Institutional Federal Compliance Report 2021

______________________________________________________________________________________________ STATE OF NEW YORK • 27

resources generated by the State’s governmental activities—thus it is not expected to be directly repaid from resources generated by business-type activities. The State Finance Law allows the bonded portion of this single combined debt portfolio, which includes debt reported in both governmental and business-type activities, to include debt instruments which result in a net variable rate exposure in an amount that does not exceed 15 percent of total outstanding State- supported debt, and interest rate exchange agreements (swaps) that do not exceed 15 percent of total outstanding State-supported debt. At March 31, 2018, the State had $97 million in State-supported net variable rate bonds out- standing and $1.5 billion in interest rate exchange agreements, in which the State issues variable rate bonds and enters into a swap agreement that effectively converts the rate to a fixed rate. Risks related to these transactions are explained in Note 7. At March 31, 2018, variable rate bonds, net of those subject to the fixed rate swaps, were equal to 0.2 percent of the State-supported debt portfolio. Variable rate bonds that were converted to a synthetic fixed rate through swap agreements of $1.5 billion were equal to 2.9 percent of the total State-supported debt portfolio. At March 31, 2018, the State had $56.3 billion in bonds, notes, and other financing agreements outstanding compared with $56.2 billion in the prior year, an increase of $46 million as shown below in the table. Table 5 Outstanding Debt as of March 31, 2018 and 2017 (Amounts in millions) Governmental Business-Type Total Activities Activities* Primary Government 2018 2017 2018 2017** 2018 2017** State-supported debt as defined by the State Finance Law: General obligation bonds (voter-approved) . . . $ 2,371 $ 2,463 $ —00000 $ —00000 $ 2,371 $ 2,463 Other financing arrangements . . . . . . . . . . . . 34,819 34,056 13,099 13,364 47,918 47,420 TSFC bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . —00000 660 —00000 —00000 —00000 660 Municipal Bond Bank Agency (MBBA) Special Purpose School Aid bonds . . . . . . . . . 172 204 —00000 —00000 172 204 Capital lease obligations . . . . . . . . . . . . . . . . . . . 13 14 457 451 470 465 Mortgage loan commitments . . . . . . . . . . . . . . . . —00000 —00000 66 67 66 67 Other long-term debt . . . . . . . . . . . . . . . . . . . . . . —00000 —00000 35 41 35 41 Unamortized bond premiums (discounts) . . . . . . 4,172 3,817 1,039 1,055 5,211 4,872 Accumulated accretion on capital appreciation bonds . . . . . . . . . . . . . . . . . . . . . 8 13 —00000 —00000 8 13 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,555 $ 41,227 $ 14,696 $ 14,978 $ 56,251 $ 56,205 **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 In addition to the debt outlined above, the State reported $1.3 billion for collateralized borrowings ($356 million in governmental activities and $956 million in business-type activities) for which specific revenues have been pledged. In the prior year, the State reported $1.4 billion for collateralized borrowings ($378 million in governmental activities and $985 million in business-type activities). During the 12-month period reported, the State issued $6.1 billion in bonds, of which $1.9 billion was for refunding and $4.2 billion was for new borrowing. See Note 16 for State debt issued subsequent to the reporting period.