Institutional Federal Compliance Report 2021

30 • STATE OF NEW YORK ______________________________________________________________________________________________ During the 12-month period reported, the State issued $8.4 billion in bonds, of which $1.5 billion was for refunding and $6.9 billion was for new borrowing. See additional information related to outstanding debt in Note 7. See Note 16 for State debt issued subsequent to the reporting period. Table 6 New Debt Issued During Prior 12-Month Period (Amounts in millions) Governmental Business-Type Total Activities Activities* Primary Government 2019 2018 2019 2018 2019 2018 Voter-approved debt: General obligation: New issues . . . . . . . . . . . . . . . . . . . . . . . . . $ 114 $ 145 $ —00000 $ —00000 $ 114 $ 145 Refunding issues . . . . . . . . . . . . . . . . . . . . —00000 69 —00000 —00000 —00000 69 Total voter-approved debt . . . . . . . . . . 114 214 — 00000 — 00000 114 214 Non-voter-approved debt: Other financing arrangements: New issues . . . . . . . . . . . . . . . . . . . . . . . . . 4,707 3,819 2,130 186 6,837 4,005 Refunding issues . . . . . . . . . . . . . . . . . . . . 1,178 1,856 272 6 1,450 1,862 Total non-voter-approved debt . . . . . . 5,885 5,675 2,402 192 8,287 5,867 Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,999 $ 5,889 $ 2,402 $ 192 $ 8,401 $ 6,081 *As of June 30, 2018 and 2017 for SUNY and CUNY activities The State’s assigned general obligation bond ratings on March 31, 2019 were as follows: AA+ by Standard & Poor’s Investor Services (S&P), Aa1 by Moody’s Investor Service, Inc., and AA+ by Fitch Investor Service. The State Constitution, with exceptions for emergencies, limits the amount of general obligation bonds that can be issued to that amount approved by the voters for a single work or purpose in a general election. Currently, the State has $2.5 billion in authorized but unissued bond capacity that can be used to issue bonds for specifically approved purposes. The State may issue short-term debt without voter approval in anticipation of the receipt of taxes and revenues or proceeds from duly authorized but not issued general obligation bonds. For detailed information related to general obligation bonds, refer to Note 6. The State Finance Law, through the Debt Reform Act of 2000 (the Act), also imposes phased-in caps on the issuance of new State-supported debt and related debt service costs. The Act also limits the use of debt to capital works and purposes, and establishes a maximum term length for repayment of 30 years. The Act applies to all State- supported debt. The Act does not apply to debt issued prior to April 1, 2000 or to other obligations issued by public authorities where the State is not the direct obligor. ECONOMIC FACTORS AFFECTING THE STATE In 2018, the national economy, as measured by real Gross Domestic Product, grew by 2.9 percent. This expansion continued into 2019 and reached a record length, 121 months, in July. While New York’s economy was also continuing to expand, its real Gross State Product (GSP) rose at a slower rate of 2.1 percent, ranking it 25th among the 50 states. This increase reflected gains in the information industry and government sectors, while finance and insurance detracted from overall economic growth. At both levels, economic growth accelerated from that in 2017. Job gains also continued at both the national and state levels in 2018. The nation added 2.45 million jobs, growth of 1.7 percent. Employment increased at a slower pace in New York, 1.1 percent, with the addition of nearly 110,000 jobs. Most of those job gains were concentrated in the downstate region, primarily in New York City. Three- quarters of the upstate regions realized job gains. Although most upstate regions continued to lag behind those downstate, job gains in the Rochester, Syracuse, and Albany-Schenectady-Troy metropolitan statistical areas outpaced employment growth on Long Island. Jobs declined, however, in the Glens Falls, Elmira, and Watertown-Fort Drum statistical areas.