Institutional Federal Compliance Report 2021

2 • STATE OF NEW YORK _______________________________________________________________________________________________

Table of Contents

INTRODUCTORY SECTION Letter from the Comptroller . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Certificate of Achievement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 New York State Organization Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Selected State Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

FINANCIAL SECTION Independent Auditors’ Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

MANAGEMENT’S DISCUSSION AND ANALYSIS (unaudited) . . . . . . . . . . 21

BASIC FINANCIAL STATEMENTS Statement of Net Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Balance Sheet—Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Reconciliation of the Balance Sheet—Governmental Funds to the Statement of Net Position . . . 39 Statement of Revenues, Expenditures and Changes in Fund Balances— Governmental Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances—Governmental Funds to the Statement of Activities . . . . . . . . . . . . . . . . . . . . . . . . . 42 Statement of Net Position—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Statement of Revenues, Expenses and Changes in Fund Net Position—Enterprise Funds . . . . . 45 Statement of Cash Flows—Enterprise Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Statement of Fiduciary Net Position—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Statement of Changes in Fiduciary Net Position—Fiduciary Funds . . . . . . . . . . . . . . . . . . . . . . . 49 Combining Statement of Net Position—Discretely Presented Component Units . . . . . . . . . . . . . . 50 Combining Statement of Activities—Discretely Presented Component Units . . . . . . . . . . . . . . . . 52 Notes to the Basic Financial Statements—Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

REQUIRED SUPPLEMENTARY INFORMATION (unaudited) Budgetary Basis—Financial Plan and Actual—Combined Schedule of Cash Receipts and Disbursements—Major Funds—

General Fund and Federal Special Revenue Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 Notes to Budgetary Basis Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 Infrastructure Assets Using the Modified Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 Schedule of Changes in Net OPEB Liability and Related Ratios, New York State . . . . . . . . . . . . 140 Schedule of Changes in Net OPEB Liability and Related Ratios, SUNY . . . . . . . . . . . . . . . . . . . 141 Schedule of Changes in Net OPEB Liability and Related Ratios, CUNY Senior Colleges . . . . . . 142