Institutional Federal Compliance Report 2021

______________________________________________________________________________________________ STATE OF NEW YORK • 21

MANAGEMENT’S DISCUSSION AND ANALYSIS (unaudited)

The following Management’s Discussion and Analysis (MD&A) is required supplementary information to the State of New York’s financial statements. It provides a narrative overview and analysis of the financial activities of the State of New York (State) for the fiscal year ended March 31, 2019. The MD&A is intended to serve as an introduction to the State’s basic financial statements, which have the following components: (1) government-wide financial statements; (2) fund financial statements; and (3) notes to the financial statements. The MD&A is designed to (a) assist the reader in focusing on significant financial matters, (b) provide an overview of the State’s financial activities, (c) identify any material changes from the original budget, and (d) highlight individual fund matters. The following presentation is by necessity highly summarized, and in order to gain a thorough understanding of the State’s financial condition, the following financial statements, notes and required supplementary information should be reviewed in their entirety. FINANCIAL HIGHLIGHTS New York State reported a net position deficit of $12.5 billion, comprising $169.7 billion in total assets and $6 billion in deferred outflows of resources, less $178.9 billion in total liabilities and $9.3 billion in deferred inflows of resources (Table 1). The State’s net position decreased by $652 million as a result of this year’s operations. The net position for governmental activities decreased by $807 million (24.3 percent) and the net position for business-type activities increased by $155 million (1.8 percent) due to current year operations (Table 2). The State’s governmental activities had total revenues of $165.3 billion, which exceeded total expenses of $163.1 billion, excluding transfers to business-type activities of $3 billion, by $2.2 billion (Table 2). The total cost of all the State’s programs, which includes $24.4 billion in business-type activities, was $187.5 billion (Table 2). The General Fund reported a deficit this year of $1.3 billion, which decreased the accumulated fund balance to $3.4 billion. Total debt outstanding at year-end was $59.6 billion, comprising $43.7 billion in governmental activities and $15.9 billion in business-type activities (Table 5).