Institutional Federal Compliance Report 2021

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.