Institutional Federal Compliance Report 2021

senate. Governors have from time to time exercised their statutory power to veto the actions of the com- missioners from their states. The commissioners serve six-year overlapping terms as public officials without compensation. They establish Port Authority policy, appoint an Executive Director to implement it, and appoint a General Counsel to act as legal advisor to the Board and to the Executive Director. The compact envisions the Port Authority as being financially self-sustaining and, as such, it must obtain the funds necessary for the construction or acquisition of facilities upon the basis of its own credit. The Port Authority does not have the power to pledge the credit of either state or any municipality, or the authority to levy taxes or assessments. The liabilities of the Port Authority include $21.7 billion of consolidated bonds. Consolidated bonds and notes are equally and ratably secured by a pledge of the net revenues of all existing facilities and any additional facilities, which may be financed in whole or in part through the medium of consolidated bonds and notes. The Port Authority’s Comprehensive Annual Financial Report is available from the Port Authority website at www.panynj.gov . Consolidated financial statements of the Port Authority for the fiscal year ended December 31, 2017 disclosed the following (amounts in millions): ____________________________________________________________________________________________ STATE OF NEW YORK • 125 Financial Position Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,581 Total deferred outflows of resources . . . . . . . . . 402 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . (29,787) Total deferred inflows of resources . . . . . . . . . . (115) Net position . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,081 Operating Results Operating revenues . . . . . . . . . . . . . . . . . . . . . . $ 5,220 Operating expenses . . . . . . . . . . . . . . . . . . . . . (3,133) Depreciation and amortization . . . . . . . . . . . . . (1,275) Net revenue (expense) related to Superstorm Sandy . . . . . . . . . . . . . . . . . . . . 18 Income from operations . . . . . . . . . . . . . . . 830 Passenger facility charges . . . . . . . . . . . . . . . . 276 Financial income (expense), net . . . . . . . . . . . . (808) Contribution in aid of construction and grants . . . . . . . . . . . . . . . . . . . . . . . . . . . 208 Increase in net position . . . . . . . . . . . . . . . $ 506 Changes in Net Position Balance at January 1, 2017 . . . . . . . . . . . . . . . $ 16,575 Increase in net position . . . . . . . . . . . . . . . . . . . 506 Balance at December 31, 2017 . . . . . . . . $ 17,081

Note 16 Subsequent Events Financing Arrangements Issued

to the SUNY and CUNY Enterprise Funds, which are reported as of June 30, 2017). Subsequent to those dates, the following bonds and other financing arrangements were issued (amounts in millions):

The Statement of Net Position presents bonds and other financing arrangements and collateralized bor- rowings outstanding as of the statement date of March 31, 2018 (except for business-type activities related

BONDS AND OTHER FINANCING ARRANGEMENTS ISSUED SUBSEQUENT TO DATE OF THE STATEMENT OF NET POSITION

Issuer

Purpose

Date

Series

Amount

Dormitory Authority Dormitory Authority Dormitory Authority Dormitory Authority Dormitory Authority Urban Development Corporation Urban Development Corporation Dormitory Authority Dormitory Authority Dormitory Authority Dormitory Authority Dormitory Authority

CUNY Senior Colleges SUNY Educational Facilities SUNY Educational Facilities CUNY Senior Colleges SUNY Educational Facilities

7/27/2017 7/27/2017 7/27/2017

Sales Tax, Series 2017A Sales Tax, Series 2017A Sales Tax, Series 2017B

$ 45 $ 568 $ 16 $ 214 $ 39

10/13/2017 Personal Income Tax, Series 2017B 10/13/2017 Personal Income Tax, Series 2017B

SUNY Grant Program

12/21/2017 Personal Income Tax, Series 2017C

$ 27

SUNY Economic Development Initiatives

12/21/2017 Personal Income Tax, Series 2017C

$ 31 $ 88 $ 732 $ 15 $1,708 $ 74

CUNY Senior Colleges SUNY Educational Facilities SUNY Educational Facilities

3/23/2018 3/23/2018 3/23/2018 7/19/2018 7/19/2018

Sales Tax, Series 2018A Sales Tax, Series 2018A Sales Tax, Series 2018B Sales Tax, Series 2018C Sales Tax, Series 2018D

General Purposes General Purposes

Other Subsequent Event In connection with the sale of Fidelis Care New York, a not-for-profit Medicaid insurance plan, to Centene Corporation, a for-profit company, the State is expected

to receive approximately $2 billion through a combi- nation of direct payments and increased tax obligations over the course of nearly five years. The sale agree- ments were completed and effective as of July 1, 2018.