Institutional Federal Compliance Report 2021

____________________________________________________________________________________________ STATE OF NEW YORK • 127

and eight affiliates and subsidiaries. The MTA operates the largest transit and commuter rail transportation system in North America and one of the largest in the world. The MTA is dependent upon the State for a portion of its revenues. During the MTA fiscal year ended December 31, 2018, the MTA reported $4.7 billion in payments from the State. A portion of that aid was in payments from the State’s Mass Transporta- tion Operating Assistance Fund, a Special Revenue Fund, which derives a major portion of its receipts from taxes imposed in the Metropolitan Transporta- tion District for this purpose. A significant portion of that aid came from the Metropolitan Commuter Trans- portation Mobility Tax enacted in 2009, which is a tax imposed on certain employers and self-employed individuals engaging in business within the Metropol- itan Transportation District. Since 2002, the State has provided funding to pay the debt service on State Service Contract bonds issued by the MTA for its capital projects. At December 31, 2018, there are no outstanding MTA State Service Contract bonds. Capital assets acquired prior to April 1982 for the New York City Transit Authority (NYCTA) were funded primarily by New York City through capital grants. New York City has title to a substantial portion of such assets, which are not included among the assets reported under MTA. In certain instances, title to MTA Bridges and Tunnels’ real property may revert to New York City in the event the MTA determines it is unnecessary for corporate purposes. The federal government has a contingent equity interest in assets acquired by the MTA with federal funds, and upon disposal of such assets, the federal government may have a right to its share of the proceeds from the sale. MTA’s financial statements can be found at www.mta.info . Dormitory Authority The Dormitory Authority of the State of New York (DASNY) is a public benefit corporation established in 1944. DASNY’s purpose is to finance, design, construct, purchase, reconstruct and/or rehabilitate buildings (projects) for use by public and private educational, healthcare, and other not-for-profit institutions (institutions) located within the State, certain State agencies, local school districts, and cities and counties with respect to certain court and munic- ipal facilities. DASNY’s outstanding bonds and notes of $54.9 billion consist mainly of debt issued for New York State agency projects ($18.3 billion), SUNY projects ($11.9 billion), independent institutions ($12.2 billion), health care facilities ($3.8 billion) and CUNY projects ($5 billion). The remaining debt was issued for projects for municipal facilities. The financial statements of DASNY can be obtained at www.dasny.org .

responsibility for the NYSCC on April 1, 2016. Assets and liabilities of the NYSCC were transferred effective January 1, 2017. In 2017, NYSTA recognized a loss approximating $539.5 million representing the net assets transferred to NYPA. Pursuant to the transfer agreement, NYSTA provides certain services to NYPA in order to ensure operational continuity through the post-transfer period. Since 2017, NYSTA has recog- nized $2.2 million in non-operating revenues from NYPA as reimbursement for post-transfer services that were provided to NYSCC. In 1991, the Legislature empowered NYSTA to issue Local Highway and Bridge Service Contract (LHB) Bonds to provide funds to municipalities throughout the State for qualifying capital expendi- tures under State programs. In 1993, the Legislature authorized NYSTA to issue Highway and Bridge Trust Fund (HBTF) Bonds to reimburse the State for expen- ditures made by the State’s Department of Transporta- tion in connection with the State’s multi-year Highway and Bridge Capital Program. In 2001, the Legislature authorized NYSTA to issue Personal Income Tax (PIT) Revenue Bonds to provide funds to municipalities and other project sponsors throughout the State for qual- ifying local highway, bridge and multi-modal capital project expenditures under established State programs. In December 2013, NYSTA entered into a $1.6 billion loan agreement (TIFIA Loan) with the U.S. Depart- ment of Transportation for purposes of financing con- struction of the New NY Bridge. The financial position of and activities relating to the special bond programs (LHB, HBTF and PIT) are reported within the funds of the State, rather than under the NYSTA, because these special bond pro- grams are not separate legal entities but are considered funds of the State. The State developed the Thruway Stabilization Program in 2015 for the payment of costs related to the Governor Mario M. Cuomo Bridge, bridge-related transportation improvements and other Thruway capital projects. In 2016, the State approved an addi- tional $700 million for the program, bringing the State’s total commitment to $1.99 billion. Through December 31, 2018, the State has contributed a total of $1.62 billion to NYSTA for this program, consisting of $1.09 billion for the Governor Mario M. Cuomo Bridge and $578 million for other Thruway capital projects. Individual financial statements can be obtained by contacting NYSTA at www.thruway.ny.gov . Metropolitan Transportation Authority The Metropolitan Transportation Authority (MTA) was created in 1965 to continue, develop and improve public transportation and to develop and implement a unified public transportation policy in the New York City metropolitan area. The accounts presented as the MTA are the combined accounts of its headquarters