Institutional Federal Compliance Report 2021

126 • Notes to Basic Financial Statements _________________________________________________________________________

NYPA has an outstanding receivable of approxi- mately $172 million representing loaned reserves to the State treasury. The State has recorded a corre- sponding liability in its financial statements. In accordance with legislation enacted on April 4, 2016, the New York State Canal Corporation (NYSCC), formerly a subsidiary of the New York State Thruway Authority, became a subsidiary of NYPA, effective January 1, 2017. The NYSCC exists primarily to operate, improve, maintain, repair and promote the New York State Canal System. Columns headed “New York Power Authority” reflect the operations of NYPA and the NYSCC. The individual financial statements of NYPA are available on the web at www.nypa.gov . Housing Finance Agency Housing Finance Agency (HFA) was created as a public benefit corporation in 1960 under Article III of the Private Housing Finance Law. HFA is empowered to finance or contract for the financing of the construc- tion, acquisition, or refinancing of loans for: low-to- moderate income housing; municipal health facilities; non-profit health care facilities; community related facilities; and to provide funds to repay the State for amounts advanced to finance the cost of various housing assistance programs. HFA, through its Capital Grant Low Rent Assistance Program, rents housing to low and middle income persons and families. HFA also participates in Federal housing assistance pro- grams which provide interest reduction and rental assistance subsidies to eligible projects and tenants. HFA administers the State’s Housing Project Repair and Infrastructure Trust Fund Programs. To finance low income housing, HFA raises funds through the issuance of municipal securities and the making of mortgage loans to eligible borrowers. HFA is authorized to issue bonds in the amount of approx- imately $26.8 billion to finance housing projects, and approximately $6 billion in Service Contract Obliga- tion Revenue Bonds, Service Contract Revenue Bonds and Personal Income Tax Revenue Bonds. Total bond indebtedness reported as of October 31, 2018 is approximately $17.7 billion. Individual financial statements can be obtained by contacting HFA at www.nyshcr.org . Thruway Authority The New York State Thruway Authority (NYSTA) was created as a public benefit corporation by the State Legislature in 1950 with powers to construct, operate and maintain a Thruway system. In August 1992, the Legislature created the New York State Canal Corpo- ration (NYSCC) as a subsidiary corporation of NYSTA to accept jurisdiction and control over the State Canal System from the State. The State’s 2016-2017 enacted budget included legislation establishing the NYSCC as a subsidiary of NYPA. NYPA assumed financial

(before eliminations). The remaining portion of this note contains a brief description of the operations of the ten major discretely presented component units. A presentation of their accounts is included in the Com- bining Statement of Net Position and the Combining Statement of Activities. Additional information about each of the Corporations can be obtained by contacting the Corporations directly and requesting a copy of their annual financial reports, or by visiting their websites. Certain Corporations issue revenue bonds for independent third-party entities to provide funding for the projects of those third parties. These bonds are considered conduit debt and are secured by pay- ments made by third-party entities and in some cases certain other pledged funds. These bonds do not constitute a debt or pledge of the faith and credit of the Corporations or the State. DASNY, the New York State Housing Finance Agency (HFA), the Environ- mental Facilities Corporation (EFC), the New York State Energy Research and Development Authority (NYSERDA) and the New York Job Development Authority (JDA) have issued conduit debt and have elected different, but permissible, methods of account- ing for it under GAAP. DASNY has elected to report conduit debt and related assets on its Statement of Net Position. At March 31, 2019, the liability DASNY reported for such debt was approximately $21.1 billion. HFA reports conduit debt and related assets on its Statement of Net Position. At October 31, 2018, the liability HFA reported for such debt was approximately $14.2 billion. At March 31, 2019, EFC’s Statement of Net Position did not include $125 million in bonds it issued for certain private companies. NYSERDA has issued conduit debt for participating gas and electric utility companies and other private purpose users, the principal of which totaled approximately $1.5 billion at March 31, 2019, which is not included on NYSERDA’s Statement of Net Position. Local Devel- opment Corporations that are blended component units of JDA have issued conduit debt which is not included on JDA’s combined Statement of Net Position. At March 31, 2019, the principal on these bonds totaled approximately $11.5 billion. Power Authority The New York Power Authority (NYPA) was created in 1931 to help provide a continuous adequate supply of dependable electric power and energy to the people of the State. NYPA generates, transmits and sells electric power and energy principally at wholesale to various customers including private and municipal utilities. Three of NYPA’s largest facilities are the Niagara Power Project at Lewiston, the Blenheim-Gilboa Pumped Storage Power Project at Blenheim and Gilboa and the St. Lawrence-Franklin D. Roosevelt Power Project at Massena. These hydroelectric facilities have a net dependable capability of producing 2,675,000, 1,169,250 and 841,500 kilowatts, respectively.