4D NYS Financial, Economic
Transcript of 4D NYS Financial, Economic
Office of OperationsOffice of Operations
2009 Fall Conference2009 Fall Conference
Navigating Uncertain TimesNavigating Uncertain Times
October 21-22, 2009
NYS Financial, Economic, and Demographic
ReportingSuzette Baker, CPA, CGFM Assistant DirectorJennifer Hallanan Associate AccountantMaria Moran, CPA Associate AccountantSandi Trzcinski, CGAP, APM Senior Accountant
Office of Operations 2009 Fall Conference
OverviewOverview
General BackgroundGeneral Background State’s GAAP Financial State’s GAAP Financial
StatementsStatements State’s Financial ConditionState’s Financial Condition Agency Financial Reporting Agency Financial Reporting
PackagePackage Current GASB StatementsCurrent GASB Statements Summary/Questions/CommentsSummary/Questions/Comments
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General BackgroundGeneral BackgroundFinancial ReportingFinancial Reporting
Comprehensive Annual Financial ReportComprehensive Annual Financial Report Financial Condition ReportFinancial Condition Report Interim GAAP Financial StatementsInterim GAAP Financial Statements Chapter 551 Functional ReportingChapter 551 Functional Reporting Five Year Comparative Financial Five Year Comparative Financial
StatementsStatements Schedule of Expenditures of Federal Schedule of Expenditures of Federal
AwardsAwards Citizens’ Guide and Citizen-Centric ReportCitizens’ Guide and Citizen-Centric Report Certification of Tax RevenuesCertification of Tax Revenues LGAC & Oil Spill Fund Financial StatementsLGAC & Oil Spill Fund Financial Statements Implementation of GASB StandardsImplementation of GASB Standards
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Financial ReportsFinancial Reports
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General BackgroundGeneral BackgroundWhat is GAAP Financial Reporting and What is GAAP Financial Reporting and
why is it important?why is it important?
Generally Accepted Accounting Generally Accepted Accounting Principles (GAAP)Principles (GAAP)
Chapter 405 of the Laws of 1981Chapter 405 of the Laws of 1981 Report to Legislature Report to Legislature MUSTMUST be be
completed by July 29completed by July 29thth
Accounting BasesAccounting Bases Cash Basis Reporting (pre-1982)Cash Basis Reporting (pre-1982) Modified Accrual (Fund Modified Accrual (Fund
Accounting)Accounting) Full Accrual (GASB 34)Full Accrual (GASB 34)
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CAFRCAFRComprehensive Annual Financial
Report
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CAFRCAFR
Statistics for 2009 CAFR:Statistics for 2009 CAFR:
1.1. $210 billion in entries$210 billion in entries
2.2. 171 entries171 entries
3.3. 7,634 entry lines7,634 entry lines
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CAFRCAFR
Three Major Sections:Three Major Sections:
1.1. IntroductoryIntroductory
2.2. FinancialFinancial
3.3. StatisticalStatistical
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CAFRCAFR
Introductory SectionIntroductory Section
1.1. Comptroller’s LetterComptroller’s Letter
2.2. Financial OverviewFinancial Overview
3.3. Certificate of AchievementCertificate of Achievement
4.4. Organization Chart and Organization Chart and State OfficialsState Officials
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CAFRCAFR
Financial SectionFinancial Section1.1. Management’s Discussion and Management’s Discussion and
AnalysisAnalysis2.2. Basic Financial StatementsBasic Financial Statements
Entity-wide Financial StatementsEntity-wide Financial Statements Governmental FundsGovernmental Funds Enterprise FundsEnterprise Funds Fiduciary FundsFiduciary Funds Discretely Presented Component UnitsDiscretely Presented Component Units
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CAFRCAFR
Financial SectionFinancial Section3.3. Required Supplementary Required Supplementary
Information (RSI)Information (RSI)
4.4. Other Supplementary InformationOther Supplementary Information Financial Statements by FundFinancial Statements by Fund Non-Major Discretely Presented Non-Major Discretely Presented
Component UnitsComponent Units
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CAFR CAFR
Statistical SectionStatistical Section
1.1. DemographicDemographic
2.2. EconomicEconomic
3.3. MiscellaneousMiscellaneous
4.4. Ten year presentation, Ten year presentation, when availablewhen available
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State’s Financial State’s Financial ConditionCondition
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Financial Condition Report:Financial Condition Report:
Provides citizens with an overview of the financial condition of the State.
Illustrates the future trends in the State.
Discusses the State’s ability to meet current and future financial and service obligations.
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General FundGeneral FundChange in Fund BalanceChange in Fund BalanceCash vs. GAAP ReportingCash vs. GAAP Reporting
(amounts in millions of dollars)
YEARYEAR CASHCASH GAAPGAAP
20092009 (805)(805) (6,895)(6,895)
20082008 (291)(291) 1,5671,567
20072007 (212)(212) 202202
20062006 711711 1,6361,636
20052005 245245 827827
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Total ReceiptsTotal Receipts
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Total ReceiptsTotal Receipts
$0
$20
$40
$60
$80
$100
$120
$140
2005 2006 2007 2008 2009 2010 * 2011 **
(amounts in billions)
Taxes Federal Miscellaneous Borrowings
*Estimated ** Projected
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Total ReceiptsTotal Receipts(amounts in billions)(amounts in billions)
$0
$10
$20
$30
$40
$50
Feder
al
Perso
nal In
com
e Ta
x
Consu
mer
Tax
es/F
ees
Busin
ess T
ax
Other
Tax
esM
isc.
Borro
wings
2008 2009
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Total SpendingTotal Spending
State Spending vs. Spending at the Rate of Inflation
(amounts in billions)
100.6104.3
112.8116.1
121.6
104.1107.1
110.7113.8
117.0
131.8
100.6
$90
$115
$140
2005 2006 2007 2008 2009 2010 **
spending inflation
** Projected
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Total SpendingTotal Spending2009 Spending
Per Person by Program 2,290
1,978
226492483 345 424
$0
$500
$1,000
$1,500
$2,000
$2,500
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Federal StimulusFederal Stimulus(amounts in millions)(amounts in millions)
* Total does not include approximately $90 billion in other federal spending items included in the Act which do not impact NY or cannot be quantified.
* Reflects revised figures March 2009.
Public Safety $124 0.5%
Other Government
Services $549 2.1%
Medicaid $11,100 41.5%
Health and Human
Services $5,982 22.4%
Infrastructure and Energy
$4,162 15.5%
Education $2,360 8.8%
Education Restoration
$2,469 9.2%
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Federal StimulusFederal Stimulus(amounts in millions)(amounts in millions)
Stimulus Spent To DateEducation
$50 0.9%
Other Governmental
Services $19 1%
Transportation $24 1%
Medicaid $3,634
64%
Labor $1,767 31.1%
Health and Social
Services $180 2%
Spending as of August 2009
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Public HealthPublic Health(amounts in billions)(amounts in billions)
12.6 13.3 13.7 13.3 11.1
19.0 20.2 21.7 19.5 20.2
$0$5
$10$15$20$25$30$35$40
2004-05 2005-06 2006-07 2007-08 2008-09State Federal
3 3 3 3
Medicaid Costs
3
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Public WelfarePublic Welfare(amounts in thousands)(amounts in thousands)
Recipients of Public Assistance and Food Stamps
520513543587613
1,8101,7961,783
2,295
1,950
$0
$500
$1,000
$1,500
$2,000
$2,500
2004-05 2005-06 2006-07 2007-08 2008-09
Public Assistance Recipients Food Stamp Recipients
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EducationEducation(amounts in billions)(amounts in billions)
Federal, State and Local Funding Elementary and Secondary Schools
2.1 2.6 2.7 2.8 2.7
17.2 17.5 18.7 19.8 21.6
18.0 19.9 21.7
23.5 25.0
$0
$10
$20
$30
$40
$50
2002-03 2003-04 2004-05 2005-06 2006-07
Federal State Local
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Local GovernmentLocal Government(amounts in millions)(amounts in millions)
Major Sources of Revenue for Counties, Cities, Towns and Villages, 2007 (excluding New York City)
Other Local Revenues
8%
Federal Aid8% Real Property
Taxes and Other Related
Items30%
State Aid13%
Charges16%
Sales and Use Tax and Other Non-Property
Taxes25%
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CapitalCapital(amounts in billions)(amounts in billions)
New York Capital Spending
4.75.1
5.66.1
6.8
$0
$1
$2
$3
$4
$5
$6
$7
2005 2006 2007 2008 2009
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DebtDebt
New York's Debt(amounts in billions)
$0
$10
$20
$30
$40
$50
$60
2001 2002 2003 2004 2005 2006 2007 2008 2009Voter-approved debt Non-voter approved debt
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DebtDebtProjected State Funded Debt Service
(amount in billons)
$0
$2
$4
$6
$8
1998 2000 2002 2004 2006 2008 * 2010 ** 2012 **
State-Supported State-Funded
* Actual ** Projected
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Wall Street Profits(amounts in billions)
-$60-$50
-$40-$30-$20
-$10$0
$10
$20$30
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008Economic and Economic and
Demographic TrendsDemographic Trends
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Economic and Economic and Demographic TrendsDemographic Trends
Wall Street Bonuses(amounts in billions)
$0
$10
$20
$30
$40
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
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All Government Funds Projected All Government Funds Projected GrowthGrowth
(amounts in billions)(amounts in billions)
119.2
129.8134.9
130.8 130.7
121.6
133.5
140.0144.4
149.1
$100
$110
$120
$130
$140
$150
2008-09Actual
2009-10Enacted
2010-11Projected
2011-12Projected
2012-13Projected
All Funds Receipts All Funds Disbursements
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Agency Financial Reporting Agency Financial Reporting Package On-Line SystemPackage On-Line System
Agency Financial Reporting PackageAgency Financial Reporting Package Collects information from Collects information from
approximately 215 State agenciesapproximately 215 State agencies Used for annual and interim Used for annual and interim
reportingreporting
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Agency Financial Agency Financial Reporting PackageReporting Package
Gross Accounts ReceivableGross Accounts Receivable Approximately 50 agencies and $590 Approximately 50 agencies and $590
million million
Gross Miscellaneous LiabilitiesGross Miscellaneous Liabilities Approximately 20 agencies and $90 Approximately 20 agencies and $90
millionmillion
Compensated AbsencesCompensated Absences Over 4,000 employees and $2.4 billionOver 4,000 employees and $2.4 billion
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Current GASB StatementsCurrent GASB Statements
GASB 51-GASB 51- Accounting and Financial Accounting and Financial Reporting for Intangible AssetsReporting for Intangible Assets
GASB 53-GASB 53- Accounting and Financial Accounting and Financial Reporting for Derivative InstrumentsReporting for Derivative Instruments
GASB 54-GASB 54- Fund Balance Reporting and Fund Balance Reporting and Governmental Fund Type DefinitionsGovernmental Fund Type Definitions
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SummarySummary
Financial Reporting is required to:Financial Reporting is required to: Recognize the true financial position and
condition of the State, and reports the condition to the taxpayers.
Prepare GAAP financial statements presenting timely modified accrual and full accrual-based financial statements to the public, bond rating agencies, investment banks, etc.
Enable comparability with other states, and over a period of time.
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Questions/Comments?Questions/Comments?
Suzette Baker (518) 486-1234Suzette Baker (518) 486-1234
[email protected]@osc.state.ny.us
Jennifer Hallanan (518) 486-3048Jennifer Hallanan (518) 486-3048
[email protected]@osc.state.ny.us
Maria Moran (518) 474-3691Maria Moran (518) 474-3691
[email protected]@osc.state.ny.us
Sandi Trzcinski (518) 473-8990Sandi Trzcinski (518) 473-8990
[email protected]@osc.state.ny.us