Institutional Federal Compliance Report 2021

26 • STATE OF NEW YORK ______________________________________________________________________________________________

Table 4 Capital Assets as of March 31, 2018 and 2017 (Net of depreciation, amounts in millions) Governmental Business-Type

Total

Activities

Activities*

Primary Government

2018

2017

2018

2017**

2018

2017**

Land and land improvements . . . . . . . . . . . . . . . $ Land preparation . . . . . . . . . . . . . . . . . . . . . . . . . Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equipment and library books . . . . . . . . . . . . . . . Construction in progress . . . . . . . . . . . . . . . . . . . Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . Artwork and historical treasures . . . . . . . . . . . . . Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

4,362 $

4,313 $

1,015 $

994 $

5,377 $

5,307 3,993 14,795 1,112 7,036 71,738

4,049 4,289 356 3,115 71,874 —00000

3,993 4,329 364 3,212 71,014 —00000

—00000 11,591

—00000 10,466

4,049 15,880 987 6,403 72,612

631 3,288 738

748 3,824 724

43 214

40 224

43 894

40 840

680

616

88,725 $

87,841 $

17,520 $

17,020 $

106,245 $

104,861

**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

State-owned roads and bridges that are maintained by the Department of Transportation (DOT) are being reported using the modified approach. As allowed by the reporting provisions in GASBS No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments , infrastructure assets that meet prescribed criteria do not have to be depreciated but must be maintained at levels defined by State policy. The State currently has 42,739 lane miles of roads. The State has 7,889 bridges in the inventory, of which 7,682 are highway bridges. The remainder include railroad and pedestrian structures. Highway condition is rated using a scale of 1 (very poor) to 10 (excellent) based on the prevalence of surface- related pavement distress. For bridges, in 2016, the State transitioned to the American Association of State Highway and Transportation Officials (AASHTO) element-based rating system that utilizes a 1 (good) through 4 (severe) scale as mandated by the Federal Highway Administration (FHWA). The new bridge goal will be based on the percentage of Structurally Deficient (SD) bridges as defined by FHWA. The SD calculations are based on the National Bridge Inventory (NBI) inspection data that has been collected by the DOT for more than 15 years and reported to FHWA on an annual basis. Prior to 2016, the State used a numerical inspection condition rating (CR) scale ranging from 1 (minimum) to 7 (maximum). Under this prior rating system, a rating of 6 to 7 was excellent, indicating no repairs were necessary; a rating of 3 to 5 was fair to good, indicating minor repairs were required; and a rating of 1 to 2 was deficient, indicating major repairs or replacements were necessary. Refer to the Required Supplementary Information (RSI) for additional information regarding infrastructure assets using the modified approach. Pavement condition rating parameters for the current year are between 6.7 and 7.2. Using the new criteria to identify Structurally Deficient bridges, it is the State’s intention to maintain the percentage of SD bridges at or below 15 percent of the State highway bridge population. Previously, it was the State’s intention to maintain the bridges at an average condition rating level of between 5.3 and 5.6. Capital spending for highway and bridge maintenance and preservation projects was approximately $1.4 billion in 2018. The State’s 2018-19 fiscal year capital budget calls for it to spend $15.1 billion for capital projects, of which $6.1 billion is for transportation projects. To pay for these capital projects, the State plans to use $713 million in general obligation bond proceeds, $7.6 billion in other financing arrangements with public authorities, $2.4 billion in federal funds, and $4.4 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), including 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 capital leases and mortgage loan commitments, which represent $536 million as of March 31, 2018, do not require legislative or voter approval. Other obligations include certain bonds issued through State public authorities and certificates of participation. The State administers 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