . . . . . 1,016 —0 0 000 72 944
Housing Finance Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,442 —0 0 000 349 1,093
Local Government Assistance Corporation . . . . . . . . . . . . . . . 3,639 456 765 3,330
Municipal Bond Bank Agency . . . . . . . . . . . . . . . . . . . . . . . . . . 419 —0 0 000 24 395
Metropolitan Transportation Authority . . . . . . . . . . . . . . . . . . . 2,117 —0 0 000 55 2,062
Tobacco Settlement Financing Corporation . . . . . . . . . . . . . . . 3,257 —0 0 000 245 3,012
Triborough Bridge & Tunnel Authority . . . . . . . . . . . . . . . . . . . 81 —0 0 000 39 42
Thruway Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,217 463 643 11,037
Urban Development Corporation . . . . . . . . . . . . . . . . . . . . . . . 8,191 2,030 1,286 8,935
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,665 $ 3,831 $ 4,082 $ 40,414
Debt service expenditures (principal and interest) totaled $825 million at March 31, 2011 and are reported
for the aforementioned obligations during the fiscal as cash and investments in the General Debt Service
year were $4.4 billion. These expenditures were Fund and appropriate Other Governmental Funds,
financed primarily by the revenues reported in the with a corresponding reservation of fund balance.
governmental funds. Federal subsidies related to the Following is a summary of the future minimum
interest payments made during the year on Build rental payments for lease/purchase and contractual
America Bonds and Qualified School Construction obligation financing arrangements, including fixed
Bonds were $61.8 million. rate interest at rates ranging from 0.7 percent to 7.3
Certain of the underlying bond indentures require percent and variable rate interest at rates ranging from
the maintenance of various reserves. Such amounts 0.2 percent to 1.0 percent (amounts in millions):
Net Swap
Fiscal Year Principal Interest Amount Total
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,534 $ 1,829 $ 57 $ 4,420
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,804 1,801 57 4,662
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,523 1,656 56 4,235
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,592 1,539 54 4,185
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,607 1,399 52 4,058
2017-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,284 5,112 199 18,595
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,033 2,369 86 10,488
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,236 1,045 32 5,313
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,407 289 2 1,698
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394 40 —0 0 000 434
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,414 $ 17,079 $ 595 $ 58,088
Future debt service is calculated using rates in Industry and Financial Markets Association (SIFMA),
effect at March 31, 2011 for variable rate bonds. The net which are floating rates.
swap payment amounts were calculated by subtracting The State is also committed under numerous
the future variable rate interest payment subject to capital leases, including computer network and
swap agreements based on rates in effect at March 31, telecommunications equipment, and real property
2011 from the synthetic fixed rate amount intended to capital leases. Debt service expenditures for these
be achieved by the swap agreements. obligations during the year were $4 million and will
The actual amounts of future interest to be paid are require future principal and interest payments totaling
affected by changes in variable interest rates. The $21 million and $3 million, respectively. Following is
actual amounts of future net swap payments are also a summary of the principal and interest payments,
affected by changes in published indexes—the London some of which are financed by transfers from the
Interbank Offered Rate (LIBOR) and the Securities General Fund to the General Debt Service Fund, for
______________________________________________________________________________________________ STATE OF NEW YORK
• 69
the remaining lease periods of these capital leases

(amounts in millions):
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 $ 1 $ 5
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 3
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —0 0 000 3
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 000 2
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 000 2
2017-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1 8
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 —0 0 000 1
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21 $ 3 $ 24
Refunding The result will produce an estimated gain of $69 million

During the fiscal year ended March 31, 2011, the State, in future cash flow, with an estimated present value gain
acting through its public authorities, refunded $1.7 of $55 million. The deferred accounting loss was $61
billion in existing fixed and variable rate bonds related million, of which $56 million will be amortized into
to lease/purchase and other financing arrangements by interest expense in future years. The impact of the
issuing refunding bonds in a par amount of $1.6 billion refunding issues is presented in the following table
at a $187 million premium and releasing a net amount (amounts in millions):
of $46 million from reserves and debt service accounts.
Refunding Refunded Cash Flow Present Value
Issue Description Amount Amount Gain Gain
Thruway Authority PIT Transportation Bond
Series 2010A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95 $ 101 $ 11 $ 9
Dormitory Authority CUNY Community
College State Share Series 2010A . . . . . . . . . . . . . . . . . . . . . 29 39 5 4
Dormitory Authority Consolidated Service
Contract Revenue Bond Series 2010 . . . . . . . . . . . . . . . . . . . . 27 29 —0 0 000 —0 0 000
Urban Development Corporation Service
Contract Revenue Bond Series 2010A* . . . . . . . . . . . . . . . . . . 504 509 —0 0 000 —0 0 000
Urban Development Corporation Service
Contract Revenue Bond Series 2010B . . . . . . . . . . . . . . . . . . 467 514 36 34
Local Government Assistance Corporation
Bond Series 2010A* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 277 —0 0 000 —0 0 000
Local Government Assistance Corporation
Bond Series 2010B* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206 265 17 8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,578 $ 1,734 $ 69 $ 55
*Current refundings undertaken to convert variable rate securities. Cash flow and present value gains, when calculated, were based on assumed rates.
In prior years, the State refunded certain of its Business-type Activities Debt
obligations under lease/purchase and other financing The State has issued bonds for educational facilities for
arrangements. At March 31, 2011, approximately SUNY and CUNY Senior Colleges through DASNY. Such
$2 billion of such obligations were outstanding. debt, totaling $8.8 billion, is funded by payments from
The assets and liabilities related to these obligations the State’s General Fund. The remainder of the debt of
are not reported in the accompanying basic financial SUNY and CUNY ($1.4 billion) is funded from student
statements. fees and other operating aid provided by the State.
The following represents year-end principal other financing arrangements for business-type activities
balances (June 30, 2010 for SUNY and CUNY and (amounts in millions):
March 31, 2011 for Lottery) for lease/purchase and
Beginning Ending
Outstanding Issued Redeemed Outstanding
Dormitory Authority:
SUNY Educational Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,097 $ 954 $ 594 $ 5,457
SUNY Dormitory Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 975 100 31 1,044
CUNY Dormitory Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,934 600 187 3,347
Unamortized discount/premium . . . . . . . . . . . . . . . . . . . . . . . . (30) 12 (12) (6)
Total Dormitory Authority . . . . . . . . . . . . . . . . . . . . . . . . . 8,976 1,666 800 9,842
Lottery Capital Lease Commitments . . . . . . . . . . . . . . . . . . . . . . 4 —0 0 000 2 2
SUNY Capital Lease Commitments . . . . . . . . . . . . . . . . . . . . . . . 253 42 67 228
CUNY Capital Lease and Mortgage Loan Commitments . . . . . . . 155 67 74 148
CUNY Line of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 —0 0 000 2 —0 0 000
CUNY Certificates of Participation . . . . . . . . . . . . . . . . . . . . . . . . 20 —0 0 000 20 —0 0 000
CUNY Oracle Financing Agreement . . . . . . . . . . . . . . . . . . . . . . 3 —0 0 000 1 2
Total (See note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,413 $ 1,775 $ 966 $ 10,222
The following represents a year-end summar y including interest rates ranging from 1.25 percent to
at June 30, 2010 of future minimum debt ser vice 7.5 percent (amounts in millions):
payments on the bonds issued by DASNY for SUNY,
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 246 $ 368 $ 614
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303 317 620
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333 302 635
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 285 632
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 267 614
2016-2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,367 1,113 2,480
2021-2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,254 794 2,048
2026-2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128 473 1,601
2031-2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 822 213 1,035
2036-2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354 38 392
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,501 $ 4,170 $ 10,671
The following represents a year-end summary Senior Colleges, including interest rates ranging from
at June 30, 2010 of future minimum debt ser vice 2.5 percent to 7.5 percent (amounts in millions):
payments on the bonds issued by DASNY for CUNY
Net Swap
Fiscal Year Principal Interest Amount Total
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 $ 164 $ 13 $ 317
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 155 13 355
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 147 13 324
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 138 13 311
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 130 13 277
2016-2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782 529 40 1,351
2021-2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 692 356 25 1,073
2026-2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 551 212 9 772
2031-2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363 102 —0 0 000 465
2036-2040 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 21 —0 0 000 195
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,347 $ 1,954 $ 139 $ 5,440
______________________________________________________________________________________________ STATE OF NEW YORK
• 71
The following represents a year-end summary at minimum debt ser vice payments on capital lease
June 30, 2010 for SUNY and CUNY and a year-end commitments and mortgage loans payable for business-
summary at March 31, 2011 for the Lottery of future type activities (amounts in millions):
Lottery SUNY CUNY Total
Fiscal Year Principal Interest Principal Interest Principal Interest Net Swap Principal Interest Net Swap
2011 . . . . . . . . . . . . $ —000 $ —0 0 $ 59 $ 7 $ 6 $ 1 $ 2 $ 65 $ 8 $ 2
2012 . . . . . . . . . . . . 2 —0 0 53 5 4 1 2 59 6 2
2013 . . . . . . . . . . . . —000 —0 0 43 3 3 1 2 46 4 2
2014 . . . . . . . . . . . . —000 —0 0 22 2 17 —0 0 2 39 2 2
2015 . . . . . . . . . . . . —000 —0 0 12 2 56 —0 0 2 68 2 2
2016-2020 . . . . . . . —000 —0 0 29 4 7 1 5 36 5 5
2021-2025 . . . . . . . —000 —0 0 7 —0 0 9 1 —000 16 1 —000
2026-2030 . . . . . . . —000 —0 0 2 —0 0 10 1 —000 12 1 —000
2031-2035 . . . . . . . —000 —0 0 1 —0 0 13 —0 0 —000 14 —0 0 —000
2036-2040 . . . . . . . —000 —0 0 —000 —0 0 16 —0 0 —000 16 —0 0 —000
2041-2045 . . . . . . . —000 —0 0 —000 —0 0 9 —0 0 —000 9 —0 0 —000
Total . . . . . . . . . . $ 2 $ —0 0 $ 228 $ 23 $ 150 $ 6 $ 15 $ 380 $ 29 $ 15
The liabilities for lease/purchase debt, certificates Interest Rate Exchange Agreements (Swaps)
of participation, mortgage loans and capital leases are Article 5-D of the State Finance Law authorized the use
reported as obligations under lease/purchase and of a limited amount of swaps equal to 15 percent of
other financing arrangements in the Enterprise Funds. statutorily defined State-supported debt. Starting in
Debt service expenditures (principal and interest) November 2002, the State began to enter into swap
for all of the aforementioned obligations during the agreements to “synthetically” change the interest cost
year ended June 30, 2010 totaled $1 billion. associated with bonds it issued from either variable
During SUNY’s fiscal year ended June 30, 2010, PIT rate to fixed rate or from fixed rate to variable rate. The
bonds were issued for the purposes of financing capital intention of each of the swaps was to lower the cost of
construction and major rehabilitation for educational borrowing to the State below what could have been
facilities ($585.6 million), and refunding $402.3 million achieved on bonds without the use of the associated
of SUNY’s existing educational facilities obligations swap agreements and reduce the risks associated with
($368.1 million). the variability of cash flows or fair values of the
In June 2010, SUNY entered into agreements with underlying debt.
DASNY to issue obligations totaling $800 million for the The statutory authorization for the use of swaps
construction and rehabilitation of educational facilities. also requires that each of the swaps entered into meet
Also during the year, SUNY entered into the following requirements:
agreements with DASNY to issue residential hall facility
y Counterparties have a credit rating from at least
obligations totaling $100.1 million for the purpose of
financing capital construction and major rehabilitation one NRSRO that is within the two highest invest-
of residential facilities. ment grade categories;
In prior years, SUNY defeased various obligations, y A finding by an independent financial advisor
whereby proceeds of new obligations were placed in an certifying that the terms and conditions of all
irrevocable trust to provide for all future debt service swaps reflect a fair value;
payments on the defeased obligations. Accordingly,
y Utilization of a standardized interest rate
the trust account assets and liabilities for the defeased
obligations are not included in SUNY’s financial exchange agreement;
statements. As of March 31, 2010, $917 million and y Issuance of monthly reports by the public
$231 million of outstanding educational and residence benefit corporations to provide monitoring and
hall facility obligations, respectively, were considered swap performance assessment; and
defeased.
y Compliance with uniform interest rate exchange
During 2010, DASNY issued bonds related to CUNY
Senior Colleges for the purpose of financing new guidelines.
construction with a par value of $598.9 million and The State manages the swaps as a single portfolio,
original issue premium of $12.4 million. although they relate to debt reported under both
At June 30, 2010, $338.7 million of CUNY’s bonds governmental activities and business-type activities.
outstanding were considered defeased for CUNY Senior
Colleges.
Swap Activity and Terms The State also had additional swaps outstanding of
The State had approximately $2.3 billion notional $177 million notional amount related to business-type
amount of swaps ($1.8 billion of which related to activities at June 30, 2010 that were issued to
governmental activities and $485 million related to synthetically create variable rate debt. The portfolio
business-type activities) outstanding that were issued to includes three separate pay-variable, receive-fixed
synthetically create fixed rate debt from variable rate interest rate swap agreements (all of which are forward
debt. The $2.3 billion portfolio includes 37 separate start agreements) with three counterparties.
pay-fixed, receive-variable interest rate swap agreements The table below summarizes fair value balances
with eight counterparties. The maturity of the synthetic and notional amounts of derivative instruments
fixed rate swaps, with the exception of the CUNY- outstanding on March 31, 2011 for governmental
Student Residence swap, are coterminous with the activities and June 30, 2010 for business-type activities,
underlying debt. and the changes in fair value of those derivatives for the
years then ended as reported in the State’s 2011
financial statements (amounts in millions):
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 . . . . . . . . $ 219 Outflow $ (3)0 0 Instruments $ (15)
Urban Development Corporation Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 424 Outflow 16 Instruments (50)
Housing Finance Agency Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 257 Outflow 10 Instruments (25)
Local Government Assistance Corporation Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 914 Outflow (13) Instruments (72)
Subtotal . . . . . . . . . . . . . . . . . . . . . 1,814 10 (162)
(as of June 30, 2010):
Cash Flow Hedges:
Dormitory Authority—CUNY Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 416 Outflow (21)0 0 Instruments (63)
CUNY—Student Residence Deferred Derivative
Pay-fixed interest rate swaps . . . . . . . . 69 Outflow (2) Instruments (6)
Subtotal . . . . . . . . . . . . . . . . . . . . . 485 (23) (69)
Fair Value Hedges:

Dormitory Authority—CUNY Deferred
Receive-fixed interest rate swaps . . . . 177 Inflow 3 Investment 4
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 2,476 $ (10) $ (227)
The fair values were estimated using the zero- (DOB) and the public benefit corporations that issue
coupon method. This method calculates the future net swaps on behalf of the State. DOB reviews the actual
settlement payments required by the swap, assuming mark-to-market (fair value) of outstanding swaps on a
that the current forward rates implied by the yield monthly basis.
curve correctly anticipate future spot interest rates. On September 22, 2010, the State terminated
These payments are then discounted back using the its entire receive-fixed interest rate swap portfolio,
spot rates implied by the current yield cur ve for including the fair value hedge reported under business-
hypothetical zero-coupon bonds due on the date of type activities in the table above. The State received
each future net settlement on the swaps. The fair termination payments totaling $43 million ($32 million
value, which fluctuates based on market conditions, is of which related to governmental activities and $11
monitored closely by the Division of the Budget million related to business-type activities) from the
______________________________________________________________________________________________ STATE OF NEW YORK
• 73
counterparties involved. The effects of the termination defeasance of a portion of the hedged debt. The State
related to business-type activities will be reported in made termination payments totaling $48 million to
their financial statements for the fiscal year ended the counterparties involved.
June 30, 2011. The table below summarizes the terms of the State’s
Also during the year, portions of the pay-fixed hedging derivative instruments outstanding at March
interest rate swap agreements held by UDC and HFA 31, 2011 for governmental activities and at June 30,
were terminated through a current refunding and 2010 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 $ 24 4/10/2003 7/1/2031 LIBOR
Mental Health Pay 3.044%;
Pay-fixed interest rate swaps . . . . . . . . Series 2003D-2 00 Receive 65%
Bonds 195 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 200 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 177 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 809 2/20/2003 4/1/2024 65% LIBOR
Pay 3.194%;
Pay-fixed interest rate swaps . . . . . . . . Series 2008B 00 Receive 65%
Bonds 105 2/26/2004 4/1/2021 LIBOR
Subtotal . . . . . . . . . . . . . . . . . . . . . . 1,814
(as of June 30, 2010):
Dormitory Authority—CUNY:
CUNY 5th Res Pay 3.36%;
Pay-fixed interest rate swaps . . . . . . . . Series 2008C, 00 1/1/2025- Receive 65%
D Bonds 416 4/10/2003 7/1/2031 LIBOR
Queens Student Pay 3.028%;
Pay-fixed interest rate swaps . . . . . . . . Residences 00 Receive 67%
Mortgage Loan 69 6/1/2008 4/23/2018 LIBOR-BBA
Subtotal . . . . . . . . . . . . . . . . . . . . . 485
CUNY 5th Res Receive
Receive-fixed interest rate swaps . . . . Series 2005A 00 4.442%;
Bonds 98 7/1/2016 7/1/2024 Pay SIFMA
PIT (Education) Receive
Receive-fixed interest rate swaps . . . . Series 2005B 00 4.338%;
Bonds 79 3/15/2017 3/15/2030 Pay SIFMA
Subtotal . . . . . . . . . . . . . . . . . . . . . 177
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 2,476
Risks swap agreements and Article 5-D of the State Finance

Credit Risk Law also require that should the credit rating of a
The State is exposed to credit risk on interest rate counterparty fall below the rating required, that the
swap agreements in asset positions (positive fair values). obligations of such counterparty shall be fully and
To minimize its exposure to loss related to credit risk, continuously collateralized by direct obligations of, or
it is the State’s policy to require each counterparty to obligations the principal and interest on which are
have credit ratings from at least one NRSRO within the guaranteed by, the United States of America, with a net
two highest investment grade categories and ratings market value of at least 102 percent of the net market
from any other NRSRO within the three highest value of the contract to the issuer and such collateral
investment grade categories, or the counterparty’s shall be deposited with the issuer or its agent. The
payment obligations must be unconditionally following table presents the counterparty credit ratings
guaranteed by an entity with such credit ratings. The as of March 31, 2011 (amounts in millions):
Notional Credit Ratings

Counterparty Amount Moody’s S&P Fitch
Citibank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 353 A1 A+ A+
Goldman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343 Aa1 AAA —
JP Morgan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473 Aa1 AA– AA–
Merrill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 Aa3 A+ A+
Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374 A2 A A
RBS Citizens Bank, NA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 — A– —
Societe Generale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 Aa2 A+ A+
UBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381 Aa3 A+ A+
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,299
Certain of the State’s swap agreements contain actual interest rates set in the tax-exempt market on the
set-off provisions. Under the terms of the agreements, underlying bonds. Times when the mismatch may be
should an agreement terminate, close-out set-off out of favor to the State are in very low interest rate
provisions permit all outstanding transactions with environments or if major changes in the tax code were
the related counterparty to terminate and net the to be enacted causing tax-exempt floating-rate bonds to
transaction’s fair values so that a single sum will be trade less favorably in comparison to taxable floating
owed by, or owed to, the State. rate bonds. Should the relationship between LIBOR
The aggregate fair value of interest rate swap and the actual variable rate payments converge, the
agreements in asset positions was $4 million relating to expected cost savings may not materialize.
business-type activities at June 30, 2010. This represents
the maximum loss that would be recognized at the Termination Risk
reporting date should the counterparties fail to The swap contracts use the International Swap Dealers
perform according to the terms of the swap contracts. Association Master Agreement (Master Agreement),
This maximum exposure would be reduced by $2 which includes standard termination events, such as
million, the fair value of collateral that was held at failure to pay and bankruptcy. The schedule to the
June 30, 2010, and when taking into account netting Master Agreement includes “additional termination
arrangements with those counterparties, no net credit events,” providing that the swaps may be terminated if
exposure to the State would exist. either the State or a counterparty’s credit quality rating
falls below certain levels. The State or the
Interest Rate Risk counterparties may terminate the swap agreements if
Interest rate swaps expose the State to interest rate the other party fails to perform under the terms of the
risk. On its synthetic variable rate swaps, the State is contract. The State may also terminate the swaps at its
required to pay a variable rate of interest to the option. If a swap agreement is terminated, the
counterparties based upon the SIFMA Municipal Swap synthetically created fixed or variable interest rate will
Index. As that index increases, the net payments the cease to exist and the State’s interest payment will be
State would have to make on the swaps increase. based solely upon the rate required by the related
bonds as issued. When a termination occurs, a mark-to-
Basis Risk market (or fair market value) calculation is performed
The State is exposed to basis risk on its pay-fixed to determine whether the State is owed money or must
interest rate swaps, which is the possibility that the pay money to close out a swap position. A negative
variable rate payments received by the State in the fair market value means the State would incur a loss and
swap are less than the variable rate payments made by need to make a termination payment to settle the swap
the State on the underlying bonds issued. Because the position. A positive fair market value means the State
swaps are based on a percentage of LIBOR there is a would realize a gain and receive a termination payment
possibility that this floating rate will not match the to settle the swap position.
______________________________________________________________________________________________ STATE OF NEW YORK
• 75
Rollover Risk Business-type activities reported the following

The State is exposed to rollover risk on interest rate future minimum rental commitments under real
swap agreements that are hedges of debt that mature or property and equipment leases with terms exceeding
may be terminated prior to the maturity of the hedged one year at year-end (June 30, 2010 for SUNY and
debt. When these swap agreements terminate, or in CUNY and March 31, 2011 for Lottery) (amounts in
the case of a termination option, when the option is millions):
exercised, the State will be re-exposed to the risks
Business-type
being hedged by the swap agreement. The State is
Fiscal Year Activities
exposed to rollover risk on the Queens Student
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60
Residences mortgage loan pay-fixed interest rate swap
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
scheduled to mature in April 2018 because the hedged 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
debt is scheduled to mature in June 2043. 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Operating Leases 2016-2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 78
2021-2025 . . . . . . . . . . . . . . . . . . . . . . . . . . 28
The State is also committed under numerous operating 2026-2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 1
leases covering real property and equipment. Rental
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 343
expenditures, reported for the year ended March 31,
2011 under such operating leases, totaled $182 million
and were financed primarily from the General Fund. The In December 2010, $102 million of Pledged
following is a summary of future minimum rental Assessment Revenue Bonds, Series 2010A, were issued
commitments under real property and equipment leases by the Dormitory Authority of the State of New York.
with terms exceeding one year (amounts in millions): These bonds are special revenue obligations of the
Governmental Dormitory Authority. Principal and interest on the
Fiscal Year Activities Series 2010A Bonds are payable from the pledged
2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 175 assessments to be assessed and collected by the Chair
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 of the Workers’ Compensation Board. The State
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 determined that the transaction meets the criteria
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 under GASBS No. 48, Sales and Pledges of Receivables and
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Future Revenues and Intra-Entity Transfers of Assets and
2017-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . 266
2022-2026 . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Future Revenue, since the pledged revenues are formally
2027-2031 . . . . . . . . . . . . . . . . . . . . . . . . . . 24 committed to directly collateralize or secure debt of a
2032-2036 . . . . . . . . . . . . . . . . . . . . . . . . . . 8 component unit. The Pledged Assessment Revenue
2037-2041 . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Bonds are reported as collateralized borrowing in the
2042-2046 . . . . . . . . . . . . . . . . . . . . . . . . . . 9 State’s financial statements (amounts in millions):
2047-2051 . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2052-2056 . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2057-2061 . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,043

2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —0 0 000 $ 4 $ 4
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4 20
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 3 19
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3 13
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 3 18
2017-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 7 52
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 102 $ 24 $ 126
Note 8 Liabilities
Changes in Long-Term Liabilities
The following table summarizes changes in long-term
liabilities for both governmental activities and business-
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 . . . . . . . . . . . . . . . . . $ 823 $ 200 $ —0 0 000 $ 1,023 $ —0 0 000
Accrued liabilities:
Payroll and fringe benefits . . . . . . . . . . . . $ 184 $ 4 $ —0 0 000 $ 188 —0 0 000
Compensated absences . . . . . . . . . . . . . 767 843 742 868 71
Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . 934 —0 0 000 225 709 90
Health insurance . . . . . . . . . . . . . . . . . . . 192 —0 0 000 —0 0 000 192 —0 0 000
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . 306 132 153 285 205
Workers’ compensation reserve . . . . . . . 2,429 467 318 2,578 310
Arbitrage rebate . . . . . . . . . . . . . . . . . . . . 53 4 3 54 7
Due to Federal government . . . . . . . . . . . 266 —0 0 000 67 199 —0 0 000
Due to component unit . . . . . . . . . . . . . . . 318 —0 0 000 —0 0 000 318 —0 0 000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 17 19 18 18 1
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 5,466 $ 1,469 $ 1,526 $ 5,409 684
Payable to local governments:

Education aid—prior year adjustment . . . $ 71 $ 52 $ —0 0 000 $ 123 —0 0 000
Handicapped pupil aid . . . . . . . . . . . . . . . 290 207 —0 0 000 497 —0 0 000
Emergency management . . . . . . . . . . . . . 12 6 —0 0 000 18 —0 0 000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 2 —0 0 000 —0 0 000 2 —0 0 000
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 375 $ 265 $ —0 0 000 $ 640 —0 0 000
Pension contributions payable . . . . . . . . $ 332 $ 457 $ 79 $ 710 —0 0 000
Other postemployment benefits . . . . . . . . $ 6,068 $ 3,096 $ 1,014 $ 8,150 —0 0 000
Pollution remediation . . . . . . . . . . . . . . . . $ 574 $ 230 $ 104 $ 700 107
Collateralized borrowing . . . . . . . . . . . . . . $ —0 0 000 $ 102 $ —0 0 000 $ 102 —0 0 000
General obligation bonds payable:

General obligation bonds payable . . . . . . $ 3,400 $ 829 $ 704 $ 3,525 361
Plus or minus deferred amounts:
For unamortized premiums/discounts . . 61 42 3 100 6
Net Amount . . . . . . . . . . . . . . . . . . 3,461 871 707 3,625 367
Deferred loss on refunding . . . . . . . . . (43) (3) (3) (43) —0 0 000
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 3,418 $ 868 $ 704 $ 3,582 367

Capital leases . . . . . . . . . . . . . . . . . . . . . $ 25 $ —0 0 000 $ 4 $ 21 4
Other financing arrangements . . . . . . . . . 40,665 3,831 4,082 40,414 2,534
Plus deferred amounts:
For unamortized premiums/discounts . . 1,607 333 166 1,774 144
For accreted discount on bonds . . . . . 113 9 52 70 —0 0 000
Net Amount . . . . . . . . . . . . . . . . . . 42,410 4,173 4,304 42,279 2,682
Deferred loss on refunding . . . . . . . . . (797) (61) (76) (782) —0 0 000
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 41,613 $ 4,112 $ 4,228 $ 41,497 2,682
Derivative instruments . . . . . . . . . . . . . . . $ —0 0 000 $ 162 $ —0 0 000 $ 162 —0 0 000

Total due within one year . . . . . . . $ 3,840
______________________________________________________________________________________________ STATE OF NEW YORK
• 77
CHANGES IN LONG-TERM LIABILITIES—BUSINESS-TYPE ACTIVITIES
Beginning Ending Due Within

Description Balance Additions Deletions Balance One Year
Accrued liabilities:
Compensated absences . . . . . . . . . . . . . $ 327 $ 174 $ 157 $ 344 $ 232
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . 204 215 35 384 68
Interfund loan . . . . . . . . . . . . . . . . . . . . . . 86 —0 0 000 25 61 17
Miscellaneous . . . . . . . . . . . . . . . . . . . . . 365 47 21 391 7
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 982 $ 436 $ 238 $ 1,180 324
Due to Federal government . . . . . . . . . . . $ 3,073 $ 992 $ 202 $ 3,863 1,748
Lottery prizes payable . . . . . . . . . . . . . . . . $ 1,448 $ 166 $ 184 $ 1,430 172
Other postemployment benefits:

SUNY (June 30, 2010) . . . . . . . . . . . . . . . $ 1,698 $ 678 $ 226 $ 2,150 —0 0 000
CUNY (June 30, 2010) . . . . . . . . . . . . . . 234 98 28 304 —0 0 000
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 1,932 $ 776 $ 254 $ 2,454 —0 0 000

Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 $ —0 0 000 $ 2 $ 2 2
SUNY (June 30, 2010) . . . . . . . . . . . . . . . 6,325 1,096 692 6,729 305
CUNY (June 30, 2010) . . . . . . . . . . . . . . 3,114 667 284 3,497 133
Minus deferred amounts for
unamortized discounts
(June 30, 2010) . . . . . . . . . . . . . . . . (30) 12 (12) (6) —0 0 000
Total . . . . . . . . . . . . . . . . . . . . . . . . $ 9,413 $ 1,775 $ 966 $ 10,222 440
Derivative instruments . . . . . . . . . . . . . . . $ —0 0 000 $ 69 $ —0 0 000 $ 69 —0 0 000
Deferred inflows of resources . . . . . . . . . $ —0 0 000 $ 4 $ —0 0 000 $ 4 —0 0 000

Total due within one year . . . . . . . $ 2,684
Litigation and workers’ compensation liabilities be liquidated by the General Fund, Federal Special
will be liquidated by the General Fund. Medicaid Revenue Fund and Other Governmental Funds.
accrued liabilities and payable to local governments will
be liquidated by the General and the Federal Special Accrued Liabilities—Governmental Activities
Revenue Fund. Payroll and related fringe benefits, The following table summarizes accrued liabilities at
compensated absences, health insurance, pension March 31, 2011 for governmental activities (amounts
contributions and miscellaneous accrued liabilities will in millions):
Federal General Other Total
Special Debt Governmental Governmental
Description General Revenue Service Funds Activities
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 444 $ 36 $ —0 0 000 $ 39 $ 519
Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . 213 1 —0 0 000 18 232
Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,256 3,862 —0 0 000 —0 0 000 6,118
Health programs . . . . . . . . . . . . . . . . . . . . . 3 —0 0 000 —0 0 000 —0 0 000 3
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . 288 6 6 162 462
Total governmental funds . . . . . . . . . . . $ 3,204 $ 3,905 $ 6 $ 219 7,334
Payable to fiduciary funds . . . . . . . . . . . . . . 939
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,273
Payable to Local Governments—Governmental Funds

The following table summarizes amounts payable to
local governments at March 31, 2011 for governmental
funds (amounts in millions):
Description General Revenue Service Funds Total
Education programs . . . . . . . . . . . . . . . . . . . $ 1,214 $ 45 $ —0 0 000 $ 13 $ 1,272
Temporary and disability assistance . . . . . . 727 1,419 —0 0 000 —0 0 000 2,146
Local health programs . . . . . . . . . . . . . . . . . 562 351 —0 0 000 28 941
Mental hygiene programs . . . . . . . . . . . . . . 37 10 —0 0 000 1 48
Criminal justice programs . . . . . . . . . . . . . . 53 67 —0 0 000 —0 0 000 120
Children and family services programs . . . . 374 72 —0 0 000 —0 0 000 446
Local share of tax revenues . . . . . . . . . . . . . —0 0 000 —0 0 000 74 —0 0 000 74
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . 186 202 —0 0 000 429 817
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,153 $ 2,166 $ 74 $ 471 $ 5,864
Accrued Liabilities—Business-type Activities

The following table summarizes accrued liabilities at
March 31, 2011 for Enterprise Funds (June 30, 2010 for
SUNY and CUNY) (amounts in millions):
Unemployment
Insurance
Description Lottery Benefit SUNY CUNY Total
Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —0 0 000 $ —0 0 000 $ 215 $ 59 $ 274
Fringe benefits . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 67 41 108
Compensated absences . . . . . . . . . . . . . . . 2 —0 0 000 240 102 344
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 384 —0 0 000 384
Interfund loan . . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 —0 0 000 61 —0 0 000 61
Employer overpayments . . . . . . . . . . . . . . . —0 0 000 23 —0 0 000 —0 0 000 23
Benefits due claimants . . . . . . . . . . . . . . . . . —0 0 000 16 —0 0 000 —0 0 000 16
Unclaimed and future prizes . . . . . . . . . . . . 325 —0 0 000 —0 0 000 —0 0 000 325
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . —0 0 000 1 536 131 668
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 327 $ 40 $ 1,503 $ 333 $ 2,203
Note 9 Interfund Transactions and Other Transfers

Interfund Transfers
Interfund transfers for the year ended March 31, 2011
consisted of the following (amounts in millions):
Transfers To Other Funds
General Total
Debt Other Governmental
Transfers From Other Funds General Service Governmental Elimination Funds SUNY CUNY Fiduciary Total
General . . . . . . . . . . . . $ —0000 $ 1,815 $ 1,206 $ —0000 $ 3,021 $ 2,299 $ 1,029 $ 289 $ 6,638
Federal Special
Revenue . . . . . . . . . 490 —0000 3,729 —0000 4,219 416 —0000 —0000 4,635
General Debt
Service . . . . . . . . . . 8,092 —0000 1 —0000 8,093 903 —0000 —0000 8,996
Other Governmental . . 7,141 1,628 108 —0000 8,877 10 —0000 —0000 8,887
Elimination. . . . . . . . . . —0000 —0000 —0000 (24,071) (24,071) —0000 —0000 —0000 (24,071)
Total Governmental
Funds . . . . . . . . . 15,723 3,443 5,044 (24,071) 139 3,628 1,029 289 5,085
SUNY . . . . . . . . . . . . . 45 41 36 —0000 122 —0000 —0000 —0000 122
Lottery . . . . . . . . . . . . . —0000 —0000 3,049 —0000 3,049 —0000 —0000 —0000 3,049
Fiduciary . . . . . . . . . . . 5 —0000 —0000 —0000 5 —0000 —0000 —0000 5
Non-current . . . . . . . . . —0000 —0000 —0000 —0000 —0000 253 —0000 —0000 253
Total . . . . . . . . . . . . $ 15,773 $ 3,484 $ 8,129 $ (24,071) $ 3,315 $ 3,881 $ 1,029 $ 289 $ 8,514
______________________________________________________________________________________________ STATE OF NEW YORK
• 79
Transfers constitute the transfer of resources from $24.1 billion represent transfers made between the
the fund that receives the resources to the fund that Governmental Funds.
utilizes them. Significant transfers include transfers to Transfers from the Governmental Funds to the
the General Fund from other funds representing excess SUNY and CUNY Funds are reported as transfers to
revenues not needed in those funds. Transfers to the other funds by the Governmental Funds and as State
General Fund from the General Debt Service Fund appropriations by the SUNY and CUNY Funds. As
for excess funds not needed for debt service on revenue explained in Note 1, the amounts reported for the
bonds backed by personal income tax revenues totaled SUNY and CUNY Funds are derived from their annual
$8.1 billion. Transfers to the General Fund from Other financial statements for the fiscal year ended June 30,
Governmental Funds include: mental health patient 2010. Therefore, because of the different fiscal year-end
fees in excess of debt ser vice and rental reser ve for the SUNY and CUNY Funds, total transfers to other
requirements of $3.7 billion; excess sales tax receipts funds exceed total transfers from other funds by $432
not needed for LGAC debt service requirements of million. The following is a reconciliation of transfers
$2.2 billion; and excess real property transfer tax resulting from different year-ends (amounts in millions):
receipts from clean water and clean air programs of
Net Governmental Funds . . . . . . . . . . . . . . . $ (1,770)
$348 million. The transfers from the General Fund to
Net Fiduciary Funds . . . . . . . . . . . . . . . . . . . 284
Fiduciary Funds ($289 million) represent unclaimed Non-current . . . . . . . . . . . . . . . . . . . . . . . . . . (253)
funds needed to pay claims. Transfers from the General
Total Governmental Activities transfers . . . (1,739)
Fund to Other Governmental Funds are made for
Business-type activities transfers:
State capital projects ($312 million), for State debt
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,020
service payments ($1.7 billion), and to the Enterprise Education aid . . . . . . . . . . . . . . . . . . . . . . (3,049)
Funds as State support to the SUNY and CUNY Funds Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . 336
($3.3 billion). Transfers from the Federal Special Total Business-type Activities transfers . . . 1,307
Revenue Fund and Other Governmental Funds are
Total transfers . . . . . . . . . . . . . . . . . . . $ (432)
comprised of the Federal share of Medicaid payments
for a variety of purposes, including transfers to the
Mental Health Services Fund for recipients residing in Due To/From Other Funds
State-operated mental health and retardation facilities The following is a summary of the amounts due to
($3.8 billion). Transfers from the Lottery to Other other funds and due from other funds at March 31,
Governmental Funds represent Lottery support for 2011 (amounts in millions):
school aid payments ($3.1 billion). The eliminations of
Due To Other Funds
Federal General Total
Special Debt Other Governmental Business-type
Due From Other Funds General Revenue Service Governmental Elimination Funds Activities Total
General . . . . . . . . . . . . . . . . . . . . . . . $ —0000 $ 347 $ 467 $ 891 $ —0000 $ 1,705 $ 17 $ 1,722
Federal Special Revenue . . . . . . . . . 4 —0000 —0000 1 —0000 5 —0000 5
Other Governmental . . . . . . . . . . . . . 351 320 —0000 —0000 —0000 671 314 985
Elimination . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 (941) (941) —0000 (941)
Total Governmental Funds . . . . . 355 667 467 892 (941) 1,440 331 1,771
Business-type Activities . . . . . . . . . . 513 6 —0000 63 —0000 582 —0000 582
Fiduciary . . . . . . . . . . . . . . . . . . . . . . 939 —0000 —0000 —0000 —0000 939 —0000 939
Non-current . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 253 253
Total . . . . . . . . . . . . . . . . . . . . . . . $ 1,807 $ 673 $ 467 $ 955 $ (941) $ 2,961 $ 584 $ 3,545
The more significant balances due to/from other As explained in Note 1, the amounts reported for
funds include $684.2 million due to the General Fund the SUNY and CUNY Funds are derived from their
to cover cash overdrafts in the short-term investment annual financial statements for the fiscal year ended
pool. These temporary interfund loans include $206.6 June 30, 2010. Therefore, because of the different
million to the Federal Special Revenue Fund and fiscal year-end of the SUNY and CUNY Funds, the
$477.6 million to Other Governmental Funds. Due to total amount reported as due from other funds exceeds
other funds in the General Debt Service Fund include the total amount reported as due to other funds by
$467 million for amounts owed to the General Fund for $217 million.
excess personal income revenues.
Note 10 Commitments and Contingencies

The State receives significant financial assistance from In order to provide additional inducement to
the Federal government in the form of grants and investors to purchase the obligations of certain public
entitlements. Receipt of grants is generally conditioned benefit corporations, the legislation creating these
upon compliance with terms and conditions of the corporations authorizes the State to make up any
grant agreements and applicable Federal regulations, deficiencies in their debt service reserve funds, subject
including the expenditure of resources for eligible to legislative appropriation (effectively, a “moral
purposes. The State reported additional Federal obligation” debt to back the corporations’ credit).
funding of $13.6 billion from the American Recovery Such “moral obligation” does not constitute full faith
and Reinvestment Act (Federal Stimulus) as of March and credit obligations of the State. As of March 31,
31, 2011 for Medicaid, unemployment benefits, 2011, approximately $26 million in moral obligation
education and other programs. Substantially all Federal bonds were outstanding. During the year, the State
grants are subject to either the Federal Single Audit Act was not called on to make any payments.
or to financial and compliance audits by grantor Health care providers have a right to appeal
agencies of the Federal government or their designees. Medicaid reimbursement rates. Based on an analysis of
Disallowances by Federal program officials as a result of appeals, a liability of $634 million has been recognized
these audits may become liabilities of the State. in the Statement of Net Assets.
Pursuant to legislation enacted in 1985, the State In 1977-78, the State required that reserve funds
entered into service contracts establishing a contingent- held by insurance companies that underwrite the State
contractual obligation with respect to financings related employee health insurance programs be paid to the
to the DASNY Secured Hospital Program for the General Fund. The State is liable to replenish these
purpose of enabling certain financially distressed not- reserve funds if needed to pay insured benefits or if the
for-profit hospitals to gain access to the capital markets. contracts with the insurance companies are terminated.
The State service contracts obligate the State to pay Accordingly, based on actuarial calculations, the State
debt service, subject to annual appropriations, on has recorded a liability of $192 million, which is
bonds in the event of shortfalls in hospital resources. As reported as accrued liabilities due in more than one
of March 2011, there are $585 million of outstanding year on the Statement of Net Assets.
bonds in the program with annual debt ser vice Generally, the State does not insure its buildings,
requirements of $79 million. Authorization to issue contents or related risks and does not insure its State-
bonds under this program expired on March 1, 1998. owned automobiles for bodily injury and property
As of March 2011, the financial condition of most damages, but the State does have fidelity insurance
of the hospitals in the program has deteriorated. Assum- on State employees. A liability is estimated for unpaid
ing recent trends continue, State resources will be automobile claims based on an analysis of property
needed to meet debt service obligations on outstanding loss and claim settlement trends. Routine uninsured
bonds. The annual debt service payments for the five losses are recorded as expenditures in the General
most vulnerable hospitals are approximately $53 Fund as paid, while significant uninsured losses usually
million annually for the next 5 years. are the result of litigation that is discussed further in
The New York State Constitution provides that the Note 11. Insured losses incurred by the State did not
State may guarantee repayment of certain borrowings exceed coverage for any of the three preceding fiscal
of the Job Development Authority (JDA) to carry out years. Litigation losses are estimated based on an
designated projects. The State has never been called assessment of pending cases conducted by the Office of
upon to make any direct payments pursuant to such the Attorney General.
guarantees. However, in 1996, the State entered into an Workers’ compensation is provided with the State
agreement with JDA and the New York State Urban Insurance Fund acting as the State’s administrator and
Development Corporation (UDC) whereby UDC claims processing agent. Under an agreement with the
would provide funding needed by JDA to meet its debt State Insurance Fund, the State pays only what is
ser vice obligations through March 31, 2011. necessary to fund claims. Based on actuarial calculations,
JDA required no financial assistance to meet debt discounted at 2.8 percent as of March 31, 2011, the
service obligations during the State fiscal year ended State is liable for unfunded claims and incurred but not
March 31, 2011. As of March 31, 2011, JDA had reported claims totaling $2.6 billion, which is reported
$23 million of State-guaranteed bonds and notes in accrued liabilities in the governmental activities.
outstanding (with an additional $24 million authorized
but not issued).
______________________________________________________________________________________________ STATE OF NEW YORK
• 81
Changes in the State’s liability relating to workers’ auto claims in fiscal years 2010 and 2011 were (amounts
compensation claims, litigation (see Note 11) and in millions):
Payments and
Claim Liability Increase in Decrease in
Beginning Liability Liability Claim Liability
Fiscal Year of Year Estimate Estimate End of Year
2009-2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,505 $ 811 $ 406 $ 2,910
2010-2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,910 $ 591 $ 384 $ 3,117
The State Finance Law requires the Abandoned pollution, it does require the State to reasonably
Property Fund (Fund), a Private Purpose Trust Fund, estimate and report a remediation liability when any of
to have a maximum cash balance of $750 thousand at the following obligating events has occurred:
fiscal year-end. All Abandoned Property receipts are
y Pollution poses an imminent danger to the
recorded in the General Fund and are transferred to
public and the State is compelled to take action;
the Abandoned Property Fund for payment upon
approval of a claim. At March 31, 2011, the Abandoned y The State is in violation of a pollution-related
Property Fund included $382 million of securities not permit or license;
yet liquidated and not subject to the State Finance
y The State is named or has evidence that it will be
Law’s cash provisions. Net collections from inception
named as responsible party by a regulator;
(1942) to March 31, 2011 of approximately $11.2
billion, excluding interest, represent a contingent y The State is named or has evidence that it will be
liability to the State since the owners of such property named in a lawsuit to enforce a cleanup; or
may file claims for refunds.
y The State commences or legally obligates itself
A liability representing the probable amount of
to conduct remediation activities.
escheat property that will be reclaimed and paid to
claimants is reported in the Fund. To the extent that Site investigation, planning and design, cleanup
assets in the Fund are less than the claimant liability, a and site monitoring are typical remediation activities
receivable (due from other funds) is reported in that underway across the State. Several State agencies have
Fund and an equal liability (due to other funds) is dedicated programs, rules and regulations that
reported in the General Fund. At March 31, 2011, the routinely deal with remediation-related issues; others
amount reported in the Fund for claimant liability is become aware of pollution conditions in the fulfillment
$1.4 billion and the amount reported in the General of their missions. The State has the knowledge and
Fund as due to the Fund is $939 million. Since receipts expertise to estimate the remediation obligations
in the Fund are expected to be adequate to pay current presented herein based upon prior experience in
claims, it is not expected that General Fund support for identifying and funding similar remediation activities.
that purpose will be required. Claims paid from the The standard requires the State to calculate pollution
Fund during the year totaled $289 million. remediation liabilities using the expected cash flow
The State is liable for costs relating to the closure technique. Where the State cannot reasonably estimate
and post-closure of landfills totaling $17 million, which a pollution remediation obligation, it does not report
is recorded in accrued liabilities. Closure and post- a liability; however, the State has not identified any of
closure requirements are generally governed by Title these situations.
6, Part 360 of the New York Code of Rules and The remediation obligation estimates that appear in
Regulations. Since most landfills are inactive, the this report are subject to change over time. Cost may
liability reflects the total estimated closure and post- vary due to price fluctuations, changes in technology,
closure cost at year-end. Liability estimates are based on changes in potential responsible parties, results of
engineering studies or on estimates by agency officials environmental studies, changes to statutes or regulations
that are updated annually. and other factors that could result in revisions to these
GASBS No. 49, Accounting and Financial Reporting for estimates. Prospective recoveries from responsible
Pollution Remediation Obligations, provides guidance for parties may reduce the State’s obligation. Capital assets
state and local governments in estimating and reporting may be created when pollution remediation outlays
the potential costs of pollution remediation. While are made under specific circumstances.
GASBS 49 does not require the State to search for
During the fiscal year, the State recognized Legislation enacted in 2003 authorized the State to
estimated additional liabilities of $230 million, spent securitize all of its tobacco settlement payments to the
$101 million in pollution remediation obligation- Tobacco Settlement Financing Corporation through
related activities, recognized adjustments decreasing the an asset-backed securitization transaction. To lower
liability by $3 million, and recovered $25 million from costs, the legislation authorized the State to enter into
other responsible parties. At March 31, 2011, the State contingency contracts obligating the State to pay debt
had an outstanding pollution remediation liability of service, subject to annual appropriations, on the TSFC
$700 million, with an estimated potential recovery of bonds in the event that tobacco receipts and bond
$95 million from other responsible parties. reserves are insufficient. To ensure that State contractual
The State and the New York State Energy Research payments will not be required and that tobacco receipts
and Development Authority (NYSERDA) have been and bond reserves are sufficient to pay debt service, the
engaged in a dispute with the federal government over TSFC bonds were structured to meet or exceed all
both the responsibility of the federal government for rating agency tobacco bonds stress tests. The bonds
site cleanup at West Valley, as well as which government carry a final nominal maturity of 20 years and an
is liable for perpetual care of any remaining wastes expected final maturity of 13 years, based on optional
after decontamination activities are complete. In August redemptions. The expected final maturity may deviate
2010, the U.S. District Court approved and entered a due to the optional nature of the redemptions and
Consent Decree that formalized a settlement agreement adjustments to tobacco settlement payments due from
that covered a number of the State’s claims. The Decree participating manufacturers. A lawsuit was filed in
identifies a specific cost share for each government 2006 by the Attorney General of New York to recover
for specified facilities and known areas of the settlement payments that were withheld from the
contamination, and sets forth a process for determining State. Litigation continues to recover the funds withheld.
cost shares for contamination that may be identified in In addition, participating manufacturers brought a
the future. The claim concerning responsibility for nationwide arbitration against the settling states,
the disposal fee of some waste was not resolved and will including New York, asserting that those states failed
be the subject of additional discussion or litigation. to diligently enforce their respective escrow statutes in
The agreement does not affect in any way the cleanup 2003 as required to maintain the base settlement
alternatives that are being or may be developed in the payments per the Master Settlement Agreement. This
ongoing EIS process. Earlier, the Federal Department was settled in 2003. The same claim for the 2004-2006
of Energy and NYSERDA selected Phase Decision years is currently in discovery.
Making as the cleanup approach. Under this approach, Several unions have not reached labor settlement
Phase 1 would remove many contaminated facilities agreements with the State at this time. Settlements
from the site and undertake additional studies that may result in added costs to the State. The Enacted
may better inform decisions about future cleanup and Budget assumes spending related to these settlements,
additional decommissioning of remaining facilities. but the actual settlements could exceed the amounts in
These events will influence the GASBS 49 obligation the budget.
reported by the State.
Note 11 Litigation
The State is a defendant in numerous legal proceedings matters generally could result in injunctive relief
pertaining to matters incidental to the performance of coupled with prospective changes in patient care that
routine governmental operations. Such litigation could require substantial increased financing of the
includes, but is not limited to, claims asserted against litigated programs in the future.
the State arising from alleged torts, alleged breaches of With respect to pending and threatened litigation,
contracts, condemnation proceedings, and other the State has reported, in the governmental activities,
alleged violations of State and Federal laws. liabilities of $538 million, of which $253 million pertains
Included in the State’s outstanding litigation are a to SUNY, for awarded and anticipated unfavorable
number of cases challenging the legality or the judgments. In addition, the State is party to other
adequacy of a variety of significant social welfare claims and litigation that its legal counsel has advised
programs, primarily involving the State’s Medicaid and may result in possible adverse court decisions with
mental health programs. Adverse judgments in these estimated potential losses of approximately $397 million.
______________________________________________________________________________________________ STATE OF NEW YORK
• 83
Note 12 State and Local Retirement System

There are three systems within the State and Local Tier 5 members must be 62 years of age with at least 10
Retirement System (System) for employees of the State years of service credit to retire with full benefits. An
and its localities (except employees of New York City employee with less than five years of ser vice may
and teachers, essentially all of whom are covered by withdraw and obtain a refund, including interest, of the
separate pension plans). The System, known and accumulated employee contributions.
reported collectively as the New York State and Local The System’s financial statements are prepared
Retirement System, comprises the State and Local using the accrual basis of accounting. Revenue is
Employees’ Retirement System (ERS), the New York recognized when earned and liabilities are recognized
State and Local Police and Fire Retirement System when incurred. Benefits and refunds are recognized
(PFRS), and the Public Employees’ Group Life when due and payable in accordance with the terms of
Insurance Plan (GLIP). GLIP provides death benefits the plan. Employer contributions are recognized when
in the form of life insurance. All net assets of the billed. Investments are reported at fair value. Stocks
System are held in the Common Retirement Fund, traded on a national or international exchange are
which was established to hold all net assets and record valued at quoted market value at current exchange
changes in net plan assets allocated to the System. In rates. Bonds are primarily reported at market values
these statements, GLIP amounts are apportioned to and obtained from independent pricing services. Mortgages
included in either ERS or PFRS. are valued on the basis of future principal and interest
The State Comptroller is sole tr ustee and payments, and are discounted at prevailing interest
administrative head of the System. The System is a rates for similar instruments. The fair value of real
cost sharing multiple-employer defined benefit pension estate investments is based on independent appraisals
plan. On March 31, 2011, there were 3,039 participating made ever y three years or according to the fund
government employers. Employees of the State agreement. Investments that do not have an established
constituted about 32 percent and 17 percent of the market are reported at estimated fair value. The System
members of ERS and PFRS, respectively, during the trades in foreign exchange contracts in the normal
fiscal year ended March 31, 2011. course of its investing activities in order to manage
The System provides retirement benefits as well as exposure to market risks. Such contracts, which are
death and disability benefits. Members who joined the generally for a period of less than one year, are used to
System prior to January 1, 2010 generally need five purchase and sell foreign currency at a guaranteed
years of service to be 100 percent vested. Members future price. These contracts are recorded at market
who joined on or after Januar y 1, 2010 (ERS) or value using foreign currency exchange rates. The
January 9, 2010 (PFRS) need ten years of service credit System is exposed to various investment risks as follows:
to be 100 percent vested. Retirement benefits are
Investment Custodial Credit Risk—Equity and fixed
established by the New York State Retirement and
income investments owned directly by the System
Social Security Law (RSSL) and are dependent upon
which trade in the United States (U.S.) markets
the point in time at which the employees last joined the
are held at the System’s custodian, in separate
System. Contributor y and noncontributor y
accounts, in the name of the Comptroller of the
requirements also depend upon the point in time at
State of New York in Trust for the Common
which an employee last joined the System. Most
Retirement Fund. These securities are typically
members of ERS who joined the System on or before
held in electronic form by the Depository Trust
July 26, 1976 are enrolled in a noncontributory plan.
Company (DTC) and its subsidiaries, acting as an
Most members of PFRS are not required to make
agent of the System’s custodian bank. Securities
employee contributions. Employees who last joined
held directly by the System which trade in markets
ERS subsequent to July 26, 1976 are enrolled in a
outside the U.S. are held by a subsidiary of the
contributor y plan which requires a 3 percent
System’s custodian bank in the local market, a bank
contribution of their salary. As a result of Article 19 of
performing custodial services in the local market
the RSSL, eligible Tier 3 and Tier 4 employees with a
acting as an agent for the System’s custodian bank,
membership date after July 26, 1976 who have ten or
or, in some foreign markets, the securities are held
more years of membership or credited service within
in electronic format by a DTC subsidiary or an
the System are not required to contribute. Less than 1
organization similar to DTC. Directly held
percent of other members are contributory. Members
investments include short-term and long-term fixed
cannot be required to begin contributing or make
income, and domestic and international equity
increased contributions beyond what was required
separately managed accounts. The aforementioned
when their memberships began. Generally, members of
investments have the lowest custodial risk. Equity
the System may retire at age 55; however, members of
investments held indirectly by the System via limited
Tiers 2, 3 and 4 will receive a reduced benefit if they
partnerships, commingled investment funds, joint
retire before age 62 with less than 30 years of service.
ventures and other similar vehicles are held in corporation, company or other issuer of any kind
custody by an organization contracted with by the or description created or existing under the laws of
general partner and/or the investment the United States, any state of the United States, the
management firm responsible for the management District of Columbia, the Commonwealth of Puerto
of each investment organization. Title to real Rico and obligations of Canada or any province or
property invested in by the System is either held by city of Canada, provided each obligation is rated
a real estate holding company or a real estate investment grade by two NRSROs and does not
investment fund. Ownership of mortgage assets is exceed 2 percent of the assets of the System or 5
documented by the System’s holding of original percent of the direct liabilities of the issuer. In
mortgage and note documents by the Division of addition, the aggregate amount invested in interest-
Pension Investment and Cash Management in the bearing obligations payable in U.S. dollars which at
Office of the State Comptroller (OSC). the time of investment are rated one of the four
highest grades by each NRSRO may not exceed 1
Credit Risk—New York State statutes and the
percent of the assets of the System, and bonds
System’s investment policies require that corporate
issued or guaranteed by the State of Israel payable
fixed income obligations must be investment grade
in U.S. dollars may not exceed 5 percent of the
at the time of their acquisition.
assets of the System.
Approximately 15.5 percent of the System’s
$31 billion long-term bond portfolio is guaranteed Securities Lending—Section 177-D of the RSSL
by the Federal government and has no credit risk. authorizes the System to enter into security loan
The remainder of the portfolio is exposed to agreements with broker/dealers and New York
credit risk as follows: 78.9 percent is rated A or State or national banks. The System has designated
higher by Moody’s and 5.3 percent is rated Ba or its master custodian bank (Custodian) to manage
Baa by Moody’s. a securities lending program. This program is
subject to a written contract between the System
Interest Rate Risk—Interest rate risk is the risk
and the Custodian who acts as security lending
that changes in interest rates will adversely affect
agent for the System. The Custodian is authorized
the fair value of the System’s fixed income
to lend securities within the borrower limits and
securities. The price volatility of the System’s fixed
guidelines established by the System. Types of
income holdings are measured by duration. The
collateral received from borrowers for securities
System attempts to mitigate price volatility by
loaned are cash, government securities and
matching the duration of the assets with the
Federal agency obligations. The Custodian is
duration of the retired lives liabilities so that any
authorized to invest the cash collateral in short-
change in the market value of the assets resulting
term investments that are legal for the System.
from a change in interest rates will result in a
These include domestic corporate and bank notes,
similar change in the value of the liabilities. The
U.S. Treasury obligations, obligations of Federal
average duration of the System’s fixed income
agencies, repurchase agreements and specific
portfolio is 6.17 years.
asset-backed securities. All rights of ownership to
Concentration of Credit Risk—Issuer limits for securities pledged as collateral remain with the
investments held by the System are established for borrower except in the event of default. The
each investment area by RSSL, Article 2, Section 13 System has not experienced any losses resulting
and Article 4A, Sections 176, 177, and 313, and from the default of a borrower or lending agent
policy guidelines adopted by the Comptroller. during the year ended March 31, 2011 or in the
Restrictions are placed on short-term fixed history of the program.
income investments such that any one issuer of The System lends fixed income, domestic
commercial paper must have the highest rating equity, and international equity securities to
by two NRSROs and a maximum of $500 million approved broker/dealers. Collateral for securities
of the short-term portfolio can be invested in any loaned equals 102 percent of fair market value
one issuer. In addition, simultaneous purchase for domestic securities and 105 percent for
and sales of U.S. Treasury obligations may be international securities. Credit risk associated
executed with primar y government dealers; with the investment of cash collateral pledged by
however, a maximum of $200 million may be borrowers is mitigated by the maturity restrictions,
invested with any one primary dealer. percentage limitations, and rating requirements
Restrictions are placed on fixed income for individual asset classes included in the
investments with maturities longer than one year System’s reinvestment guidelines. The Custodian
such that obligations payable in U.S. dollars of acknowledges responsibility to reimburse the
any one department, agency or political subdivision System for any losses that might arise from
of the U.S. Gover nment or issued by any managing the program in a manner inconsistent
______________________________________________________________________________________________ STATE OF NEW YORK
• 85
with the contract. The System manages its market Funding Status and
rate risk by recording investments at market value Funding Progress
daily and maintaining the value of the collateral Participating employers are required under the RSSL
held by the System in excess of the value of the to contribute annually to the System. Annual bills for
securities loaned. employer contributions accrue interest at the actuarial
As of March 31, 2011, the fair value of securities interest rate applicable during the year. For the fiscal
on loan was $12.7 billion. The associated collateral year ended March 31, 2011, the applicable interest
was $13 billion, of which $7.5 billion was cash rate was 8 percent.
collateral and $5.2 million was securities held as The funding of the System is accomplished through
collateral. The fair value of the invested cash member and employer contributions and the
collateral, as of March 31, 2011, was $7.5 billion investment earnings on these contributions, according
and the securities lending obligations were $7.7 to the RSSL. The aggregate actuarial funding method
billion. The unrealized loss in invested cash is used by the System. Generally, participating
collateral on March 31, 2011 was $180.9 million, employers that have adopted the same benefit plans
which is included in the Statement of Changes contribute at the same rate of payroll. The total
in Fiduciary Net Assets, “Net appreciation in the employer contribution rate as a percentage of salary
fair value of investments.” includes rates for administrative expenses, GLIP, and
All open security loans can be terminated on supplemental benefits. GLIP is a one-year term
demand by either the System or the borrower. insurance plan. Consequently, the GLIP rates are
To provide sufficient liquidity, the policy of the determined so as to pay for the current year’s GLIP
System is to maintain a minimum of 10 percent of costs. Similarly, the administrative rates are determined
collateral in overnight investments. While the so as to pay the current year’s administrative expenses.
Securities Lending Investment Guidelines allow Employers may make other contributions due to
investments up to a maximum of three years for legislation, such as retirement incentives, the 10-year
U.S. Treasury and Federal agency obligations and amortization part of their bills for fiscal years ended
one full year for all other investments, the average 2005, 2006 and 2007 and deficiency payments (which
term of open security loans at March 31, 2011 an employer may incur when joining the System and
was 26 days. All loans were open loans. There are payable for up to 25 years). The average employer
were no direct matching loans. The collateral contribution rate, excluding the 10-year amortization,
pool is valued at market value obtained from for ERS and PFRS for the fiscal year ended March 31,
independent pricing services. 2011 was approximately 11.9 percent and 18.2 percent
Foreign Currency Risk—As of March 31, 2011, of payroll, respectively.
the System’s adopted asset allocation for publicly The System uses the aggregate actuarial funding
traded international equities is 13 percent of method, which does not identify or separately amortize
assets. The System’s current position in such equity unfunded actuarial accrued liabilities. As required
securities, invested directly in and through under GASBS No. 50, Pension Disclosures, the following
commingled funds, is approximately $22.8 billion. is a schedule of funding progress using the entry age
The System also has foreign investments held in normal funding method to approximate the funding
U.S. dollars of $3.7 billion, a net forward foreign status of the System as of the most recent actuarial
currency contracts position of negative $5 million, valuation date. This 2011 actuarial valuation performed
$6.5 billion in private equities and absolute return on April 1, 2010, determined employer contributions
strategy funds, and $2.2 billion in real property for the year ending March 31, 2012.
owned, made, or located outside the United States. The funded status of the System as of April 1,
The approximate total market value of investments 2010, the most recent valuation date, is as follows
made outside of the United States is $35.1 billion. (in millions):
UAAL* as a
Actuarial Percentage
Actuarial Actuarial Accrued Funded Covered of Covered
Valuation Assets Liability UAAL* Ratio Payroll Payroll
System Date (a) (b) (b)-(a) (a)/(b) (c) ((b-a)/c)
ERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/1/2010 $ 125,482 $ 133,574 $ 8,092 93.9% $ 24,972 32.4%
PFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/1/2010 $ 22,230 $ 22,998 $ 768 96.7% $ 3,113 24.7%
*Unfunded Actuarial Accrued Liability (UAAL)
Significant actuarial assumptions used in the April March 31, 2011 is $229.4 million and from participating
1, 2009 and April 1, 2010 valuations to determine employers is $48.5 million.
employer contributions for the years ended March 31, RSSL Chapter 260 of the Laws of 2004 authorized
2011 and March 31, 2012 were: interest rates of 8 percent employers to amortize over ten years, at 5 percent
and 7.5 percent, respectively; salary scales for ERS of interest, the portion of their annual bill for fiscal year
5.4 percent and 4.9 percent, respectively; salary scales ended 2006 that exceeded 9.5 percent of payroll. The
for PFRS of 6.7 percent and 6 percent, respectively; amortized amount receivable as of March 31, 2011
decrement tables April 1, 2000 to March 31, 2005- from the State is $87.7 million and from participating
System’s experience, and April 1, 2005 to March 31, employers is $17.2 million.
2010-System’s experience, respectively; and inflation RSSL Chapter 260 of the Laws of 2004 authorized
rates of 3 percent and 2.7 percent, respectively. local employers to amortize over ten years, at 5 percent
The actuarial asset value for domestic bonds and interest, the portion of their annual bill for fiscal year
mortgages is amortized value. Short-term investments ended 2007 that exceeded 10.5 percent of payroll.
are at market value. Normally, all other investments The amortized amount receivable as of March 31, 2011
use a five-year moving average of market values method from participating employers is $15.9 million.
assuming a 7 percent rate of expected appreciation. This RSSL Chapter 105 of the Laws of 2010 authorized
method immediately recognizes regular investment employers to pay a lump-sum payment or amortize
income (interest and dividends) while phasing in over a period not to exceed five years commencing
unexpected appreciation/depreciation over a five-year March 31, 2012 the costs associated with the 2010
period. It treats realized or unrealized gains (or losses) retirement incentive.
in the same manner. RSSL Chapter 57 of the Laws of 2010 authorized
the State and local employers to amortize over ten
Contributions years, at 5 percent interest, the portion of their annual
Employers’ contributions receivable are presented net bill for fiscal year ended 2011 that exceeded 9.5 percent
of withdrawals, refunds, advance employer payments, of payroll for ERS and 17.5 percent of payroll for PFRS.
and credits due employers. Receivable amounts from The amortized amount receivable as of March 31, 2011
participating employers include $293.4 million for from the State is $249.6 million and from participating
amortization of retirement incentives, new plan employers is $43.8 million.
adoptions and retroactive membership. Receivable The State’s contributions to the System for the
amounts from the State for other amortizations total years ended March 31, 2011, 2010, and 2009 were $1.1
$323.2 million. billion, $878 million, and $899 million, respectively,
RSSL Chapter 260 of the Laws of 2004 authorized which equaled 100 percent of the required billed
employers to amortize over ten years, at 5 percent contributions for each respective year. In addition, the
interest, the portion of their annual bill for fiscal year State incurred a liability of $249.6 million for the
ended 2005 that exceeded 7 percent of payroll. The amortized amounts related to Chapter 57 of the Laws
amortized amount receivable from New York State as of of 2010.
______________________________________________________________________________________________ STATE OF NEW YORK
• 87
The following presentation displays the Schedule

of Plan Net Assets for the System as of March 31, 2011
(amounts in millions):
SCHEDULE OF PLAN NET ASSETS
March 31, 2011
Employees’ Police & Fire

Retirement Retirement
System System Total
Assets:
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,100 $ 1,260 $ 8,360
Government bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,188 3,229 21,417
Corporate bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,171 1,450 9,621
Domestic equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,320 8,400 55,720
International equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,573 3,652 24,225
Private equities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,667 2,248 14,915
Absolute return strategy investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,819 678 4,497
Real estate and mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,203 1,279 8,482
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,041 22,196 147,237
Securities lending collateral, invested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,368 1,130 7,498

Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651 116 767

Employers’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,216 129 1,345
Members’ contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 —000000 8
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,064 2 1,066
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 63 418
Investment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198 35 233
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253 64 317
Total receivables, net of allowances for uncollectibles . . . . . . . . . . . . . . . 3,094 293 3,387
Capital assets, at cost, net of accumulated depreciation . . . . . . . . . . . . . . . . . . . . . 22 4 26

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,176 23,739 158,915
Liabilities:
Securities lending collateral, due to borrowers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,521 1,158 7,679
Forward foreign exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 656 116 772
Accounts payable—investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303 54 357
Accounts payable—benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355 32 387
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 22 171
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,984 1,382 9,366
Net assets held in trust for pension benefits . . . . . . . . . . . . . . . . . . . . . . . . $ 127,192 $ 22,357 $ 149,549
The System issues a publicly available financial the year, retirement incentive programs and employer
report that includes financial statements, expanded amortizations authorized by Chapter 260 of the Laws
disclosures, and required supplementary information of 2004, and Chapter 105 and Chapter 57 of the Laws
for the System. The report may be obtained by writing of 2010. Pension contributions payable reported in
to the New York State and Local Retirement System, the General Fund of $189 million are for accrued
Office of the State Comptroller, 110 State Street, Albany, retirement incentive programs and the employer
New York, 12244-0001, or at www.osc.state.ny.us. amortization. In addition, $710 million of the
retirement incentive programs and the employer
Employer Accounting amortization are reported on the Statement of Net
The pension contribution expenditure of $1.2 billion Assets as pension contributions payable due in more
reported in the Governmental Funds includes pension than one year.
costs related to employee services rendered during
Note 13 Other Postemployment Benefits (OPEB)

Governmental Activities York State, PA and PE employees and retirees. Eligible
The New York State Health Insurance Program covered dependents bring the total number of covered
(NYSHIP) was established by the State Legislature in individuals to approximately 1.2 million. SUNY
1957 to provide health insurance to New York State participates in NYSHIP, but CUNY does not. Of the
employees, retirees and their eligible dependents. State’s 43 discretely presented component units, which
Public authorities, public benefit corporations, and are considered PEs, a majority participate in NYSHIP.
other quasi-public entities that choose to participate NYSHIP does not issue a stand-alone financial report,
in NYSHIP are participating employers (PEs). Local but NYSHIP’s activities are included within the State’s
government units that choose to participate in financial statements. NYSHIP is classified as an agent
NYSHIP are called participating agencies (PAs). At multiple-employer plan and financial information is
present, there are approximately 378 New York State reported in an agency fund and accounted for on the
agencies, 100 PEs, and 800 PAs in NYSHIP. NYSHIP accrual basis of accounting. Information related to
currently covers approximately 600 thousand New investment valuations is presented in Note 2.
Enrollment *NYS* PEs PAs Total

Current active participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,262 38,652 110,189 343,103
Vestee participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619 175 297 1,091
COBRA participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,047 427 719 2,193
Other inactive participants** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,329 15,799 91,186 252,314
Total participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341,257 55,053 202,391 598,701
**Includes State and SUNY participants.

**Includes retiree, dependent survivor, long-term disability enrollees, young adult program enrollees and preferred list enrollees.
During the fiscal year ended March 31, 2011, Substantially all of the State’s employees may
NYSHIP provided health insurance coverage through: become eligible for post retirement benefits if they
the Empire Plan, an indemnity health insurance plan reach retirement age while working for the State. The
with managed care components; 11 Health Maintenance costs of providing post retirement benefits are shared
Organizations (HMOs); and the Student Employee between the State and the retired employee.
Health Plan (SEHP). Generally, these include hospital,
medical, mental health and substance abuse benefits, Contributions
and prescription drug benefits. The authority under which the obligations of the plan
The benefit design of the Empire Plan is the result members, employers and other contributing entities to
of collective bargaining between the State and the contribute to the plan are established or may be
various unions representing its employees. Therefore, amended can be found in Article XI, Section 167 of
the benefit design is subject to periodic change. Civil Service Law. Contributions are determined in
Benefits are administratively extended to non- accordance with Civil Service Law—Article XI, Sections
represented State employees, employees of PAs and 165, 165-a and 167, which assigns the authority to
PEs, and retirees. Each participating employer in the NYSHIP to establish and amend the benefit provisions
plan is required to disclose additional information of the plans and to establish maximum obligations
of the plan members to contribute. The costs of
with regard to funding policy, the employer’s annual
administering the plan are charged as part of the
OPEB costs and contributions made, the funded status health insurance premium to all payors under the
and funding progress of the employer’s individual authority of Section 163.2 of Civil Service Law. A retiree
plan, and actuarial methods and assumptions used. is generally required to pay on a monthly basis either 10
percent or 25 percent of the health insurance premium
______________________________________________________________________________________________ STATE OF NEW YORK
• 89
for enrollee or dependent coverage, respectively, which retirement age. Required employer contribution rates,
is reduced by the amount of sick leave credits available depending upon enrollee or dependent coverage, are
at the time of retirement factored by the employee’s presented in the following table:
EMPLOYER CONTRIBUTIONS
(As Percentages of Premium Rates)
Enrollee Dependent
Enrollee Group Coverage Coverage
Active/Preferred list . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 75%
Retired before January 1, 1983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% 75%
Retired on or after January 1, 1983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 75%
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% 0%
Participating employers and participating agencies(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50% 35%
(1)
State contribution for enrollee and dependent coverage is 75% of dependent coverage.
(2)
Values shown are minimum employer share. Employers can pay greater percentages of premiums for their retirees.
The State reimburses Medicare eligible enrollees any unfunded actuarial liabilities (or funding excess) of
100 percent of the cost of the monthly Medicare Part B the plan over a period not to exceed thirty years.
premium. However, the funding of the cost of the Amounts “required” but not actually set aside to pay for
Medicare reimbursements is no longer employer only these benefits are accumulated with interest as part of
(the employer is not billed for Medicare expenses the net OPEB obligation, after adjusting for amounts
incurred 4/1/2010 and after). A Medicare Part B previously “required.” The State’s annual OPEB cost for
component has been incorporated into the NYSHIP the year, the amount actually paid on behalf of the
plan, and changes in the State’s net OPEB obligation to
Premium Rates (implemented 10/1/2010 and
the plan for the year ended March 31, 2011 are as
retroactive to 4/1/2010) and is just one component of
follows (amounts in millions):
the NYSHIP premiums in which the above listed
employer contribution percentages are applicable. Governmental Activities:
The premium generated from the Medicare Part B Annual required contribution . . . . . . . . . . . . . $ 3,071
NYSHIP Rate Component is utilized to make the Interest on net OPEB obligation at
beginning of year . . . . . . . . . . . . . . . . . . . 257
Medicare Part B reimbursement payments to Medicare
Adjustment to annual required contribution . . . (232)
Primary NYSHIP enrollees.
Annual OPEB cost . . . . . . . . . . . . . . . . . 3,096
In addition, the State reduces the retiree health
Contributions made . . . . . . . . . . . . . . . . . . . (1,014)
insurance contributions for the value of a retiree’s
Increase in OPEB obligation . . . . . . . . . . . . . 2,082
unused sick leave credit at retirement (converted to a
Net obligation at beginning of year . . . . . . . . 6,068
monthly fixed value). The cost is paid by the State.
Net obligation at end of year . . . . . . . . . $ 8,150
Funding Policy Actuarial accrued liability (AAL)

The contribution requirements of plan members and April 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . $ 46,316
the State are established and may be amended by the Funded OPEB plan assets . . . . . . . . . . . . . . —0 0 000
State Legislature. The State is not required to fund Unfunded actuarial accrued liability
the plan other than the pay-as-you-go amount necessary (UAAL) April 1, 2008 . . . . . . . . . . . . . . $ 46,316
to provide current benefits to retirees. For the fiscal year
ended March 31, 2011, the State paid $1 billion on Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0 %
behalf of the plan. Refer to the RSI for a schedule of Covered payroll . . . . . . . . . . . . . . . . . . . . . . $ 8,864
funding progress that presents multi-year trend UAAL as percentage of covered payroll . . . . 522.5%
information for actuarial values of plan assets and
accrued liabilities. In accordance with GASBS No. 45, Accounting and
Financial Reporting by Employers for Postemployment Benefits
Annual OPEB Cost and Other Than Pensions, the actuarial valuation of OPEB
Net OPEB Obligation also includes the value of sick leave that will be
The annual required contribution (ARC) represents a converted to reduce the retiree’s share of health
level of funding that, if paid on an ongoing basis, is insurance premiums.
projected to cover normal costs each year and amortize
The State’s annual OPEB cost, the percentage of OPEB obligation for the three most recent fiscal years
annual OPEB cost contributed to the plan, and the net ended March 31 were as follows (amounts in millions):
Percentage
Annual of Annual Net OPEB
Fiscal Year Ended OPEB Cost OPEB Cost Paid Obligation
3/31/11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,096 32.75% $ 8,150
3/31/10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,681 37.34% $ 6,068
3/31/09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,253 29.63% $ 4,388
Actuarial Methods and Assumptions rate for the past 15 years. The assumptions also utilized
Projections of benefits for financial reporting purposes an annual healthcare cost trend rate of 10 percent for
are based on the plan and include the types of benefits medical and drug, including inflation, for the first
provided at the time of each valuation. The actuarial fiscal year in the valuation, declining each year to an
methods and assumptions used include techniques ultimate trend rate of 5 percent for both medical and
that are designed to reduce short-term volatility in drug; a salar y growth rate of 3.5 percent; and an
actuarial accrued liabilities and the actuarial value of inflation rate of 3 percent.
assets, consistent with the long-term perspective of Actuarial valuations involve estimates of the value of
the calculations. reported amounts and assumptions about the probability
The State’s $3.1 billion annual OPEB cost, of events in the future. Examples include assumptions
determined using the April 1, 2008 actuarial valuation about employment, mortality and healthcare cost trends.
with results projected to April 1, 2010 for the fiscal Actuarial valuations are subject to continual revision as
year ended March 31, 2011, was determined using the actual results are compared to past expectations and
frozen entry age actuarial cost method, allocating costs new estimates are made about the future.
on a level basis over earnings. The annual OPEB cost
includes $358 million for recently enacted federal Business-type Activities
healthcare legislation (Patient Protection and Affordable The State, on behalf of SUNY, provides health insurance
Care Act, signed March 23, 2010, as amended by the coverage for eligible retired SUNY employees and their
Health Care and Education Affordability Reconciliation spouses as part of the New York State Health Insurance
Act, signed March 30, 2010). Plan (NYSHIP). Employee contribution rates for
The State’s $46.3 billion unfunded actuarial NYSHIP are established by the State and are generally
accrued liability, determined using the frozen entry age 10 percent for enrollee coverage and 25 percent for
actuarial cost method as of April 1, 2008, is amortized dependent coverage. The frozen entry age actuarial
over an open period of 30 years using the level cost method is used to determine the annual required
percentage of projected payroll amortization method. contribution amounts and the annual net OPEB
The April 1, 2010 valuation was not available at the time obligation. The actuarial assumptions include a 4.243
of this report, however, projected results, based on percent discount rate, salary growth rate of 3.5 percent,
the April 1, 2008 valuation, estimate the April 1, 2010 an inflation rate of 3 percent, and an annual healthcare
unfunded actuarial accrued liability to be $53.8 billion. cost trend rate for medical coverage of 10 percent
The frozen entry age actuarial cost method is used initially, reduced by decrements to a rate of 5 percent
to determine the annual required contribution after 6 years.
amounts and the annual net OPEB obligation. The SUNY’s annual OPEB costs and changes in net
actuarial assumptions utilized a 4.243 percent discount OPEB obligations for the year ended June 30, 2010 are
rate that was the average short-term investment pool as follows (amounts in millions):
Annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 633
Interest on net OPEB obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Adjustment to annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58)
Annual OPEB cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 639
Contributions made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (210)
Increase in OPEB obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429
Net obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510
Net obligation at end of year $ 1,939
Actuarial accrued liability (AAL) April 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,560

Funded OPEB plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 00
Unfunded actuarial accrued liability (UAAL) April 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,560
Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0%
Covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,008
UAAL as percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317.8%
______________________________________________________________________________________________ STATE OF NEW YORK
• 91
The SUNY Research Foundation, a blended plans within the New York City Retirement System
component unit of SUNY, is not included in the (NYCRS): New York City Employees’ Retirement
numbers reported above. The SUNY Research System; New York City Teachers’ Retirement System;
Foundation reports other postemployment benefits in and New York City Board of Education Retirement
accordance with the Statement of Financial Accounting System. New York City pays for the coverage (Basic
Standards (SFAS) No. 158, Employers’ Accounting for Coverage and Welfare Fund contributions) for retirees
Defined Benefit Pension and Other Postretirement Plans. in NYCRS who retired from community colleges. The
SUNY’s other postemployment benefits liability reported frozen entry age actuarial cost method is used to
in the Statement of Net Assets, Enterprise Funds ($2.2 determine the annual required contribution amounts
billion), includes SUNY’s net obligation above ($1.9 and the annual net OPEB obligation. The actuarial
billion), and the funded status of the SUNY Research assumptions include a 4 percent discount rate, payroll
Foundation’s plan as of June 30, 2010 ($211 million). growth rate of 3 percent, and an annual healthcare cost
CUNY retirees receive retiree healthcare benefits trend rate for medical coverage of 9.5 percent initially,
through the New York City Health Benefits Program, reduced to a rate of 5 percent by 2023.
which is a single-employer defined benefit healthcare CUNY’s annual OPEB costs and changes in net
plan. The program covers individuals who receive OPEB obligations for the year ended June 30, 2010 are
pensions from one of the following three pension as follows (amounts in millions):
Annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 95
Interest on net OPEB obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Adjustment to annual required contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7)
Annual OPEB cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Contributions made . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28)
Increase in OPEB obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
Net obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
Net obligation at end of year $ 251
Actuarial accrued liability (AAL) June 30, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,043

Funded OPEB plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 00
Unfunded actuarial accrued liability (UAAL) June 30, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,043
Funded ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0 0 0%
Covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 865
UAAL as percentage of covered payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.6%
The CUNY Research Foundation, a blended reported in the Statement of Net Assets, Enterprise
component unit of the CUNY Senior Colleges, reports Funds ($304 million), includes the CUNY Senior
other postemployment benefits in accordance with Colleges’ net obligation above ($251 million), and the
SFAS No. 158, Employers’ Accounting for Defined Benefit funded status of the CUNY Research Foundation’s
Pension and Other Postretirement Plans. CUNY Senior plan as of June 30, 2010 ($53 million).
Colleges’ other postemployment benefits liability
Note 14 Component Units—Public Benefit Corporations

Component Units—public benefit corporations Corporations are generally supported by revenues
(Corporations), as defined in Note 1, are legally separate derived from their activities, although the State has
entities that are not operating departments of the State. provided financial assistance, in some cases of a
The Corporations are managed independently, outside recurring nature, to certain Corporations for operating
the appropriated budget process, and their powers and other expenses. Financial assistance in the form of
generally are vested in a governing board. Corporations appropriated loans, contributed capital or operating
are established for the benefit of the State’s citizenry for subsidies for certain Corporations, principally the
a variety of purposes such as economic development, Metropolitan Transportation Authority, the Roswell
financing and public transportation. They are not Park Cancer Institute, and the Urban Development
subject to State constitutional restrictions on the Corporation was provided in the fiscal year ended
incurrence of debt, which apply to the State itself, March 31, 2011 and such assistance is expected to be
and may issue bonds and notes within legislatively required in future years. Accordingly, the fiscal
authorized amounts. condition of the State is related to the fiscal stability of
the Corporations.
The amounts presented in the accompanying basic Entities Audited

financial statements for the Corporations include the by Other Auditors: Fiscal Year-End
following entities for the fiscal years indicated: New York State Housing
Finance Agency . . . . . . . . . . . . . . . . . . . October 31, 2010*
Entities Audited New York State Job
by KPMG LLP: Fiscal Year-End Development Authority . . . . . . . . . . . . . . March 31, 2011*
Dormitory Authority of the New York State Olympic Regional
State of New York . . . . . . . . . . . . . . . . . March 31, 2011* Development Authority . . . . . . . . . . . . . . March 31, 2011*
Health Research, Inc. . . . . . . . . . . . . . . . . . March 31, 2011* New York State Thoroughbred
Long Island Power Authority . . . . . . . . . . . . December 31, 2010* Breeding and Development
New York State Environmental Fund Corporation . . . . . . . . . . . . . . . . . . December 31, 2010*
Facilities Corporation . . . . . . . . . . . . . . . March 31, 2011* New York State Thruway Authority . . . . . . . December 31, 2010*
New York State Foundation for Niagara Frontier Transportation
Science, Technology, and Innovation . . . March 31, 2011* Authority . . . . . . . . . . . . . . . . . . . . . . . . . March 31, 2011*
New York State Higher Education Ogdensburg Bridge and Port Authority . . . . March 31, 2011*
Services Corporation . . . . . . . . . . . . . . . March 31, 2011* Port of Oswego Authority . . . . . . . . . . . . . . March 31, 2011*
Power Authority of the State Research Foundation for
of New York . . . . . . . . . . . . . . . . . . . . . . December 31, 2010* Mental Hygiene, Inc . . . . . . . . . . . . . . . . March 31, 2011*
Rochester-Genesee Regional
Entities Audited Transportation Authority . . . . . . . . . . . . . March 31, 2011*
by Other Auditors: Fiscal Year-End Roosevelt Island Operating
Corporation . . . . . . . . . . . . . . . . . . . . . . . March 31, 2011*
Aggregate Trust Fund . . . . . . . . . . . . . . . . December 31, 2010
Roswell Park Cancer Institute . . . . . . . . . . March 31, 2011*
Agriculture and New York State
State Insurance Fund . . . . . . . . . . . . . . . . . December 31, 2010
Horse Breeding Development
State of New York Mortgage Agency . . . . . October 31, 2010*
Fund Corporation . . . . . . . . . . . . . . . . . . December 31, 2010*
State University of New York
Albany Convention Center Authority . . . . . December 31, 2010*
Foundations . . . . . . . . . . . . . . . . . . . . . . June 30, 2010
Capital District Transportation Authority . . . March 31, 2011*
Urban Development Corporation . . . . . . . . March 31, 2011*
Central New York Regional
Transportation Authority . . . . . . . . . . . . . March 31, 2011* *Audit conducted in accordance with Government Auditing
City University of New York— Standards as promulgated by the Comptroller General
Senior College Foundations . . . . . . . . . . June 30, 2010 of the United States.
Homeless Housing and
Assistance Corporation . . . . . . . . . . . . . March 31, 2011*
Financial Information
Housing Trust Fund Corporation . . . . . . . . March 31, 2011*
Hudson River-Black River Substantially all of the financial data was derived from
Regulating District . . . . . . . . . . . . . . . . . June 30, 2010* audited annual financial statements and summarized
Hugh L. Carey Battery Park into the combining statement format in the basic
City Authority . . . . . . . . . . . . . . . . . . . . . October 31, 2010* financial statements. The Corporations follow the
Metropolitan Transportation Authority . . . . . December 31, 2010*
accrual basis of accounting. A few of the individual
Metro-North Commuter
Railroad Company . . . . . . . . . . . . . . . December 31, 2010 component units, primarily, the State Insurance Fund,
The Long Island Rail do not fully conform to the accrual basis; however,
Road Company . . . . . . . . . . . . . . . . . December 31, 2010 the impact of these variances is not material to the
Triborough Bridge and Corporations in total. Ten of the forty-three discrete
Tunnel Authority . . . . . . . . . . . . . . . . . December 31, 2010 entities presented comprise 95 percent of the combined
Metropolitan Suburban Bus Authority . . . December 31, 2010*
assets and 81 percent of the combined program
New York City Transit Authority . . . . . . . December 31, 2010*
Staten Island Rapid Transit revenues (before eliminations). The remaining portion
Operating Authority . . . . . . . . . . . . . . . December 31, 2010* of this note contains a brief description of the operations
MTA Capital Construction Company . . . December 31, 2010 of the ten largest entities. A presentation of their
MTA Bus Company . . . . . . . . . . . . . . . . . December 31, 2010* accounts is included in the Combining Statement of Net
First Mutual Transportation Assets and Combining Statement of Activities. Beginning
Assurance Company . . . . . . . . . . . . . December 31, 2010
Municipal Bond Bank Agency . . . . . . . . . . . October 31, 2010
net assets (before eliminations) were increased by $285
Natural Heritage Trust. . . . . . . . . . . . . . . . . March 31, 2011* million on the Combining Statement of Activities for
Nelson A. Rockefeller Empire State Discretely Presented Component Units to reflect the
Plaza Performing Arts . . . . . . . . . . . . . . . March 31, 2011* elimination of the New York City Off-Track Betting
New York Convention Center Corporation and the New York State Theatre Institute
Operating Corporation . . . . . . . . . . . . . . March 31, 2011*
as component units of the State, and the restatement of
New York Racing Association, Inc . . . . . . . December 31, 2010
New York State Affordable
beginning net assets for certain component units as
Housing Corporation . . . . . . . . . . . . . . . March 31, 2011 reported in their respective audited financial statements.
New York State Bridge Authority . . . . . . . . December 31, 2010* Additional information about each of the Corporations
New York State Energy Research can be obtained by contacting the Corporations directly
and Development Authority . . . . . . . . . . March 31, 2011* and requesting a copy of their annual financial reports,
New York State Health Foundation . . . . . . December 31, 2010
or by visiting their websites.
______________________________________________________________________________________________ STATE OF NEW YORK
• 93
Certain Corporations issue revenue bonds for provide funds to repay the State for amounts advanced
independent third-party entities to provide funding to finance the cost of various housing assistance
for the projects of those third parties. These bonds are programs. The HFA, through its Capital Grant Low
considered conduit debt and are secured by payments Rent Assistance Program, rents housing to low and
made by third party entities and in some cases certain middle income persons and families. The HFA also
other pledged funds. These bonds do not constitute participates in Federal housing assistance programs
a debt or pledge of the faith and credit of the which provide interest reduction and rental assistance
Corporations or the State, other than the amounts subsidies to eligible projects and tenants. The HFA
reported in the State’s financial statements. DASNY, the administers the State’s Housing Project Repair and
New York State Housing Finance Agency (HFA), the Infrastructure Trust Fund Programs.
Environmental Facilities Corporation (EFC) and the To finance low income housing, the HFA raises
New York State Energy Research and Development funds through the issuance of municipal securities
Authority (NYSERDA) have issued conduit debt and and the making of mortgage loans to eligible
have elected different, but permissible, methods of borrowers. The HFA is authorized to issue bonds in the
accounting for it under GAAP. DASNY has elected to amount of approximately $15.3 billion to finance
report conduit debt and related assets on its balance housing projects, and approximately $2.5 billion in
sheet. At March 31, 2011, the liability reported for Service Contract Obligation Revenue Bonds, Service
such debt was approximately $22 billion. HFA reports Contract Revenue Bonds and Personal Income Tax
conduit debt and related assets on its balance sheet. Revenue Bonds. Total bond indebtedness reported as
At October 31, 2010, the liability HFA reported for of October 31, 2010 is approximately $9.7 billion. The
such debt was approximately $7.8 billion. At March individual financial statements of the HFA can be
31, 2011, EFC’s balance sheet did not include $215 obtained by contacting them at www.nyshcr.org.
million in bonds it issued for certain private companies
and $944 million it issued for the State. NYSERDA Thruway Authority
has issued conduit debt for participating gas and The New York State Thruway Authority (NYSTA) was
electric companies and other third party entities, the created as a public benefit corporation by the State
principal of which totaled approximately $3.5 billion at Legislature in 1950 with powers to construct, operate
March 31, 2011, which is not included on NYSERDA’s and maintain a Thr uway system. In 1991, the
balance sheet. Legislature empowered NYSTA to issue Local Highway
and Bridge Service Contract (LHB) Bonds to provide
Power Authority funds to municipalities throughout the State for
The Power Authority of the State of New York (NYPA) qualifying capital expenditures under State programs.
was created in 1931 to help provide a continuous In August 1992, the Legislature created the New York
adequate supply of dependable electric power and State Canal Corporation (NYSCC) as a subsidiary
energy to the people of the State. NYPA generates, corporation of NYSTA to accept jurisdiction and control
transmits, and sells electric power and energy principally over the State Canal System from the State. In 1993, the
at wholesale to various customers including private and Legislature authorized NYSTA to issue Highway and
municipal utilities. Three of NYPA’s largest facilities are Bridge Trust Fund (HBTF) Bonds to reimburse the
the Niagara Power Project at Lewiston, the Blenheim- State for expenditures made by the State’s Department
Gilboa Pumped Storage Power Project at Blenheim and of Transportation in connection with the State’s multi-
Gilboa and the St. Lawrence-Franklin D. Roosevelt year Highway and Bridge Capital Program. In 2001, the
Power Project at Massena. These hydroelectric facilities Legislature authorized NYSTA to issue Personal Income
have the capability of producing 2,441,000, 1,100,000 Tax (PIT) Revenue Bonds to provide funds to
and 800,000 kilowatts, respectively. municipalities and other project sponsors throughout
NYPA has loaned approximately $318 million of the State for qualifying local highway, bridge and multi-
reserves to the State treasury. The State has recorded a modal capital project expenditures under established
corresponding liability in its financial statements. The State programs.
individual financial statements of NYPA are available on The financial position of and activities relating to
the web at www.nypa.gov. the special bond programs (LHB, HBTF and PIT) are
reported within the funds of the State rather than
Housing Finance Agency under the public benefit corporations because these
HFA was created as a public benefit corporation in special bond programs are not separate legal entities
1960 under Article III of the Private Housing Finance but are considered funds of the State. Columns headed
Law. The HFA is empowered to finance or contract for “Thruway Authority” reflect the operations of the
the financing of the construction, acquisition, or Thruway system and the NYSCC. The individual
refinancing of loans for: low-to-moderate income financial statements of NYSTA can be obtained by
housing; municipal health facilities; non-profit health contacting them at www.thruway.ny.gov.
care facilities; community related facilities; and to
Metropolitan Transportation Authority DASNY’s outstanding bonds and notes of $43.6

The Metropolitan Transportation Authority (MTA) billion consist mainly of debt issued for independent
was created to continue, develop and improve public institutions ($10.8 billion), health care facilities ($8.5
transportation and to develop and implement a unified billion), New York State agency projects ($8.5 billion),
public transportation policy in the New York City SUNY projects ($8.2 billion) and CUNY projects ($4.1
metropolitan area. The accounts presented as the billion). The remaining debt was issued for projects for
MTA are the combined accounts of its nine affiliates municipal facilities and other non-profit organizations.
and subsidiaries. The MTA operates the largest transit The financial statements of DASNY can be obtained at
and commuter rail transportation system in North www.dasny.org.
America and one of the largest in the world. The
MTA is dependent upon the State for a portion of its Long Island Power Authority
revenues. During the MTA fiscal year ended December The Long Island Power Authority (LIPA) was
31, 2010, the MTA reported $3.9 billion in payments established as a corporate municipal instrumentality of
from the State. A significant portion of that aid was in the State. On May 28, 1998, the LIPA Acquisition
payments from the State’s Mass Transportation Corporation, a wholly-owned subsidiary of LIPA, was
Operating Assistance Fund, a Special Revenue Fund, merged with and into the Long Island Lighting
which derives a major portion of its receipts from Company (LILCO) pursuant to an Agreement and
taxes imposed in the Metropolitan Transportation Plan of Merger dated as of June 26, 1997. LIPA, as
District for this purpose. Another significant portion owner of the transmission and distribution system
of that aid came from the Metropolitan Commuter located in Nassau, Suffolk and a small portion of
Transportation Mobility Tax enacted in 2009, which is Queens counties, is responsible for supplying electricity
a tax imposed on certain employers and self-employed to customers in the service area.
individuals engaging in business within the LIPA financed the cost of the merger and the
Metropolitan Transportation District. The State also refinancing of certain of LILCO’s outstanding debt
provides funding to pay the debt ser vice on by the issuance of $6.7 billion aggregate principal
approximately $2.1 billion in bonds issued by MTA for amount of Electric System General Revenue Bonds
its capital projects. The State has limited issuance of and Electric System Subordinated Revenue Bonds. In
this debt to $165 million in annual debt service with a addition, LIPA assumed $1.2 billion of LILCO’s General
final maturity not to exceed July 1, 2031. Debt service and Refunding Bonds which were defeased immediately
on MTA State Service Contract debt has been fully upon the closing of the merger. The excess of the
utilized. Capital assets acquired prior to April 1982 for acquisition costs over the fair value of net assets
the New York City Transit Authority (NYCTA) were acquired ($3.5 billion) has been reported as an
funded primarily by New York City through capital “intangible asset,” which is being amortized over a 35-
grants. New York City has title to a substantial portion year period which began May 28, 1998. The individual
of such assets and they are not included among the financial statements of LIPA can be obtained by
assets reported under MTA. In certain instances, title contacting them at www.lipower.org.
to real property used by the Triborough Bridge and
Tunnel Authority (TBTA) may revert to New York Urban Development Corporation
City in the event TBTA determines it is not needed for The New York State Urban Development Corporation
corporate purposes. The Federal government has a (UDC) was established by legislative act in 1968 as
contingent equity interest in assets acquired by the a corporate governmental agency of the State. UDC
MTA with Federal funds, and upon disposal of such conducts business as the Empire State Development
assets, the Federal government may have a right to its Corporation. UDC is engaged in three principal activ-
share of the proceeds from the sale. The individual ities: economic development projects, special projects
financial statements of the MTA can be obtained by financed by revenue bonds, and real estate projects
contacting them at www.mta.info. financed by general and corporate purpose bonds.
UDC’s efforts in economic development projects
Dormitory Authority are primarily funded by State appropriations and State
The Dormitory Authority of the State of New York supported bonds, and are directed at several activities
(DASNY) is a public benefit corporation established in involving civic, commercial, high technology, and
1944. DASNY’s purpose is to finance, design, construct, industrial development within the State. UDC provides
purchase, reconstruct and/or rehabilitate buildings financial assistance through grants, low cost project
(projects) for use by public and private educational financing, including loans and interest subsidy grants,
and other not-for-profit institutions (institutions) and technical assistance in management, financing
located within the State, certain State agencies, local and project design. Economic development activities
school districts, and cities and counties with respect to also include special projects, often of considerable
court facilities. magnitude, which are carried out through various
consolidated subsidiaries.
______________________________________________________________________________________________ STATE OF NEW YORK
• 95
UDC issues revenue bonds, the proceeds of which losses included in earnings, or “available for sale” and
are used primarily for construction and renovation of reported at fair value with unrealized gains and losses
State correctional facilities, to refinance State office reported as a separate component of surplus. The net
facilities or constr uct technology facilities for unrealized gains and losses from investments in
universities located within the State, to finance youth common stock are reported in unassigned surplus and
facilities, to finance the acquisition of certain lands, to dividend income generally is reported when received.
construct or improve various civic and community Under GAAP, common stocks are classified as either
facilities, and for economic development and “trading” and reported at fair value with unrealized
preservation of natural resources located throughout gains and losses included in earnings, or “available
the State. Under related agreements, UDC receives for sale” and reported at fair value with unrealized
periodic State appropriations in amounts sufficient to gains and losses reported as a separate component of
pay the debt service on the bonds. surplus. Policy acquisition costs are expensed as
UDC was originally created to facilitate the incurred, whereas under GAAP they would be deferred
development of affordable housing for low, moderate and amortized to income on the same basis as premium
and middle-income persons and families. Since the income is recognized; certain assets designated as non-
mid-1970s, UDC activity in this area has been limited to admitted assets (principally premiums in the course of
the monitoring and loan servicing of existing projects. collection over 90 days and office furniture and
UDC has redirected its efforts to promote economic equipment) are charged directly against the surplus,
development on the local and statewide levels with where under GAAP they would be included in total
the goal of creating and retaining jobs, particularly in assets less valuation allowances; and comprehensive
economically distressed areas throughout the State income and its components are not presented in the
from the largest urban centers to the smallest rural SIF’s financial statements. A more complete list of
communities. The financial statements of the UDC departures from GAAP is disclosed in the SIF’s financial
can be obtained by contacting them at www.esd.ny.gov. statements, which may be obtained from ww3.nysif.com.
State Insurance Fund State of New York Mortgage Agency

The State Insurance Fund (SIF) is comprised of the The State of New York Mortgage Agency (SONYMA)
Workers’ Compensation Fund and the Disability makes mortgages available to first-time and other
Benefits Fund and is primarily engaged in providing qualifying home buyers through its Low Interest Rate
workers’ compensation and disability benefit insurance Program and other specialized home ownership
for employers in the State of New York. programs. To accomplish this purpose, SONYMA issues
During previous fiscal years, the SIF transferred tax-exempt mortgage revenue bonds for direct issuance
approximately $1.3 billion to the State’s General Fund of for ward commitments for new mortgage loans
and Other Governmental Funds. The statutes autho- through participating financial institutions. SONYMA
rizing these transfers required that the State appropri- also provides mortgage insurance for qualifying real
ate amounts annually for the potential repayment of property loans through its Mortgage Insurance
the transfers. Such repayment is required only to main- Program. By statute, all costs of providing mortgage
tain the solvency, as defined, of the Workers’ Compen- insurance are recovered from a State mortgage
sation Fund. The entire receivable and equity related to recording tax surcharge, which is a dedicated tax
these transfers were eliminated from the presentation of revenue stream received directly by SONYMA. The
the SIF, resulting in a fund balance of approximately financial statements of SONYMA can be obtained by
$1.6 billion. contacting them at www.nyshcr.org.
The SIF’s financial statements are prepared in
conformity with the accounting practices prescribed by Environmental Facilities Corporation
the Insurance Department of the State of New York, The New York State Environmental Facilities
which is a comprehensive basis of accounting other Corporation (EFC) is a public benefit corporation,
than the accounting principles generally accepted formed pursuant to the New York State Environmental
in the United States of America. Major departures Facilities Corporation Act. The mission of EFC is to
from GAAP include: the contingent receivable from provide low-cost capital and expert technical assistance
the State of $1.3 billion would be discounted for for environmental projects in New York State. Its
collectibility and imputed interest; and the SIF purpose is to help public and private entities comply
established a reserve for security fluctuations to provide with Federal and State environmental protection and
for the difference between amortized cost and fair quality requirements in a cost effective manner that
value, where under GAAP, no such reserve would be advances sustainable growth. EFC promotes innovative
allowed. Bonds are generally carried at amortized cost. technologies and practices in all corporate programs.
Under GAAP, bonds are classified into “held to EFC is governed by a board of directors, which consists
maturity” and reported at amortized cost, “trading” of seven members.
and reported at fair value with unrealized gains and
The services offered by EFC include providing Industrial Finance and Financial Assistance to Business
low-cost capital for both water quality protection and programs. The complete audited financial statements
water supply projects through the Clean Water and and related footnotes as well as additional information
Drinking Water State Revolving Funds; assisting regarding EFC can be obtained by visiting EFC at
municipalities, businesses, and State agencies to www.nysefc.org.
understand and comply with environmental laws and
regulations through the Technical Advisory Services Eliminations
Program, including protecting the New York City Eliminations are made primarily to avoid duplicate
Watershed, and helping small businesses comply with reporting. As explained in Note 7, the State services a
air pollution standards; and providing low-cost capital significant portion of the bonds and notes payable of
and other financial assistance to New York businesses certain Corporations.
for environmental protection projects through the
Note 15 Joint Ventures

A joint venture is an entity that results from a The liabilities of the Port Authority include $13.3
contractual arrangement and that is owned, operated, billion of consolidated bonds. Consolidated bonds and
or governed by two or more participants as a separate notes are equally and ratably secured by a pledge of the
and specific activity subject to joint control, in which net revenues of all existing facilities and any additional
the participants retain an ongoing financial interest or facilities which may be financed in whole or in part
an ongoing financial responsibility. The only material through the medium of consolidated bonds and notes.
joint venture in which the State has a financial interest The Port Authority’s Comprehensive Annual
is the Port Authority of New York and New Jersey (Port Financial Report is available from the Public Affairs and
Authority). Comptroller’s Departments of the Port Authority of
The Port Authority is a municipal corporate New York and New Jersey, 225 Park Avenue South,
instrumentality of the States of New York and New New York, NY 10003-1604, or the Port Authority website
Jersey created by compact between the two states in at www.panynj.gov.
1921 with the consent of the Congress of the United Consolidated financial statements of the Port
States. The Port Authority is authorized and directed to Authority for the fiscal year ended December 31, 2010
plan, develop, and operate terminals and other facilities disclosed the following (amounts in millions):
of transportation and commerce, and to advance
projects in the general fields of transportation, economic Financial Position
development, and world trade that contribute to Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 29,556
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . (18,531)
promoting and protecting the commerce and economy
of the port district, defined in the compact, which Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,025
comprises an area of about 1,500 square miles in both
states, centering around New York Harbor. Operating Results
Operating revenues . . . . . . . . . . . . . . . . . . . . . . $ 3,634
The Governor of each state appoints six of the Operating expenses . . . . . . . . . . . . . . . . . . . . . (2,598)
twelve members of the governing Board of Commis- Depreciation and amortization . . . . . . . . . . . . . (866)
sioners, subject to confirmation by the respective state Expenses related to September 11, 2001 . . . . . 53
senate. Governors have from time to time exercised Income from operations . . . . . . . . . . . . . . . 223
their statutory power to veto the actions of the com- Passenger facility charges . . . . . . . . . . . . . . . . 210
missioners from their states. Financial income (expense), net . . . . . . . . . . . . (497)
The commissioners ser ve six-year overlapping Contribution in aid of construction
terms as public officials without compensation. They and grants . . . . . . . . . . . . . . . . . . . . . . . . . . . 368
establish Port Authority policy, appoint an Executive World Trade Center retail
insurance proceeds . . . . . . . . . . . . . . . . . . . . 43
Director to implement it, and appoint a General
Counsel to act as legal advisor to the Board and to Net income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 347
the Executive Director.
Changes in Net Assets
The compact envisions the Port Authority as being
Balance at January 1, 2010 . . . . . . . . . . . . . . . $ 10,678
financially self-sustaining and, as such, it must obtain Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
the funds necessary for the construction or acquisition
Balance at December 31, 2010 . . . . . . . . . . $ 11,025
of facilities upon the basis of its own credit. The Port
Authority has neither the power to pledge the credit
of either state or any municipality nor to levy taxes
or assessments.
______________________________________________________________________________________________ STATE OF NEW YORK
• 97
Note 16 Subsequent Events

The Statement of Net Assets presents bonds and other reported as of June 30, 2010. Subsequent to those
financing arrangements outstanding as of the statement dates, the following bonds and other financing
date, which is March 31, 2011 except for business-type arrangements were issued (amounts in millions):
activities related to SUNY and CUNY Enterprise Funds
BONDS AND OTHER FINANCING ARRANGEMENTS ISSUED
SUBSEQUENT TO DATE OF THE STATEMENT OF NET ASSETS
Par
Issuer Purpose Date Series Amount
Dormitory Authority SUNY Dormitory Facilities 9/29/2010 Lease Revenue Bonds, Series 2010A $128
Dormitory Authority CUNY Senior Colleges, 9/30/2010 Fifth General Resolution Revenue Bonds, $139
Refunding Series 2010A
Dormitory Authority CUNY Senior Colleges 10/14/2010 Personal Income Tax, Series 2010E $ 86
Dormitory Authority CUNY Senior Colleges 10/14/2010 Personal Income Tax, Series 2010H $312
Dormitory Authority SUNY Educational Facilities 10/14/2010 Personal Income Tax, Series 2010E $ 70
Dormitory Authority SUNY Educational Facilities 10/14/2010 Personal Income Tax, Series 2010H $163
Urban Development CUNY Equipment 12/8/2010 Personal Income Tax, Series 2010A $ 36
Corporation
Urban Development SUNY Equipment 12/8/2010 Personal Income Tax, Series 2010A $ 14
Corporation
Dormitory Authority SUNY Educational Facilities, 12/16/2010 Service Contract Refunding Revenue Bonds, $ 93
Refunding Series 2010
Dormitory Authority General Purpose 6/9/2011 Personal Income Tax, Series 2011A, B $673
Thruway Authority Dedicated Highway and Bridge 6/23/2011 Second General Highway and Bridge Trust Fund
Trust Fund Bonds, Series 2011A-1 $407
Thruway Authority Dedicated Highway and Bridge 6/23/2011 Second General Highway and Bridge Trust Fund
Trust Fund, Refunding Bonds, Series 2011A-2 $ 38
Housing Finance Economic Development and 6/29/2011 Service Contract Refunding Revenue Bonds,
Agency Housing, Refunding Series 2011A $ 71
Dormitory Authority SUNY Dormitory Facilities 7/6/2011 Lease Revenue Bonds, Series 2011A $260
Tobacco Settlement Refunding 7/7/2011 Asset-Backed Revenue Bonds, Series 2011A, B $959
Financing
Corporation
Dormitory Authority Department of Health, Refunding 7/16/2011 Revenue Refunding Bonds, Series 2011A $ 48
Dormitory Authority Department of Health, Refunding 7/16/2011 Revenue Refunding Bonds (Veterans Home Issue),
Series 2011A $ 12
Dormitory Authority General Purpose 7/21/2011 Personal Income Tax, Series 2011C, D $909
In May 2011, the University Hospital of Brooklyn acquisition plan, SUNY Upstate acquired much of
(SUNY Downstate) acquired the Long Island College CGH’s assets and property as well as some of CGH’s
Hospital (LICH) located in Brooklyn. The acquisition debt. The acquisition saved nearly 900 healthcare jobs
will enable SUNY Downstate to expand its teaching and in Central New York and provided the needed space for
clinical capacity, while at the same time allowing the SUNY Upstate to continue to grow its operations.
financially troubled LICH to continue serving the Additionally, CGH’s campus will provide SUNY Upstate
local community. Medical University’s academic programs with a
In July 2011, the SUNY Upstate Medical Center community hospital-based setting to implement an
(SUNY Upstate) acquired the Community General array of medical education programs.
Hospital (CGH) located in Syracuse. Under the
Required
Supplementary
Information
_____________________________________________________________________________________________
Budgetary Basis—Financial Plan and Actual—

Combined Schedule of Cash Receipts
and Disbursements
MAJOR FUNDS—GENERAL FUND AND FEDERAL SPECIAL REVENUE FUND
(Amounts in millions) (Unaudited)
General
Actual
Financial Plan Amounts (Budgetary Variance with
Original Final Basis) Final Budget
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39,931 $ 39,187 $ 39,204 $ 17
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,897 3,083 3,095 12
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 60 55 (5)
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,888 42,330 42,354 24
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,508 37,246 37,206 40
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,025 8,046 7,973 73
General State charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,128 4,111 4,187 (76)
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,661 49,403 49,366 37
Excess (deficiency) of receipts over disbursements . . . . . . . . . . . . . . . . (6,773) (7,073) (7,012) 61

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,788 11,774 12,093 319
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,932) (5,646) (6,007) (361)
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,856 6,128 6,086 (42)
Excess (deficiency) of receipts and other
financing sources over disbursements
and other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (917) $ (945) $ (926) $ 19
See notes to required supplementary information.

____________________________________________________________________________________________ STATE OF NEW YORK
• 101
Federal Special Revenue

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

135 182 152 (30)
46,923 47,422 46,693 (729)
47,058 47,604 46,845 (759)
40,110 40,764 40,608 156

1,758 1,824 1,696 128
263 286 260 26
42,131 42,874 42,564 310
4,927 4,730 4,281 (449)
1 1 —00000 (1)
(4,819) (4,732) (4,574) 158
(4,818) (4,731) (4,574) 157
$ 109 $ (1) $ (293) $ (292)

102 • Required Supplementary Information ________________________________________________________________________
NOTES TO BUDGETARY BASIS REPORTING

(unaudited)
Budgetary Basis Reporting the fiscal year by the Governor, and include a com-
The State Constitution requires the Governor to submit parison of the actual year-to-date results with the latest
annually an Executive Budget, which contains plans for revised plans, providing an explanation of any major
all funds of expenditures and disbursements for the deviations and any significant changes to the financial
ensuing fiscal year, as well as all monies and revenues plans. Projected disbursements are based on agency
estimated to be available. Bills containing all recom- staffing levels, program caseloads, levels of service
mended appropriations or reappropriations and any needs, formulas contained in State and Federal law,
proposed legislation necessary to provide monies and inflation and other factors. All projections account
revenues sufficient to meet such proposed expenditures for the timing of payments, since not all the amounts
and disbursements accompany the Executive Budget. appropriated in the Budget are disbursed in the same
Reappropriations are commonly used for federally fiscal year.
funded programs and capital projects, where the fund- The State’s central accounting system includes con-
ing amount is intended to support activities that may trols over expenditures to ensure that the maximum
span several fiscal years. Budgets are prepared and spending authority is not exceeded during the life of the
enacted for all funds. Included in the proposed appro- appropriation. Expenditures are controlled at the major
priation bills is a provision for spending authority for object level within each program or project of each
unanticipated revenues or unforeseen emergencies in State agency in accordance with the underlying appro-
accordance with statutory requirements. The Executive priation purpose. Compliance with the level of legal
Budget also includes a cash basis financial plan that control is reported in a separate document entitled,
must be in balance, i.e., disbursements must not exceed “Appropriation/Segregation Accounts.” This document
available receipts. reports both expenditures and encumbrances which
The Legislature enacts appropriation bills and reserve a portion of the applicable appropriation,
revenue measures containing those parts of the thereby ensuring that the appropriations are not
Executive Budget it has approved or modified. The exceeded. A copy of this report is available upon request
Legislature may also enact supplemental appropriation by contacting the State Comptroller’s Communication
or special appropriation bills after it completes action Office at 110 State Street, 15th floor, Albany, New York
on the Executive Budget. Further, when the Legislature 12236 or by phone at (518) 474-4015. Encumbrances are
convenes in January, it may enact deficiency appro- not considered a disbursement in the financial plan or
priations to meet actual or anticipated obligations an expenditure and expense in the basic financial
not foreseen when the annual budget and any sup- statements. Generally, appropriations are available for
plemental budgets were enacted and for which the liabilities incurred during the fiscal year. Following the
costs would exceed available spending authorizations. end of the fiscal year, a ‘lapse period’ is provided to liq-
It might add to a previously authorized appropria- uidate prior year liabilities. Unless reappropriated, most
tion anticipated to be inadequate, or provide a new State operations appropriations cease on June 30th
appropriation to finance an existing or anticipated and local assistance, debt service, capital projects and
liability for which no appropriation exists. A defi- federal fund appropriations cease on September 15th—
ciency appropriation usually applies to the fiscal year following the end of the fiscal year. Disbursements
during which it is made. Pursuant to State law, once the made during the lapse period from prior year appro-
Legislature has completed action on the appropriation priations are included, together with disbursements
and revenue bills and they are approved by the from new year appropriations, in the subsequent fiscal
Governor, the cash basis and the GAAP basis financial year financial plan. Many appropriations enacted are not
plans must be revised by the Governor to reflect the intended to be used, although required by law. These
impact resulting from changes in appropriations and types of appropriations will generally cause total appro-
revenue bills. The cash basis financial plan, which priation authorizations to exceed cash basis financial
serves as the basis for the administration of the State’s plan disbursement amounts. Actual disbursements for
finances during the fiscal year, provides a summary of certain spending categories exceeded financial plan
projected receipts, disbursements and fiscal year-end estimates (as reported in the Budgetary Basis—Financial
balances. Such plans are updated quarterly throughout Plan and Actual) but did not exceed total enacted
____________________________________________________________________________________________ STATE OF NEW YORK
• 103
appropriations authority. Most capital projects and fed- The following presents a reconciliation of the bud-
eral fund appropriations and many State operations getary cash basis operating results as shown in the pre-
appropriations are reappropriated each year by the ceding Budgetary Basis—Financial Plan and Actual
Legislature and therefore the life of such appropriations Combining Schedule of Cash Receipts and Disbursements
may be many years. If the budget is not enacted by (Schedule) with the GAAP-basis operating results
April 1st, the legislature enacts special emergency appro- reported in the Statement of Revenues, Expenditures and
priations to continue government functions, as was Changes in Fund Balances (Deficits)—Governmental
done in April 2010. Funds (Statement) (amounts in millions):
Federal
Special
General Revenue
Receipts and other financing sources over disbursements and other financing uses per Schedule . . . . . . . . . . . $ (926) $ (293)
Entity differences:
Receipts and other financing sources over disbursements and other financing uses
for funds and accounts not included in the cash basis financial plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (5)
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 —00000
Temporary interfund cash loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (227) 182
Basis of accounting differences:

Revenue accrual adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,288 833
Expenditure accrual adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 (715)
Net Change in Fund Balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,529 $ 2
The entity differences relate to the inclusion of These temporary loans are covered by the General
certain funds considered to be Proprietary Funds for Fund’s share of the pool. A perspective difference
purposes of the cash basis financial plan. Perspective relating to the Infrastructure Trust Fund and Ear-
differences relate to variations in the presentation of marked Revenue Accounts occurs because these funds
the cash basis financial plan fund structure versus are included in the Special Revenue Funds cash basis
GAAP fund structure. A perspective difference for tem- financial plan while the GAAP basis presentation
porary interfund loans occurs when a fund temporar- includes them in the General Fund.
ily overdraws its share of the pooled investment funds.
INFRASTRUCTURE ASSETS USING THE MODIFIED APPROACH

(unaudited)
In accordance with GAAP, the State has adopted an The State annually conducts an assessment of the
alternative method for recording depreciation expense pavement condition of the State’s road network.
for the State’s network of roads and bridges main- Trained technicians rate the condition of the pavement
tained by the Department of Transportation. Under based on surface condition and dominant distress
this method, referred to as the modified approach, the (e.g., cracking, faulting) using a scale of A1 (very
State will not report depreciation expense for roads poor) to A10 (excellent) based on the prevalence of a
and bridges but will capitalize all costs that add to surface-related pavement distress. A pavement con-
the capacity and efficiency of State owned roads and dition rating (PCR) is assigned to each surface section.
bridges. Generally, all maintenance and preservation The State currently has 42,558 lane miles of roads.
costs will be expensed and not capitalized. It is the State’s intention to maintain the roads at
In order to adopt the modified approach, the an average PCR between 6.7 and 7.2.
State is required to meet the following criteria:
Bridges
1. Maintain an asset management system that
The State Department of Transportation maintains the
includes a current inventory of eligible infra-
Bridge Management System (BMS) which supports a
structure assets.
construction program that preserves the State’s invest-
2. Conduct condition assessments of eligible assets ment in its bridges. The BMS is used in planning con-
and summarize the results using a measure- struction programs and estimating construction costs.
ment scale. The overall goal is for the State to provide a manage-
3. Estimate each year the annual amount neces- ment system for the State’s infrastructure assets in order
sary to maintain and preserve the eligible assets to provide long-term benefits to the State’s citizens.
at the condition level established and disclosed The State conducts biennial inspections of all
by the State. bridges in the State. The State uses a numerical inspec-
tion condition rating scale ranging from 1 (minimum)
4. Document that the assets are being preserved to 7 (maximum). During each general inspection,
approximately at, or above, the established con- various components or elements of each bridge span
dition level. are rated by the inspector as to the extent of deterio-
ration, as well as the component’s ability to function
Roads structurally relative to when it was newly designed
The State Department of Transportation maintains and constructed. The element rating values are com-
the Pavement Management System (PMS) which sup- bined using a weighted average formula to compute an
ports a construction program that preserves the State’s overall bridge condition rating value for each bridge.
investment in its roads. The PMS contains locational, A rating of 6 to 7 is excellent, which indicates that no
operational and historical condition data. The PMS is repairs are necessary. A rating of 3 to 5 is fair to good,
used to determine the appropriate program for which indicates that minor repairs are required. A
improving the asset condition and to determine future rating of 1 to 2 is deficient, which indicates major
funding levels necessary to meet condition goals. The repairs or replacement are necessary. The State has
overall goal is for the State to provide a management approximately 7,857 bridges.
system for the State’s infrastructure assets in order to It is the State’s intention to maintain the bridges at
provide long-term benefits to the State’s citizens. an average condition rating level between 5.3 and 5.6.
____________________________________________________________________________________________ STATE OF NEW YORK
• 105
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 network
of roads and bridges at, or above, the established con-
dition level, compared to the actual costs incurred
during fiscal year 2010-2011 (amounts in millions):
Pavement and Bridge Condition Summary as of December 31:

Year Pavement Average Surface Rating Bridges Average Condition Rating
2010 ........................................... 6.84 5.37
2009 ........................................... 6.91 5.38
2008 ........................................... 6.93 5.39
2007 ........................................... 6.86 5.41
2006 ........................................... 6.90 5.42
2005 ........................................... 6.81 5.43
2004 ........................................... 6.82 5.44
Actual Preservation/Maintenance Costs as of March 31:

2011 2010 2009 2008 2007

Total roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 944 $ 1,140 $ 1,088 $ 981 $ 967
Total bridges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 288 203 329 222
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,185 $ 1,428 $ 1,291 $ 1,310 $ 1,189
Estimated Preservation/Maintenance Costs as of March 31:

2011 2010 2009 2008 2007

Total roads . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 905 $ 1,072 $ 1,015 $ 914 $ 878
Total bridges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256 229 116 200 195
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,161 $ 1,301 $ 1,131 $ 1,114 $ 1,073
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)
Governmental Activities*:
April 1, 2008 . . . . . . . . . . . . . . . $ —00000 $ 46,316 $ 46,316 —% $ 8,864 522.5%
April 1, 2006 . . . . . . . . . . . . . . . $ —00000 $ 39,059 $ 39,059 —% $ 7,177 544.2%
Business-type Activities:
SUNY
April 1, 2008 . . . . . . . . . . . . . . . $ —00000 $ 9,560 $ 9,560 —% $ 3,008 317.8%
April 1, 2006 . . . . . . . . . . . . . . . $ —00000 $ 8,261 $ 8,261 —% $ 2,527 326.9%
CUNY
June 30, 2009 . . . . . . . . . . . . . . $ —00000 $ 1,043 $ 1,043 —% $ 865 120.6%
June 30, 2008 . . . . . . . . . . . . . . $ —00000 $ 950 $ 950 —% $ 786 120.9%
June 30, 2006 . . . . . . . . . . . . . . $ —00000 $ 936 $ 936 —% $ 696 134.5%
*The April 1, 2010 valuation was not available at the time of this report; however, projected results, based on the April 1, 2008 valuation,
estimate the April 1, 2010 unfunded actuarial accrued liability to be $53.8 billion with 0 percent funding.
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. Expenditures
from the Local Assistance account normally comprise approximately 60 percent
of General Fund expenditures.
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 account and normally comprise approximately 40 percent of the
General Fund expenditures.
_____________________________________________________________________________________________
Combining Schedule of Balance Sheet Accounts

GENERAL FUND
March 31, 2011
Tax
Local State Stabilization Community Rainy
Assistance Purposes Reserve Projects Day
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 144 $ —00000 $ 736 $ 136 $ 175
Receivables, net of allowance for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 9,080 —00000 —00000 —00000
Due from Federal government . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,213 62 —00000 1 —00000
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1,131 295 —00000 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 79 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,486 $ 10,352 $ 1,031 $ 137 $ 175
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 7,133 $ —00000 $ —00000 $ —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 188 —00000 —00000 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,256 677 —00000 —00000 —00000
Payable to local governments . . . . . . . . . . . . . . . . . . . . 3,041 —00000 —00000 11 —00000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322 1,391 —00000 —00000 —00000
Pension contributions payable . . . . . . . . . . . . . . . . . . . . —00000 189 —00000 —00000 —00000
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 758 —00000 1 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,654 10,336 —00000 12 —00000

Reserved for:
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 70 —00000 34 —00000
Tax stabilization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,031 —00000 —00000
Refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Other specified purposes . . . . . . . . . . . . . . . . . . . . . . 85 2 —00000 21 175
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,488) (56) —00000 70 —00000
Total fund balances (deficits) . . . . . . . . . . . . . . . (4,168) 16 1,031 125 175
Total liabilities and fund balances (deficits) . . . $ 1,486 $ 10,352 $ 1,031 $ 137 $ 175
See independent auditors’ report.

____________________________________________________________________________________________ STATE OF NEW YORK
• 111
Fringe
Refund Benefit Earmarked Totals
Reserve Escrow Revenue Miscellaneous Eliminations 2011 2010
$ —00000 $ —00000 $ 943 $ 84 $ —00000 $ 2,218 $ 3,307
—00000 —00000 —00000 —00000 —00000 9,080 7,972

—00000 —00000 —00000 —00000 —00000 —00000 110
—00000 3 193 —00000 —00000 1,472 863
13 678 25 45 (467) 1,722 1,089
—00000 —00000 126 —00000 —00000 332 279
$ 13 $ 681 $ 1,287 $ 129 $ (467) $ 14,824 $ 13,620
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 7,133 $ 6,996

—00000 —00000 82 39 —00000 309 459
—00000 —00000 263 8 —00000 3,204 2,558
—00000 —00000 101 —00000 —00000 3,153 4,279
—00000 19 507 35 (467) 1,807 1,564
—00000 —00000 —00000 —00000 —00000 189 79
—00000 —00000 244 —00000 —00000 1,038 1,223
—00000 19 1,197 82 (467) 16,833 17,158
—00000 —00000 496 25 —00000 860 843

—00000 —00000 —00000 —00000 —00000 1,031 1,031
13 —00000 —00000 —00000 —00000 13 978
—00000 —00000 —00000 21 —00000 304 273
—00000 662 (406) 1 —00000 (4,217) (6,663)
13 662 90 47 —00000 (2,009) (3,538)
$ 13 $ 681 $ 1,287 $ 129 $ (467) $ 14,824 $ 13,620
_____________________________________________________________________________________________
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 $ 24,895 $ —00000 $ —00000 $ —00000
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . —00000 8,578 —00000 —00000 —00000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5,129 —00000 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,268 —00000 —00000 —00000
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 55 —00000 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 3,142 —00000 —00000 —00000
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 43,067 —00000 —00000 —00000
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,656 —00000 —00000 22 —00000
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,821 —00000 —00000 16 —00000
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335 —00000 —00000 3 —00000
General purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,037 —00000 —00000 —00000 —00000
Health and environment . . . . . . . . . . . . . . . . . . . . . . . 1,429 —00000 —00000 11 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475 —00000 —00000 1 —00000
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 —00000 —00000 9 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328 —00000 —00000 48 —00000
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 5,399 —00000 —00000 —00000
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,665 —00000 —00000 —00000
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,152 —00000 —00000 —00000
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,866 —00000 —00000 —00000
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 35,199 10,082 —00000 110 —00000
Excess (deficiency) of revenues over expenditures . . . (35,199) 32,985 —00000 (110) —00000

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 39,951 13,566 —00000 155 —00000
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (3,782) (45,435) —00000 —00000 —00000
Financing arrangements issued . . . . . . . . . . . . . . . . . . . 368 —00000 —00000 —00000 —00000
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . 47 —00000 —00000 —00000 —00000
Net other financing sources (uses) . . . . . . . . . . 36,584 (31,869) —00000 155 —00000
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . 1,385 1,116 —00000 45 —00000
Fund balances (deficits) at April 1, 2010 . . . . . . . . . . . . (5,553) (1,100) 1,031 80 175
Fund balances (deficits) at March 31, 2011 . . . . . . . . . . $ (4,168) $ 16 $ 1,031 $ 125 $ 175

____________________________________________________________________________________________ STATE OF NEW YORK
• 113
Fringe
Refund Benefit Earmarked Totals
Reserve Escrow Revenue Miscellaneous Eliminations 2011 2010
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 24,895 $ 22,330

—00000 —00000 —00000 —00000 —00000 8,578 8,059
—00000 —00000 —00000 —00000 —00000 5,129 5,490
—00000 —00000 —00000 —00000 —00000 1,268 873
—00000 —00000 —00000 —00000 —00000 55 71
—00000 2,346 3,146 521 (2,011) 7,144 8,060
—00000 2,346 3,146 521 (2,011) 47,069 44,883
—00000 —00000 747 —00000 —00000 12,425 11,443

—00000 —00000 25 —00000 —00000 19,862 20,542
—00000 —00000 1,322 —00000 —00000 1,660 1,644
—00000 —00000 —00000 —00000 —00000 1,037 1,251
—00000 —00000 398 —00000 —00000 1,838 1,677
—00000 —00000 —00000 —00000 —00000 476 461
—00000 —00000 50 —00000 —00000 177 211
—00000 —00000 26 —00000 —00000 402 493
—00000 —00000 3,343 121 —00000 8,863 8,771

—00000 144 1,393 379 (509) 3,072 3,111
—00000 —00000 —00000 —00000 —00000 1,152 810
—00000 2,251 1,452 59 (1,502) 4,126 3,715
—00000 2,395 8,756 559 (2,011) 55,090 54,129
—00000 (49) (5,610) (38) —00000 (8,021) (9,246)
13 —00000 6,850 242 (45,004) 15,773 14,815

(978) —00000 (1,281) (166) 45,004 (6,638) (6,619)
—00000 —00000 —00000 —00000 —00000 368 431
—00000 —00000 —00000 —00000 —00000 47 25
(965) —00000 5,569 76 —00000 9,550 8,652
(965) (49) (41) 38 —00000 1,529 (594)
978 711 131 9 —00000 (3,538) (2,944)
$ 13 $ 662 $ 90 $ 47 $ —00000 $ (2,009) $ (3,538)
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 pro-
grams. 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 DHHS Block Grant 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, 2011
Federal Federal
Federal Federal Federal DHHS Block Operating
USDA-FNS DHHS Education Grant Grants
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 21 $ —00000 $ —00000 $ 144
Due from Federal government . . . . . . . . . . . . . . . . . . 46 5,891 284 8 125
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 772 —00000 —00000 —00000
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 1 —00000 1
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 29 1 1 8
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 70 $ 6,714 $ 286 $ 9 $ 278
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 29 $ 8 $ —00000 $ 18
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3,873 10 —00000 6
Payable to local governments . . . . . . . . . . . . . . . . . . . . 51 1,891 44 —00000 179
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 360 224 9 45
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 561 —00000 —00000 30
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 6,714 286 9 278
FUND BALANCES:
Reserved for encumbrances . . . . . . . . . . . . . . . . . . . . . 12 114 137 —00000 1,027
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) (114) (137) —00000 (1,027)
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . 4 —00000 —00000 —00000 —00000
Total liabilities and fund balances . . . . . . . . . . . $ 70 $ 6,714 $ 286 $ 9 $ 278

____________________________________________________________________________________________ STATE OF NEW YORK
• 117
Unemployment Federal
Unemployment Insurance Employment
Insurance Occupational and Training Totals
Administration Training Grants 2011 2010
$ 66 $ —00000 $ —00000 $ 231 $ 347
31 —00000 8 6,393 6,132

—00000 —00000 —00000 790 438
2 —00000 —00000 5 16
—00000 —00000 —00000 45 33
$ 99 $ —00000 $ 8 $ 7,464 $ 6,966
$ 8 $ —00000 $ 5 $ 70 $ 81
15 —00000 —00000 3,905 3,489
—00000 —00000 1 2,166 1,954
27 —00000 2 673 563
49 —00000 —00000 646 877
99 —00000 8 7,460 6,964
34 —00000 5 1,329 1,343

(34) —00000 (5) (1,325) (1,341)
—00000 —00000 —00000 4 2
$ 99 $ —00000 $ 8 $ 7,464 $ 6,966
_____________________________________________________________________________________________

and Changes in Fund Balance Accounts
FEDERAL SPECIAL REVENUE FUND
Federal Federal
Federal Federal Federal DHHS Block Operating
USDA-FNS DHHS Education Grant Grants
REVENUES:
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,048 $ 37,957 $ 5,571 $ 4 $ 1,031
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 —00000 —00000 —00000 —00000
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,052 37,957 5,571 4 1,031
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,599 31,984 —00000 1 15
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771 5 5,191 —00000 7
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 218 6 —00000 17
Health and environment . . . . . . . . . . . . . . . . . . . . . . . 588 510 15 —00000 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 57
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 259
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 245 3 —00000 332
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 205 96 2 130
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . 38 245 89 1 165
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . . 3 17 9 —00000 8
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . . 9 56 31 —00000 26
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 7,033 33,485 5,440 4 1,016
Excess of revenues over expenditures . . . . . . . . . . . . . 19 4,472 131 —00000 15
OTHER FINANCING USES:

Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (17) (4,472) (131) —00000 (15)
Other financing uses . . . . . . . . . . . . . . . . . . . . . . (17) (4,472) (131) —00000 (15)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . 2 —00000 —00000 —00000 —00000
Fund balances at April 1, 2010 . . . . . . . . . . . . . . . . . . . . 2 —00000 —00000 —00000 —00000
Fund balances at March 31, 2011 . . . . . . . . . . . . . . . . . . $ 4 $ —00000 $ —00000 $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 119
Unemployment Federal
Unemployment Insurance Employment
Insurance Occupational and Training Totals
Administration Training Grants 2011 2010
$ 352 $ 4 $ 233 $ 52,200 $ 49,495

52 —00000 —00000 56 55
404 4 233 52,256 49,550
—00000 —00000 2 37,601 36,852

—00000 —00000 —00000 5,974 4,107
—00000 —00000 —00000 241 160
—00000 —00000 —00000 1,113 1,038
—00000 —00000 —00000 57 46
—00000 —00000 —00000 259 337
11 —00000 174 765 758
200 —00000 18 676 632

104 4 31 677 677
21 —00000 2 60 51
68 —00000 6 196 182
404 4 233 47,619 44,840
—00000 —00000 —00000 4,637 4,710
—00000 —00000 —00000 (4,635) (4,709)

—00000 —00000 —00000 (4,635) (4,709)
—00000 —00000 —00000 2 1
—00000 —00000 —00000 2 1
$ —00000 $ —00000 $ —00000 $ 4 $ 2
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, 2011
General Tobacco
Debt Settlement
Service Financing Totals
Account Corporation 2011 2010
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,109 $ 452 $ 1,561 $ 1,280
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,352 —00000 2,352 1,987
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 388 389 411
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 —00000 17 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,479 $ 840 $ 4,319 $ 3,678
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,741 $ —00000 $ 1,741 $ 1,767
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 —00000 6 6
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 —00000 74 50
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 467 —00000 467 98
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 —00000 63 65
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,351 —00000 2,351 1,986
FUND BALANCES:
Reserved for debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,086 840 1,926 1,658
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 —00000 42 34
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,128 840 1,968 1,692
Total liabilities and fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,479 $ 840 $ 4,319 $ 3,678

____________________________________________________________________________________________ STATE OF NEW YORK
• 123

and Changes in Fund Balance Accounts
General Tobacco
Debt Settlement
Service Financing Totals
Account Corporation 2011 2010
REVENUES:
Taxes:
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,519 $ —00000 $ 9,519 $ 8,776
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 —00000 27 5
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 390 390 414
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 —00000 38 28
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,584 390 9,974 9,223
EXPENDITURES:
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 —00000 59 34
Debt service, including payments on financing arrangements . . . . . . . . . 3,722 411 4,133 3,773
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,781 411 4,192 3,807
Excess (deficiency) of revenues over expenditures . . . . . . . . . . . . . . . . 5,803 (21) 5,782 5,416

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,484 —00000 3,484 3,214
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,995) (1) (8,996) (8,547)
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,451 —00000 1,451 1,128
Payments to escrow agents for refundings . . . . . . . . . . . . . . . . . . . . . . . . (1,542) —00000 (1,542) (1,171)
Swap termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48) —00000 (48) (47)
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 —00000 145 90
Net other financing sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . (5,505) (1) (5,506) (5,333)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298 (22) 276 83
Fund balances at April 1, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830 862 1,692 1,609
Fund balances at March 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,128 $ 840 $ 1,968 $ 1,692

_____________________________________________________________________________________________
Schedule of Cash Receipts and Disbursements

Budgetary Basis—Financial Plan and Actual
Financial
Plan Actual Variance
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,950 $ 9,052 $ 102
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 —00000 (60)
Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 57 57
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,010 9,109 99
DISBURSEMENTS:
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 44 4
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,724 4,878 (154)
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,772 4,922 (150)
Excess of receipts over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,238 4,187 (51)

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,293 3,438 145
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,531) (7,625) (94)
Net other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,238) (4,187) 51
Excess (deficiency) of receipts and other financing sources
over disbursements and other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000

Other
Governmental Funds
_____________________________________________________________________________________________
Combining Balance Sheet

OTHER GOVERNMENTAL FUNDS
March 31, 2011
Special Debt Capital Totals

Revenue Service Projects 2011 2010
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,272 $ 659 $ 2,629 $ 5,560 $ 5,781
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336 217 69 622 590
Due from Federal government . . . . . . . . . . . . . . . . . . —00000 —00000 104 104 226
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725 99 188 1,012 931
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 436 319 230 985 836
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 —00000 8 15 13
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,776 $ 1,294 $ 3,228 $ 8,298 $ 8,377
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 221 $ 21 $ 20 $ 262 $ 232
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 1 352 370 586
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 9 54 219 202
Payable to local governments . . . . . . . . . . . . . . . . . . . . 104 —00000 367 471 544
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 187 641 955 898
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 36 9 208 196
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 788 254 1,443 2,485 2,658
FUND BALANCES:
Reserved for:
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 —00000 7,195 7,351 7,685
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 580 —00000 580 618
Other specified purposes . . . . . . . . . . . . . . . . . . . . . . 13 —00000 549 562 102
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,819 460 (5,959) (2,680) (2,686)
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . 2,988 1,040 1,785 5,813 5,719
Total liabilities and fund balances . . . . . . . . . . . $ 3,776 $ 1,294 $ 3,228 $ 8,298 $ 8,377

____________________________________________________________________________________________ STATE OF NEW YORK
• 127
Combining Statement of Revenues, Expenditures

and Changes in Fund Balances
Special Debt Capital Totals

Revenue Service Projects 2011 2010
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,291 $ —00000 $ —00000 $ 3,291 $ 3,430
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . 2,101 2,853 601 5,555 5,010
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,362 —00000 624 1,986 2,057
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358 483 119 1,960 1,880
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2,377 2,377 1,836
Public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . 4,211 444 —00000 4,655 4,296
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 —00000 —00000 67 77
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,812 53 1,015 4,880 4,254
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,202 3,833 4,736 24,771 22,840
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,824 —00000 44 3,868 4,046
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,251 —00000 293 6,544 6,448
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 —00000 115 119 108
Health and environment . . . . . . . . . . . . . . . . . . . . . . . 874 —00000 635 1,509 1,535
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,953 —00000 825 4,778 4,616
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 —00000 —00000 70 76
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 —00000 1,399 1,518 817
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318 —00000 —00000 318 330
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . 2,776 16 —00000 2,792 2,564
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . 22 —00000 —00000 22 13
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . 62 —00000 —00000 62 53
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 4,174 4,174 5,029
on financing arrangements . . . . . . . . . . . . . . . . . . . . —00000 761 —00000 761 772
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 18,273 777 7,485 26,535 26,407
Excess (deficiency) of revenues over expenditures . . . (2,071) 3,056 (2,749) (1,764) (3,567)

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 3,304 3,749 1,076 8,129 7,542
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (595) (6,885) (1,407) (8,887) (7,895)
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . 102 —00000 —00000 102 —00000
General obligation bonds issued . . . . . . . . . . . . . . . . . . —00000 —00000 500 500 449
Financing arrangements issued . . . . . . . . . . . . . . . . . . . —00000 —00000 1,885 1,885 3,923
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 456 —00000 456 1,072
Payments to escrow agents for refundings . . . . . . . . . . —00000 (510) —00000 (510) (1,107)
Swap termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 (47)
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . —00000 56 127 183 263
Net other financing sources (uses) . . . . . . . . . . 2,811 (3,134) 2,181 1,858 4,200
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . 740 (78) (568) 94 633
Fund balances at April 1, 2010 . . . . . . . . . . . . . . . . . . . . 2,248 1,118 2,353 5,719 5,086
Fund balances at March 31, 2011 . . . . . . . . . . . . . . . . . . $ 2,988 $ 1,040 $ 1,785 $ 5,813 $ 5,719

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

Financial Financial
Plan Actual Variance Plan Actual Variance
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,192 $ 8,117 $ (75) $ 3,136 $ 3,158 $ 22
Miscellaneous . . . . . . . . . . . . . . . . . . 15,341 15,154 (187) 907 900 (7)
Federal grants . . . . . . . . . . . . . . . . . . 4 —00000 (4) —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 23,537 23,271 (266) 4,043 4,058 15
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . 18,487 18,089 398 —00000 —00000 —00000
State operations . . . . . . . . . . . . . . . . . 9,565 9,351 214 31 19 12
General state charges . . . . . . . . . . . . 1,945 1,915 30 —00000 —00000 —00000
Debt service . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 762 737 25
Capital projects . . . . . . . . . . . . . . . . . . 2 19 (17) —00000 —00000 —00000
Total disbursements . . . . . . . . . . 29,999 29,374 625 793 756 37
Excess (deficiency) of receipts
over disbursements . . . . . . . . . . . . . (6,462) (6,103) 359 3,250 3,302 52

Bond and note proceeds, net . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Transfers from other funds . . . . . . . . . 7,252 8,077 825 3,870 3,808 (62)
Transfers to other funds . . . . . . . . . . . (931) (1,933) (1,002) (7,044) (7,067) (23)
Net other financing
sources (uses) . . . . . . . . . . . . . 6,321 6,144 (177) (3,174) (3,259) (85)
and other financing sources
over disbursements and
other financing uses . . . . . . . . . . . . $ (141) $ 41 $ 182 $ 76 $ 43 $ (33)

____________________________________________________________________________________________ STATE OF NEW YORK
• 129
Capital Projects
Financial
$ 1,328 $ 1,338 $ 10
4,189 3,848 (341)
2,466 2,499 33
7,983 7,685 (298)
2,644 2,732 (88)

—00000 —00000 —00000
—00000 —00000 —00000
—00000 —00000 —00000
5,630 5,113 517
8,274 7,845 429
(291) (160) 131
578 525 (53)

1,104 1,131 27
(1,418) (1,410) 8
264 246 (18)
$ (27) $ 86 $ 113
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, 2011
Dedicated
School Health Care Mass ENCON
Tax Relief Reform Act Transportation Special
(STAR) Resources Trust Revenue Conservation
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 433 $ 100 $ —00000 $ 75
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 84 19 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 396 —00000 9 —00000
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 83 13 —00000 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 141 $ 996 $ 132 $ 9 $ 75
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 8 $ —00000 $ —00000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 8 2 —00000 —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 1 —00000 4 1
Payable to local governments . . . . . . . . . . . . . . . . . . . . —00000 27 4 —00000 —00000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 —00000 35 3
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 64 —00000 —00000 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 104 14 39 4

Reserved for:
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 42 67 3 —00000
Other specified purposes . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 850 51 (33) 71
Total fund balances (deficits) . . . . . . . . . . . . . . . —00000 892 118 (30) 71
Total liabilities and fund balances (deficits) . . . $ 141 $ 996 $ 132 $ 9 $ 75

____________________________________________________________________________________________ STATE OF NEW YORK
• 133
Environmental Mass MTA

Protection Transportation Financial
and Spill Operating Assistance Totals
Compensation Assistance Fund Miscellaneous 2011 2010
$ 10 $ 51 $ 76 $ 1,527 $ 2,272 $ 1,900
—00000 58 175 —00000 336 303

84 —00000 —00000 236 725 663
—00000 —00000 19 180 436 296
—00000 —00000 —00000 7 7 5
$ 94 $ 109 $ 270 $ 1,950 $ 3,776 $ 3,167
$ —00000 $ 205 $ 7 $ 1 $ 221 $ 194

2 —00000 —00000 5 17 30
—00000 —00000 —00000 9 156 128
—00000 —00000 —00000 73 104 329
3 7 —00000 75 127 94
72 —00000 —00000 27 163 144
77 212 7 190 788 919
—00000 1 —00000 43 156 140

—00000 —00000 —00000 13 13 15
17 (104) 263 1,704 2,819 2,093
17 (103) 263 1,760 2,988 2,248
$ 94 $ 109 $ 270 $ 1,950 $ 3,776 $ 3,167
_____________________________________________________________________________________________

Dedicated
School Health Care Mass ENCON
Tax Relief Reform Act Transportation Special
(STAR) Resources Trust Revenue Conservation
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,291 $ —00000 $ —00000 $ —00000 $ —00000
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,159 108 —00000 —00000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 356 —00000 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . —00000 4,211 —00000 —00000 —00000
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 67 —00000 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 198 90 58
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,291 5,438 662 90 58
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 3,824 —00000 —00000 —00000
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,241 —00000 —00000 —00000 —00000
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Health and environment . . . . . . . . . . . . . . . . . . . . . . . —00000 874 —00000 —00000 —00000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 598 —00000 —00000
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 11 —00000 55 20
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . —00000 38 —00000 27 8
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . —00000 1 —00000 5 3
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 —00000 14 7
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 3,241 4,752 598 101 38
Excess (deficiency) of revenues over expenditures . . . 50 686 64 (11) 20

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . —00000 1 —00000 11 —00000
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (50) (428) —00000 (11) (2)
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Net other financing sources (uses) . . . . . . . . . . (50) (427) —00000 —00000 (2)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . —00000 259 64 (11) 18
Fund balances (deficits) at April 1, 2010 . . . . . . . . . . . . —00000 633 54 (19) 53
Fund balances (deficits) at March 31, 2011 . . . . . . . . . . $ —00000 $ 892 $ 118 $ (30) $ 71

____________________________________________________________________________________________ STATE OF NEW YORK
• 135
Environmental Mass MTA

Protection Transportation Financial
and Spill Operating Assistance Totals
Compensation Assistance Fund Miscellaneous Eliminations 2011 2010
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ 3,291 $ 3,430

—00000 723 111 —00000 —00000 2,101 1,795
—00000 1,006 —00000 —00000 —00000 1,362 1,423
—00000 —00000 1,358 —00000 —00000 1,358 1,378
—00000 —00000 —00000 —00000 —00000 4,211 3,811
—00000 —00000 —00000 —00000 —00000 67 77
52 13 189 3,211 —00000 3,812 3,194
52 1,742 1,658 3,211 —00000 16,202 15,108
—00000 —00000 —00000 —00000 —00000 3,824 4,045

—00000 —00000 —00000 3,010 —00000 6,251 6,123
—00000 —00000 —00000 4 —00000 4 5
—00000 —00000 —00000 —00000 —00000 874 1,151
—00000 1,787 1,568 —00000 —00000 3,953 3,965
—00000 —00000 —00000 70 —00000 70 76
—00000 —00000 —00000 119 —00000 119 140
11 3 —00000 218 —00000 318 330

10 1 —00000 2,692 —00000 2,776 2,535
2 2 —00000 9 —00000 22 13
4 4 —00000 29 —00000 62 53
27 1,797 1,568 6,151 —00000 18,273 18,436
25 (55) 90 (2,940) —00000 (2,071) (3,328)
—00000 40 23 3,234 (5) 3,304 2,948

(15) (15) (11) (68) 5 (595) (343)
—00000 —00000 —00000 102 —00000 102 —00000
(15) 25 12 3,268 —00000 2,811 2,605
10 (30) 102 328 —00000 740 (723)
7 (73) 161 1,432 —00000 2,248 2,971
$ 17 $ (103) $ 263 $ 1,760 $ —00000 $ 2,988 $ 2,248
_____________________________________________________________________________________________
Mass Transportation
School Tax Relief Operating Assistance
Financial Financial
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,300 $ 3,263 $ (37) $ 1,809 $ 1,777 $ (32)
Miscellaneous . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 22 12 (10)
Federal grants . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 3,300 3,263 (37) 1,831 1,789 (42)
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . 3,270 3,234 36 1,812 1,842 (30)
State operations . . . . . . . . . . . . . . . . . —00000 —00000 —00000 4 4 —00000
General state charges . . . . . . . . . . . . —00000 —00000 —00000 1 —00000 1
Capital projects . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total disbursements . . . . . . . . . . 3,270 3,234 36 1,817 1,846 (29)
over disbursements . . . . . . . . . . . . . 30 29 (1) 14 (57) (71)

Transfers from other funds . . . . . . . . . (30) (29) 1 54 40 (14)
Transfers to other funds . . . . . . . . . . . —00000 —00000 —00000 (31) (15) 16
Net other financing
sources (uses) . . . . . . . . . . . . . (30) (29) 1 23 25 2
other financing uses . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 37 $ (32) $ (69)

____________________________________________________________________________________________ STATE OF NEW YORK
• 137
State Special Revenue Account Other

Financial Financial
$ —00000 $ —00000 $ —00000 $ 3,083 $ 3,077 $ (6)

3,730 3,401 (329) 11,589 11,741 152
1 —00000 (1) 3 —00000 (3)
3,731 3,401 (330) 14,675 14,818 143
2,984 2,676 308 10,421 10,337 84

5,187 4,997 190 4,374 4,350 24
1,535 1,500 35 409 415 (6)
—00000 —00000 —00000 2 19 (17)
9,706 9,173 533 15,206 15,121 85
(5,975) (5,772) 203 (531) (303) 228
10,175 7,112 (3,063) 283 23,794 23,511

(4,177) (1,281) 2,896 47 (23,477) (23,524)
5,998 5,831 (167) 330 317 (13)
$ 23 $ 59 $ 36 $ (201) $ 14 $ 215
(Continued)
_____________________________________________________________________________________________
Budgetary Basis—Financial Plan and Actual (cont’d)
Eliminations Total
Financial Financial
Plan Actual Plan Actual Variance
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ 8,192 $ 8,117 $ (75)
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 15,341 15,154 (187)
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 4 —00000 (4)
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 23,537 23,271 (266)
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 18,487 18,089 398
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 9,565 9,351 214
General state charges . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 1,945 1,915 30
Capital projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 2 19 (17)
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 29,999 29,374 625
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 (6,462) (6,103) 359

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . (3,230) (22,840) 7,252 8,077 825
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . 3,230 22,840 (931) (1,933) (1,002)
Net other financing
sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 6,321 6,144 (177)
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ (141) $ 41 $ 182

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, 2011
Local
Mental State Department Government
Health Housing of Health Clean Water/ Assistance
Services Debt Income Clean Air Tax
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 140 $ —00000 $ 55 $ —00000 $ 464
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 22 195
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 15 25 —00000 —00000
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 —00000 6 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 512 $ 15 $ 86 $ 22 $ 659
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ 21
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 1
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 9 —00000 —00000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 22 165
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 14 3 —00000 15
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 14 12 22 202

Reserved for debt service . . . . . . . . . . . . . . . . . . . . . . . 100 —00000 20 —00000 460
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408 1 54 —00000 (3)
Total fund balances . . . . . . . . . . . . . . . . . . . . . . . 508 1 74 —00000 457
Total liabilities and fund balances . . . . . . . . . . . $ 512 $ 15 $ 86 $ 22 $ 659

____________________________________________________________________________________________ STATE OF NEW YORK
• 141
Totals
2011 2010
$ 659 $ 693
217 226
99 84
319 377
$ 1,294 $ 1,380
$ 21 $ 20
1 1
9 8
187 193
36 40
254 262
580 618
460 500
1,040 1,118
$ 1,294 $ 1,380
_____________________________________________________________________________________________

and Changes in Fund Balances
Local
Mental State Department Government
Health Housing of Health Clean Water/ Assistance
Services Debt Income Clean Air Tax
REVENUES:
Taxes:
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ —00000 $ 2,853
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 483 —00000
Patient fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324 —00000 120 —00000 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 15 —00000 —00000 2
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 15 120 483 2,855
EXPENDITURES:
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 —00000 2 —00000 11
on financing arrangements . . . . . . . . . . . . . . . . . . . . 325 17 31 —00000 388
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 328 17 33 —00000 399
Excess (deficiency) of revenues over expenditures . . . 32 (2) 87 483 2,456

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 3,703 4 42 —00000 —00000
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (3,766) —00000 (127) (483) (2,509)
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 456
Payments to escrow agents for refundings . . . . . . . . . . —00000 —00000 —00000 —00000 (510)
Swap termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 56
Net other financing sources (uses) . . . . . . . . . . (63) 4 (85) (483) (2,507)
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . (31) 2 2 —00000 (51)
Fund balances (deficits) at April 1, 2010 . . . . . . . . . . . . 539 (1) 72 —00000 508
Fund balances at March 31, 2011 . . . . . . . . . . . . . . . . . . $ 508 $ 1 $ 74 $ —00000 $ 457

____________________________________________________________________________________________ STATE OF NEW YORK
• 143
Totals
2011 2010
$ 2,853 $ 2,626
483 303
444 485
53 53
3,833 3,467
16 29
761 772
777 801
3,056 2,666
3,749 3,932
(6,885) (6,316)
456 1,072
(510) (1,107)
—00000 (47)
56 95
(3,134) (2,371)
(78) 295
1,118 823
$ 1,040 $ 1,118
_____________________________________________________________________________________________
Mental Health Services Clean Water/Clean Air

Financial Financial
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 447 $ 461 $ 14
Miscellaneous . . . . . . . . . . . . . . . . . . 298 310 12 —00000 —00000 —00000
Total receipts . . . . . . . . . . . . . . . . 298 310 12 447 461 14
DISBURSEMENTS:
State operations . . . . . . . . . . . . . . . . . 8 4 4 —00000 —00000 —00000
Debt service . . . . . . . . . . . . . . . . . . . . 297 278 19 —00000 —00000 —00000
Total disbursements . . . . . . . . . . 305 282 23 —00000 —00000 —00000
over disbursements . . . . . . . . . . . . . (7) 28 35 447 461 14

Transfers from other funds . . . . . . . . . 3,826 3,760 (66) —00000 —00000 —00000
Transfers to other funds . . . . . . . . . . . (3,821) (3,766) 55 (447) (461) (14)
Net other financing
sources (uses) . . . . . . . . . . . . . 5 (6) (11) (447) (461) (14)
other financing uses . . . . . . . . . . . . $ (2) $ 22 $ 24 $ —00000 $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 145
Local Government Assistance Tax Other

Financial Financial
$ 2,688 $ 2,697 $ 9 $ 1 $ —00000 $ (1)

1 —00000 (1) 608 590 (18)
2,689 2,697 8 609 590 (19)
13 7 6 10 8 2
347 339 8 118 120 (2)
360 346 14 128 128 —00000
2,329 2,351 22 481 462 (19)
—00000 —00000 —00000 44 198,143 198,099

(2,328) (2,351) (23) (448) (198,584) (198,136)
(2,328) (2,351) (23) (404) (441) (37)
$ 1 $ —00000 $ (1) $ 77 $ 21 $ (56)
(Continued)
_____________________________________________________________________________________________
Total
Financial
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,136 $ 3,158 $ 22
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 907 900 (7)
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,043 4,058 15
DISBURSEMENTS:
State operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 19 12
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762 737 25
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . 793 756 37
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,250 3,302 52

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 3,870 3,808 (62)
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (7,044) (7,067) (23)
Net other financing
sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,174) (3,259) (85)
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76 $ 43 $ (33)

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.
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 Energy Conservation
Through Improved Transportation Bond Fund, the Pure Waters Bond Fund, the
Transportation Capital Facilities Bond Fund, the Environmental Quality Protection
Bond Fund, the Rail Preservation and Development Bond Fund, the Rebuild and
Renew New York Transportation Bond Fund, the Environmental Quality Bond Act
Fund and the Clean Water/Clean Air 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.
Department of Transportation (DOT) Engineering Services Fund—to account for

costs of providing engineering services for capital projects administered by the
Department of Transportation.
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, 2011
Rebuild
Dedicated Transportation Environmental and Renew
State Highway Capital Quality New York Environmental
Capital and Bridge Environmental Facilities Protection Transportation Quality
Projects Trust Protection Bond Bond Bond Bond
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . $ 1,590 $ 74 $ 57 $ 3 $ 3 $ 228 $ 1
Receivables, net of allowance
for uncollectibles:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 69 —0000 —0000 —0000 —0000 —0000
Due from Federal government . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 19 1 —0000 —0000 —0000 —0000
Due from other funds . . . . . . . . . . . . . . . . . . . . . 155 85 —0000 —0000 —0000 —0000 —0000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . $ 1,904 $ 247 $ 58 $ 3 $ 3 $ 228 $ 1
LIABILITIES:
Tax refunds payable . . . . . . . . . . . . . . . . . . . . . . $ —0000 $ 20 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . 119 86 11 —0000 —0000 —0000 —0000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . 1 41 1 —0000 —0000 —0000 —0000
Payable to local governments . . . . . . . . . . . . . . 298 3 4 —0000 —0000 —0000 —0000
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . 69 266 —0000 —0000 —0000 10 —0000
Deferred revenues . . . . . . . . . . . . . . . . . . . . . . . 2 2 —0000 —0000 —0000 —0000 —0000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . 489 418 16 —0000 —0000 10 —0000

Reserved for:
Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . 1,165 1,439 268 —0000 —0000 —0000 —0000
Other specified purposes . . . . . . . . . . . . . . . . 531 18 —0000 —0000 —0000 —0000 —0000
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (281) (1,628) (226) 3 3 218 1
Total fund balances (deficits) . . . . . . . . . 1,415 (171) 42 3 3 218 1
Total liabilities and fund
balances (deficits) . . . . . . . . . . . . . . . . $ 1,904 $ 247 $ 58 $ 3 $ 3 $ 228 $ 1

____________________________________________________________________________________________ STATE OF NEW YORK
• 149
Mental
Hygiene Correctional
Hazardous Federal Clean Water/ DOT Facilities Facilities
Waste Capital Clean Air Housing Engineering Capital Capital Totals
Remedial Projects Bond Program Services Improvement Improvement Miscellaneous Eliminations 2011 2010
$ —0000 $ —0000 $ 20 $ —0000 $ —0000 $ 146 $ 168 $ 339 $ —0000 $ 2,629 $ 3,188
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 69 61

—0000 104 —0000 —0000 —0000 —0000 —0000 —0000 —0000 104 226
9 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 188 184
—0000 137 —0000 —0000 —0000 —0000 —0000 —0000 (147) 230 163
—0000 —0000 —0000 —0000 7 —0000 —0000 1 —0000 8 8
$ 9 $ 241 $ 20 $ —0000 $ 7 $ 146 $ 168 $ 340 $ (147) $ 3,228 $ 3,830
$ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ 20 $ 18

8 93 —0000 —0000 1 6 24 4 —0000 352 555
2 1 —0000 —0000 —0000 7 —0000 1 —0000 54 66
—0000 59 —0000 —0000 —0000 2 —0000 1 —0000 367 215
108 88 —0000 172 29 1 27 18 (147) 641 611
5 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 9 12
123 241 —0000 172 30 16 51 24 (147) 1,443 1,477
134 3,591 —0000 3 22 352 191 30 —0000 7,195 7,545

—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 549 87
(248) (3,591) 20 (175) (45) (222) (74) 286 —0000 (5,959) (5,279)
(114) —0000 20 (172) (23) 130 117 316 —0000 1,785 2,353
$ 9 $ 241 $ 20 $ —0000 $ 7 $ 146 $ 168 $ 340 $ (147) $ 3,228 $ 3,830

_____________________________________________________________________________________________

Rebuild
Dedicated Transportation Environmental and Renew
State Highway Capital Quality New York Environmental
Capital and Bridge Environmental Facilities Protection Transportation Quality
Projects Trust Protection Bond Bond Bond Bond
REVENUES:
Taxes:
Consumption and use . . . . . . . . . . . . . . . . . . . $ —0000 $ 601 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 624 —0000 —0000 —0000 —0000 —0000
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 119 —0000 —0000 —0000 —0000
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . —0000 5 —0000 —0000 —0000 —0000 —0000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 836 11 —0000 —0000 —0000 —0000
Total revenues . . . . . . . . . . . . . . . . . . . . . 1 2,066 130 —0000 —0000 —0000 —0000
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . —0000 —0000 —0000 —0000 —0000 —0000 —0000
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 —0000 —0000 —0000 —0000 —0000 —0000
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . 17 —0000 —0000 —0000 —0000 —0000 —0000
Health and environment . . . . . . . . . . . . . . . . . 250 —0000 —0000 —0000 —0000 —0000 —0000
Transportation . . . . . . . . . . . . . . . . . . . . . . . . 250 12 —0000 —0000 —0000 —0000 —0000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . 1,165 —0000 25 —0000 —0000 —0000 —0000
Capital construction . . . . . . . . . . . . . . . . . . . . . . 378 1,960 124 —0000 —0000 2 —0000
Total expenditures . . . . . . . . . . . . . . . . . . 2,353 1,972 149 —0000 —0000 2 —0000
Excess (deficiency) of revenues
over expenditures . . . . . . . . . . . . . . . . . . . . . . . (2,352) 94 (19) —0000 —0000 (2) —0000

Transfers from other funds . . . . . . . . . . . . . . . . . 992 864 —0000 —0000 —0000 —0000 —0000
Transfers to other funds . . . . . . . . . . . . . . . . . . . (57) (1,372) (14) —0000 (1) (446) (8)
General obligation bonds issued . . . . . . . . . . . . —0000 —0000 —0000 —0000 1 450 8
Financing arrangements issued . . . . . . . . . . . . . 1,070 —0000 —0000 —0000 —0000 —0000 —0000
Premiums on bonds issued . . . . . . . . . . . . . . . . 72 —0000 —0000 —0000 —0000 25 —0000
Net other financing sources (uses) . . . . 2,077 (508) (14) —0000 —0000 29 —0000
Net change in fund balances . . . . . . . . . . . . . . . . (275) (414) (33) —0000 —0000 27 —0000
Fund balances (deficits) at April 1, 2010 . . . . . . 1,690 243 75 3 3 191 1
Fund balances (deficits) at March 31, 2011 . . . . $ 1,415 $ (171) $ 42 $ 3 $ 3 $ 218 $ 1

____________________________________________________________________________________________ STATE OF NEW YORK
• 151
Mental
Hygiene Correctional
Hazardous Federal Clean Water/ DOT Facilities Facilities
Waste Capital Clean Air Housing Engineering Capital Capital Totals
Remedial Projects Bond Program Services Improvement Improvement Miscellaneous Eliminations 2011 2010
$ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ —0000 $ 601 $ 589
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 624 634
—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 119 199
—0000 2,372 —0000 —0000 —0000 —0000 —0000 —0000 —0000 2,377 1,836
23 2 —0000 105 —0000 2 —0000 35 —0000 1,015 1,007
23 2,374 —0000 105 —0000 2 —0000 35 —0000 4,736 4,265
—0000 —0000 —0000 41 —0000 —0000 —0000 3 —0000 44 1

—0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 —0000 293 325
—0000 —0000 —0000 —0000 —0000 98 —0000 —0000 —0000 115 103
—0000 385 —0000 —0000 —0000 —0000 —0000 —0000 —0000 635 384
—0000 559 —0000 —0000 —0000 —0000 —0000 4 —0000 825 651
2 —0000 —0000 89 —0000 —0000 —0000 118 —0000 1,399 677
91 1,194 —0000 —0000 7 133 225 60 —0000 4,174 5,029
93 2,138 —0000 130 7 231 225 185 —0000 7,485 7,170
(70) 236 —0000 (25) (7) (229) (225) (150) —0000 (2,749) (2,905)
12 34 —0000 1 7 1 —0000 —0000 (835) 1,076 662

(20) (270) (45) —0000 —0000 —0000 —0000 (9) 835 (1,407) (1,236)
—0000 —0000 32 —0000 —0000 —0000 —0000 9 —0000 500 449
—0000 —0000 —0000 —0000 —0000 274 266 275 —0000 1,885 3,923
—0000 —0000 1 —0000 —0000 27 1 1 —0000 127 168
(8) (236) (12) 1 7 302 267 276 —0000 2,181 3,966
(78) —0000 (12) (24) —0000 73 42 126 —0000 (568) 1,061
(36) —0000 32 (148) (23) 57 75 190 —0000 2,353 1,292
$ (114) $ —0000 $ 20 $ (172) $ (23) $ 130 $ 117 $ 316 $ —0000 $ 1,785 $ 2,353
_____________________________________________________________________________________________
Dedicated Highway
State Capital Projects and Bridge Trust
Financial Financial
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 1,209 $ 1,219 $ 10
Miscellaneous . . . . . . . . . . . . . . . . . . 1,985 1,920 (65) 1,296 1,276 (20)
Federal grants . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 5 6 1
Total receipts . . . . . . . . . . . . . . . . 1,985 1,920 (65) 2,510 2,501 (9)
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . 1,412 1,459 (47) 45 12 33
Capital projects . . . . . . . . . . . . . . . . . . 1,590 1,361 229 2,055 1,960 95
Total disbursements . . . . . . . . . . 3,002 2,820 182 2,100 1,972 128
over disbursements . . . . . . . . . . . . . (1,017) (900) 117 410 529 119

Bond and note proceeds, net . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Transfers from other funds . . . . . . . . . 1,056 924 (132) 936 864 (72)
Transfers to other funds . . . . . . . . . . . (39) (24) 15 (1,367) (1,372) (5)
Net other financing
sources (uses) . . . . . . . . . . . . . 1,017 900 (117) (431) (508) (77)
other financing uses . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ (21) $ 21 $ 42

____________________________________________________________________________________________ STATE OF NEW YORK
• 153
Department of Transportation
Federal Capital Projects Engineering Services
Financial Financial
$ —00000 $ —00000 $ —00000 $ —00000 $ —00000 $ —00000

—00000 2 2 —00000 —00000 —00000
2,461 2,494 33 —00000 —00000 —00000
2,461 2,496 35 —00000 —00000 —00000
845 984 (139) —00000 —00000 —00000

1,197 1,159 38 3 7 (4)
2,042 2,143 (101) 3 7 (4)
419 353 (66) (3) (7) (4)
—00000 —00000 —00000 —00000 —00000 —00000

—00000 34 34 3 7 4
(357) (270) 87 —00000 —00000 —00000
(357) (236) 121 3 7 4
$ 62 $ 117 $ 55 $ —00000 $ —00000 $ —00000
(Continued)
_____________________________________________________________________________________________
Other Eliminations
Financial Financial
Plan Actual Variance Plan Actual
RECEIPTS:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 119 $ 119 $ —00000 $ —00000 $ —00000
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 650 (258) —00000 —00000
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (1) (1) —00000 —00000
Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,027 768 (259) —00000 —00000
DISBURSEMENTS:
Local assistance grants . . . . . . . . . . . . . . . . . . . . . . . . . 342 277 65 —00000 —00000
Capital projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 785 626 159 —00000 —00000
Total disbursements . . . . . . . . . . . . . . . . . . . . . . . . 1,127 903 224 —00000 —00000
over disbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . (100) (135) (35) —00000 —00000

Bond and note proceeds, net . . . . . . . . . . . . . . . . . . . . . 578 525 (53) —00000 —00000
Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 72 (159) (231) (963) (539)
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (618) (283) 335 963 539
Net other financing
sources (uses) . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 83 51 —00000 —00000
other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . $ (68) $ (52) $ 16 $ —00000 $ —00000

____________________________________________________________________________________________ STATE OF NEW YORK
• 155
Total
Financial
$ 1,328 $ 1,338 $ 10
4,189 3,848 (341)
2,466 2,499 33
7,983 7,685 (298)
2,644 2,732 (88)

5,630 5,113 517
8,274 7,845 429
(291) (160) 131
578 525 (53)

1,104 1,131 27
(1,418) (1,410) 8
264 246 (18)
$ (27) $ 86 $ 113
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—accounts 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 Assets

PRIVATE PURPOSE TRUSTS
March 31, 2011
Agriculture Milk Tuition

Producers’ Producers’ Abandoned Savings Totals
Security Security Property Program 2011 2010
ASSETS:
Cash and investments . . . . . . . . . . . . $ 1 $ 8 $ 384 $ 11,009 $ 11,402 $ 9,477
Receivables, net of allowance
for uncollectibles . . . . . . . . . . . . . . —00000 —00000 123 39 162 158
Due from other funds . . . . . . . . . . . . . —00000 —00000 939 —00000 939 814
Total assets . . . . . . . . . . . . . . . 1 8 1,446 11,048 12,503 10,449
LIABILITIES:
Accrued liabilities . . . . . . . . . . . . . . . . —00000 —00000 1,446 32 1,478 1,373
Total liabilities . . . . . . . . . . . . . —00000 —00000 1,446 32 1,478 1,373
NET ASSETS:
Reserved for other
specified purposes . . . . . . . . . . . . . 1 8 —00000 11,016 11,025 9,076
Total net assets . . . . . . . . . . . . $ 1 $ 8 $ —00000 $ 11,016 $ 11,025 $ 9,076

____________________________________________________________________________________________ STATE OF NEW YORK
• 159
Combining Statement of Changes

in Fiduciary Net Assets
PRIVATE PURPOSE TRUSTS
March 31, 2011
Agriculture Milk Tuition

Producers’ Producers’ Abandoned Savings Totals
Security Security Property Program 2011 2010
Additions:
Investment income . . . . . . . . . . . . . . . $ —00000 $ —00000 $ —00000 $ 18 $ 18 $ 6
Dividend income . . . . . . . . . . . . . . . . —00000 —00000 —00000 225 225 211
Other income . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 1
Net increase in the fair value
of investments . . . . . . . . . . . . . . . . —00000 —00000 —00000 911 911 1,137
Total investment and
other losses . . . . . . . . . . . . . —00000 —00000 —00000 1,154 1,154 1,355
Less:
Investment expenses . . . . . . . . . . . —00000 —00000 —00000 (40) (40) (39)
Net investment and
other losses . . . . . . . . . . . . . —00000 —00000 —00000 1,114 1,114 1,316
Contributions:
College savings . . . . . . . . . . . . . . . —00000 —00000 —00000 1,837 1,837 2,700
Total contributions . . . . . . . . . . —00000 —00000 —00000 1,837 1,837 2,700
Net transfers from General Fund . . . . —00000 —00000 289 —00000 289 220
Total additions . . . . . . . . . . . . . —00000 —00000 289 2,951 3,240 4,236
Deductions:
College aid redemptions . . . . . . . . . . —00000 —00000 —00000 1,001 1,001 1,957
Claims paid . . . . . . . . . . . . . . . . . . . . —00000 —00000 289 —00000 289 220
Miscellaneous . . . . . . . . . . . . . . . . . . 1 —00000 —00000 —00000 1 1
Total deductions . . . . . . . . . . . 1 —00000 289 1,001 1,291 2,178
Net increase (decrease) . . . . . . . . . . . (1) —00000 —00000 1,950 1,949 2,058
Net assets held in trust
at April 1, 2010 . . . . . . . . . . . . . . . . . 2 8 —00000 9,066 9,076 7,018
Net assets held in trust
at March 31, 2011 . . . . . . . . . . . . . . . $ 1 $ 8 $ —00000 $ 11,016 $ 11,025 $ 9,076

_____________________________________________________________________________________________
Combining Statement of Fiduciary Net Assets

AGENCY FUNDS
March 31, 2011
School
Capital NYS
Facilities Employees Social Employee Employees
Financing Health Security Payroll Dental
Reserve Insurance Contribution Withholding Insurance
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35 $ 349 $ 1 $ 12 $ 4
Receivables, net of allowance for uncollectibles . . . . . . —00000 61 —00000 —00000 2
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 116 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35 $ 526 $ 1 $ 12 $ 6
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 1 $ —00000 $ —00000 $ —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 179 1 12 1
Payable to local governments . . . . . . . . . . . . . . . . . . . . —00000 346 —00000 —00000 5
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35 $ 526 $ 1 $ 12 $ 6

____________________________________________________________________________________________ STATE OF NEW YORK
• 161
Management CUNY
Confidential Senior MMIS
Group College Statewide Sole Totals
Insurance Operating Escrow Custody Miscellaneous 2011 2010
$ 1 $ 27 $ 248 $ 1,901 $ 584 $ 3,162 $ 3,176

—00000 1 —00000 32 38 134 78
—00000 —00000 —00000 —00000 —00000 116 37
$ 1 $ 28 $ 248 $ 1,933 $ 622 $ 3,412 $ 3,291
$ —00000 $ 13 $ —00000 $ —00000 $ 9 $ 23 $ 24

1 15 248 725 575 1,792 1,539
—00000 —00000 —00000 1,208 38 1,597 1,728
$ 1 $ 28 $ 248 $ 1,933 $ 622 $ 3,412 $ 3,291
_____________________________________________________________________________________________
Combining Statement of
Changes in Assets and Liabilities
AGENCY FUNDS
March 31, 2011
Balance Balance
April 1, 2010 Additions Deductions March 31, 2011
School Capital Facilities Financing Reserve
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34 $ 27 $ 26 $ 35
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 8 8 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34 $ 35 $ 34 $ 35
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 26 $ 26 $ —00000
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 32 31 35
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34 $ 58 $ 57 $ 35
Employees Health Insurance
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 520 $ 6,865 $ 7,036 $ 349
Receivables, net of allowance for uncollectibles . . . . . . . . . . . . . . . . . . . . 21 61 21 61
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 116 37 116
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 578 $ 7,226 $ 7,278 $ 526
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 7,406 $ 7,407 $ 1
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 8,292 8,238 179
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451 346 451 346
Due to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 66 66 —00000
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 578 $ 16,110 $ 16,162 $ 526
Social Security Contribution
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $ 1,043 $ 1,043 $ 1
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ —00000 $ 1,043 $ 1,043 $ —00000
(Continued)

____________________________________________________________________________________________ STATE OF NEW YORK
• 163
Changes in Assets and Liabilities (cont’d)
AGENCY FUNDS
March 31, 2011
Balance Balance
NYS Employee Payroll Withholding
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33 $ 4,252 $ 4,273 $ 12
LIABILITIES:
Employees Dental Insurance
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8 $ 100 $ 102 $ 6
LIABILITIES:
Management Confidential Group Insurance
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1 $ 10 $ 10 $ 1
LIABILITIES:
(Continued)

_____________________________________________________________________________________________
AGENCY FUNDS
March 31, 2011
Balance Balance
CUNY Senior College Operating
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19 $ 1,856 $ 1,847 $ 28
LIABILITIES:
MMIS Statewide Escrow
ASSETS:
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 1,315 1,315 —00000
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 294 $ 47,368 $ 47,414 $ 248
LIABILITIES:
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 2,019 2,131 —00000
Sole Custody
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,704 $ 1,935 $ 1,706 $ 1,933
LIABILITIES:
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 575 $ 727 $ 577 $ 725
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129 1,208 1,129 1,208
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,704 $ 1,935 $ 1,706 $ 1,933
(Continued)

____________________________________________________________________________________________ STATE OF NEW YORK
• 165
AGENCY FUNDS
March 31, 2011
Balance Balance
Miscellaneous
ASSETS:
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 619 $ 5,636 $ 5,633 $ 622
LIABILITIES:
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13 $ 535 $ 539 $ 9
Total Assets and Liabilities—All Agency Funds
ASSETS:
Due from other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 2,176 2,176 —00000
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 116 37 116
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,291 $ 69,460 $ 69,339 $ 3,412
LIABILITIES:
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,539 56,098 55,845 1,792
Payable to local governments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,728 3,619 3,750 1,597
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,291 $ 118,275 $ 118,154 $ 3,412

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 fifteen 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 23 other non-major component units listed in Note 14.

_____________________________________________________________________________________________
Combining Statement of Net Assets

DISCRETELY PRESENTED NON-MAJOR COMPONENT UNITS
March 31, 2011
Hugh L. Carey NYS Energy NYS Higher

Health Housing Battery Municipal Research & Education
Research Trust Fund Park City Bond Bank Development Services
Incorporated Corporation Authority Agency Authority Corporation
ASSETS AND DEFERRED
OUTFLOWS OF RESOURCES:
Cash and investments . . . . . . . . . . . . $ 272 $ 241 $ 633 $ 29 $ 926 $ 106
Receivables, net of allowances
for uncollectibles:
Loans, leases, and notes . . . . . . . . —00000 6 1 750 1 —00000
Other . . . . . . . . . . . . . . . . . . . . . . . 66 18 3 14 30 38
Other assets . . . . . . . . . . . . . . . . . . . 58 —00000 47 —00000 —00000 5
Capital assets:
Construction in progress . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Land and buildings,
net of depreciation . . . . . . . . . . . 3 —00000 470 —00000 14 —00000
Intangible assets . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Derivative instruments . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total assets . . . . . . . . . . . . . 399 265 1,154 793 971 149
Deferred outflows of resources . . . . . —00000 —00000 72 —00000 —00000 —00000

Total assets and deferred
outflows of resources . . . 399 265 1,226 793 971 149
LIABILITIES AND DEFERRED

INFLOWS OF RESOURCES:
Accounts payable . . . . . . . . . . . . . . . 42 —00000 2 —00000 30 17
Accrued liabilities . . . . . . . . . . . . . . . . 20 26 307 13 67 —00000
Pension contributions payable . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Deferred revenues . . . . . . . . . . . . . . . —00000 —00000 40 —00000 4 —00000
Notes payable . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . . . —00000 —00000 20 45 —00000 —00000
Current portion of other
long-term liabilities . . . . . . . . . . . . . —00000 —00000 —00000 —00000 3 —00000
Accrued liabilities . . . . . . . . . . . . . . 3 —00000 20 27 —00000 10
Pension contributions payable . . . . —00000 —00000 —00000 —00000 —00000 —00000
Other postemployment benefits . . . 88 1 25 —00000 —00000 —00000
Pollution remediation . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Deferred revenues . . . . . . . . . . . . . 164 —00000 328 —00000 —00000 —00000
Notes payable . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Bonds payable . . . . . . . . . . . . . . . . —00000 —00000 1,067 722 —00000 —00000
Other long-term liabilities . . . . . . . . 58 —00000 —00000 —00000 4 5
Derivative instruments . . . . . . . . . . —00000 —00000 72 —00000 —00000 —00000
Total liabilities . . . . . . . . . . . 375 27 1,881 807 108 32
Deferred inflows of resources . . . . . . —00000 —00000 —00000 —00000 —00000 —00000

Total liabilities and deferred
inflows of resources . . . . 375 27 1,881 807 108 32

Invested in capital assets,
net of related debt . . . . . . . . . . . . . —00000 —00000 7 —00000 14 —00000
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . —00000 —00000 62 —00000 —00000 —00000
Higher education . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 117
Insurance requirements . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Other purposes . . . . . . . . . . . . . . . —00000 136 42 —00000 846 —00000
Unrestricted (deficit) . . . . . . . . . . . . . . 24 102 (766) (14) 3 —00000
Total net assets (deficits) . . . $ 24 $ 238 $ (655) $ (14) $ 863 $ 117

____________________________________________________________________________________________ STATE OF NEW YORK
• 169
Niagara Roswell Park

Frontier Cancer
Transportation Institute SUNY CUNY Totals
Authority Corporation Foundations Foundations Miscellaneous 2011 2010
$ 62 $ 369 $ 1,339 $ 410 $ 967 $ 5,354 $ 4,810
—00000 —00000 —00000 —00000 43 801 535

19 75 114 144 134 655 661
9 15 43 10 21 208 159
28 21 34 —00000 49 132 124
699 288 352 9 594 2,429 2,353

—00000 —00000 —00000 —00000 1 1 —00000
—00000 —00000 —00000 —00000 2 2 —00000
817 768 1,882 573 1,811 9,582 8,642
—00000 —00000 —00000 —00000 —00000 72 —00000
817 768 1,882 573 1,811 9,654 8,642
—00000 —00000 —00000 —00000 40 131 137

26 99 140 10 334 1,042 976
—00000 —00000 —00000 —00000 8 8 2
3 —00000 2 —00000 58 107 112
—00000 —00000 —00000 3 —00000 3 —00000
13 12 25 —00000 11 126 90
4 —00000 —00000 —00000 15 22 18
—00000 —00000 —00000 —00000 17 77 84

1 —00000 —00000 —00000 44 45 44
62 180 —00000 —00000 274 630 690
—00000 —00000 —00000 —00000 1 1 —00000
—00000 —00000 —00000 —00000 1 493 352
—00000 —00000 —00000 18 20 38 2
141 229 353 —00000 65 2,577 2,188
67 —00000 —00000 —00000 41 175 123
5 —00000 —00000 —00000 —00000 77 —00000
322 520 520 31 929 5,552 4,818
—00000 —00000 —00000 —00000 2 2 —00000
322 520 520 31 931 5,554 4,818
535 90 110 —00000 578 1,334 1,259
—00000 —00000 —00000 —00000 8 70 68

—00000 —00000 1,023 494 —00000 1,634 1,551
—00000 —00000 —00000 —00000 9 9 9
48 107 —00000 —00000 196 1,375 1,292
(88) 51 229 48 89 (322) (355)
$ 495 $ 248 $ 1,362 $ 542 $ 880 $ 4,100 $ 3,824
_____________________________________________________________________________________________
Combining Statement of Activities

DISCRETELY PRESENTED NON-MAJOR COMPONENT UNITS
Hugh L. Carey NYS Energy NYS Higher

Health Housing Battery Municipal Research & Education
Research Trust Fund Park City Bond Bank Development Services
Incorporated Corporation Authority Agency Authority Corporation
EXPENSES:
Program operations . . . . . . . . . . . . . . $ 617 $ 1,666 $ 590 $ 2 $ 457 $ 967
Interest on long-term debt . . . . . . . . . —00000 —00000 29 30 —00000 —00000
Other interest . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Depreciation and amortization . . . . . . —00000 —00000 10 —00000 2 —00000
Other expenses . . . . . . . . . . . . . . . . . 45 2 —00000 —00000 11 1
Total expenses . . . . . . . . . . . . . 662 1,668 629 32 470 968
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . 3 —00000 230 33 12 950
Operating grants and contributions . . . 658 1,691 —00000 —00000 105 —00000
Capital grants and contributions . . . . —00000 —00000 —00000 —00000 —00000 —00000
Total program revenues . . . . . 661 1,691 230 33 117 950
Net program revenue
(expenses) . . . . . . . . . . . . (1) 23 (399) 1 (353) (18)
GENERAL REVENUES:
Non-State grants and contributions
not restricted to specific
programs . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000 —00000
Restricted . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1 —00000 —00000
Unrestricted . . . . . . . . . . . . . . . . . . 4 —00000 —00000 —00000 1 —00000
Miscellaneous . . . . . . . . . . . . . . . . . . —00000 4 —00000 —00000 518 —00000
Total general revenues . . . . . . 4 4 —00000 1 519 —00000
Change in net assets . . . . . . . . 3 27 (399) 2 166 (18)
Net assets (deficits)—beginning
of year, as restated . . . . . . . . . . . . . 21 211 (256) (16) 697 135
Net assets (deficits)—end of year . . . $ 24 $ 238 $ (655) $ (14) $ 863 $ 117

____________________________________________________________________________________________ STATE OF NEW YORK
• 171
Niagara Roswell Park

Frontier Cancer
Transportation Institute SUNY CUNY Totals
Authority Corporation Foundations Foundations Miscellaneous 2011 2010
$ 189 $ 428 $ 166 $ 47 $ 1,048 $ 6,177 $ 5,578

—00000 11 13 —00000 5 88 75
9 —00000 —00000 —00000 —00000 9 9
60 35 14 —00000 51 172 161
6 16 63 11 44 199 493
264 490 256 58 1,148 6,645 6,316
63 348 110 —00000 557 2,306 2,408

43 79 173 86 405 3,240 3,188
43 —00000 —00000 —00000 78 121 80
149 427 283 86 1,040 5,667 5,676
(115) (63) 27 28 (108) (978) (640)
49 26 —00000 —00000 45 120 128
—00000 3 16 15 22 57 44
—00000 —00000 9 13 38 65 34
43 38 88 4 22 717 596
92 67 113 32 127 959 802
(23) 4 140 60 19 (19) 162
518 244 1,222 482 861 4,119 3,662

$ 495 $ 248 $ 1,362 $ 542 $ 880 $ 4,100 $ 3,824
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 addi-
tional 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 under-
stand 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 year. The State implemented
GASB Statement 34 in 2003; schedules presenting government-wide information include
information beginning in that year.
_____________________________________________________________________________________________
Changes in Fund Balances

GOVERNMENTAL FUNDS
LAST NINE FISCAL YEARS
(Modified accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
REVENUES:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,967 $ 25,150 $ 28,382 $ 31,695 $ 34,615
Consumption and use . . . . . . . . . . . . . . . . . . . . . . . . 10,753 11,852 13,005 13,101 12,734
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,049 4,879 5,699 6,929 8,488
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 1,210 1,821 1,898 2,024
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,312 38,241 37,480 36,625 38,163
Public health/patient fees . . . . . . . . . . . . . . . . . . . . . . . . 3,325 3,439 3,449 3,149 3,810
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745 324 774 514 528
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,336 6,978 7,981 13,582 9,558
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,699 92,073 98,591 107,493 109,920
EXPENDITURES:
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,220 38,616 38,711 40,062 42,794
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,282 23,323 24,205 25,459 27,711
Mental hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,331 1,384 1,336 1,422 1,537
General purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847 869 1,016 1,047 1,192
Health and environment . . . . . . . . . . . . . . . . . . . . . . . 3,052 3,395 3,490 4,221 4,527
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,370 2,437 2,510 3,097 2,984
Criminal justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 519 370 337 461
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,488 2,708 2,459 1,471 2,555
State operations:
Personal service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,036 7,785 8,050 8,405 8,780
Non-personal service . . . . . . . . . . . . . . . . . . . . . . . . . 5,404 5,340 5,189 6,208 5,751
Pension contributions . . . . . . . . . . . . . . . . . . . . . . . . 177 475 691 964 1,078
Other fringe benefits . . . . . . . . . . . . . . . . . . . . . . . . . 2,308 2,792 3,147 3,257 3,314
Capital construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,362 3,608 3,599 4,048 4,404
on financing arrangements:
Principal—(General Obligation) . . . . . . . . . . . . . . . . . 390 349 331 341 352
Interest—(General Obligation) . . . . . . . . . . . . . . . . . . 182 160 153 146 146
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,398 2,931 2,996 3,528 3,094
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . 91,147 96,691 98,253 104,013 110,680
Excess (deficiency) of revenues over expenditures . . . (6,448) (4,618) 338 3,480 (760)

Transfers from other funds . . . . . . . . . . . . . . . . . . . . . . . 2,238 2,628 2,947 2,295 2,707
Transfers to other funds . . . . . . . . . . . . . . . . . . . . . . . . . (3,637) (3,182) (3,560) (3,914) (5,202)
Collateralized borrowing . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
General obligation bonds issued . . . . . . . . . . . . . . . . . . 246 147 178 159 180
Financing arrangements issued . . . . . . . . . . . . . . . . . . . 3,192 8,249 2,176 1,824 3,019
Refunding debt issued . . . . . . . . . . . . . . . . . . . . . . . . . . 6,586 4,456 2,168 3,205 543
Payments to escrow agents for refundings . . . . . . . . . . (6,481) (4,443) (2,137) (3,201) (535)
Swap termination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Premiums on bonds issued . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 1 3
Net other financing sources (uses) . . . . . . . . . . 2,144 7,855 1,772 369 715
Net change in fund balances . . . . . . . . . . . . . . . . . . . . . $ (4,304) $ 3,237 $ 2,110 $ 3,849 $ (45)
Debt service (principal and interest)
as a percentage of non-capital expenditures . . . . . . 3.43% 3.71% 3.72% 4.03% 3.39%
Source: Office of the State Comptroller
Note: Figures restated for prior period adjustments.

____________________________________________________________________________________________ STATE OF NEW YORK
• 175
Fiscal Year
2008 2009 2010 2011
$ 38,792 $ 33,096 $ 34,536 $ 37,705

13,101 13,131 13,069 14,133
8,163 7,711 7,547 7,115
2,292 1,769 2,753 3,228
37,802 41,637 51,407 54,659
3,900 3,734 4,296 4,655
580 594 491 457
9,410 9,044 11,780 11,371
114,040 110,716 125,879 133,323
42,689 44,741 52,341 53,894

30,208 31,047 31,097 32,380
1,859 1,998 1,912 2,020
928 1,220 1,251 1,037
4,423 4,592 4,250 4,460
3,634 4,109 5,123 5,311
493 516 624 506
3,142 2,901 2,068 2,685
9,230 9,819 9,733 9,857

6,178 5,694 5,826 5,899
1,117 973 874 1,234
3,500 3,840 3,893 4,338
4,467 5,127 5,029 4,174
350 353 355 347

139 127 123 135
3,589 3,622 4,067 4,412
115,946 120,679 128,566 132,689
(1,906) (9,963) (2,687) 634
2,709 2,761 2,959 3,315

(4,810) (5,072) (5,158) (5,085)
—00000 —00000 —00000 102
268 455 449 500
3,237 3,689 4,354 2,253
2,280 3,874 2,200 1,907
(2,383) (3,926) (2,278) (2,052)
—00000 (32) (94) (48)
245 215 378 375
1,546 1,964 2,810 1,267
$ (360) $ (7,999) $ 123 $ 1,901
3.69% 3.59% 3.71% 3.85%

_____________________________________________________________________________________________
Net Assets by Component

(Accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006 2007
Invested in capital assets, net of related debt . . . . . . . . $ 60,823 $ 60,441 $ 61,375 $ 62,071 $ 62,500
Restricted for:
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,278 2,454 2,821 2,270 2,210
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 240 374 2,566 2,313
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20,846) (24,049) (23,380) (20,910) (21,696)
Total governmental activities net assets . . . . . . $ 42,396 $ 39,086 $ 41,190 $ 45,997 $ 45,327
Invested in capital assets, net of related debt . . . . . . . . $ (520) $ 23 $ 63 $ 9 $ 207
Restricted for:
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . 659 372 596 1,130 1,308
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,401 1,082 1,104 1,257 1,344
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 142 151 130 104
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 869 469 731 610 636
Total business-type activities net assets . . . . . $ 2,500 $ 2,088 $ 2,645 $ 3,136 $ 3,599
Primary government:
Invested in capital assets, net of related debt . . . . . . . . $ 60,303 $ 60,464 $ 61,438 $ 62,080 $ 62,707
Restricted for:
Unemployment benefits . . . . . . . . . . . . . . . . . . . . . . . 659 372 596 1,130 1,308
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,278 2,454 2,821 2,270 2,210
Higher education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,401 1,082 1,104 1,257 1,344
Other purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232 382 525 2,696 2,417
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,977) (23,580) (22,649) (20,300) (21,060)
Total primary government net assets . . . . . . . . $ 44,896 $ 41,174 $ 43,835 $ 49,133 $ 48,926

____________________________________________________________________________________________ STATE OF NEW YORK
• 177
Fiscal Year
2008 2009 2010 2011
$ 62,800 $ 63,476 $ 63,797 $ 65,118
2,304 2,321 2,277 2,506

1,231 517 387 508
(22,825) (35,420) (38,485) (40,484)
$ 43,510 $ 30,894 $ 27,976 $ 27,648
$ 353 $ 569 $ 468 $ 685
1,313 351 —00000 —00000

1,634 1,619 1,021 1,003
110 72 79 105
807 420 (1,452) (2,411)
$ 4,217 $ 3,031 $ 116 $ (618)
$ 63,153 $ 64,045 $ 64,265 $ 65,803
1,313 351 —00000 —00000

2,304 2,321 2,277 2,506
1,634 1,619 1,021 1,003
1,341 589 466 613
(22,018) (35,000) (39,937) (42,895)
$ 47,727 $ 33,925 $ 28,092 $ 27,030
_____________________________________________________________________________________________

Fiscal Year
2003 2004 2005 2006 2007
EXPENSES:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,215 $ 22,845 $ 24,023 $ 25,303 $ 28,222
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,427 38,013 39,540 41,631 44,869
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,230 11,642 10,697 10,669 11,291
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,948 5,961 5,597 5,001 5,521
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,043 4,740 4,614 5,836 5,893
Environment and recreation . . . . . . . . . . . . . . . . . . . . 1,163 1,259 1,324 1,193 1,226
Support and regulate business . . . . . . . . . . . . . . . . . 873 1,250 927 1,507 1,062
General government . . . . . . . . . . . . . . . . . . . . . . . . . 6,467 7,041 6,937 8,280 8,684
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . 1,206 1,851 1,684 1,712 1,478
Total governmental activities expenses . . . . 88,572 94,602 95,343 101,132 108,246
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,717 3,993 4,298 4,721 4,945
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . 4,590 3,877 2,638 2,507 2,344
State University of New York . . . . . . . . . . . . . . . . . . . 5,484 5,732 6,138 6,396 7,003
City University of New York . . . . . . . . . . . . . . . . . . . . 1,852 1,953 1,903 2,056 2,246
Total business-type activities expenses . . . . 15,643 15,555 14,977 15,680 16,538
Total primary government expenses . . . . . . . . . . . . . . . $ 104,215 $ 110,157 $ 110,320 $ 116,812 $ 124,784
PROGRAM REVENUES:
Charges for services:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 144 $ 158 $ 125 $ 123 $ 95
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,350 3,305 3,437 8,273 5,141
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561 708 313 702 385
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222 158 193 198 185
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858 1,018 914 974 1,069
Environment and recreation . . . . . . . . . . . . . . . . . . 286 321 246 227 258
Support and regulate business . . . . . . . . . . . . . . . 443 398 247 276 487
General government . . . . . . . . . . . . . . . . . . . . . . . 670 1,627 2,122 1,724 1,050
Operating grants and contributions . . . . . . . . . . . . . . 34,383 36,526 36,020 35,333 36,752
Capital grants and contributions . . . . . . . . . . . . . . . . 1,158 1,047 1,423 1,277 1,392
Total governmental activities
program revenues . . . . . . . . . . . . . . . . . . . . 42,075 45,266 45,040 49,107 46,814
Charges for services:
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,396 5,848 6,271 6,803 7,175
State University of New York . . . . . . . . . . . . . . . . . 2,243 2,152 2,726 2,700 2,948
City University of New York . . . . . . . . . . . . . . . . . . 330 373 437 463 484
Operating grants and contributions . . . . . . . . . . . . . . 5,551 5,389 4,762 4,736 4,504
Capital grants and contributions . . . . . . . . . . . . . . . . 8 116 15 80 73
Total business-type activities
program revenues . . . . . . . . . . . . . . . . . . . . 13,528 13,878 14,211 14,782 15,184
Total primary government program revenues . . . . . . . $ 55,603 $ 59,144 $ 59,251 $ 63,889 $ 61,998
NET (EXPENSE)/REVENUE:
Governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . $ (47,152) $ (50,036) $ (51,008) $ (52,783) $ (62,266)
Business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . (1,781) (1,551) (525) (590) (1,058)
Total primary government net expense . . . . . . . . . . . . . $ (48,933) $ (51,587) $ (51,533) $ (53,373) $ (63,324)
____________________________________________________________________________________________ STATE OF NEW YORK
• 179
Fiscal Year
2008 2009 2010 2011
$ 31,215 $ 32,184 $ 31,075 $ 32,478

44,777 47,233 51,499 52,618
12,491 13,824 16,226 17,091
6,011 6,066 5,641 6,143
6,595 7,164 8,112 7,778
1,275 1,276 1,338 1,625
1,288 1,911 1,713 1,827
7,841 9,457 9,234 9,707
1,862 1,752 1,839 2,040
113,355 120,867 126,677 131,307
5,044 5,235 5,221 5,250

2,412 4,562 10,267 9,414
7,965 8,379 9,509 9,032
2,443 2,617 2,847 2,950
17,864 20,793 27,844 26,646
$ 131,219 $ 141,660 $ 154,521 $ 157,953
$ 88 $ 73 $ 118 $ 119
4,676 4,459 5,086 5,687
597 458 1,024 751
208 194 173 167
1,033 1,109 1,317 1,425
291 297 324 315
539 822 1,528 1,413
1,050 1,920 1,989 1,848
36,509 40,401 50,058 53,072
1,305 1,344 1,240 1,427
46,296 51,077 62,857 66,224
7,548 7,660 7,818 7,868

3,219 3,279 3,533 3,803
504 519 541 614
4,518 5,667 10,903 11,445
61 69 48 76
15,850 17,194 22,843 23,806

$ 62,146 $ 68,271 $ 85,700 $ 90,030
$ (67,828) $ (70,563) $ (63,820) $ (65,083)

(1,660) (3,599) (5,001) (2,840)
$ (69,488) $ (74,162) $ (68,821) $ (67,923)
(Continued)
_____________________________________________________________________________________________
Changes in Net Assets (cont’d)

Fiscal Year
2003 2004 2005 2006 2007
GENERAL REVENUES AND OTHER CHANGES
IN NET ASSETS:
Taxes:
Personal income . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,945 $ 25,129 $ 28,344 $ 31,694 $ 34,745
Consumption and use . . . . . . . . . . . . . . . . . . . . . . 10,749 11,828 12,998 13,079 12,727
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,049 4,832 5,676 6,901 8,527
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,214 1,217 1,817 1,897 2,022
Grants and contributions not restricted
to specific programs . . . . . . . . . . . . . . . . . . . . . . . . —00000 645 —00000 —00000 —00000
Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . 282 444 683 685 833
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,736 3,171 4,107 4,055 4,240
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,761) (1,240) (1,218) (1,479) (2,332)
Total governmental activities . . . . . . . . . . . . . 41,214 46,026 52,407 56,832 60,762
Investment earnings . . . . . . . . . . . . . . . . . . . . . . . . . 391 169 81 127 366
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188 173 453 505 292
Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 923 789 757 1,159
Total business-type activities . . . . . . . . . . . . . 1,928 1,265 1,323 1,389 1,817
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ 43,142 $ 47,291 $ 53,730 $ 58,221 $ 62,579
CHANGE IN NET ASSETS:

Governmental activities . . . . . . . . . . . . . . . . . . . . . . . . . $ (5,283) $ (3,310) $ 2,104 $ 4,807 $ (670)
Business-type activities . . . . . . . . . . . . . . . . . . . . . . . . . (187) (412) 557 491 463
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ (5,470) $ (3,722) $ 2,661 $ 5,298 $ (207)

____________________________________________________________________________________________ STATE OF NEW YORK
• 181
Fiscal Year
2008 2009 2010 2011
$ 38,756 $ 33,108 $ 34,521 $ 37,629

13,087 13,137 13,076 14,115
8,157 7,661 7,662 6,892
2,291 1,898 2,780 3,187
—00000 —00000 —00000 —00000

997 256 115 84
3,876 3,983 4,906 4,663
(1,922) (2,226) (2,158) (1,739)
65,242 57,817 60,902 64,831
639 270 39 208

119 300 235 593
1,543 1,845 1,812 1,307
2,301 2,415 2,086 2,108
$ 67,543 $ 60,232 $ 62,988 $ 66,939
$ (1,817) $ (11,973) $ (2,918) $ (252)

287 (1,184) (2,915) (732)
$ (1,530) $ (13,157) $ (5,833) $ (984)
_____________________________________________________________________________________________
Fund Balances
GOVERNMENTAL FUNDS
Fiscal Year
2003 2004 2005 2006 2007
General Fund:
Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,216 $ 1,782 $ 1,773 $ 1,798 $ 2,011
Unreserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,536) (2,063) (1,227) 384 373
Total general fund . . . . . . . . . . . . . . . . . . . . . . . . $ (3,320) $ (281) $ 546 $ 2,182 $ 2,384
All Other Governmental Funds:

Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,611 $ 9,051 $ 9,099 $ 11,277 $ 10,652
Unreserved, reported in:
Federal special revenue funds . . . . . . . . . . . . . . . . . . (496) (700) (768) (1,026) (900)
Special revenue funds . . . . . . . . . . . . . . . . . . . . . . . . 2,917 2,260 3,110 3,938 3,584
Capital projects funds . . . . . . . . . . . . . . . . . . . . . . . . (4,202) (4,580) (4,121) (4,544) (4,089)
Debt service funds . . . . . . . . . . . . . . . . . . . . . . . . . . . 450 447 441 329 480
Total all other governmental funds . . . . . . . . . . $ 6,280 $ 6,478 $ 7,761 $ 9,974 $ 9,727
Tax Receipts by Source

GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
Total Taxes
Personal Sales Corporate Corporate Other Collected
Fiscal Year Income and Use Motor Fuel Franchise Cigarette & Utility Miscellaneous by Year
2001-2002 ...... $ 24,004 $ 8,836 $ 513 $ 1,559 $ 558 $ 1,156 $ 4,054 $ 40,680
2002-2003 ...... 21,967 9,309 552 1,655 514 1,083 3,901 38,981
2003-2004 ...... 25,150 10,433 543 1,657 442 860 4,006 43,091
2004-2005 ...... 28,382 11,587 557 2,070 427 812 5,072 48,907
2005-2006 ...... 31,695 11,199 530 2,985 974 813 5,427 53,623
2006-2007 ...... 34,615 10,828 517 4,170 993 809 5,929 57,861
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

New York State Division of the Budget

____________________________________________________________________________________________ STATE OF NEW YORK
• 183
Fiscal Year
2008 2009 2010 2011
$ 3,546 $ 2,624 $ 3,125 $ 2,208

405 (5,568) (6,663) (4,217)
$ 3,951 $ (2,944) $ (3,538) $ (2,009)
$ 10,257 $ 9,787 $ 11,406 $ 11,748
(964) (1,081) (1,341) (1,325)

3,558 2,677 2,093 2,819
(5,144) (4,798) (5,279) (5,959)
93 111 534 502
$ 7,800 $ 6,696 $ 7,413 $ 7,785
_____________________________________________________________________________________________
Program Revenues by Function/Program

Program Revenues
2003 2004 2005 2006 2007
FUNCTION/PROGRAM:
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,628 $ 3,259 $ 3,480 $ 3,833 $ 3,766
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,636 26,505 26,878 31,526 29,514
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,046 8,321 7,678 8,204 7,882
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,727 2,170 1,452 480 697
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,209 2,320 2,578 2,540 2,758
Environment and recreation . . . . . . . . . . . . . . . . . . . . 552 538 496 428 451
Support and regulate business . . . . . . . . . . . . . . . . . 475 406 266 299 503
General government . . . . . . . . . . . . . . . . . . . . . . . . . 802 1,747 2,212 1,797 1,243
Interest on long-term debt . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total governmental activities . . . . . . . . . . . . . . . 42,075 45,266 45,040 49,107 46,814
Lottery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,396 5,848 6,271 6,803 7,175
Unemployment insurance . . . . . . . . . . . . . . . . . . . . . 3,911 3,590 2,727 2,754 2,490
State University of New York . . . . . . . . . . . . . . . . . . . 3,409 3,510 4,123 4,110 4,379
City University of New York . . . . . . . . . . . . . . . . . . . . 812 930 1,090 1,115 1,140
Total business-type activities . . . . . . . . . . . . . . . 13,528 13,878 14,211 14,782 15,184
Total primary government . . . . . . . . . . . . . . . . . . . . . . . . $ 55,603 $ 59,144 $ 59,251 $ 63,889 $ 61,998
New York State and Local Retirement System—

(Amounts in thousands)
Fiscal Year
2002 2003 2004 2005 2006
Additions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . $ 210,202 $ 219,192 $ 221,871 $ 227,308 $ 241,173
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . 263,846 651,931 1,286,455 2,964,843 2,782,147
Investment income(loss), net of expenses . . . . . . . . . . 2,730,952 (11,235,815) 27,334,752 9,679,979 17,615,876
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,366 109,730 77,148 122,767 94,556
Total additions to plan net assets . . . . . . . . . . . . . 3,324,366 (10,254,962) 28,920,226 12,994,897 20,733,752
Deductions:
Retirement allowances . . . . . . . . . . . . . . . . . . . . . . . . . 4,336,455 4,836,206 5,190,147 5,512,849 5,867,718
Death benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151,796 148,372 157,314 161,857 161,249
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . 66,612 67,496 69,612 65,324 78,506
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,121 45,188 76,816 16,159 43,901
Total deductions from plan assets . . . . . . . . . . . . . 4,642,984 5,097,262 5,493,889 5,756,189 6,151,374
Change in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,318,618) $ (15,352,224) $ 23,426,337 $ 7,238,708 $ 14,582,378
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
• 185
Program Revenues
2008 2009 2010 2011
$ 3,315 $ 3,684 $ 3,853 $ 4,322

28,900 31,402 38,314 38,733
8,315 9,056 12,021 12,590
916 481 758 730
2,613 2,931 3,017 3,491
493 413 521 742
552 835 1,542 1,430
1,192 2,275 2,826 4,156
—00000 —00000 5 30
46,296 51,077 62,857 66,224
7,548 7,660 7,818 7,868

2,389 3,582 8,603 8,813
4,719 4,740 5,154 5,646
1,194 1,212 1,268 1,479
15,850 17,194 22,843 23,806
$ 62,146 $ 68,271 $ 85,700 $ 90,030
Fiscal Year
2007 2008 2009 2010 2011
$ 250,158 $ 265,676 $ 273,316 $ 284,291 $ 286,199

2,718,551 2,648,448 2,456,223 2,344,222 4,164,571
17,416,082 3,163,728 (40,428,820) 28,422,361 19,339,896
131,863 116,112 155,918 81,981 127,709
20,516,654 6,193,964 (37,543,363) 31,132,855 23,918,375
6,218,783 6,653,820 7,031,621 7,480,101 8,272,262

164,632 181,693 180,491 183,023 192,265
79,772 90,304 99,229 100,029 101,333
48,316 47,521 53,387 55,748 55,696
6,511,503 6,973,338 7,364,728 7,818,901 8,621,556
$ 14,005,151 $ (779,374) $ (44,908,091) $ 23,313,954 $ 15,296,819
_____________________________________________________________________________________________
Personal Income Tax Filers and Liability by Income Level

FOR TEN YEARS STATED
1999 2000
Income Tax Components of Full-Year Residents Income Tax Components of Full-Year Residents
by Size of Income (All Returns) in 1999 by Size of Income (All Returns) in 2000
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 1,067,000 14% $ (27,952) 0% Under $5,000 1,082,379 13% $ (33,430) 0%
$ 5,000–9,999 873,229 11% (93,715) 0% $ 5,000–9,999 912,361 11% (134,835) –1%
10,000–19,999 1,338,164 17% (3,093) 0% 10,000–19,999 1,372,544 17% (52,310) 0%
20,000–29,999 1,042,293 13% 536,980 3% 20,000–29,999 1,076,279 13% 531,738 2%
30,000–39,999 814,459 11% 891,926 5% 30,000–39,999 840,802 10% 916,843 4%
40,000–49,999 588,527 8% 961,664 5% 40,000–49,999 615,956 8% 1,002,229 5%
50,000–59,999 450,140 6% 978,580 6% 50,000–59,999 468,257 6% 1,014,292 5%
60,000–74,999 485,419 6% 1,388,686 8% 60,000–74,999 513,045 6% 1,472,446 7%
75,000–99,999 466,673 6% 1,858,354 10% 75,000–99,999 505,027 6% 2,015,234 10%
100,000–199,999 459,964 6% 3,299,057 18% 100,000–199,999 519,221 7% 3,735,901 18%
200,000 and over 188,129 2% 8,153,678 45% 200,000 and over 217,173 3% 10,529,250 50%
Total 7,773,997 100% $17,944,165 100% Total 8,123,044 100% $20,997,359 100%
2003 2004
Under $5,000 1,174,853 15% $ (53,777) 0% Under $5,000 1,170,424 15% $ (62,168) 0%
$ 5,000–9,999 833,759 10% (164,814) –1% $ 5,000–9,999 823,368 10% (145,378) –1%
10,000–19,999 1,285,687 16% (279,415) –1% 10,000–19,999 1,264,123 16% (282,049) –1%
20,000–29,999 1,017,276 13% 336,793 2% 20,000–29,999 990,224 12% 301,752 1%
30,000–39,999 820,358 10% 816,554 4% 30,000–39,999 815,073 10% 795,065 4%
40,000–49,999 619,173 8% 959,105 5% 40,000–49,999 628,266 8% 965,901 4%
50,000–59,999 459,446 6% 956,322 5% 50,000–59,999 466,514 6% 966,540 5%
60,000–74,999 515,069 6% 1,428,386 7% 60,000–74,999 524,742 6% 1,446,315 7%
75,000–99,999 536,852 7% 2,068,743 11% 75,000–99,999 554,372 7% 2,121,162 10%
100,000–199,999 560,063 7% 3,954,366 21% 100,000–199,999 596,606 7% 4,183,689 19%
200,000 and over 203,810 2% 8,924,744 47% 200,000 and over 230,838 3% 11,299,366 52%
Total 8,026,346 100% $18,947,007 100% Total 8,064,550 100% $21,590,194 100%
2007 2008(1)
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%
Source: New York State Department of Taxation and Finance
Note: (1) Calendar years after 2008 are not yet available; please see www.tax.state.ny.us for additional information.
____________________________________________________________________________________________ STATE OF NEW YORK
• 187
2001 2002
Under $5,000 1,099,726 14% $ (36,957) 0% Under $5,000 1,147,330 14% $ (46,412) 0%
$ 5,000–9,999 865,739 11% (138,532) –1% $ 5,000–9,999 851,799 11% (144,238) –1%
10,000–19,999 1,335,044 17% (123,275) –1% 10,000–19,999 1,314,760 16% (188,667) –1%
20,000–29,999 1,052,949 13% 484,510 3% 20,000–29,999 1,033,443 13% 416,859 2%
30,000–39,999 837,757 10% 897,780 5% 30,000–39,999 825,347 10% 858,914 5%
40,000–49,999 619,279 8% 996,088 5% 40,000–49,999 621,435 8% 980,604 6%
50,000–59,999 464,371 6% 995,479 5% 50,000–59,999 459,327 6% 968,129 6%
60,000–74,999 515,464 6% 1,466,090 8% 60,000–74,999 519,994 6% 1,457,215 8%
75,000–99,999 515,543 6% 2,033,086 11% 75,000–99,999 525,565 7% 2,041,915 12%
100,000–199,999 528,198 6% 3,746,962 20% 100,000–199,999 533,802 7% 3,746,124 21%
200,000 and over 203,001 3% 8,507,936 45% 200,000 and over 196,969 2% 7,379,544 42%
Total 8,037,071 100% $18,829,167 100% Total 8,029,771 100% $17,469,989 100%
2005 2006
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%
_____________________________________________________________________________________________
Personal Income by Industry

LAST TEN CALENDAR YEARS
Calendar Year
2001 2002 2003 2004 2005
Total personal income . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 679,885 $ 677,604 $ 691,123 $ 737,755 $ 805,717
Farm earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851 596 781 805 1,029
Nonfarm earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550,299 548,911 557,906 595,910 640,427
Private earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,031 468,952 474,881 508,731 547,340

Agricultural services, forestry, fishing . . . . . . . . . . 1,279 1,226 1,214 1,245 1,300
Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,212 942 829 934 1,044
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,178 5,483 5,576 5,708 6,056
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,736 23,097 23,450 24,559 25,880
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,787 42,360 43,133 43,719 44,750
Wholesale trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,344 25,391 26,278 27,831 29,324
Retail trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,203 28,185 29,067 30,537 32,704
Transportation and warehousing . . . . . . . . . . . . . . 11,778 11,648 11,941 12,559 13,368
Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,224 33,482 34,470 36,015 37,930
Finance and insurance . . . . . . . . . . . . . . . . . . . . . 102,845 92,368 89,925 102,607 112,614
Real estate, rental and leasing . . . . . . . . . . . . . . . 13,991 13,657 15,570 14,893 16,105
Professional and technical services . . . . . . . . . . . . 61,633 59,209 58,694 62,741 69,610
Management of companies and enterprises . . . . . 14,707 16,101 15,591 16,591 17,411
Administrative and waste services . . . . . . . . . . . . . 16,616 16,698 17,433 18,596 20,562
Educational services . . . . . . . . . . . . . . . . . . . . . . . 10,553 11,298 12,100 12,880 14,195
Health care and social assistance . . . . . . . . . . . . . 51,234 54,547 57,000 60,445 64,775
Arts, entertainment, and recreation . . . . . . . . . . . . 7,012 7,341 7,629 8,300 8,818
Accommodation and food services . . . . . . . . . . . . 11,439 11,832 12,346 13,112 14,150
Other services, except public administration . . . . . 13,252 14,079 14,806 15,451 16,745
Government and government enterprises . . . . . . 76,268 79,959 83,025 87,179 93,086

Federal, civilian . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,522 10,080 10,189 10,813 11,330
Military . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,719 1,991 2,442 2,626 2,921
State and local . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,027 67,887 70,392 73,738 78,835
Source: Bureau of Economic Analysis
Notes:
Deviation 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 adjustment for residence.
Calendar year 2010 data is estimated. For more information, please see www.bea.gov.
____________________________________________________________________________________________ STATE OF NEW YORK
• 189
Calendar Year
2006 2007 2008 2009 2010
$ 818,426 $ 914,432 $ 937,010 $ 917,610 $ 946,054
592 1,170 1,015 806 1,209
667,882 724,080 752,457 700,447 721,629
574,142 622,711 644,763 588,548 606,487

1,255 1,216 1,300 343 389
2,175 1,739 2,456 1,417 2,087
5,762 6,855 6,672 5,671 5,738
27,266 28,776 30,092 28,584 28,398
45,552 46,153 46,448 37,575 37,994
30,446 31,959 32,434 29,851 30,781
33,112 34,444 35,081 33,982 34,857
13,636 14,657 14,614 14,391 14,618
38,277 41,203 44,959 38,250 41,032
120,710 144,606 147,543 116,255 114,662
17,321 17,938 16,196 13,338 13,859
76,751 80,728 88,121 80,161 83,742
18,708 21,174 20,949 19,055 21,302
20,661 22,334 23,332 21,721 23,553
14,588 15,381 16,354 17,838 18,368
67,272 69,867 72,827 78,312 82,971
8,790 9,532 9,807 11,563 11,204
14,757 16,010 16,718 17,354 18,141
17,100 18,136 18,859 22,887 22,791
93,740 101,369 107,694 111,899 115,142

10,939 11,813 12,072 12,532 12,510
3,340 3,555 3,831 4,421 4,591
79,460 86,002 91,791 94,945 98,041
_____________________________________________________________________________________________
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)
2001 .......................................... 6.85% $ 20,000 $ 40,000 $ 30,000 4.13%
2002 .......................................... 6.85% 20,000 40,000 30,000 3.53%
2003 .......................................... 7.70% 500,000 500,000 500,000 3.24%
2004 .......................................... 7.70% 500,000 500,000 500,000 3.64%
2005 .......................................... 7.70% 500,000 500,000 500,000 3.85%
2006 .......................................... 6.85% 20,000 40,000 30,000 3.93%
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%
Source: New York State Department of Taxation and Finance (www.tax.state.ny.us)
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
• 191
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)
2001-2002 ....................... $ 4,142 $ 25,561 $ 7,339 $ 37,042 5% $ 1,948
2002-2003 ....................... 3,998 27,880 7,444 39,322 6% 2,053
2003-2004 ....................... 3,825 35,084 8,025 46,934 7% 2,446
2004-2005 ....................... 3,692 35,911 7,938 47,541 6% 2,473
2005-2006 ....................... 3,511 35,763 7,825 47,099 6% 2,446
2006-2007 ....................... 3,344 37,031 8,386 48,761 6% 2,526
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
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 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
2002 2003 2004 2005 2006
Authorized Debt Limit—General Obligation Debt:
Transportation Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250 250 250 250
Total General Obligation Debt . . . . . . . . . . . . . . 14,535 14,535 14,535 14,535 17,435
Local Government Assistance Corporation . . . . . . . . . . 4,700 4,700 4,700 4,700 4,700
Other Lease Purchase and Contractual
Financing Arrangements . . . . . . . . . . . . . . . . . . . . . . 38,352 42,542 44,079 58,575(1) 64,315
Total Authorized Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,587 $ 61,777 $ 63,314 $ 77,810 $ 86,450
Total debt applicable to limit:(2)

General Obligation(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,142 $ 3,996 $ 3,804 $ 3,652 $ 3,470
Local Government Assistance Corporation . . . . . . . . . . 4,621 4,575 4,569 4,449 4,317
Other Lease Purchase and Contractual
Financing Arrangements . . . . . . . . . . . . . . . . . . . . . . 27,534 29,672 36,696 37,279 36,908
Direct Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,297 38,243 45,069 45,380 44,695
Legal Debt Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,290 $ 23,534 $ 18,245 $ 32,430 $ 41,755
Total net debt applicable to the limit
as a percentage of debt limit . . . . . . . . . . . . . . . . . . . 63.03% 61.90% 71.18% 58.32% 51.70%
Sources:
Office of the State Comptroller
New York State Division of the Budget, Annual Information Statement
Notes:
(1) The increase in 2005 Other Lease Purchase and Contractual Financing Arrangements relates to the increase in
authorization of lease purchases for the Thruway Authority and SUNY, resulting in an increase of the Legal Debt
Margin for 2005.
(2) Amount of debt applicable to limitations is dependent upon authorization language.
(3) General Obligation Debt stated at par.
For additional information please see the notes to the financial statements and www.budget.state.ny.us.
Balances have been restated for prior period adjustments, corrections and reclassifications.
____________________________________________________________________________________________ STATE OF NEW YORK
• 193
Fiscal Year
2007 2008 2009 2010 2011
$ 10,400 $ 10,400 $ 10,400 $ 10,400 $ 10,400

5,650 5,650 5,650 5,650 5,650
1,135 1,135 1,135 1,135 1,135
250 —00000 —00000 —00000 —00000
17,435 17,185 17,185 17,185 17,185
4,700 4,700 4,700 4,700 4,700
69,889 76,538 79,696 79,696 82,058

$ 92,024 $ 98,423 $ 101,581 $ 101,581 $ 103,943
$ 3,302 $ 3,221 $ 3,323 $ 3,400 $ 3,525

4,204 4,021 3,849 3,639 3,330
38,750 40,823 42,868 45,638 46,857

46,256 48,065 50,040 52,677 53,712
$ 45,768 $ 50,358 $ 51,541 $ 48,904 $ 50,231
50.27% 48.84% 49.26% 51.86% 51.67%

_____________________________________________________________________________________________
Ratios of General Obligation Debt Outstanding

and Legal Debt Margin
Fiscal Year
2002 2003 2004 2005 2006
General Obligation Debt Outstanding:
General obligation bonds(1) . . . . . . . . . . . . . . . . . . . . . $ 4,142 $ 3,996 $ 3,804 $ 3,652 $ 3,470
Per capita . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 218 $ 209 $ 198 $ 190 $ 180
Legal debt limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,535 $ 14,535 $ 14,535 $ 14,535 $ 17,435(2)
Total net debt applicable to debt limit . . . . . . . . . . . . . . . . . 4,142 3,996 3,804 3,652 3,470
Legal debt margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,393 $ 10,539 $ 10,731 $ 10,883 $ 13,965
Legal debt margin as a percentage
of the debt limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.50% 72.51% 73.83% 74.87% 80.10%
Sources:
New York State Division of the Budget, Annual Information Statement
Notes:
(1) General Obligation Debt stated at par.
(2) The increase in the Legal Debt Limit in 2006 is related to the increase in authorization of Transportation bonds.
For additional information please see the notes to the financial statements and www.budget.state.ny.us.
____________________________________________________________________________________________ STATE OF NEW YORK
• 195
Fiscal Year
2007 2008 2009 2010 2011
$ 3,302 $ 3,221 $ 3,323 $ 3,400 $ 3,525

$ 171 $ 167 $ 170 $ 174 $ 182
$ 17,435 $ 17,185 $ 17,185 $ 17,185 $ 17,185
3,302 3,221 3,323 3,400 3,525
$ 14,133 $ 13,964 $ 13,862 $ 13,785 $ 13,660
81.06% 81.26% 80.66% 80.22% 79.49%

_____________________________________________________________________________________________
Pledged Revenue Coverage

TEN FISCAL YEARS STATED
(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
2002 .......................................... $ 2,043,674 $ 4,000 $ 2,039,674 $ 290,125 7.03
2003 .......................................... 2,106,477 4,000 2,102,477 183,498 11.46
2004 .......................................... 2,266,814 4,000 2,262,814 291,618 7.76
2005 .......................................... 2,492,739 6,000 2,486,739 306,023 8.13
2006 .......................................... 2,614,565 8,000 2,606,565 313,265 8.32
2007 .......................................... 2,511,476 6,000 2,505,476 418,770 5.98
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
New York State Personal

Income Tax Revenue Bonds(b)
Personal Income Tax Revenues
Revenue Bond
Tax Fund Operating Net Available Annual Debt Debt Service
Fiscal Year Receipts Expenses Revenues Service Coverage
2004 .......................................... $ 5,456,943 $ 884 $ 5,456,059 $ 257,967 21.15
2005 .......................................... 6,260,277 1,069 6,259,208 346,895 18.04
2006 .......................................... 6,899,930 2,058 6,897,872 515,627 13.38
2007 .......................................... 7,646,505 4,010 7,642,495 670,600 11.40
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
Notes:
New York Local Government Assistance Corporation Bonds
(a) An amount equal to one-cent of the State’s sales tax, less refunds to taxpayers, is to be deposited in the Local
Government Assistance Tax Fund. The monies of such Fund are reserved for payment to the New York Local
Assistance Corporation to enable it to meet principal and interest on its bonds. Monies in the Local Government
Assistance Tax Fund 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.
New York State Personal Income Tax Revenue Bonds
(b) 25 percent of New York State Personal Income Tax Receipts less refunds to taxpayers, is to be deposited in the
Revenue Bond Tax Fund. The monies of such fund are reserved for payment of debt service on Personal Income
Tax Revenue Bonds, since the Enabling Act originally has been in effect, beginning the 2003-2004 fiscal year.
Monies in the Revenue Bond Tax Fund in excess of debt service requirements are required to be transferred
to the General Fund.
____________________________________________________________________________________________ STATE OF NEW YORK
• 197
Ratios of General Bonded Debt Outstanding

General Bonded
Debt Outstanding
General
Obligation Per
Fiscal Year Bonds(1) Capita(2)
2001-2002 ............................................................................... $ 4,142 $ 218
2002-2003 ............................................................................... 3,998 209
2003-2004 ............................................................................... 3,825 199
2004-2005 ............................................................................... 3,692 192
2005-2006 ............................................................................... 3,511 182
2006-2007 ............................................................................... 3,344 173
2007-2008 ............................................................................... 3,264 169
2008-2009 ............................................................................... 3,367 173
2009-2010 ............................................................................... 3,461 177
2010-2011 ............................................................................... 3,625 187
Notes:
(1) General Obligation Debt figures include par value, premiums and discounts.
(2) See Exhibit: Demographic and Economic Statistics I for population data.
Government Employees by Level of Government

NEW YORK STATE 2000–2009
(Annual averages in thousands)
Employees
Fiscal Years State(1) Local(2)
2000 .................................................................................... 261.7 1,059.0
2001 .................................................................................... 263.3 1,064.2
2002 .................................................................................... 267.8 1,086.6
2003 .................................................................................... 263.7 1,088.9
2004 .................................................................................... 261.8 1,091.6
2005 .................................................................................... 261.4 1,098.3
2006 .................................................................................... 259.1 1,101.3
2007 .................................................................................... 261.7 1,115.7
2008 .................................................................................... 262.7 1,126.1
2009 .................................................................................... 261.2 1,135.8
Sources:
New York State Department of Labor
2008 New York State Statistical Yearbook, Rockefeller Institute of Government
Notes:
(1) For State employees 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; Legislature;
Judiciary; public authorities; and miscellaneous boards and commissions.
(2) Local government employees includes full- and part-time employees of counties, cities, villages and towns,
engaged in educational or noneducational functions.
_____________________________________________________________________________________________
Demographic and Economic Statistics I

Personal Per Capita
Population Income Personal Unemployment
Year (1000s) (1000s) Income Rate
2001 ........................................................ 19,011 $679,885,648 $ 35,763 4.9%
2002 ........................................................ 19,158 677,604,314 35,369 5.8%
2003 ........................................................ 19,190 691,123,302 36,015 6.0%
2004 ........................................................ 19,227 737,755,932 38,371 5.5%
2005 ........................................................ 19,255 805,717,000 41,845 4.8%
2006 ........................................................ 19,306 818,426,220 42,392 4.4%
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%
Sources:
U.S. Census Bureau
Bureau of Economic Analysis
U.S. Department of Commerce
Demographic and Economic Statistics II

Population
U.S. State of
Population Change from New York Change from
Year (1000s) Prior Period (1000s) Prior Period
2001 ........................................................ 285,108 1.03% 19,011 0.18%
2002 ........................................................ 287,985 1.01% 19,158 0.77%
2003 ........................................................ 290,850 0.99% 19,190 0.17%
2004 ........................................................ 293,657 0.97% 19,227 0.19%
2005 ........................................................ 296,410 0.94% 19,255 0.15%
2006 ........................................................ 299,398 1.01% 19,306 0.26%
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%
Sources:
U.S. Census Bureau
Bureau of Economic Analysis
New York State Department of Motor Vehicles
New York State Education Department
____________________________________________________________________________________________ STATE OF NEW YORK
• 199
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
$ 30,574 $ 35,763 117.0% 8,711 370 4.9% 2,839,536 10,706,563
30,810 35,369 114.8% 8,712 542 5.8% 2,832,217 10,445,409
31,484 36,015 114.4% 8,675 556 6.0% 2,875,088 10,414,200
33,050 38,371 116.1% 8,741 506 5.5% 2,857,079 10,449,816
34,586 41,845 121.0% 8,902 444 4.8% 2,864,037 10,476,513
36,276 42,392 116.9% 9,033 412 4.4% 2,776,870 10,551,341
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
_____________________________________________________________________________________________
Employment by Industry
NINE YEARS STATED
2001 2002 2003 2004 2005
Total employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,491,096 10,415,119 10,459,857 10,610,532 10,763,487
Wage and salary employment . . . . . . . . . . . . . . . . . . . . 8,906,825 8,769,557 8,727,501 8,775,838 8,840,376

Proprietors employment . . . . . . . . . . . . . . . . . . . . . . . . . 1,584,271 1,645,562 1,732,356 1,834,694 1,923,111
Farm proprietors employment . . . . . . . . . . . . . . . . . . 38,459 38,549 37,633 36,481 36,475
Nonfarm proprietors employment . . . . . . . . . . . . . . . 1,545,812 1,607,013 1,694,723 1,798,213 1,886,636
Farm employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,730 59,916 59,641 54,827 54,243
Nonfarm employment . . . . . . . . . . . . . . . . . . . . . . . . . 10,431,366 10,355,203 10,400,216 10,555,705 10,709,244
Private employment . . . . . . . . . . . . . . . . . . . . . . . . . 8,946,637 8,849,377 8,897,484 9,056,795 9,208,323

Forestry, fishing, related activities, and other . . . . . 23,689 24,455 22,684 23,280 23,271
Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,876 8,733 10,022 9,516 9,866
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,796 43,301 42,213 40,623 40,651
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462,822 449,250 456,704 467,615 483,981
Manufacturing . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734,909 680,268 642,125 626,157 612,145
Wholesale trade . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,253 387,074 384,490 389,951 391,525
Retail trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026,415 1,022,037 1,025,356 1,039,785 1,058,146
Transportation and warehousing . . . . . . . . . . . . . . 324,632 311,291 309,902 317,870 327,069
Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 358,650 325,881 308,447 305,139 310,275
Finance and insurance . . . . . . . . . . . . . . . . . . . . . 726,286 698,378 688,840 696,548 711,845
Real estate, rental and leasing . . . . . . . . . . . . . . . 358,530 361,088 380,434 407,062 436,758
Professional and technical services . . . . . . . . . . . . 798,205 782,981 794,919 823,816 835,753
Management of companies and enterprises . . . . . 122,454 127,630 126,239 125,968 130,060
Administrative and waste services . . . . . . . . . . . . . 523,064 511,429 513,021 529,832 537,833
Educational services . . . . . . . . . . . . . . . . . . . . . . . 339,070 350,635 363,734 376,935 388,285
Health care and social assistance . . . . . . . . . . . . . 1,322,903 1,358,742 1,400,504 1,421,958 1,440,752
Arts, entertainment, and recreation . . . . . . . . . . . . 258,204 268,588 270,871 283,129 287,510
Accommodation and food services . . . . . . . . . . . . 554,968 558,728 572,337 583,087 591,426
Other services, except public administration . . . . . 558,911 578,888 584,642 588,524 591,172
Government and government enterprises . . . . . . 1,484,729 1,505,826 1,502,732 1,498,910 1,500,921

Federal, civilian . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,377 133,580 135,408 130,490 128,925
Military . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,973 57,603 57,140 56,362 56,257
State government . . . . . . . . . . . . . . . . . . . . . . . . . 251,702 253,528 250,308 249,034 247,293
Local government . . . . . . . . . . . . . . . . . . . . . . . . . 1,040,677 1,061,115 1,059,876 1,063,024 1,068,446
Source: Regional Economic Information System, Bureau of Economic Analysis
Note: Full- and Part-Time Employment data shown.

____________________________________________________________________________________________ STATE OF NEW YORK
• 201
2006 2007 2008 2009

10,952,095 11,039,874 11,289,001 10,929,753
8,925,539 9,047,065 9,004,901 8,738,853

2,026,556 1,992,809 2,284,100 2,190,900
35,724 34,782 32,683 32,491
1,990,832 1,958,027 2,251,417 2,158,409
52,102 50,784 51,724 51,219
10,899,993 10,989,090 11,237,277 10,878,534
9,399,820 9,478,570 9,708,898 9,352,706

23,707 23,744 14,341 14,274
9,959 10,675 14,286 16,157
40,506 40,119 40,355 41,026
508,530 527,531 533,932 481,531
598,993 584,955 565,032 501,685
394,772 397,410 390,550 368,081
1,065,731 1,073,776 1,066,636 1,017,181
337,573 334,622 346,712 324,256
312,293 302,404 301,954 292,108
733,599 731,480 789,048 785,910
466,261 470,170 565,276 523,673
866,101 869,279 900,523 857,138
135,334 137,157 139,224 139,298
539,449 559,928 567,179 526,294
401,273 405,562 412,051 414,554
1,466,699 1,483,772 1,500,582 1,507,891
295,198 299,829 320,716 316,950
598,360 616,162 628,012 628,254
605,482 609,995 612,489 596,445
1,500,173 1,510,520 1,528,379 1,525,828

127,015 127,046 127,037 127,052
57,590 57,087 59,940 60,058
246,101 247,038 250,133 246,748
1,069,467 1,079,349 1,091,269 1,091,970
_____________________________________________________________________________________________
Select State Agency Employment

MARCH 2011
Actual Estimated
Agency March 2010 March 2011
Major Agencies:
State University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,900 41,815
Correctional Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,104 29,878
People with Developmental Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,530 21,367
Mental Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,173 15,760
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,963 8,708
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,388 5,055
State Police . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,704 5,439
Taxation and Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,263 5,008
Children and Family Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,555 3,351
Environmental Conservation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,454 3,003
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,976 2,806
Temporary and Disability Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,259 2,248
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,269 144,438
Other Major Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,672 12,920
Minor Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,700 11,091
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,151 22,016
GRAND TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,792 190,465
Source: New York State Division of Budget 2011-12 Executive Budget Five-Year Financial Plan
(www.budget.state.ny.us)
Note: Does not include: Legislature; Judiciary; public authorities; and miscellaneous boards and commissions.
Operating Indicators
LAST TEN YEARS
2002 2003 2004 2005 2006
State Police Protection:
Number of Troops . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 11 11 11 11
Number of Employees . . . . . . . . . . . . . . . . . . . . . . . . . 5,257 5,453 5,608 5,608 5,977
State University of New York:

Campuses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 64 64 64 64
Students . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,000 402,000 410,700 410,700 412,000
Recreation:
Parks & Historic Sites . . . . . . . . . . . . . . . . . . . . . . . . . 199 202 203 203 207
Expected Visitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 million 60 million 60 million 60 million 60 million
Source: New York State Executive Budget Agency Presentations

____________________________________________________________________________________________ STATE OF NEW YORK
• 203
2007 2008 2009 2010 2011
11 11 11 11 11
5,927 5,989 5,989 5,530 5,309
64 64 64 64 64
417,000 427,000 440,000 477,000 468,000
211 213 213 214 213

60 million 55 million 55 million 55 million 55 million
_____________________________________________________________________________________________
Capital Asset Balances by Function

Fiscal Year
Function 2003 2004 2005 2006 2007
Land and Land Improvements:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 126 $ 128 $ 129 $ 127 $ 96
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174 184 195 204 226
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 24 24 24 24
Support/regulate business . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 6 6
Environment/recreation . . . . . . . . . . . . . . . . . . . . . . . . . 914 991 1,019 1,101 1,155
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 170 183 187 193
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,044 2,080 2,146 2,201 2,252
Depreciation (land improvements) . . . . . . . . . . . . . . . (229) (242) (256) (281) (291)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 3,221 3,342 3,447 3,570 3,662
Land Preparation:
Transportation (roads) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,667 2,734 2,786 2,856 2,981
Buildings:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,931 1,991 2,109 2,168 1,939
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,507 2,728 2,795 2,937 3,028
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176 178 165 171 171
Environment/recreation . . . . . . . . . . . . . . . . . . . . . . . . . 273 279 309 334 356
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 81 89 90 97
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,964 2,957 2,600 2,682 2,792
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236 251 307 315 327
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,699) (3,941) (4,095) (4,332) (4,557)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 4,498 4,557 4,312 4,398 4,187
Equipment:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . 194 175 157 139 117
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 84 81 83 83
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 41 14 14 18
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 10 9 5 5
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 63 58 61 64
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 246 258 266 282
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (371) (386) (365) (364) (392)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 271 274 252 244 219
Construction in Progress:
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 892 548 687 455 331
Transportation (roads and bridges) . . . . . . . . . . . . . . . . 1,927 2,241 3,103 3,122 3,038
Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,819 2,789 3,790 3,577 3,369
Infrastructure:(1)
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 5
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 6 28 55
Public welfare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Public health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 4 24 15 16
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 (1) (2) (3) (6)
Total, net of depreciation . . . . . . . . . . . . . . . . . . 12 21 48 60 99
Infrastructure:(2)
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,749 62,934 63,056 63,303 63,803
Intangible Assets:
Easements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Computer software . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Total, net of amortization . . . . . . . . . . . . . . . . . . —00000 —00000 —00000 —00000 —00000
Business-Type Activities, Net . . . . . . . . . . . . . . . . . . . . . 5,695 6,201 6,499 6,927 7,296
Notes:
(1) Depreciable
(2) Roads and Bridges, non-depreciable
Figures restated for prior period adjustments.
____________________________________________________________________________________________ STATE OF NEW YORK
• 205
Fiscal Year
2008 2009 2010 2011
$ 95 $ 125 $ 125 $ 125

247 257 271 282
24 27 32 30
6 6 6 6
1,241 1,360 1,211 1,240
2 3 3 3
196 208 218 225
2,262 2,306 2,349 2,400
(300) (314) (332) (348)
3,773 3,978 3,883 3,963
3,083 3,191 3,271 3,314
1,954 2,192 2,222 2,254

3,146 3,344 3,476 3,542
174 180 186 189
34 34 34 36
371 399 451 453
106 107 111 120
2,910 3,073 3,146 3,247
289 299 302 303
(4,776) (5,033) (5,293) (5,581)
4,208 4,595 4,635 4,563
125 162 161 157

90 90 92 98
19 19 21 21
4 5 6 6
41 51 51 51
5 5 5 5
64 57 57 58
280 278 324 347
(403) (431) (460) (489)
225 236 257 254
510 444 499 477

3,079 3,248 3,405 4,271
—00000 —00000 —00000 63
3,589 3,692 3,904 4,811
11 11 11 11
62 91 102 128
—00000 —00000 13 18
29 33 33 31
25 42 46 46
(11) (17) (24) (33)
116 160 181 201
64,200 64,567 65,141 65,451
—00000 —00000 163 193

—00000 —00000 —00000 32
—00000 —00000 —00000 (6)
—00000 —00000 163 219
7,773 8,445 9,206 10,374
_____________________________________________________________________________________________
Membership by Type of Benefit Plan

AS OF MARCH 31, 2011
Retirement Plan Membership

Retirement System Tier 1 Tier 2 Tier 3, 4 & 5
New York State and Local Employees Retirement System . . . . . . . . . . . . . . . . . . . . . . . . . 10,718 12,911 614,292
New York State and Local Police and Fire Retirement System . . . . . . . . . . . . . . . . . . . . . . 304 33,091 1,407
Note: Please see www.osc.state.ny.us/retire/publications/index.htm for more information.
Principal Participating Employers

TEN MOST RECENT FISCAL YEARS
2002 2003 2004
Percentage Percentage Percentage
Participating Covered of Total Covered of Total Covered of Total
Government Employees Rank System Employees Rank System Employees Rank System
State . . . . . . . . . . . . . . . . . . . . . . . 222,186 1 34.83% 221,807 1 34.09% 213,539 1 33.28%
Counties . . . . . . . . . . . . . . . . . . . 124,347 2 19.49% 125,220 2 19.25% 123,328 3 19.22%
Schools . . . . . . . . . . . . . . . . . . . . 115,757 3 18.15% 121,668 3 18.70% 123,616 2 19.26%
Miscellaneous . . . . . . . . . . . . . . . 83,914 4 13.16% 88,352 4 13.58% 88,249 4 13.75%
Towns . . . . . . . . . . . . . . . . . . . . . . 42,254 5 6.62% 43,628 5 6.71% 44,072 5 6.87%
Cities . . . . . . . . . . . . . . . . . . . . . . 32,283 6 5.06% 32,178 6 4.95% 31,307 6 4.88%
Villages . . . . . . . . . . . . . . . . . . . . 17,155 7 2.69% 17,690 7 2.72% 17,610 7 2.74%
Total . . . . . . . . . . . . . . . . . . . . . 637,896 100.00% 650,543 100.00% 641,721 100.00%
2009 2010 2011

Percentage Percentage Percentage
Participating Covered of Total Covered of Total Covered of Total
Government Employees Rank System Employees Rank System Employees Rank System
State . . . . . . . . . . . . . . . . . . . . . . . 225,963 1 33.23% 222,555 1 32.77% 218,868 1 32.53%
Counties . . . . . . . . . . . . . . . . . . . 122,356 3 18.00% 121,282 3 17.86% 119,610 3 17.78%
Schools . . . . . . . . . . . . . . . . . . . . 133,876 2 19.69% 136,203 2 20.05% 135,358 2 20.12%
Miscellaneous . . . . . . . . . . . . . . . 100,052 4 14.72% 100,684 4 14.82% 100,785 4 14.98%
Towns . . . . . . . . . . . . . . . . . . . . . . 47,743 5 7.02% 48,610 5 7.16% 48,621 5 7.23%
Cities . . . . . . . . . . . . . . . . . . . . . . 31,326 6 4.61% 31,186 6 4.59% 30,804 6 4.58%
Villages . . . . . . . . . . . . . . . . . . . . 18,592 7 2.73% 18,697 7 2.75% 18,677 7 2.78%
Total . . . . . . . . . . . . . . . . . . . . . 679,908 100.00% 679,217 100.00% 672,723 100.00%
Notes:
Total includes inactive members identified with their last employer as active members.
Please see www.osc.state.ny.us/retire/publications/index.htm for more information.
____________________________________________________________________________________________ STATE OF NEW YORK
• 207
2005 2006 2007 2008

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
214,937 1 33.18% 216,996 1 33.17% 221,515 1 33.43% 226,439 1 33.43%
123,839 3 19.12% 121,322 3 18.54% 121,817 3 18.38% 122,982 3 18.16%
126,068 2 19.46% 126,925 2 19.40% 128,518 2 19.40% 132,132 2 19.51%
89,285 4 13.79% 93,327 4 14.26% 95,262 4 14.38% 98,283 4 14.51%
44,778 5 6.91% 45,654 5 7.13% 46,284 5 6.98% 47,567 5 7.02%
31,092 6 4.80% 31,038 6 4.74% 31,049 6 4.69% 31,406 6 4.64%
17,759 7 2.74% 18,029 7 2.76% 18,188 7 2.74% 18,512 7 2.73%
647,758 100.00% 653,291 100.00% 662,633 100.00% 677,321 100.00%
STATE OF NEW YORK
Organization
THOMAS P. DINAPOLI
Comptroller
Pete Grannis Shawn Thompson
First Deputy Comptroller Chief of Staff
Margaret Becker Raudline Etienne Thomas Nitido
Deputy Comptroller Deputy Comptroller Deputy Comptroller
Contracts and Expenditures Pension Investment and Budget and Policy Analysis
Cash Management
Kevin Belden Elliot Pagliaccio
Deputy Comptroller Celia Gonzalez Deputy Comptroller
Chief Information Officer Deputy Comptroller State Government
Diversity Programs Accountability
Daniel Berry
Deputy Comptroller Nancy Groenwegen Mark Pattison
Payroll, Accounting Counsel to the Comptroller Deputy Comptroller
and Revenue Services Retirement Services
Steve Hamilton
Kenneth Bleiwas Inspector General Andrew SanFilippo
Deputy Comptroller Executive Deputy Comptroller
Steven Hancox
Office of the State Deputy State and Local Government
Deputy Comptroller
Comptroller for NYC Accountability
Local Government and
Cathy Calhoun School Accountability Joan Sullivan
Deputy Comptroller Executive Deputy Comptroller
Mary Louise Mallick
Intergovernmental Relations Office of Operations
Senior Policy Advisor
Angela Dixon Dennis Tompkins
Kevin Murray
Deputy Comptroller Deputy Comptroller
Executive Deputy Comptroller
Human Resources Communications
State and Local Retirement
and Administration
Division of Payroll, Accounting and Revenue Services
Bureau of Financial Reporting and Oil Spill Remediation

Executive Director: Supervising Accountants: Payroll Specialist IV:
David Hasso, CPA, CGFM Michael Mezz, CGFM Rowena Fuller
Maureen Shaw
Assistant Director: Senior Abandoned Property Auditor:
Suzette Barsoum Baker, Associate Accountants: Augustine Ogagan
CPA, CGFM Donna Greenberg, CPA, CGFM
Student Intern:
Jennifer Hallanan, CGFM
Assistant Chief Accountant: Annmarie Carey
Maria Moran, CPA
Timothy Reilly, Esq., CPA
Sandra Trzcinski, CGAP, APM Secretary 1:
Manager: Daniela Britos
Senior Accountants:
Deidre Clark
Renee Bult
Bret Smith
Bureau of State Accounting Operations

Director: Managers:
Thomas Mahoney Peter Clark
Debbie Hilson
Assistant Director:
H. Michael Luft
Melody Goetz
William McCormick

Comprehensive Annual Financial Report 2011

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Comprehensive Annual Financial Report 2011

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STATE OF NEW YORK

State of New York