Institutional Federal Compliance Report 2021

22 • STATE OF NEW YORK ______________________________________________________________________________________________

Component Units of the State The State has created numerous public benefit corporations—two of which provide services exclusively to the State government itself, the New York Local Government Assistance Corporation (LGAC) and the Tobacco Settlement Financing Corporation (TSFC), and the rest of which provide services directly to citizens. The financial position and activities of LGAC and TSFC have been blended within the Statement of Net Position and the Statement of Activities in the governmental activities column and in the governmental funds. The financial position and activities of the public benefit corporations that provide services directly to citizens have been presented in the Statement of Net Position and the Statement of Activities under the component units column and also in more detail in the Combining Statement of Net Position and the Combining Statement of Activities for the component units. These component units have been discretely presented in the State’s financial statements because their nature and significance to the State cause them to have an effect on the fiscal condition of the State and the State is accountable for them. OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS Governmental entities are required by GAAP to report on their net position. The Statement of Net Position presents the value of all of New York State’s assets and deferred outflows of resources, and of its liabilities and deferred inflows of resources, with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of changes in a government’s financial position. In the fiscal year ended March 31, 2018, the State reported a net position of $28.7 billion, comprising $72.8 billion in net investment in capital assets, and $7.1 billion in restricted net position, offset by an unrestricted net position deficit of $51.2 billion. Net position reported for governmental activities increased by $28 million from last fiscal year. Unrestricted net position for governmental activities—the part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling legislation, or other legal requirements—had a deficit of $45.2 billion at March 31, 2018. The following table (Table 1) was derived from the current and prior year government-wide Statements of Net Position: Table 1 Net Position as of March 31, 2018 and 2017 (Amounts in millions) Governmental Business-Type Total Activities Activities* Primary Government 2018 2017 2018 2017** 2018 2017** Assets: Noncapital assets: Cash and investments . . . . . . . . . . . . . . . . $ 17,793 $ 15,977 $ 8,838 $ 8,176 $ 26,631 $ 24,153 Receivables, net . . . . . . . . . . . . . . . . . . . . . 28,358 25,584 3,516 4,652 31,874 30,236 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,002 710 190 282 1,192 992 Total noncapital assets . . . . . . . . . . . . 47,153 42,271 12,544 13,110 59,697 55,381 Capital assets . . . . . . . . . . . . . . . . . . . . . . . . . 88,725 87,841 17,520 17,020 106,245 104,861 Total assets . . . . . . . . . . . . . . . . . . . . . . 135,878 130,112 30,064 30,130 165,942 160,242 Deferred outflows of resources . . . . . . . . . . . . 4,690 8,306 486 1,246 5,176 9,552 Liabilities: Liabilities due within one year . . . . . . . . . . . . . 37,091 35,213 4,229 4,242 41,320 39,455 Liabilities due in more than one year . . . . . . . 73,963 73,611 26,056 26,502 100,019 100,113 Total liabilities . . . . . . . . . . . . . . . . . . . . 111,054 108,824 30,285 30,744 141,339 139,568 Deferred inflows of resources . . . . . . . . . . . . . 906 1,014 196 299 1,102 1,313 Net position: Net investment in capital assets . . . . . . . . . . . 71,095 70,561 1,659 1,619 72,754 72,180 Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,744 3,618 4,405 4,016 7,149 7,634 Unrestricted deficits . . . . . . . . . . . . . . . . . . . . (45,231) (45,599) (5,995) (5,302) (51,226) (50,901) Total net position . . . . . . . . . . . . . . . . . $ 28,608 $ 28,580 $ 69 $ 333 $ 28,677 $ 28,913 **As of June 30, 2017 and 2016 for SUNY and CUNY activities **Prior year column has been restated for the effect of the implementation of GASBS No. 80