Institutional Federal Compliance Report 2021

KPMG LLP 515 Broadway Albany, NY 12207-2974

Independent Auditorsʼ Report

The Audit Committee New York State Legislature: Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the State of New York (the State) as of and for the year ended March 31, 2018, and the related notes to the basic financial statements, which collectively comprise the Stateʼs basic financial statements as listed in the table of contents. Managementʼs Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditorsʼ Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the Stateʼs Lottery enterprise fund, the New York Local Government Assistance Corporation, the Tuition Savings Program, and certain of the discretely presented component units as identified in note 14 to the basic financial statements. The Stateʼs Lottery enterprise fund represents 100 percent of the assets and revenues of the associated major fund, and 9 percent and 46 percent, respectively, of the assets and revenues of the business-type activities. The New York Local Government Assistance Corporation represents less than 1 percent of the respective assets and revenues of the governmental activities and the aggregate remaining fund information. The Tuition Savings Program represents 10 percent and 11 percent, respectively, of the assets and the revenues of the aggregate remaining fund information. The certain discretely presented component units identified in note 14 of the basic financial statements represent 56 percent and 66 percent, respectively, of the assets and the revenues of the aggregate discretely presented component units. The financial statements of these entities were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as they relate to the amounts included for the Stateʼs Lottery enterprise fund, the New York Local Government Assistance Corporation, the Tuition Savings Program, and certain of the discretely presented component units identified in note 14 of the basic financial statements, are based solely on the reports of the other auditors. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. The financial statements of the Stateʼs Lottery enterprise fund and of certain discretely presented component units as identified in note 14 of the basic financial statements were not audited in accordance with Government Auditing Standards .

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