Institutional Federal Compliance Report 2021

24 • STATE OF NEW YORK ______________________________________________________________________________________________

in the governmental activities column and in the governmental funds. The financial position and activities of the public benefit corporations that provide services directly to citizens have been presented in the Statement of Net Position and the Statement of Activities under the component units column and also in more detail in the Combining Statement of Net Position and the Combining Statement of Activities for the component units. These component units have been discretely presented in the State’s financial statements because their nature and significance to the State cause them to have an effect on the fiscal condition of the State and the State is accountable for them. OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS Governmental entities are required by GAAP to report on their net position. The Statement of Net Position presents the value of all of New York State’s assets and deferred outflows of resources, and of its liabilities and deferred inflows of resources, with the difference between them reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of changes in a government’s financial position. For the fiscal year ended March 31, 2019, the State reported a net position deficit of $12.5 billion, comprising $72.6 billion in net investment in capital assets, and $9.7 billion in restricted net position, offset by an unrestricted net position deficit of $94.8 billion. The beginning net position was restated and decreased by $31.9 billion, from $28.6 billion net position to $3.3 billion net position deficit, as a result of recognizing total other post-employment benefit (OPEB) liabilities associated with the implementation of GASBS 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (see Note 1.t for details). In addition, the implementation required the primary government to recognize total OPEB liabilities of $65 billion, $51 billion of which is for governmental activities and $14 billion for business-type activities. In governmental activities, the total OPEB liabilities equate to about 63.4 percent of the $80 billion unrestricted net position deficit. Net position reported for governmental activities decreased by $807 million to a $4.1 billion net position deficit. Unrestricted net position for governmental activities—the part of net position that can be used to finance day-to- day operations without constraints established by debt covenants, enabling legislation, or other legal requirements— had a deficit of $80 billion at March 31, 2019. The following table (Table 1) was derived from the current and prior year government-wide Statements of Net Position: Table 1 Net Position as of March 31, 2019 and 2018 (Amounts in millions) Governmental Business-Type Total Activities Activities* Primary Government 2019 2018** 2019 2018** 2019 2018** Assets: Noncapital assets: Cash and investments . . . . . . . . . . . . . . . . $ 14,048 $ 17,793 $ 11,161 $ 8,838 $ 25,209 $ 26,631 Receivables, net . . . . . . . . . . . . . . . . . . . . . 32,602 28,358 3,327 3,682 35,929 32,040 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 547 1,002 216 197 763 1,199 Total noncapital assets . . . . . . . . . . . . 47,197 47,153 14,704 12,717 61,901 59,870 Capital assets . . . . . . . . . . . . . . . . . . . . . . . . . 89,798 88,725 18,058 17,520 107,856 106,245 Total assets . . . . . . . . . . . . . . . . . . . . . . 136,995 135,878 32,762 30,237 169,757 166,115 Deferred outflows of resources . . . . . . . . . . . . 5,332 6,257 633 587 5,965 6,844 Liabilities: Liabilities due within one year . . . . . . . . . . . . . 37,089 37,091 4,657 4,395 41,746 41,486 Liabilities due in more than one year . . . . . . . 102,674 107,458 34,515 33,659 137,189 141,117 Total liabilities . . . . . . . . . . . . . . . . . . . . 139,763 144,549 39,172 38,054 178,935 182,603 Deferred inflows of resources . . . . . . . . . . . . . 6,691 906 2,557 1,259 9,248 2,165 Net position: Net investment in capital assets . . . . . . . . . . . 71,089 71,095 1,511 1,659 72,600 72,754 Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,816 2,744 4,929 4,469 9,745 7,213 Unrestricted deficits . . . . . . . . . . . . . . . . . . . . (80,032) (77,159) (14,774) (14,617) (94,806) (91,776) Total net position . . . . . . . . . . . . . . . . . $ (4,127) $ (3,320) $ (8,334) $ (8,489) $ (12,461) $ (11,809) **As of June 30, 2018 and 2017 for SUNY and CUNY activities **Prior year columns have been restated for the cumulative effect of the adoption of GASBS No. 75 and SUNY adoption of GASBS No. 81