Institutional Federal Compliance Report 2021

28 • STATE OF NEW YORK ______________________________________________________________________________________________ Table 6 New Debt Issued During Prior 12-Month Period (Amounts in millions) Governmental Business-Type Total Activities Activities* Primary Government 2018 2017 2018 2017 2018 2017 Voter-approved debt: General obligation: New issues . . . . . . . . . . . . . . . . . . . . . . . . . $ 145 $ —00000 $ —00000 $ —00000 $ 145 $ —00000 Refunding issues . . . . . . . . . . . . . . . . . . . . 69 —00000 —00000 —00000 69 —00000 Total voter-approved debt . . . . . . . . . . 214 — 00000 — 00000 — 00000 214 — 00000 Non-voter-approved debt: Other financing arrangements: New issues . . . . . . . . . . . . . . . . . . . . . . . . . 3,819 2,878 186 915 4,005 3,793 Refunding issues . . . . . . . . . . . . . . . . . . . . 1,856 1,826 6 527 1,862 2,353 Total non-voter-approved debt . . . . . . 5,675 4,704 192 1,442 5,867 6,146 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,889 $ 4,704 $ 192 $ 1,442 $ 6,081 $ 6,146 *As of June 30, 2017 and 2016 for SUNY and CUNY activities The State’s assigned general obligation bond ratings on March 31, 2018 were as follows: AA+ by Standard & Poor’s Investor Services (S&P), Aa1 by Moody’s Investor Service, Inc., and AA+ by Fitch Investor Service. The State Constitution, with exceptions for emergencies, limits the amount of general obligation bonds that can be issued to that amount approved by the voters for a single work or purpose in a general election. Currently, the State has $2.6 billion in authorized but unissued bond capacity that can be used to issue bonds for specifically approved purposes. The State may issue short-term debt without voter approval in anticipation of the receipt of taxes and revenues or proceeds from duly authorized but not issued general obligation bonds. The State Finance Law, through the Debt Reform Act of 2000 (the Act), also imposes phased-in caps on the issuance of new State-supported debt and related debt service costs. The Act also limits the use of debt to capital works and purposes, and establishes a maximum term length for repayment of 30 years. The Act applies to all State- supported debt. The Act does not apply to debt issued prior to April 1, 2000 or to other obligations issued by public authorities where the State is not the direct obligor. ECONOMIC FACTORS AFFECTING THE STATE In 2017, the nation’s real Gross Domestic Product grew by 2.3 percent, faster than economic growth of 1.5 percent in 2016. In comparison, New York’s real Gross State Product rose at less than half the national rate, 1.1 percent, ranking it 34th among the 50 states. Similar to the nation as a whole, this economic growth was stronger than the 0.5 percent gain in 2016. New York’s growth was driven by gains in sectors including healthcare and social assistance, business services and trade, while the construction and finance and insurance sectors detracted from overall economic growth. Unemployment rates nationally and in New York in 2017 were at their lowest levels since 2007. However, employment nationally grew at a faster pace than in New York, an increase of 1.6 percent compared to 1.2 percent. Total employment in the state increased by nearly 114,000 jobs, to over 9.5 million. Most of the job gains were concentrated in the downstate region, with the largest growth occurring in New York City. While most of the upstate region realized job gains, employment declined in the Elmira and Watertown-Fort Drum metropolitan statistical areas. Wages increased at a faster rate at both the national and state levels in 2017 than in 2016. Gains in wages in New York (5.2 percent) were stronger than those nationally (4.7 percent). The finance and insurance sector in New York had the highest percentage growth in total wages, while the information sector had the lowest. The securities industry in New York City is an important contributor to the State’s revenues and has a significant impact on the downstate economy in particular, with typically high-paid jobs and large bonuses. Industrywide, profits increased by 42 percent in 2017 with the average bonus in the securities industry in New York City increasing by 17 percent. However, industry employment in the City was essentially flat in 2017. CONTACTING THE STATE’S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, customers, investors and creditors with a general overview of the State’s finances and to show the State’s accountability for the money it receives. If you have any questions about this report or need additional financial information, contact the State Comptroller’s Communications Office at 110 State Street, 15th Floor, Albany, New York 12236 or visit our website at www.osc.state.ny.us .