Institutional Federal Compliance Report 2021

2 • STATE OF NEW YORK _______________________________________________________________________________________________

Table of Contents

INTRODUCTORY SECTION Letter from the Comptroller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Certificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 New York State Organization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Selected State Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

FINANCIAL SECTION Independent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

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

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

REQUIRED SUPPLEMENTARY INFORMATION (unaudited) Budgetary Basis—Financial Plan and Actual—Combined Schedule of Cash Receipts and Disbursements—Major Funds—

General Fund and Federal Special Revenue Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 Notes to Budgetary Basis Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Infrastructure Assets Using the Modified Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Schedule of Funding Progress—Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . 134 Pension Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135