Institutional Federal Compliance Report 2021

122 • Notes to Basic Financial Statements _________________________________________________________________________

Thruway Authority The New York State Thruway Authority (NYSTA) was created as a public benefit corporation by the State Legislature in 1950 with powers to construct, operate and maintain a Thruway system. In August 1992, the Legislature created the New York State Canal Corpo- ration (NYSCC) as a subsidiary corporation of NYSTA to accept jurisdiction and control over the State Canal System from the State. The State’s 2016-2017 enacted budget included legislation establishing the NYSCC as a subsidiary of NYPA. NYPA assumed financial responsibility for the NYSCC on April 1, 2016. Assets and liabilities of the NYSCC were transferred effective January 1, 2017. In 2017, NYSTA recognized a loss approximating $539.5 million representing the net assets transferred to NYPA. For purposes of presenta- tion in the State’s Combining Statement of Activities— Discretely Presented Component Units, this transaction is reflected as a restatement of net position. In 1991, the Legislature empowered NYSTA to issue Local Highway and Bridge Service Contract (LHB) Bonds to provide funds to municipalities throughout the State for qualifying capital expenditures under State programs. In 1993, the Legislature authorized NYSTA to issue Highway and Bridge Trust Fund (HBTF) Bonds to reimburse the State for expenditures made by the State’s Department of Transportation in connection with the State’s multi-year Highway and Bridge Capital Program. In 2001, the Legislature authorized NYSTA to issue Personal Income Tax (PIT) Revenue Bonds to provide funds to municipalities and other project spon- sors throughout the State for qualifying local highway, bridge and multi-modal capital project expenditures under established State programs. The financial position of and activities relating to the special bond programs (LHB, HBTF and PIT) are reported within the funds of the State, rather than under the NYSTA, because these special bond pro- grams are not separate legal entities but are considered funds of the State. In 2016, the State approved an additional $700 million for the Thruway Stabilization Program, bring- ing the State’s total commitment to $1.99 billion. Since 2015, the State has contributed $1.18 billion to the Governor Mario M. Cuomo Bridge and other Thruway capital projects. Individual financial statements can be obtained by contacting NYSTA at www.thruway.ny.gov . Metropolitan Transportation Authority The Metropolitan Transportation Authority (MTA) was created in 1965 to continue, develop and improve public transportation and to develop and implement a unified public transportation policy in the New York City metropolitan area. The accounts presented as the MTA are the combined accounts of its headquarters

and eight affiliates and subsidiaries. The MTA operates the largest transit and commuter rail transportation system in North America and one of the largest in the world. The MTA is dependent upon the State for a portion of its revenues. During the MTA fiscal year ended December 31, 2017, the MTA reported $4.5 billion in payments from the State. A significant portion of that aid was in payments from the State’s Mass Trans- portation Operating Assistance Fund, a Special Revenue Fund, which derives a major portion of its receipts from taxes imposed in the Metropolitan Transportation District for this purpose. Another significant portion of that aid came from the Metropolitan Commuter Transportation Mobility Tax enacted in 2009, which is a tax imposed on certain employers and self-employed individuals engaging in business within the Metropol- itan Transportation District. The State also provides funding to pay the debt service on State Service Contract bonds issued by the MTA for its capital projects. At December 31, 2017, $68 million of MTA State Service Contract bonds remain outstanding. Capital assets acquired prior to April 1982 for the New York City Transit Authority (NYCTA) were funded primarily by New York City through capital grants. New York City has title to a substantial portion of such assets, which are not included among the assets reported under MTA. In certain instances, title to MTA Bridges and Tunnels’ real property may revert to New York City in the event the MTA determines it is unnecessary for corporate purposes. The federal government has a contingent equity interest in assets acquired by the MTA with federal funds, and upon disposal of such assets, the federal government may have a right to its share of the proceeds from the sale. MTA’s financial statements can be found at www.mta.info . Dormitory Authority The Dormitory Authority of the State of New York (DASNY) is a public benefit corporation established in 1944. DASNY’s purpose is to finance, design, con- struct, purchase, reconstruct and/or rehabilitate build- ings (projects) for use by public and private educational, healthcare, and other not-for-profit institutions (insti- tutions) located within the State, certain State agencies, local school districts, and cities and counties with respect to certain court and municipal facilities. DASNY’s outstanding bonds and notes of $50.5 billion consist mainly of debt issued for New York State agency projects ($15.6 billion), SUNY projects ($11.7 billion), independent institutions ($11 billion), health care facilities ($3.8 billion) and CUNY projects ($5 billion). The remaining debt was issued for projects for municipal facilities. The financial statements of DASNY can be obtained at www.dasny.org .