Institutional Federal Compliance Report 2021

The following is a summary of future minimum rental commitments under real property and equipment leases with terms exceeding one year (amounts in millions): 92 • Notes to Basic Financial Statements __________________________________________________________________________ Governmental Activities— Collateralized Borrowings

In December 2010, $102 million of Pledged Assess- ment Revenue Bonds, Series 2010A, were issued by DASNY. These bonds are special revenue obligations of DASNY. Principal and interest on the Series 2010A Bonds are payable from the pledged assessments to be assessed and collected by the Chair of the Workers’ Compensation Board. At March 31, 2018, principal and interest outstanding were $29 million and $3 million, respectively. Annual principal and interest payments will be continuing through Decem- ber 1, 2020. In December 2013, $370 million of Employer Assessment Revenue Bonds, Series 2013A, were issued by DASNY. These bonds are special revenue obliga- tions of DASNY. Principal and interest on the Series 2013A Bonds are payable from employer assessments to be assessed and collected by the Chair of the Workers’ Compensation Board. At March 31, 2018, principal and interest outstanding were $327 million and $147 million, respectively. Annual principal and interest payments will continue through December 1, 2034. The State determined that these transactions meet the criteria for collateralized borrowings under GASBS No. 48, Sales and Pledges of Receivables and Future Rev- enues and Intra-Entity Transfers of Assets and Future Rev- enues , since the pledged revenues are formally committed to directly collateralize or secure debt of a component unit. These Pledged and Employer Assessment Revenue Bonds are reported as collater- alized borrowings in the State’s financial statements (amounts in millions):

Governmental Activities

Fiscal Year

2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024-2028 . . . . . . . . . . . . . . . . . . . . . . . . . . 2029-2033 . . . . . . . . . . . . . . . . . . . . . . . . . . 2034-2038 . . . . . . . . . . . . . . . . . . . . . . . . . . 2039-2043 . . . . . . . . . . . . . . . . . . . . . . . . . . 2044-2048 . . . . . . . . . . . . . . . . . . . . . . . . . . 2049-2053 . . . . . . . . . . . . . . . . . . . . . . . . . . 2054-2058 . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

263 217 193 169 160 552 232

11 12 13 15 15

1,852

Business-type activities reported rental expendi- tures of $129 mi l l ion and the fol lowing future minimum rental commitments under real property and equipment leases with terms exceeding one year at year-end (June 30, 2017 for SUNY and CUNY and March 31, 2018 for Lottery) (amounts in millions):

Business-Type

Fiscal Year

Activities

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . 2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . 2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . 2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . 2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

115 115 112 103 95 378 285 120 57 80

1,460

Fiscal Year

Principal

Interest

Total

2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2024-2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2029-2033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2034-2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

24 $

15 $

39 38 38 28 28

24 25 15 16 89

14 13 13 12 51 29

140 140 55 506

111 52

3

356 $

150 $