Institutional Federal Compliance Report 2021

56 • Notes to Basic Financial Statements __________________________________________________________________________

Land preparation reflects the costs of preparing the land for the construction of roads. Since land preparation has an indefinite life, associated costs are not depreciated. The State has elected to use the modified approach for reporting and accounting for its highways and bridges, which are reported by the State Department of Transportation (DOT). The modified approach requires the State to commit to preserving and main- taining these infrastructure assets at levels established by DOT. No depreciation expense is reported for these assets and no amounts are capitalized in connection with improvements that lengthen the lives of such assets, unless the improvements also increase their capacity or efficiency. DOT maintains an inventory of these assets and performs periodic condition assess- ments to ensure that the predetermined condition level is maintained. The Required Supplementary Information (RSI) contains additional information regarding infrastructure reported using the modified approach. Capital asset reporting does not include historical artifacts, artwork and collections that are maintained by various State agencies, the State Archives, the State

Museum and the State Library with the exception of SUNY and CUNY. These items are protected, pre- served, and held for public exhibition and educational purposes, and the proceeds from any sale of such items are used to acquire new items for the collection. SUNY reports all artwork, historical treasures and library books. CUNY reports artwork, historical treasures and library books with a unit cost of more than $5,000. i. Deferred Outflows and Deferred Inflows of Resources Deferred outflows of resources are defined as a con- sumption of net assets by the government that is applicable to a future reporting period. Deferred inflows of resources are defined as an acquisition of net assets by the government that is applicable to a future reporting period. Deferred outflows of resources increase net position, similar to assets, and deferred inflows of resources decrease net position, similar to liabilities. The components of the deferred outflows of resources and deferred inflows of resources related to the primary government at March 31, 2018 are as follows (amounts in millions):

Governmental Activities

Business-Type

Primary

Activities

Government

Deferred outflows of resources: Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Loss on refunding of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Deferred inflows of resources: Pension activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ Derivative activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gain on refunding of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total deferred inflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

359 $

4,562

4,203 $

96 518

43 444

53 74

4,690 $

486 $

5,176

186 $

910

724 $

9

9

—00000 —00000 —00000

23 150 10

23 150

—00000

10

906 $

196 $

1,102

The components of the deferred inflows of resources related to the governmental funds at March 31, 2018 are as follows (amounts in millions):

Federal Special Revenue

General

Other

Total

Debt

Governmental

Governmental

General

Service

Funds

Funds

Deferred inflows of resources: Public health/patient fees . . . . . . . . . . . . . $ Taxes considered unavailable . . . . . . . . . Medicaid . . . . . . . . . . . . . . . . . . . . . . . . . Oil spill . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous agency . . . . . . . . . . . . . . . Federal grants . . . . . . . . . . . . . . . . . . . . . ENCON* collections . . . . . . . . . . . . . . . . .

3 $

3

—00000 $

—00000 $ —00000

—00000 $

877 640 73 53 150

693 66

130

54

574

—00000 —00000 —00000 —00000 —00000

—00000

—00000

—00000 —00000

73 23

30

—00000 —00000

150

—00000

6

—00000

6

Total . . . . . . . . . . . . . . . . . . . . . . . . . .

$

789 $

724 $

130 $

159 $

1,802

*State Department of Environmental Conservation