CAFR2020
CAFR2020
CAFR2020
OF
NEW YORK
NEW YORK
COMPREHENSIVE
ANNUAL FINANCIAL REPORT
OF THE
COMPTROLLER
FOR THE
FISCAL YEAR ENDED JUNE 30, 2020
SCOTT M. STRINGER
Comptroller
The City
of
New York
Comprehensive
Annual Financial Report
of the
Comptroller
for the
Fiscal Year Ended June 30, 2020
SCOTT M. STRINGER
Comptroller
________________
Table of Contents
PART I
INTRODUCTORY SECTION
PART II
FINANCIAL SECTION
PART II-A
BASIC FINANCIAL STATEMENTS
v
Fiduciary Funds—Statement of Fiduciary Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Fiduciary Funds—Statement of Changes in Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . 66
Fiduciary Funds—Statement of Changes in Fiduciary Net Position—for the year ended June 30, 2019 . . . . . . . 67
Component Units—Statement of Net Position—June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Component Units—Statement of Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Component Units—Statement of Activities—for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Component Units—Statement of Activities—for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Notes to Financial Statements:
A. Summary of Significant Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
1. Reporting Entity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
2. Basis of Presentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
3. Basis of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
4. Encumbrances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
5. Cash and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
6. Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
7. Restricted Cash and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
8. Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
9. Vacation and Sick Leave . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
10. Judgments and Claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
11. Long-Term Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
12. Derivative Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
13. Real Estate Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
14. Other Taxes and Other Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
15. Federal, State and Other Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
16. Bond Discounts, Premiums and Issuance Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
17. Intra-Entity Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
18. Subsidies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84
19. Deferred Outflows and Inflows of Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
20. Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
21. Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
22. Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
23. Estimates and Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
B. Reconciliation of Government-Wide and Fund Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
C. Stewardship, Compliance and Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
1. Budgets and Financial Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
2. Deficit Fund Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
D. Detailed Notes on All Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
1. Deposits and Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
2. Capital Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
3. Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
4. Service Concession Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
5. Long-Term Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
6. Interfund Receivables, Payables and Transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
7. Tax Abatements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
8. COVID-19: Government Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
E. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
1. Audit Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
2. Subsequent Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
3. Other Employee Benefit Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
4. Other Postemployment Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
5. Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
vi
PART II-B
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
A. Schedule of Changes in the City’s Net Pension Liability and Related Ratios for POLICE at June 30, . . . . 147
B. Schedule of Changes in the City’s Net Pension Liability and Related Ratios for FIRE at June 30, . . . . . . . 148
C. Schedule of the City’s Proportionate Share of the Net Pension Liabilities of Cost-Sharing
Multiple-Employer Pensions Plans at June 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
D. Schedule of City Contributions for All Pension Plans for the Fiscal Years ended June 30, . . . . . . . . . . . . . . 150
E. Schedule of the Net OPEB Liability at June 30, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
PART II-C
SUPPLEMENTARY INFORMATION COMBINING FINANCIAL INFORMATION—GOVERNMENTAL FUNDS
PART II-D
SUPPLEMENTARY INFORMATION COMBINING FINANCIAL INFORMATION—FIDUCIARY FUNDS
vii
Schedule F7—Pension Trust Funds—New York City Employees’ Retirement System—
Combining Schedule of Changes in Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . . . . 188
Schedule F8—Pension Trust Funds—New York City Employees’ Retirement System—
Combining Schedule of Changes in Fiduciary Net Position—for the year ended June 30, 2019. . . . . . . . . . . 189
Schedule F9—Pension Trust Funds—Teachers’ Retirement System—Combining Schedule of Fiduciary
Net Position—June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
Schedule F10—Pension Trust Funds—Teachers’ Retirement System—Combining Schedule of Fiduciary
Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Schedule F11—Pension Trust Funds—Teachers’ Retirement System—Combining Schedule of Changes in
Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192
Schedule F12—Pension Trust Funds—Teachers’ Retirement System—Combining Schedule of Changes in
Fiduciary Net Position—for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Schedule F13—Pension Trust Funds—Board of Education Retirement System—Combining Schedule of
Fiduciary Net Position—June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
Schedule F14—Pension Trust Funds—Board of Education Retirement System—Combining Schedule of
Fiduciary Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
Schedule F15—Pension Trust Funds—Board of Education Retirement System—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Schedule F16—Pension Trust Funds—Board of Education Retirement System—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Schedule F17—Pension Trust Funds—New York City Police Pension Funds—Combining Schedule of
Fiduciary Net Position—June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198
Schedule F18—Pension Trust Funds—New York City Police Pension Funds—Combining Schedule of
Fiduciary Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
Schedule F19—Pension Trust Funds—New York City Police Pension Funds—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
Schedule F20—Pension Trust Funds—New York City Police Pension Funds—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Schedule F21—Pension Trust Funds—New York City Fire Pension Funds—Combining Schedule of
Fiduciary Net Position—June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
Schedule F22—Pension Trust Funds—New York City Fire Pension Funds—Combining Schedule of
Fiduciary Net Position—June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
Schedule F23—Pension Trust Funds—New York City Fire Pension Funds—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
Schedule F24—Pension Trust Funds—New York City Fire Pension Funds—Combining Schedule of
Changes in Fiduciary Net Position—for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
Schedule F25—Other Employee Benefit Trust Funds—Deferred Compensation Plans—
Combining Schedule of Fiduciary Net Position—December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Schedule F26—Other Employee Benefit Trust Funds—Deferred Compensation Plans—
Combining Schedule of Fiduciary Net Position—December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
Schedule F27—Other Employee Benefit Trust Funds—Deferred Compensation Plans—
Combining Schedule of Changes in Fiduciary Net Position—for the year ended December 31, 2019 . . . . . . 208
Schedule F28—Other Employee Benefit Trust Funds—Deferred Compensation Plans—
Combining Schedule of Changes in Fiduciary Net Position—for the year ended December 31, 2018 . . . . . . 209
Schedule F29—Custodial Fund—Schedule of Changes in Assets and Liabilities—
for the year ended June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Schedule F30—Custodial Fund—Schedule of Changes in Assets and Liabilities—
for the year ended June 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
PART II-E
SUPPLEMENTARY INFORMATION COMBINING FINANCIAL INFORMATION—COMPONENT UNITS
viii
PART II-F
OTHER SUPPLEMENTARY INFORMATION
General Fund:
Schedule G1—Summary of Federal, State and Other Aid Receivables at June 30, 2020 . . . . . . . . . . . . . . . . . . 228
Schedule G2—Revenues vs. Budget by Category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229
Schedule G3—Revenues vs. Budget by Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232
Schedule G4—Expenditures and Transfers vs. Budget by Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
Schedule G5—Expenditures and Transfers vs. Budget by Unit of Appropriation Within Agency . . . . . . . . . . . 274
Schedule G6—Expenditures and Transfers by Object . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309
Schedule G7—Revenue and Expenditures—Restricted Fund by Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317
PART III
STATISTICAL SECTION
ix
Schedules of Demographic and Economic Information:
Population—Ten Year Trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396
Personal Income—Ten Year Trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396
Nonagricultural Wage and Salary Employment—Ten Year Trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397
Persons Receiving Public Assistance—Ten Year Trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398
Employment Status of the Resident Population—Ten Year Trend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399
Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413
x
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part I
INTRODUCTORY SECTION
SCOTT M. STRINGER
COMPTROLLER
First and foremost, I sincerely hope you and your families remain safe and healthy as our City continues to persevere through the
COVID-19 pandemic. Despite these unprecedented times, it is my privilege to present The City of New York's Comprehensive Annual
Financial Report (CAFR) for Fiscal Year 2020. This report, the seventh issued under my administration, shows that The City of New
York (City) completed its Fiscal Year financial reporting requirements, in accordance with Generally Accepted Accounting Principles
(GAAP).
The General Fund remains a primary indicator of the City’s financial activity and legal compliance within the financial reporting
model promulgated by the Governmental Accounting Standards Board (GASB). This year, the City implemented GASB statement
no. 84, Fiduciary Activities and its effects are explained further in the notes to the financials. In Fiscal Year 2020, the General Fund
had revenues and other financing sources of $95.058 billion and expenditures and other financing uses of $95.099 billion, which
results in a deficit of $41 million, including restricted fund activities. The operating surplus, less restricted fund activities of $46
million as provided by State legislation passed in October 2019, is $5 million. These expenditures and other financing uses include
transfers of $3.819 billion to help eliminate the projected budget gap for Fiscal Year 2021. Fiscal year expenditures and other
financing uses were $3.319 billion more than in Fiscal Year 2019, an increase of 3.6%. Excluding the transfers to eliminate future
Fiscal Year projected gaps, expenditures and other financing uses increased by $3.366 billion or 3.7%. A detailed analysis of the
City's fund and government-wide financial statements is provided in Management's Discussion and Analysis (MD&A), which
immediately precedes the basic financial statements contained in this report.
ECONOMIC CONDITIONS IN FISCAL YEAR 2020 AND OUTLOOK FOR FISCAL YEAR 2021
The COVID-19 pandemic has wreaked havoc on the global economy, with a devastating impact on national and local economies.
United States real (inflation-adjusted) Gross Domestic Product (GDP) fell at an annualized rate of 5% during the first quarter of
calendar year 2020 (January to March), as the initial impact of the pandemic began to take a toll on the economy. In the second
quarter (April to June), the economy contracted by a record annualized rate of 31.7%, plunging into a recession after close to 11
years of expansion. This record contraction came as states across the country imposed lockdowns to contain the spread of the
virus. The lockdown also contributed to record job losses. The private sector lost 16.9 million jobs in the second quarter, falling
13.1% and setting a new record of job losses in a single quarter since records became available in 1939.
The economy of New York City, which was the epicenter of the COVID-19 pandemic at its onset, has been hit harder than the
rest of the U.S. thus far. City jobs declined faster than the national average through June. From February to April, U.S. employment
declined by 14.5%, but bounced back by 5.8% from April to June, for a net decline of 9.6% from February to June. In New York
City, employment plunged by almost 20% from February to April and grew by a smaller 3.2% from April to June. This nearly
20% decline in New York City employment was equivalent to the loss of an unprecedented 910,050 jobs between February and
April.
Small businesses in New York City have suffered a devastating blow. Small business revenues declined dramatically in March.
Manhattan small business revenue was already declining in early March, and had declined by 70% by month’s end, as businesses
shuttered and commuters stayed home. Despite some recovery, Manhattan small business revenue in early July was still down
over 40% from the beginning of January. Outer borough small businesses, less dependent on commuters, fared better but still
xiii
experienced revenue declines of 40% to 60% by early April. In July, Staten Island and Queens small business revenue remained
over 20% down from January, while in the Bronx, small business revenue has begun to recover, and is up 9% over January.
The COVID-19 pandemic has had an unparalleled impact on the entire world, and profound impacts on New York City’s economy.
Whole industries shut down entirely. Those who could work from home did. Many who could not were laid off. Aggressive
measures have contained the virus for now, but as New York City progresses through a cautious reopening, great uncertainty
remains about how much and how quickly the City economy will recover.
When dense office towers can be safely reoccupied; and how comfortable employees will be with working there; remains an
open question. No one knows if office workers will be willing to use public transportation as it becomes more crowded, or
whether they will continue to work primarily from home.
The extent to which public schools and universities can be safely reopened to full-time in-person learning remains largely
undecided. If public schools reopen and then are forced to close, parents of over a million school children will have to provide
their own childcare on at least a part-time basis, inhibiting many parents’ ability to return to full-time work. Whether universities
reopen will determine the extent to which half a million college students pay rent and spend money in New York City or live and
study remotely. It remains to be seen how many tourists and shoppers will return to New York City streets and stores, or continue
to stay home and shop online.
The Coronavirus remains a considerable source of uncertainty as well. The likelihood of a resurgence in New York City infections
is affected by outbreaks in other states, and by how well those states are able to curtail infection. As of October, visitors from 34
other states and territories faced mandatory quarantine in New York. This risk may be mitigated by testing and contact tracing,
which requires testing capacity that is currently under strain at the national level. On the other hand, the development of effective
treatments, or even better, an effective vaccine, would allow a quicker return to normal.
Most immediately, a failure by the Federal government to provide adequate fiscal relief to state and local governments could
upend the New York State budget—and by extension, the City’s resources. New York State has threatened to reduce local aid by
as much as 20% if Congress does not appropriate additional unrestricted aid to state and local governments, using executive
powers included in the enacted State budget. Other risks stem from the uncertainty surrounding the trajectory of the Coronavirus
itself. A recurring surge of the virus could lead to another round of business shutdowns and stay-at-home orders. Longer-term
changes in work patterns and behavior could impact the City’s tax base, even with the eventual development of a vaccine.
In our forecast, New York City’s economy is expected to contract at a slightly faster pace than the nation as a whole and recover
more slowly. Although this prediction may be affected by New York’s relative success in fighting the epidemic since March, the
New York City economy is uniquely vulnerable to a collapse in tourism, commuting, and face-to-face business operations. We
are assuming that while the local economy recovers, visitors will remain reluctant to return for a longer period of time if local
businesses and attractions remain closed.
The Division of Fiscal and Budget Studies in the Comptroller’s Bureau of Budget monitors the City’s finances, capital spending,
and economy. In analyzing the City’s budget and financial plan, the division focuses on the City’s debt capacity and economic
outlook. After each budget modification, the division conducts an in-depth analysis of the Mayor’s budget proposal and shortly
thereafter releases a report to the general public that highlights the major findings. The report reviews the main components of
the City’s budget, analyzing the soundness of the City’s budgetary and economic assumptions, changes in expense and capital
budget priorities, and financial and economic conditions and developments affecting the City’s fiscal outlook and budget.
Modification of the City’s current year budget and four-year financial plan occurs quarterly during the Fiscal Year. Coinciding
with the release of quarterly modifications, the budget review and preparation generally adheres to the following cycle: (1) the
Mayor’s submission of a preliminary budget for the ensuing Fiscal Year in January, (2) the Mayor’s presentation of the Executive
Budget to the City Council in April, (3) budget adoption prior to July 1, the beginning of the new Fiscal Year, and (4) the first
quarterly modification to the Adopted Budget, which is typically released in November. As part of the budget process, the
division prepares a number of reports and letter statements as mandated by the New York City Charter:
• An annual report to the City Council on the state of the City’s economy and finances by December 15, including an
evaluation of the City’s updated financial plan.
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• An annual report on the City’s capital debt and obligations including the maximum amount of debt the City may
soundly incur in subsequent fiscal years and the indebtedness against the General Obligation debt limit in the current
and subsequent three fiscal years as stipulated by the New York State Constitution.
• A certified statement of debt service submitted by the Comptroller to the Mayor and the City Council by March 1.
The statement, which is published in The City Record, contains a schedule of the appropriations for debt service for
the subsequent fiscal year.
• A letter statement certifying the Adopted Budget Resolutions and filed with the City Clerk.
The City adopted a Fiscal Year 2020 (July 1-June 30) budget totaling $92.04 billion (less Interfund Agreements) on June 19,
2019. Since then, the City’s economy has been devastated by the COVID-19 pandemic. New York City became the epicenter of
the pandemic at the onset of the outbreak. To contain the spread of the virus and protect the health of New Yorkers, the City
imposed a lock down of non-essential businesses and implemented social distancing measures. These measures had a devastating
impact on the local economy and tax revenues. Actual Fiscal Year 2020 tax revenues were $332 million less than projected in the
Fiscal Year 2020 Adopted Budget. Non-tax City-funds revenues were $153 million more than projected in the Fiscal Year 2020
Adopted Budget, offsetting some of the drop in tax revenues.
The elimination of a $1.15 billion General Reserve and $250 million Capital Stabilization Reserve for Fiscal Year 2020, City-
funds debt service savings of $449 million, along with a $2.15 billion reduction in City-funds spending, offset the aforementioned
revenue shortfall and provided the City with $3.82 billion in additional resources above the Adopted Budget projections. The
additional resources allowed the City to prepay $2.55 billion of Fiscal Year 2021 New York City Transitional Finance Authority
debt service and $1.27 billion of Fiscal Year 2021 General Obligation debt service.
The Division of Financial Analysis (DFA) within the Bureau of Budget monitors the daily cash balance in the City’s Central
Treasury to ensure adequate levels of cash-on-hand throughout the fiscal year. DFA forecasts daily cash balances to determine
the potential need and timing for seasonal borrowing. The Comptroller issues a Cash Letter with these projections and regularly
updates it throughout the year. DFA also prepares the Quarterly Cash Report, which provides an overview of the City’s cash
position and highlights major changes during the quarter. The City’s Central Treasury carried an average daily unrestricted cash
balance of $6.28 billion during Fiscal Year 2020, with a Fiscal year-end balance of $6.63 billion. For the sixteenth consecutive
year, the City did not need to issue short-term notes.
The Bureau of Law & Adjustment (BLA) is responsible for carrying out the Comptroller’s Charter-mandated responsibility of
adjusting claims for and against the City.
Claims against the City arise out of the vast undertakings of City agencies and NYC Health + Hospitals. The City is generally
uninsured with respect to risks, including, but not limited to, property damage and personal injury claims. Typically, the cost of
claims is paid out of the City’s General Fund.
The City spent $709 million on judgments and claims in Fiscal Year 2020, an increase of $4 million from the prior year. The
Comptroller’s Office also approved approximately $17.4 million in affirmative settlements—that is monies paid to the City
based on its claims against others—in Fiscal Year 2020.
In Fiscal Year 2020, the Comptroller’s Office collected $9.5 million from claimants who received settlements from the City and
who had outstanding obligations to the City for public assistance and child support. This achievement was made possible by
partnering with other City agencies, particularly with the Human Resources Administration/Department of Social Services, to
improve the automated City systems.
The Comptroller’s Office continues to expand efforts to collect compensation from those who have damaged City property. In
Fiscal Year 2020, the Comptroller’s Office collected $1.85 million in property damage affirmative claims.
The Comptroller’s Office has been successfully working with the New York State Office of Victims Services and the New York
State Attorney General’s Office to identify settlements reached with convicted persons from which victims can recover money
(Son of Sam Law-New York State Executive Law § 632-a). BLA collected a total of $1.6 million in settlements for victims of
crime by the end of Fiscal Year 2020. As of the end of the Fiscal Year, the Comptroller was withholding $2.6 million pending the
outcome of crime victims’ civil actions against the convicted persons’ settlements.
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BUREAU OF LABOR LAW
The Bureau of Labor Law (BLL) sets and enforces prevailing wage and supplement rates for workers performing:
1. Construction, alteration and repair of New York City public works under New York State Labor Law (Labor Law)
Article Eight;
2. Building services on City contracts under Labor Law Article Nine and at properties receiving tax exemption benefits
under New York State Real Property Tax Law (RPTL) § 421-a;
3. Street excavations by utilities under New York City Administrative Code (NYC Admin. Code) § 19-142; and
4. Food services and temporary office services on City contracts under NYC Admin. Code § 6-109.
BLL also enforces living wage and supplement rates for employees performing homecare, day care, Head Start and Cerebral
Palsy services on City contracts under NYC Admin. Code § 6-109, enforces minimum average hourly wages for construction
workers on properties receiving tax exemption benefits under RPTL § 421-a (16)(c) and investigates alleged violations of
prevailing wage and living wage laws for building service and other employees of entities receiving financial assistance from the
City under NYC Admin Code §§ 6-130 and 6-134.
In Fiscal Year 2020, BLL assessed over $1.6 million in underpayments and interest against employers covered by prevailing
wage requirements. In addition, BLL assessed over $46,000 in civil penalties against City contractors. During the same fiscal
year, BLL opened up 74 new cases and resolved 79 cases. In that same time period, BLL debarred seven contractors from New
York State and City public works for egregious conduct.
The Comptroller’s Bureau of Public Finance issues debt to finance the City’s capital program and manages the City’s portfolio
of outstanding bonds, in conjunction with the Mayor’s Office of Management and Budget. The City borrows for capital projects
in accordance with its capital plan and budget and Comptroller’s Internal Control and Accountability Directive #10, which
allows for borrowing on projects with a useful life of five years or longer and costing at least $50,000, or three years or longer
for projects consisting of computer hardware, software, networks, and information technology systems.
In Fiscal Year 2020, the City and the New York City Transitional Finance Authority (TFA), which is a blended component unit,
issued $7.61 billion of long-term debt to finance the City’s capital needs. The New York City Municipal Water Finance Authority
(Water Authority), a discretely presented component unit, issued $1.81 billion of long-term debt to finance the City’s water- and
sewer-related capital needs. The New York City Tax Lien Trust, NYCTL 2019-A Trust, sold $74.23 million of bonds to monetize
delinquent taxes and other liens.
In addition to financing its new money capital needs, the City refinanced outstanding high-coupon bonds to provide direct budget
relief to City taxpayers and to water and sewer ratepayers. The City, TFA, and Water Authority issued a total of $3.35 billion of
refunding bonds in Fiscal Year 2020. This accounted for 26% of the total issuance for these credits and generated a total of
$275.87 million in budgetary savings and $660.63 million of savings for ratepayers over the life of the Water Authority’s bonds.
xvi
General Obligation (GO)
New York City GO bonds have been issued for over 200 years and are backed by the City’s faith and credit. All real property
subject to taxation by the City is subject to the levy of ad valorem taxes, without limitation as to rate or amount, to pay the
principal of and interest on GO bonds.
• As of June 30, 2020, the City had $38.78 billion of GO bonds outstanding, consisting of $32.96 billion of fixed rate
bonds and $5.82 billion of variable rate bonds.
• The City issued $5.28 billion of refunding and new money GO bonds in Fiscal Year 2020. The City issued $3.78
billion of new money bonds and $1.50 billion to refund a portion of its outstanding bonds at lower interest rates. In
Fiscal Year 2020, the City also converted $594.61 million of outstanding bonds between modes.
• The GO refundings will generate $275.87 million in budgetary savings over the life of the bonds or $264.88 million
in savings on a net present value basis.
The TFA, a bankruptcy-remote legal entity that is separate from the City, is authorized to issue debt secured by the City’s
collections of personal income tax and, if necessary, sales tax. The TFA is authorized to have $13.50 billion of FTS debt
outstanding. In addition, State law provides that further FTS Bonds outstanding over the $13.50 billion limit, together with the
amount of indebtedness contracted by the City, cannot exceed the debt limit of the City. In September 2001, the New York State
Legislature approved a special TFA authorization of $2.5 billion to fund capital and operating costs relating to or arising from
the events of September 11, 2001 (Recovery Bonds). The TFA has issued $2 billion in Recovery Bonds. TFA Recovery Bonds
do not count against the debt limits described above.
• As of June 30, 2020, the TFA had $40.68 billion of FTS bonds outstanding, consisting of $662.31 million of Senior
Bonds and $39.60 billion of Subordinate Bonds, which includes $420.82 million of Recovery Bonds.
• The TFA issued $3.58 billion of FTS bonds in Fiscal Year 2020 for new money capital purposes and converted
$137.74 million of bonds between modes.
In Fiscal Year 2006, the New York State Legislature authorized the TFA to issue bonds and notes or other obligations in an
amount outstanding of up to $9.40 billion to finance a portion of the City’s educational facilities capital plan. The legislation
further authorized the City to assign to the TFA all or any portion of the state aid payable to the City or the Department of
Education pursuant to Section 3602.6 of the New York State Education Law (State Building Aid) as security for the obligations.
Pursuant to this authority, the TFA BARBs credit was created. TFA BARBs are not secured by personal income tax or sales tax
revenues and do not count against the TFA Future Tax Secured Bond debt limits.
• As of June 30, 2020, the TFA had $8.30 billion of BARBs bonds outstanding, all of which is fixed rate.
• The TFA issued $250 million of BARBs in Fiscal Year 2020 for new money capital purposes.
TSASC, Inc.
TSASC, Inc. is a special purpose, bankruptcy-remote local development corporation created under the Not-for-Profit Corporation
Law of the State of New York. TSASC issues debt secured by tobacco settlement revenues, which are paid by cigarette companies
as part of a Master Settlement Agreement with 46 states, including the State of New York, and other U.S. Territories.
• TSASC had no financing activity in Fiscal Year 2020. As of June 30, 2020, TSASC had $1.02 billion of bonds
outstanding.
STAR is a local development corporation created to issue bonds to retire the outstanding bonds of the Municipal Assistance
Corporation of the City of New York (MAC) and the outstanding bonds of the City held by MAC. STAR bonds are secured by
$170 million paid annually through June 30, 2034 to STAR from the New York State Local Government Assistance Corporation.
• STAR had no financing activity in Fiscal Year 2020. As of June 30, 2020, STAR had $1.63 billion of bonds outstanding.
xvii
Hudson Yards Infrastructure Corporation (HYIC)
HYIC is a local development corporation established by the City in 2005 to provide financing for infrastructure improvements
to promote economic development and growth on Manhattan’s far West Side, including the extension of the No. 7 subway line.
Principal and interest on HYIC bonds are payable from revenues generated by new development in the Hudson Yards District. To
the extent that such revenues are not sufficient to cover interest payments, the City has agreed, subject to appropriation, to make
interest support payments to HYIC. The interest support payments do not cover principal repayment of the bonds. No interest
support payments were made in Fiscal Year 2020.
• HYIC had no financing activity in Fiscal Year 2020. As of June 30, 2020, HYIC had $2.72 billion of bonds outstanding.
The New York City Tax Lien Trusts (NYCTL Trusts) are Delaware statutory trusts which were created to acquire certain liens
securing unpaid real estate taxes, water rents, sewer surcharges, and other payables to the City and the New York City Water
Board in exchange for the proceeds from bonds issued by the NYCTL Trusts. The City is the sole beneficiary of the NYCTL
Trusts and is entitled to receive distributions from the NYCTL Trusts after payments to the bondholders and certain reserve
requirements have been satisfied.
• The New York City Tax Lien Trust, NYCTL 2019-A Trust, sold $74.23 million of bonds in Fiscal Year 2020. As of
June 30, 2020, the New York City Tax Lien Trusts had in aggregate $62.32 million of bonds outstanding.
The New York City Municipal Water Finance Authority (Water Authority), a bankruptcy-remote legal entity separate from the
City established in Fiscal Year 1986, has the power to issue bonds to finance the renovation and improvement of the City’s water
and sewer facilities. The Water Authority, together with the New York City Water Board (Water Board) and the New York City
Department of Environmental Protection (DEP), administers the City’s water and wastewater system. DEP operates and maintains
the system, while the Water Board has the primary responsibility to levy and collect water and wastewater rates and charges, and
the Water Authority finances the system’s capital needs.
• As of June 30, 2020, the Water Authority had $25.89 billion of long-term, fixed rate bonds outstanding, including
$196.59 million of First Resolution and $25.70 billion of Second Resolution bonds, and $5 billion of variable rate
bonds outstanding.
• In Fiscal Year 2020, the Water Authority issued bonds directly to the public and also to the New York State Environmental
Facilities Corporation (EFC). EFC issues Clean Water and Drinking Water Revolving Funds Revenue Bonds for
eligible City projects, and the Water Authority bonds placed with EFC are an element of security for these EFC
bonds.
• The Water Authority issued $3.80 billion in new money and refunding revenue bonds in Fiscal Year 2020. The Water
Authority issued $1.81 billion for new money capital purposes and $1.84 billion to refund outstanding bonds for
interest savings. The Water Authority also issued $140.44 million of bonds for restructuring purposes.
• The refundings will generate $660.63 million of savings for rate-payers over the life of the bonds or $528.96 million
of savings on a net present value basis.
• The Water Authority has a $600 million commercial paper program and from time to time issues bond anticipation
notes to EFC to access the short-term market. As of June 30, 2020, the Water Authority had no bond anticipation
notes outstanding and no commercial paper outstanding.
xviii
Interest Rate Exchange Agreements
To lower borrowing costs over the life of its bonds and to diversify its existing portfolio, the City has, from time to time, entered
into interest rate exchange agreements (swaps) and sold options to enter into swaps at future dates. The City received specific
authorization to enter into such agreements under Section 54.90 of the New York State Local Finance Law. No new swaps were
initiated in Fiscal Year 2020. As of June 30, 2020, the outstanding notional amount on the City’s swap agreements in connection
with General Obligation debt and City-related debt of the Dormitory Authority of the State of New York was $636.59 million
and the mark-to-market value was approximately negative $133.96 million.
The Water Authority has also entered into interest rate exchange agreements from time to time in order to lower its borrowing
costs over the life of its bonds and to diversify its existing portfolio. In Fiscal Year 2020, the Authority did not initiate or
terminate any swaps. As of June 30, 2020, the outstanding notional amount on the Water Authority’s various swap agreements
was $401 million and the mark-to-market value was approximately negative $166.26 million.
The Comptroller is the legal custodian of City-held trust funds and the assets of the New York City Public Pension Funds (also
referred to as the Systems or Retirement Systems), and serves as a Trustee of four of the five funds. Further, the Comptroller is
delegated the authority to serve as investment advisor by the Board of Trustees of all five funds. The Comptroller’s Bureau of
Asset Management oversees the investment portfolio for each System and related defined contribution funds. In this role, the
Comptroller provides investment advice, implements Board decisions, and reports on investment performance. The Bureau of
Asset Management advises the Boards on all investment-related topics, including investment policy and strategy, asset allocation,
manager structure, manager selection and financial and economic developments that may affect the Systems. The Systems’
portfolios are managed predominantly by external investment managers, and are largely invested in publicly-traded securities,
with additional allocations to private equity, real estate, infrastructure, hedge funds, and opportunistic fixed income investments.
Investment Policy
City Treasury
The Comptroller’s Office, through the Bureau of Asset Management, invests the City’s cash reserves subject to conservative
investment guidelines. City Treasury and fiduciary funds’ assets were invested in obligations of the U.S. Treasury, various federal
agencies, high grade commercial paper, and medium-term notes. The maturities of the investments range from one day to one
year with an average of 62 days. Despite the Federal Reserve Banks declining interest rate environment, the City earned an
average of 1.7%, which compares with the average return of 1.6% on three month Treasury Bills, and 1.3% for a representative
Treasury institutional money market fund. The City earned $375 million in interest income for all the short-term accounts during
Fiscal Year 2020.
Pension Funds
The Comptroller’s Office, through the Bureau of Asset Management, serves as the investment advisor to the City pension funds.
The City’s primary pension trust funds are New York City Employees’ Retirement System (NYCERS), Teachers’ Retirement
System of The City of New York (TRS), New York City Police Pension Fund (Police), New York City Fire Pension Fund (Fire),
and the New York City Board of Education Retirement System (BERS). Each of these pension systems provides pension benefits
through its Qualified Pension Plan (QPP) as well as certain other retirement benefits that vary by plan and retiree status. As of
June 30, 2020, the Bureau of Asset Management had responsibility for $213.6 billion of the City’s combined five Systems
investment assets. These assets include funds invested by certain employee investment plans and exclude cash from the settlement
of pending purchases and sales. This represented an increase of $5.7 billion from the June 30, 2019 value of $207.9 billion.
During the Fiscal Year, the market value of the assets ranged from a low of $194.5 billion (March 2020) to a high of $218 billion
(December 2019). The time weighted return (net of manager fees) of the aggregate portfolio was 4.4% in Fiscal Year 2020 and
7.2% in Fiscal Year 2019.
Assets are managed in accordance with investment policy statements adopted periodically by each System’s Board of Trustees
in consultation with the Comptroller’s Office and the City pension funds’ independent consultants. The allocation to each asset
class is based in part on an analytical study indicating the expected rates of return and levels of risk and correlations for various
asset allocations. The policy mix ranged from 67% equity to 73% equity among funds, and each fund permits the mix to float
within a narrow range to limit portfolio turnover and to accommodate tactical shifts.
xix
Collectively as of June 2020, the City pension funds utilize 14 domestic equity managers, 20 international equity managers, 2
global managers, 24 hedge fund managers, 13 fixed income managers, 32 alternative credit managers, 112 private equity
managers, 50 private real estate managers, 10 infrastructure managers, and 4 real estate equity securities managers. The City
pension funds’ assets are invested for the benefit of the plan participants and their beneficiaries. With the exception of certain
private equity, real estate, infrastructure and opportunistic fixed income investments where registration is not required, all fund
assets are managed by investment advisers registered in their respective jurisdictions pursuant to guidelines issued by the
Comptroller’s Office. In addition, all short-term assets managed by the Comptroller’s Office Bureau of Asset Management are
traded through registered broker-dealers.
The chart below summarizes the City pension funds’ investment asset allocation (in millions) as of June 30, 2020. Cash includes
all short-term securities with terms of less than five years.
Alternative
Credit
9.8% Private
Equity
6.0%
Private
Real Estate
4.8%
Fixed Income
26.2% Infrastructure 1.2%
Hedge Funds
1.8%
Cash
Global Equity 0.5% 1.2%
Intl. FOF 0.7%
U.S. Equity
29.5%
World
Emerging Ex USA
Markets 10.5%
7.2%
REITS 0.6%
(In Millions)
U.S. Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 63,058
REITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,217
World ex-USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,523
Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,409
Intl FOF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,428
Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 973
Fixed Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,878
Alternative Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,916
Private Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,854
Private Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,204
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,579
Hedge Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,914
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,624
________
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $213,577
________
________
U.S. Equity
For Fiscal Year 2020, the broad U.S. equity market, as measured by the Russell 3000 Index, returned 6.5% as compared to 9.0%
for Fiscal Year 2019. As of June 30, 2020, U.S. Equities represented 29.5% of the City pension funds’ investment assets with a
market value of $63.1 billion across the systems. The total U.S. equity return for the City pension funds’ investment assets for
Fiscal Year 2020 was 5.3% as compared to 8.7% for Fiscal Year 2019. Overall, approximately 17% of the City pension funds
invested in U.S. equity are actively managed versus 83% passively managed by index managers, which compares to 17% and
83%, respectively during Fiscal Year 2019. The returns of the U.S. equity market during Fiscal Year 2020 occurred as the current
U.S. and world economies were hit by the COVID-19 pandemic.
REITs
Two of the five New York City pension funds have invested in Real Estate Investment Trusts (REITs) to temporarily invest a
portion of its Real Estate unfunded commitments. The City pension funds’ REITs returned -14.7% for Fiscal Year 2020 compared
to 9.6% for Fiscal Year 2019. The one year returns for the program benchmark, Dow Jones US Select Real Estate Securities
Index, for Fiscal Years 2020 and 2019 were -17.7% and 9.8%, respectively. As of June 30, 2020, REITs represented 0.6% of the
City pension funds’ investment assets with a market value of $1.2 billion.
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World ex-US Equity
For Fiscal Year 2020, the MSCI World ex-USA Investable Market Net Dividends Index (MSCI World ex USA IMI Net) returned
-5.1% as compared to 0.2% for Fiscal Year 2019. The City’s developed markets managers returned 1.3% for Fiscal Year 2020 as
compared to 0.3% for Fiscal Year 2019. As of June 30, 2020, World ex-US Equity represented 10.5% of the City pension funds’
investment assets with a market value of $22.5 billion across the systems.
For Fiscal Year 2020, the MSCI Emerging Markets Index returned -3.4% as compared to 1.2% for Fiscal Year 2019. The City’s
emerging markets managers returned -9.0% for Fiscal Year 2020 as compared to 3.8% for Fiscal Year 2019. As of June 30, 2020,
Emerging Markets Equity represented 7.2% of the City pension funds’ investment assets with a market value of $15.4 billion
across the systems.
For Fiscal Year 2020, the MSCI ACWI ex USA IMI Net Dividend index returned -4.7%. The City’s international fund of
fund/emerging managers returned -2.3% for Fiscal Year 2020. As of June 30, 2020, International Fund of Funds/Emerging
Managers represented 0.7% of the City pension funds’ investment assets with a market value of $1.4 billion across the systems.
Global Equity
For Fiscal Year 2020, the MSCI ACWI index returned 2.1%. The City’s global equity managers returned 9.2% for Fiscal Year
2020. As of June 30, 2020, global equity managers represented 0.5% of the City pension funds’ investment assets with a market
value of $973 million across the systems.
Fixed Income
As of June 30, 2020, the public markets fixed income program, which excludes the high yield and bank loan programs, represented
26.2% of the City pension funds’ investment assets with a market value of $55.9 billion across the systems.
The total core Fixed Income program, which is comprised of the Government, Mortgage and Credit sectors, represented 19.6%
of the City pension funds’ investment assets with a market value of $41.8 billion across the systems. The total core Fixed Income
program returned 13.9% (net) for Fiscal Year 2020. The broader Bloomberg Barclays Aggregate Index returned 8.7%. The
individual indexes benchmarking the three sectors of the core program saw positive results: The Investment Grade Credit Index
and the NYC Treasury/Agency+5 Index posted positive returns of 9.3% and 17.1%, respectively, for the period, while the FTSE
Mortgage Index posted positive return of 6.0%.
The Treasury Inflation-Protected Securities (TIPS) program represented 4.0% of the City pension funds’ investment assets with
a market value of $8.6 billion across the systems. The TIPS program generated a positive return of 8.4% (net), while the
benchmark, the Bloomberg Barclays Capital U.S. TIPS Index, returned 8.3% for the Fiscal Year.
Convertible Bonds program represented 1.0% of the City pension funds’ investment assets with a market value of $2.1 billion
across the systems. The Convertible Bonds program trailed its benchmark, the Bank of America Merrill Lynch All U.S. Convertibles
ex-Mandatory Index, posting 4.9% (net) versus the benchmark’s 17.8% for the Fiscal Year.
The Fixed Income Developing Managers program represented 0.5% of the City pension funds’ investment assets with a market
value of $1.2 billion across the systems. The Developing Managers program returned 8.4% (net) for the Fiscal Year while the
benchmark, Bloomberg Barclays Aggregate Index, returned 8.7% for the Fiscal Year.
The Economically Targeted Investments (ETI) fixed income program had a market value of $2.2 billion across all five systems
or roughly 1.1% of the total assets. The portfolio generated a positive return of 7.6% (net) for the Fiscal Year, while the benchmark,
Bloomberg Barclays Agg. Index, returned 8.7% and its ETI’s custom benchmark returned 7.5% for the Fiscal Year.
Alternative Credit
The Alternative Credit program comprises three asset classes: High Yield Bonds, Bank Loans, and Opportunistic Fixed Income
(OFI).
The High Yield portfolio represents 4.9% of City pension funds’ investment assets as of Fiscal Year 2020, with a market value of
$10.4 billion invested across nine investment managers. High Yield returned 0.4% (net) over this period, while the portfolio
benchmark (Barclays US High Yield 2% Issuer-Capped) returned 0.0%.
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The Bank Loan portfolio represents 1.8% of City pension funds’ investment assets as of Fiscal Year 2020, with a market value of
$3.8 billion invested across six investment managers. The Bank Loan portfolio returned -1.8% (net) over this period, while its
benchmark (Credit Suisse US Leveraged Loan Index) generated -2.3%.
The OFI portfolio represents 3.2% of City pension funds’ investment assets as of Fiscal Year 2020. The portfolio’s market value
of $6.8 billion is invested across 17 investment managers and total current commitments are $7.8 billion. The strategies pursued
within this portfolio include distressed debt, non-performing loans, direct corporate loans, commercial real estate loans and
mortgage-backed securities, residential mortgage-backed securities, collateralized loan obligations, and other private and public
exposures in domestic and global credit markets. The impact of the COVID-19 pandemic remains ongoing and a multi-phase
distressed cycle would create opportunities for investment managers in the program around themes such as dislocated credit,
distressed exchanges, rescue financing, debtor in possession financings, bankruptcy reorganizations, and asset sales in bankruptcy.
The structured credit market represents a market of over $3 trillion and non-Financial corporate credit represents $10 trillion.
The program produced a -0.9% return in Fiscal Year 2020, compared to overall public market equivalent benchmark (a 50/50
blend of the JP Morgan Global High Yield and Credit Suisse US Leveraged Loan Index), which produced -2.1%. Since inception,
the OFI program returned a net Internal Rate of Return (IRR) of 6.1% compared to overall public market equivalent benchmark
IRR of 5.0%.
Private Equity
As of June 30, 2020, the private equity program represented 6.0% of the City pension funds’ investment assets with a market
value of $12.9 billion (cash flow adjusted) and unfunded capital commitments of $10.0 billion, resulting in a total exposure of
$22.9 billion across 229 funds and 112 managers. As of June 30, 2020, the private equity program generated a since inception
9.6% net Internal Rate of Return (IRR), compared to its public market equivalent (PME) benchmark (Russell 3000 + 300 basis
points) of 13.2% (cash flow adjusted). The private equity portfolio remains diversified, based on total exposure (cash flow
adjusted), with 62.7% allocated to buyouts, 9.7% special situations, 8.3% growth equity, 8.5% secondaries, 6.7% co-investment,
0.5% energy, and 3.5% other, which includes venture capital, mezzanine, and funds-of-funds. The City pension funds received
distributions of $2.3 billion and funded $2.3 billion for new and existing investments during Fiscal Year 2020 as compared to
$2.8 billion and $2.2 billion in Fiscal Year 2019, respectively.
During Fiscal Year 2020, City pension funds made $2.9 billion in new commitments to 13 funds across 13 managers versus $3.1
billion to 11 funds across 11 managers during the prior fiscal year. This includes the City pension funds’ $600 million in-house
Private Equity Emerging Manager Program which committed $125 million during Fiscal Year 2020. Overall, the private equity
program continues to strategically seek geographically diversified investment opportunities across most sub-asset classes with
an aim to maintain a consistent investment pace.
Following years of high valuations and strong deal activity, in Fiscal Year 2020 the private equity market has been impacted by
the COVID-19 pandemic and the associated economic downturn. At the end of March 2020, private equity funds’ valuations
were marked down reflecting weaker business activity and a fall in public equity indexes, with sectors like transportation, energy,
hotels, retail and restaurants among the most impacted. In this scenario, distributions have seen a decline, as managers have
postponed exit plans for portfolio companies and have focused on mitigating the operational impact of the crisis by reducing
costs and capital expenditures, and prioritizing business continuity and cash preservation. While some managers have found
opportunities in corporate restructurings, and distressed/special situations, in general deal flow and secondary transactions have
slowed down due to uncertainty about the length of the crisis and a reduced availability of capital in the credit markets. Although
the state of the economy remains uncertain, public equity markets have recovered since April 2020 lows and there are indicators
of business activity slowly resuming from very depressed levels. As a result, managers are closely reviewing their deal pipelines
to identify opportunities at attractive valuations that emerge in the current environment. Fundraising activity has remained strong
in comparison to previous years as investors continue to allocate capital to private equity. However, with the impact of the
COVID-19 pandemic, institutional investors have focused on the highest quality managers with demonstrated track-records
across economic cycles. This has created a “flight to quality” dynamic that has led to competition among investors for access to
these managers.
Real Estate
As of June 30, 2020, the real estate program had approximately $17.4 billion in commitments to 94 current investments and 50
managers. This compares to $14.8 billion in commitments as of June 30, 2019. During Fiscal Year 2020, the City pension funds
made $2.6 billion in new commitments to 11 funds versus $2.0 billion to seven funds in the prior Fiscal Year. The City pension
funds invest in real estate primarily through commingled funds, and these new additions enhance the diversification of the global
portfolio by geography, property type, investment strategy, vintage, and manager. Six of the 11 investments represent additional
capital allocations to proven existing investment partners, which enables the City to expand its relationships with managers that
deliver strong performance over market cycles. The remaining five investments represent new commitments to top quality
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managers that will further increase the portfolio’s exposure either to the multifamily, industrial and niche sectors, developed
Asian markets, or emerging early-stage managers (two of the five New York City pension funds).
As of June 30, 2020, the real estate program represented 4.8% of the City pension funds’ investment assets. The City pension
funds’ net invested capital of $4.9 billion (contributions less distributions) in the real estate program had a market value of $10.2
billion (cash flow adjusted) and unfunded capital commitments of $6.2 billion. The portfolio is well diversified by geographic
region and property type with allocations to all the major sectors including residential (28.3%), office (25.3%), industrial (20.4%),
retail (10.6%), hotel (3.5%), and other commercial real estate investments (11.8%).
During the second quarter of 2020, the United States entered a deep recession following the government shutdown of much of
the economy to combat the COVID-19 outbreak. The impact of COVID-19 on commercial real estate has varied by sector and
market. Leasing activity has begun to slow, leading to some weakening of property-level fundamentals, especially at hotel and
retail properties. Many companies have paused space expansion with more remote work, resulting in increased uncertainty in the
office sector. On the upside, e-commerce growth has surged in recent months, which bodes well for industrial distribution
warehouse demand. Multifamily rental housing generally remains as a necessity and therefore is relatively recession-resistant.
The current real estate portfolio’s defensive tilt towards income producing industrial and multifamily assets along with a
manageable leverage profile has allowed the portfolio to be in a better position to ride out the crisis. Concurrently, the real estate
program will look towards deploying capital in distressed opportunities that may emerge in the short and medium term via
managers that employ debt investment strategies that are anticipated to generate equity-like returns.
As of June 30, 2020, the real estate program has generated a since inception 7.70% net IRR compared to its PME benchmark
(50% Russell 3000 and 50% Barclays U.S. Aggregate Index) of 7.9%. The real estate program will continue to take a measured
and cautious approach to investing while selectively identifying opportunities that will complement the existing portfolio.
Hedge Funds
Certain City pension funds (Police and Fire) invest in hedge funds, and they continued to increase their investments in direct
hedge funds which are now 99% of the portfolio. The remainder of the portfolio is held in a fund-of-funds structure.
The market volatility caused by the COVID-19 outbreak had little impact on hedge fund performance. The hedge fund portfolio
has a low beta and is designed to provide returns that are unrelated to those of the overall stock market. The portfolio generated
positive returns in the Q1 sell-off and also in the subsequent Q2 rally.
As of June 30, 2020, the hedge fund program represented 1.8% of the City pension funds’ investment assets with a market value
of $3.9 billion (cash flow adjusted). The total overall hedge fund portfolio returns for Police and Fire for the Fiscal Year ended
June 30, 2020 was 8.7%, and 9.0% respectively, net of manager fees. The total direct hedge fund portfolio for Police and Fire
returned 9.3% and 9.0%, respectively net of manager fees. The hedge fund benchmark return was 1.1% (HFRI Fund of Hedge
funds index +1%).
Infrastructure
The infrastructure program seeks to gain exposure to capital-intensive assets that underpin the global economy. These assets
typically have a low volatility return profile with a high percentage of returns coming in the form of current yield. Targeted
investments within the infrastructure program seek to lower correlation with public equities and fixed income and to hedge
against inflation.
As of the end of Fiscal Year 2020, the infrastructure program represented 1.2% of the City pension funds’ assets with a market
value of $2.6 billion (cash-adjusted basis) and total exposure of $4.9 billion. During Fiscal Year 2020, the City pension funds
made $456 million of new commitments to four investments across three managers through the infrastructure program. At the
end of Fiscal Year 2020, the infrastructure program was diversified across 19 funds, four co-investments and 10 managers. The
infrastructure program generated a since inception net IRR of 10.0% compared to its PME (50% Russell 3000 Index and 50%
Barclays U.S. Aggregate Index) of 4.2% and policy benchmark (CPI+4%) of 5.8% as of March 31, 2020.
The City pension funds’ infrastructure portfolio showed resilience and provided significant downside protection during COVID-
19 driven by diversification and good structural protections. This was achieved despite infrastructure sectors such as transportation
and midstream being generally more impacted in the short to medium term.
The City pension funds, through the Corporate Governance and Responsible Investment group within the Bureau of Asset
Management, actively monitor their investments and promote sound corporate governance and responsible business practices at
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portfolio companies in order to protect and create long-term shareholder value. These activities include actively voting proxies
and pro-actively engaging with companies and regulators to improve corporate governance, enhance corporate disclosure and
strengthen shareholder rights.
During Fiscal Year 2020, the Comptroller’s Office voted on 127,638 individual ballot items at 13,230 shareholder meetings in 84
markets globally, including 26,010 individual ballot items at 3,023 annual and special meetings for U.S. portfolio companies.
Major proxy voting issues included: (1) the election of directors, (2) management advisory votes on executive compensation,
and approving mergers and acquisitions, and (3) shareholder proposals on a wide range of environmental, social and governance
(ESG) policies and practices.
In addition to proxy voting, the City pension funds also seek to protect and create long-term shareholder value by advancing
company-specific and regulatory reforms to strengthen investor rights, improve corporate governance and accountability, align
executive pay with long-term performance and promote sustainable business practices. The City pension funds are among the
most active institutional investors in terms of filing shareholder proposals and in engaging with portfolio companies through
letters and dialogue, often in collaboration with other institutional investors.
During Fiscal Year 2020, the Comptroller’s Office, on behalf of most or all of the City’s pension funds, submitted 55 shareholder
proposals to a total of 54 portfolio companies. Overall, approximately 62% of the proposals (34 of 55) were withdrawn after the
companies agreed to take steps to implement the request from the City pension funds. Thirteen proposals went to a vote during
the fiscal year, two of which received majority shareholder support. In response to negotiated agreements with 34 companies that
prompted withdrawal of these proposals:
• Fourteen companies enacted board and chief executive officer (CEO) search policies requiring the consideration of
women and racially/ethnically diverse candidates for new CEOs and board directors;
• Eight companies agreed to enact, take the steps necessary to enact, or strengthen proxy access bylaws permitting
shareholders that have collectively held 3% of the company for at least three years to nominate up to the greater of
two directors or 20% of the board using the company’s proxy materials;
• Five companies agreed to identify and disclose whether a gender pay gap exists among the company’s employees,
and if so, the measures being taken to eliminate any such pay disparities;
• Four companies agreed to adopt and disclose quantitative greenhouse gas reduction goals;
• Two companies enacted clawback policies that (1) empower the board of directors to recoup compensation from
senior executives responsible for misconduct that causes significant financial and/or reputational harm to the company
either through their own actions or through a failure of supervisory oversight, and/or (2) provide for public disclosure
of any clawback actions taken in response to executive misconduct. Both proposals were submitted as part of the
New York City Retirement System NYCRS’ participation in Investors for Opioid Accountability, a collaborative
investor initiative that seeks to engage companies that manufacture, distribute or sell opioids, and advocate for
governance reforms to strengthen independent board oversight and management accountability with respect to business
risks related to the Opioid crisis; and
• One carbon-intensive energy company agreed to provide board oversight and disclosure of corporate political spending
following the resubmission of a shareholder proposal making the same request that received majority support in
Fiscal Year 2019.
In addition, the City pension funds also submitted proposals on the following topics: requests for independent board chairs;
disclosure regarding employee diversity metrics; and transparency on the use of mandatory arbitration for employment-related
claims. Of the 13 proposals that went to a vote, proposals requesting a CEO and board diversity search policy and disclosure of
the use of mandatory arbitration received majority support at Expeditors International of Washington and Chipotle Mexican
Grill, respectively. Finally, four companies received permission from the U.S. Securities and Exchange Commission (SEC) to
omit the shareholder proposals from their proxy statement, and four proposals submitted in Fiscal Year 2020 for Fiscal Year 2021
annual shareholder meetings remained pending at fiscal year-end.
Also during Fiscal Year 2020, Comptroller Stringer submitted comment letters to the SEC in opposition to two concurrently-
issued rulemaking proposals that would: (1) compromise the independence of proxy advisors’ research and potentially impose
additional costs on the City’s pension funds, and (2) restrict the ability of the City’s pension funds, and other investors to submit
shareholder proposals.
Additional information on the City pension funds’ shareholder initiatives, including a comprehensive list of 2020 shareholder
proposals submitted is included in the Postseason Report available on the Comptroller’s website.
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BUREAU OF CONTRACT ADMINISTRATION
The Bureau of Contract Administration fulfills the Comptroller’s Charter-mandated role of registering all contracts and agreements
for goods, services and construction executed pursuant to the Charter, including all agreements memorializing the terms of
franchises, revocable consents or concessions that are paid out of the City Treasury or paid out of money under the control of the
City. The Comptroller has 30 calendar days from the date a contract action is fully submitted by the respective agency to register
or object to the registration of the contract. The process is designed to ensure that sufficient funds exist to make payments for
that contract, that all appropriate certifications and documentation have been obtained and collected, and that there was no
corruption in the letting of the contract. Contracts for the provision of goods, services or construction that are to be paid for out
of the City Treasury or out of moneys under the control of the City have to be registered by the Comptroller unless a delegation
exception exists.
In addition to its Charter-mandated registration function, the Bureau also satisfies the Comptroller’s obligation under the New
York City Administrative Code to publish a summary report no later than January 30, following the close of each fiscal year. This
report includes certain data for registered franchises, concessions and contracts for goods or services including, but not limited
to, contract type, award method and aggregate dollar values of registered contract actions. The data that forms the basis of this
report is generated from a computerized database jointly maintained by the Comptroller and the Mayor, and contains detailed
information on contracts, agreements, franchises and concessions reflecting the City’s financial commitment assumed through
registered agreements. The Annual Report on Contracts for Fiscal Year 2020 will be released by January 29, 2021.
The Bureau of Economic Development leverages the authority and responsibilities of the Office of the Comptroller to create new
and sustainable opportunities for the economic growth and development of The City of New York and its people. The Bureau’s
mission includes diligently executing the Comptroller’s statutory obligation to oversee City agencies and related entities that are
responsible for economic development, conducting rigorous economic research that will form the basis of future economic
development policy, and actively managing and making investment recommendations to the New York City Retirement Systems
(NYCRS) for its Economically Targeted Investment (ETI) program.
Economically Targeted Investments are prudent investments that provide risk-adjusted market rates-of-return to NYCRS. ETIs
seek to fill capital gaps and provide collateral benefits, such as affordable housing and job creation, to the geographic target area.
The geographic target area includes the five boroughs of the City and the six New York State counties in close proximity to New
York City where City employees are permitted to live (Nassau, Orange, Putnam, Rockland, Suffolk and Westchester counties).
NYCRS have successfully invested in ETIs since 1981. ETIs have an allocation of 2% of the total assets of NYCRS. The market
value of the ETI Program at the end of Fiscal Year 2020 is $2.23 billion (1.05% of total assets) with an additional $330.15
million committed to specific ETI investments. In addition, the Real Assets ETI investments have a market value of $507.08
million, and together with the other core ETI investments and commitments constitute 1.44% of total assets.
As of June 30, 2020, the one-year overall performance of core ETIs was 7.60% net of fees, and the ten-year overall performance
was 4.86% as compared to the benchmark performance of 8.74% (Barclays Capital U.S. Aggregate Bond Index) and 3.82%,
respectively.
During Fiscal Year 2020, the ETI program made cumulative investments of $53.90 million in individual multifamily projects
through its Public/Private Apartment Rehabilitation (PPAR) program. These investments financed the rehabilitation or new
construction of 1,114 units of affordable housing. The PPAR program also issued additional commitments for $30.50 million for
new loans financing 427 units during Fiscal Year 2020. NYCRS’ commitment to provide permanent financing ensures that
construction will go forward on these projects. Since the inception of the PPAR program in 1982, more than $1.42 billion has
been invested.
NYCRS maintained their investment in the AFL-CIO Housing Investment Trust (HIT). The June 30, 2020 cumulative market
value of HIT investments is $935.56 million. Since 2002, the HIT has invested $1.46 billion to preserve 35,181 units of the
geographic target area’s affordable housing stock, which generated jobs and provided for the long-term affordability of the units.
RBC Access Capital Strategies (RBC Access), a division of the Royal Bank of Canada, invests in mortgage-backed securities
comprised of mostly loans issued to single family homeowners making up to 200% of the Area Medium Income. All loans are
screened for compliance with anti-predatory lending practices. RBC Access investments can also include securities backed by
first mortgage loans issued to developers of multifamily rental housing, and other types of community development loans in
New York City. RBC Access continued its initiative to invest $5 million annually in VA Home Loans for the NYCRS portfolio
with the objective of VA Home Loans achieving a target 10% of the portfolio’s assets. As of June 30, 2020, RBC Access has a
market value of $449.50 million, and has invested $901.4 million in 2,456 single family units, 42,605 multifamily units, including
Mitchell-Lama buildings, and 17 small business loans.
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NYCRS committed a combined $155 million in a separate account managed by Vanbarton Group LLC. The NYC Vanbarton
Interborough Fund LLC equity fund (Vanbarton Fund) invests in a variety of real property sectors including revitalized multifamily
housing, commercial retail, and office space in low- and moderate- income neighborhoods in the five boroughs. As of June 30,
2020, the Vanbarton Fund invested $162.5 million creating or preserving over 462,850 square feet of commercial space, and 63
units out of 131 are workforce units. In addition, NYCRS partnered with NYC Hudson Superstorm Sandy Rebuilding Fund,
LLC (Hudson Fund) and RFM-NYCRS Sandy, LLC (Related Fund), committing a total of $500 million towards the rehabilitation
and creation of work-force housing as part of the City’s response to Superstorm Sandy. As of June 30, 2020, NYC Hudson Fund
invested $132.0 million creating or preserving 100,900 square feet of commercial space and 666 workforce units. Separately,
Related Fund invested $288.9 million creating or preserving 30,035 square feet of commercial space and 3,719 units out of
4,130 are workforce units.
NYCRS committed $70 million to the Community Preservation Corporation’s construction loan facility. NYCRS and other
investors have committed a total $500 million to the facility. The facility finances short-term construction loans originated by the
Community Preservation Corporation. The construction loans are for housing and commercial spaces in low- and moderate-
income neighborhoods, generating jobs and promoting neighborhood revitalization. As of June 30, 2020, the facility financed
construction loans for 7,207 units located within New York State and NYCRS’ investment in the facility had a market value of
$31.08 million.
NYCRS continually seek proposals for new ETI investments. The ETI Request for Proposal (RFP) is available on the Comptroller’s
website and investment proposals may be submitted for any approved asset class, including real estate and private equity.
BUREAU OF AUDIT
The City Charter requires that the Comptroller’s Office audit some aspect of every City agency at least once every four years.
The City Charter also requires that these audits be conducted in accordance with generally accepted government auditing
standards (GAGAS) promulgated by the Comptroller General of the United States. In Fiscal Year 2020, the Bureau of Audit
issued 48 audits and special reports focused on the effectiveness and service quality of City programs and on financial issues.
Below is a brief synopsis of some of the audits that had a significant impact on City finances and quality of service delivery. The
audits and special reports may have resulted in recommendations to address the deficiencies found. Overall, the agencies and
organizations audited and reviewed agreed to implement approximately 67% of the recommendations.
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the insurance coverage required by their agreements with USTA. Furthermore, the audit found that critical aspects of the
Lease limit Parks’ ability to monitor and enforce NTC’s compliance with the Lease, limit the Comptroller’s ability to carry out
its City Charter mandated function to independently audit NTC’s compliance with the Lease, and contain financial terms that
are disadvantageous to the City.
• The New York City Department of Finance (DOF) was audited to determine whether it properly collected the Real Property
Transfer Tax (RPTT), calculated and remitted the portion allocable to the MTA from the RPTT collected, and billed and collected
the Real Estate Tax (RET) subsequent to a revocation of not-for-profit exemption. The audit found that DOF’s examination
process for RPTT returns is limited, and, as a result, it cannot be reasonably assured that the returns are facially complete or
sufficient, that taxpayers are providing all required documentation with their RPTT returns, and that the City is collecting the full
amount of RPTT due and owed. Further, the audit found that DOF’s policies and procedures related to the submission and review
of RPTT returns were inconsistent and incomplete. Additionally, the audit found that, based on the RPTT reported as due and
paid, DOF did properly calculate the portion allocable to the MTA. With regard to the RET, the audit found weaknesses in DOF’s
billing and collection of that tax in situations where a change in property use or ownership should result in the revocation of an
exemption, such as when a property is transferred from an exempt to a non-exempt party. As a result, these weaknesses increase
the risk of inadequate collection and potential loss of City revenue and funds due to the MTA. The audit made seven recommendations,
including that DOF should retroactively bill and collect from the owners the $2.097 million under billed RET.
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and repairs to provide greater assurance that the work its crews perform is completed appropriately and as reported; enhance
its IPS data entry controls to improve the reliability of its IPS data; and improve its supporting evidence for the percentage of
hydrants it deems inoperative, a performance indicator DEP reports in the Mayor’s Management Report.
• A special report was issued to present the findings related to the New York City Board of Elections’ (BOE) compliance with
applicable laws, rules, regulations, policies, and procedures for Election Day operations. Auditors found that BOE generally
did not comply with federal and New York State Election Law and its own procedures for Election Day operations. Among
other things, BOE failed to document receipt of poll site election materials, including scanned ballots and affidavit ballots,
from 79.3% of the poll sites it operated for the 2019 General Election. Auditors also identified 94 instances where bipartisan
staff did not review Election Night Police/Peace Officer Delivery Receipts for accuracy and sign to verify delivery. Additionally,
the auditors found deficiencies in BOE’s poll site staffing. Specifically, BOE did not fill poll worker positions or replace poll
workers who did not report to work; did not appropriately assign interpreters to poll sites to provide bilingual assistance to
minority groups; did not equally distribute poll workers between the major political parties; and did not provide documentation
to show that poll workers received required training. Furthermore, BOE staff did not always accurately report poll site supply
and accessibility issues on checklists; BOE poll workers did not follow voting procedures and interacted inappropriately; and
BOE poll sites were not properly equipped, accessible, suitable, and safe.
• An audit was conducted to determine whether the Brooklyn Public Library (BPL) was in compliance with fire and safety
regulations and with Americans with Disabilities Act (ADA) facility accessibility guidelines. Auditors visited BPL’s 60
branches, five of which were being renovated at the time of their observations, and found that BPL is generally in compliance
with its fire and safety regulations in that it maintained a Fire Safety and Evacuation Plan as required by the New York City
Fire Code, and maintained logs for its fire drills, fire alarms, and sprinkler systems. In addition, auditors found that all of the
fire extinguishers they observed at the 55 operational branches were properly tagged, signed, and inspected monthly, as
required. However, the audit found that BPL did not maintain all of the monthly fire extinguisher inspection reports as required.
Consequently, BPL cannot be assured that all fire extinguishers have been inspected and are properly functioning and in good
repair. Additionally, the audit found that BPL was in compliance with its ADA Policies and Action Plan. Auditors identified
large signs that were clear and visible, exits that were properly identified with adequately illuminated and visible exit signs,
and entrances/exits that were free of any obstructions, as well as clearly visible signage indicating handicap accessible facilities
and directions to elevators.
• The Comptroller’s Office conducted a multi-agency investigation of the City’s procedures under Local Law 1 (LL1) for
addressing lead poisoning hazards affecting children, primarily those residing in privately owned, multi-family buildings. The
investigation revealed a clear failure by the City to leverage its own data related to lead exposure and utilize that data to
precisely and methodically inspect buildings and areas most likely to pose a threat to children. In particular, the investigation
found that the New York City Department of Health and Mental Hygiene (DOHMH) had received blood-lead test results for
thousands of children that should have served as a clear warning sign that they were being exposed to lead paint hazards,
sufficient to warrant action on the part of HPD, yet at no time during the period examined did DOHMH share that information
with HPD. Absent a City policy to use that data to target HPD’s lead-enforcement efforts, more than 9,000 buildings under
HPD jurisdiction, housing 11,972 children diagnosed with lead exposure, were not inspected by the New York City Department
of Housing Preservation and Development (HPD) lead inspectors. The investigation also revealed that HPD did not enforce
landlord compliance with two key LL1 provisions designed to proactively prevent exposure to lead: 1) HPD issued zero
violations to building owners for failure to comply with turnover requirements, and 2) HPD isued zero violations for their
failure to perform annual inspections. The investigation also noted that only $9 million of the $25 million necessary to
implement the City’s LeadFreeNYC: A Roadmap to Eliminating Childhood Lead Exposure is included in the Fiscal Year 2020
budget for Fiscal Years 2020 to 2023.
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found that DFTA’s hardcopy files did not contain adequate evidence of complaint processing. Lastly, the audit found insufficient
evidence of required self-monitoring conducted by SADSs, and that SADSs did not submit corrective action plans (CAPs)—
which address non-compliance with NYSOFA standards—to DFTA in a timely manner.
• An audit was conducted to determine whether New York City Housing Authority (NYCHA) management has adequate controls
to provide heat to residents and to address and resolve heating issues. The audit found that the tools used by NYCHA’s central
management to oversee and track heating issues are inefficient and ineffective. Specifically, NYCHA does not have the ability
to readily track the status and resolution of repairs required to respond to heating complaints that are not the result of building-
wide or similarly broad outages, and therefore management cannot readily identify the number of unresolved heat-related
complaints open at any one time, nor can it readily determine the length of time it takes to ultimately resolve those complaints.
Absent such information, NYCHA’s ability to identify problems that delay repairs is undermined, and, as a result, NYCHA is
significantly hindered in its ability to determine how to most effectively allocate resources, make operational changes, and
enhance training and oversight in order to address problems. Additionally, the audit found that NYCHA does not have adequate
procedures for independently verifying the accuracy of repair information that staff records in its work order and status tracking
system, which thereby compromises the reliability of the reported data. Further, the audit found that NYCHA does not maintain
complete inventory listings of its boilers or adequate records of mandated boiler inspections in a manner that enables the agency
to track the status of those inspections and ensure that all required inspections are completed. Moreover, during the audit period,
NYCHA did not maintain adequate records that deficiencies identified in these inspections had been addressed.
• The New York City Department of Youth and Community Development (DYCD) was audited to determine whether it has
adequate controls over its monitoring of contracted crisis shelter service providers to ensure compliance with key provisions
of their contracts and with applicable laws and regulations. DYCD monitors service providers’ contracts by requiring its
Runaway and Homeless Youth (RHY) Unit to conduct monthly site visits to crisis shelter facilities to assist service providers
with technical support and to help ensure that the programs provide a safe and supportive environment, that contractual
agreements are adhered to, and that the programs comply with New York State Office of Children and Family Services (OCFS)
and DYCD regulations. The audit found that DYCD did not have adequate controls over the agency’s monitoring of the
contracted crisis shelters. Specifically, the audit found that there were inadequate supervisory reviews of the program managers’
site visit reports, and that in response to the audit’s request for documentation, more than one third of the provided records had
been altered and reapproved after the auditors’ request for documentation but before DYCD provided it. There was also no
evidence that DYCD appropriately informed the crisis shelters of its site visit results, and no detailed documentation identifying
the specific personnel and youth files reviewed during the visits. Consequently, the extent to which the program managers
informed the service providers of the deficiencies found during the site visits or the corrective actions that may have been
required could not be determined. Moreover, the crisis shelters’ personnel files showed that in some instances the required
Statewide Central Registry of Child Abuse and Maltreatment (SCR) clearances and criminal background checks were not
completed until after the employees’ start dates.
• An audit was conducted to determine whether the New York City Human Resources Administration (HRA) has adequate
oversight over its Homebase Homelessness Prevention (Homebase) Program, a neighborhood-based homelessness prevention
network with 26 locations across the City’s five boroughs. In January 2017, the administration of Homebase was transferred
from the Department of Homeless Services (DHS) to HRA, and in October 2017, HRA began to enter into new Homebase
contracts with the Homebase service providers. The audit concluded that HRA has inadequate oversight over the Homebase
Program. HRA did not consistently conduct reviews of Homebase providers’ case files; did not perform timely fiscal reviews
of providers; and did not ensure timely submission by the providers of their audited financial statements. In addition, the
Department of Social Services (DSS)—as the agency responsible for overseeing HRA-did not consistently follow its procedures
for the issuance and recoupment of advance payments made to providers. As a result, as of March 6, 2019, DSS had failed to
recoup $2.27 million in advance payments for contracts that were closed out in October 2017. The audit also found inaccuracies
and inconsistencies in HRA’s Homebase reporting, which impede HRA’s ability to determine clients’ eligibility and the length
and types of services they should be provided. The audit also noted that HRA does not track clients who return to the Homebase
program for assistance, a potentially useful tool for measuring the effectiveness of Homebase services.
• The Audit Bureau’s Research and Investigation Unit conducted an analysis of the funding of the City’s Long Term Care
Ombudsman Program (LTCOP)—a national, federal volunteer program intended to support and protect residents in long-term
care facilities who are unable to advocate for themselves. The LTCOP supports those residents by establishing networks of
ombudsmen who investigate and resolve complaints made by and on behalf of residents; promoting the development of
resident and family councils; informing government agencies, providers, and the public about issues and concerns impacting
residents; and monitoring the development and implementation of federal, state, and local long-term care laws and policies.
The analysis found that the underfunding of the City’s LTCOP causes it to be severely understaffed, with only one ombudsman
for every 8,650 nursing home residents; only six full-time paid ombudsmen assigned to visit the City’s more than 50,000 long-
term care residents in 244 long-term care facilities; and no assigned ombudsman for over 20,000 residents in 80 long-term
care facilities. The underfunding also prevents the recruitment and training of volunteers. Despite the fact that the City has
xxix
one-third of the State’s long-term care residents, the City’s LTCOP receives less than one-seventh of the State’s funding and
no funding from the City.
Information Technology
The Audit Bureau’s Information Technology (IT) division conducted an audit to determine whether the New York City Department
of Design and Construction (DDC) has adequate security and access controls in place to protect information in its computerized
environment. The audit found that, although DDC has established policies, procedures, and guidelines for security and access
controls, weaknesses existed. Specifically, the audit found security weaknesses in DDC’s use of obsolete software, outdated
production servers, and a data center constructed over 20 years ago that was in an “end-of-life” mode. In addition, DDC did not
conduct an IT risk assessment to identify security weaknesses and potential threats, nor did it promptly remediate vulnerabilities
identified in the DDC Vulnerability Remediation Reports as needed to mitigate the potential security risks. The audit also found
access control weaknesses in that DDC did not consistently disable inactive user accounts or maintain accurate user profile
information. Furthermore, DDC failed to comply with the New York City Department of Information Technology and
Telecommunications’ Password Policy for one of its critical applications.
The Comptroller’s Office of Diversity Initiatives works to develop innovative solutions that expand economic opportunities for
all. The Office is led by the Chief Diversity Officer, an executive level diversity and inclusion strategist reporting directly to the
Comptroller. The Chief Diversity Officer serves as an oversight and compliance agent for the inclusion of women and people of
color in competing for public and private sector procurements, and focuses on launching initiatives that put diversity at the heart
of the way the City does business.
The Office of Diversity Initiatives is responsible for implementing and monitoring a letter-grading program that holds City
agencies accountable to comply with Local Law 1, the City’s M/WBE law, and advocates for additional measures to increase the
City’s utilization of minority and women-owned business enterprises (M/WBEs).The Office of Diversity Initiatives leads the
Comptroller’s Advisory Council on Economic Growth through Diversity and Inclusion. Members of the Council hail from a
wide variety of local and national backgrounds including supplier diversity procurement specialists, government, business and
community leaders, academics, and advocacy organizations. The Council meets on an annual basis to make recommendations to
the Office of Diversity Initiatives and Comptroller.
The Office of Diversity Initiatives has advocated for a Chief Diversity Officer in City Hall and within every City agency to serve
as executive level diversity and inclusion strategists driving the representation of people of color and women across government.
In Fiscal Year 2020, the Comptroller’s Office championed a Charter Revision proposal to create a Chief Diversity Officer
reporting to the Mayor and one in every agency. The Commission ultimately voted to codify the current citywide director to the
Charter and added that the position report directly to the Mayor, which New Yorkers voted to approve.
The Office of Diversity Initiatives designs and manages the Comptroller’s Office’s internal M/WBE program. The office has
more than tripled its spending with M/WBEs, achieving 49% spending in Fiscal Year 2020, up from 12% in Fiscal Year 2014. It
spent more than $1.5 million with M/WBEs utilizing New York City’s M/WBE Small Purchase Method, an increase of more
than $680,000 since Fiscal Year 2019.
Further, the Comptroller’s Office began tracking the number of M/WBEs on the prequalified list of certified public accountants,
a list of firms that can provide audit services to the City’s agencies. The Comptroller’s Office changed the criteria for the list to
increase access for M/WBE auditors and now accepts both engagement and systems peer reviews. In Fiscal Year 2020, there are
20 M/WBEs prequalified to provide the City with audit services.
The Office of Diversity Initiatives works with the Comptroller’s Bureau of Asset Management on diversity initiatives involving
investment managers and portfolio companies held by the New York City Retirement Systems.
In Fiscal Year 2020, in addition to expanding capital commitments to emerging managers, the Comptroller’s Office increased its
goal for emerging managers from 10% to 12%. The Office allocated an additional $600 million to the direct private equity
Emerging Manager Program, bringing total assets committed to the in-house Emerging Manager Program to over $1.5 billion,
and began an initiative to deploy $1.5 billion to early-stage and first time fund managers in private equity, real estate, alternative
credit, and infrastructure.
xxx
The Office of Diversity Initiatives also assists the Corporate Governance and Responsible Investment group on supplier, workplace
and board diversity initiatives. In Fical Year 2020, the Comptroller’s Office launched Boardroom Accountability Project 3.0, a
new first-in-the-nation initiative calling on companies to adopt a policy requiring the consideration of both women and people of
color for every open board seat and for CEO appointments, a version of the “Rooney Rule” pioneered by the National Football
League (NFL). By April 2020, 13 public companies implemented these Rooney Rule policies. In addition, in July 2020, the
Comptroller’s Office called on 67 S&P 100 companies that recently released supportive statements on racial equity to publicly
disclose the race, ethnicity, and gender of their workforces.
In Fiscal Year 2020, in response to the COVID-19 pandemic and its impact on businesses, the Office hosted biweekly Comptroller
M/WBE University webinars, engaging 1,600 diverse firms on topics such as available resources and business opportunities in
the public and private sector. In addition, the Office surveyed more than 500 M/WBEs on the impact of COVID-19 on their
firms. The survey highlighted that 85 percent of M/WBEs believed they could not survive for six more months due to limited
access to COVID related contracts and financial aid.
In addition, every year the Office of the Comptroller hosts the Annual M/WBE & Emerging Manger Conference for over 600 M/WBE
investors. The conference provides an opportunity to minority and women asset managers to learn how to do business with our
various asset classes and speed-networking with pension consultants.
The Comprehensive Annual Financial Report (CAFR) is required by Section 93(1) of the New York City Charter, and is presented
in three sections. This transmittal letter serves as an introduction and summary. The financial section includes the basic financial
statements, combining fund financial statements and schedules and other required supplementary information. The statistical
section includes selected financial and demographic information, generally presented on a multi-year basis.
The City is responsible for both the accuracy of the data and the completeness and fairness of the presentation, including all
disclosures. To the best of the Comptroller Office Leadership’s knowledge and belief, the enclosed data is accurate in all material
respects and is reported in a manner designed to fairly present the financial position and results of operations of the City and its
various funds. All disclosures necessary to enable the reader to gain an understanding of the City’s financial activities have been
included.
The City is required to undergo an annual Single Audit in conformity with the provisions of the Single Audit Amendments Act
of 1996 and the United States Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards and other related documents. Information related to the Single Audit, including the
Schedule of Expenditures of Federal Awards, findings and recommendations, and auditors’ reports on internal controls and
compliance with applicable laws and regulations, are issued as a separate report.
The City is responsible for establishing and maintaining internal controls designed to ensure that municipal assets are protected
from loss, theft, or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial
statements in conformity with GAAP. Internal controls are designed to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits
likely to be derived, and (2) the valuation of costs and benefits requires estimates and judgments by management. These internal
controls are subject to continuous evaluation by the City.
Budgetary Controls
The City maintains budgetary controls to ensure compliance with legal provisions embodied in the Annual Appropriated Budget
approved by the City’s governing body. Activities of the General Fund are included in the Annual Appropriated Budget. The City
also makes appropriations in the Capital Budget to authorize the expenditure of funds for various capital projects. A level of
budgetary control, i.e., the level at which expenditures cannot legally exceed the appropriated amount, is established within each
individual fund. As reported in the schedules to the financial statements, several agencies have expended more than legally
appropriated amounts. The City also maintains an encumbrance accounting system as another technique of accomplishing
budgetary control. Encumbrances lapse at the end of each Fiscal Year.
xxxi
Financial Controls
The City maintains financial controls through the use of an integrated accounting and budgeting system, referred to as the
Financial Management System (FMS). FMS maintains the City’s centralized accounting and budgetary controls. FMS is also
used by the City to maintain information on City contracts as well as capital projects. FMS provides the ability for the
Comptroller’s, Mayor’s, and individual agencies’ financial managers to access, analyze, and utilize the City’s financial data.
These capabilities are continuously improved to meet new information needs.
Section 93 of the New York City Charter grants the Comptroller broad powers for establishing accounting and internal control
policies and procedures for the City. To ensure the adequacy of the City’s internal controls, directives and memoranda that
outline appropriate policies and procedures for all City agencies and component units are issued and periodically updated. These
directives and memoranda establish internal controls and accountability, which safeguard City assets. The Comptroller’s Office
and agency auditors periodically check City agencies’ and component units’ adherence to internal control policies and procedures.
Each year, in accordance with the Comptroller’s Internal Control and Accountability Directive #1—Principles of Internal
Control, every City agency is required to prepare a report on its internal controls. Each agency’s report must include an “Agency
Financial Integrity Compliance Statement” signed by the agency head. The statement must include the agency head’s opinion as
to whether the agency’s internal controls provide reasonable assurance that internal control objectives were achieved during the
Fiscal Year and can continue to be achieved in the future.
The Comptroller’s Office Audit Bureau administers the “Agency Financial Integrity Compliance Statement” program that is part
of the “Principles of Internal Control” Directive and collects agency responses. In addition, the auditors collate these responses
and use the results as part of a risk assessment to identify future audits. This approach helps to ensure that agencies genuinely
assess their internal controls, rather than just examine them perfunctorily. The Comptroller’s Office also asks agencies to assess
the adequacy of their internal audit functions.
Should a control weakness prevent any significant control objective from being achieved, the agency head must describe
management’s plans for correcting it. Agencies must also explain and describe planned corrective action for any outstanding
weakness described in audit reports prepared by the City Comptroller’s Office auditors, the City’s independent auditors, the
State Comptroller, or other oversight or audit bodies.
The Comptroller’s Office Bureau of Accountancy revised and renamed the Comptroller’s Internal Control and Accountability
Directive #27—from Fiduciary Accounts: Procedures for Requesting, Controlling and Monitoring; to Requesting, Controlling, and
Monitoring Designated Funds (Directive #27). Directive #27 was revised to incorporate changes to the criteria for identifying
fiduciary activities as stated in the Governmental Accounting Standards Board Statement No. 84—Fiduciary Activities. Directive
#27 provides guidance to agencies to understand how to distinguish between two types of Designated Funds: Fiduciary versus
Restricted. Fiduciary Accounts are used to account for the activity of assets not belonging to The City, but are held and administered
in a trust or custodial capacity. Restricted Accounts, although not classified as a Fiduciary Account, are other financial resources
that may consist of a government’s own source revenue that is restricted, generally by external parties for a particular purpose.
In addition, as a result of the Governor’s Executive Order No. 202.4 signed March 16, 2020 which ordered school closures due
to the pandemic, the City implemented remote learning for all students from kindergarten to grade 12. To ensure that the City
was able to meet the demands that come with remote learning, the Bureau of Accountancy issued Comptroller’s Memorandum
(CM) #20-01, which amended Comptroller’s Internal Control and Accountability Directive #10—Charges to the Capital Projects
Fund (Directive #10). Directive #10, § 7.2—Computer Hardware, Software, Networks, and Systems—Eligible Costs includes an
eligibility criteria requiring laptops, notebook computers, tablets and other similar products to not leave the building where they
are housed. CM #20-01 amends this criteria to allow for remote learning during the state of emergency.
The revised Directive #27 and the issued CM# 20-01, along with all other Comptroller directives and memoranda, may be found
on the Comptroller’s Office website.
AWARDS
For the 40th consecutive year, The City of New York was awarded the prestigious Certificate of Achievement for Excellence in
Financial Reporting by the Government Finance Officers Association (GFOA). The Certificate signifies that the City’s CAFR
meets the highest standards of governmental financial reporting. Only 2,662 of some 38,910 governmental counties, municipalities,
and townships have received the Certificate thus far, and New York City is one of a very select group of 151 to have received the
award for 40 or more consecutive years. To be awarded a Certificate of Achievement for Excellence in Financial Reporting, a
government must publish an easily readable and efficiently organized CAFR; and the Fiscal Year 2019 CAFR has satisfied these
requirements once again.
xxxii
ACKNOWLEDGEMENTS
First, I want to thank the hundreds of accounting and financial professionals in every city agency who work every day on behalf
of the people of the City of New York, comprising the foundation of our City's financial accountability and transparency. Your
hard work in partnership with the staff of the Comptroller's office made this report possible. This year's process was particularly
challenging, especially as many of us continue to telecommute, but throughout it all your cooperation and collaboration with my
office allowed us to meet the City's Charter mandated deadline.
I also wish to convey my deep appreciation to my staff who have worked so diligently to prepare the financial statements and the entire
CAFR. I offer special thanks to Deputy Comptroller for Accountancy Jacqueline Thompson, Bureau Chief Katrina Stauffer, and the
entire management team and staff of the Bureau of Accountancy. I am also grateful for the assistance of the Office of the Actuary, the
Mayor's Office of Management and Budget, the five major Retirement Systems, and the Financial Information Services Agency.
I want to thank the City's independent auditors, Grant Thornton LLP, for their efforts throughout this audit engagement. Finally,
I want to acknowledge the work of the City's Audit Committee, and especially the private members who serve a vital role in
assuring the integrity of the independent audit process.
Scott M. Stringer
New York City Comptroller
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Executive Director/CEO
xxxv
The Government of The City of New York
The People of the City of New York
Boroughs of the Bronx, Brooklyn, Manha"an, Queens, and Staten Island
Borough Presidents
The Bronx | Brooklyn | Manha"an Comptroller Mayor
Queens | Staten Island
Director of Chief of Staff & Deputy Mayor for Deputy Mayor for
Intergovernmental Deputy Mayor for Chancellor Health and Human Strategic Policy First Deputy Mayor
Affairs Administra!on Services Ini!a!ves
xxxvi
The People of the City of New York
Boroughs of the Bronx, Brooklyn, Manha"an, Queens, and Staten Island
xxxvii
Principal Officials
of
The City of New York
Mayor Bill de Blasio
The Council:
Borough Presidents:
xxxviii
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II
FINANCIAL SECTION
Auditor’s responsibility
Our responsibility is to express opinions on these financial statements based
on our audits. We did not audit the financial statements of those entities
disclosed in Note E.1 which represent the following portions of The City for
June 30 in the respective years noted:
Aggregate
Discretely
Presented
Governmental Business-type Component Aggregate
Activities Activities Units Remaining Funds
2020 2019 2020 2019 2020 2019 2020 2019
Assets 7% 7% 100% 100% 43% 90% 12% 99%
Net Position (2)% (2)% 100% 100% 100% 100% 11% 100%
(Deficit)/Fund
Balance
Revenues 5% 5% 100% 100% 28% 49% 100% 100%
Those financial statements were audited by other auditors whose reports have
been furnished to us, and our opinions, insofar as they relate to the amounts
included for those entities disclosed in Note E.1, are based solely on the reports
of the other auditors. We conducted our audits in accordance with auditing
standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
GT.COM Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms
are separate legal entities and are not a worldwide partnership.
3
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control
relevant to The City’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of The City’s internal control. Accordingly, we express no such
opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made
by management, as well as evaluating the overall presentation of the financial
statements.
Opinions
In our opinion, based on our audits and the reports of other auditors, the
financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-
type activities, the aggregate discretely presented component units, each major
fund, and the aggregate remaining fund information of The City of New York
as of June 30, 2020 and 2019, and the respective changes in financial position,
where applicable the cash flows thereof, and the respective budgetary
comparison for the General Fund for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
Other matters
4
Supplementary information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
The City’s basic financial statements. The Supplementary Information Combining Financial Information and Other
Supplementary Information, as listed in the foregoing table of contents, are presented for purposes of additional
analysis and are not a required part of the basic financial statements. Such supplementary information is the
responsibility of management and wasaccepted
derivedinfrom and relates
the United Statesdirectly to the These
of America. underlying accounting
limited procedures and other
consisted
records used to prepare the basic financial statements. The information has been subjected to
of inquiries of management about the methods of preparing the information the auditing
procedures applied in the audit of the basic financial statements
and comparing and certain
the information additional procedures.
for consistency These additional
with management’s responses
procedures, conducted by us and the other auditors,
to our included
inquiries, comparing
the basic and reconciling
financial statements,the andinformation directly towe
other knowledge
obtained
the underlying accounting and other records during
used our audit
to prepare the of the financial
basic basic financial statements.
statements We
or to the do not
basic express
financial
an opinion or provide any assurance on the information because
statements themselves, and other additional procedures in accordance with auditing standards generally accepted the limited
in
the United States of America by us and other auditors. In our opinion, based on our audits and the reports of theor
procedures do not provide us with sufficient evidence to express an opinion
provide any assurance.
other auditors, the supplementary information is fairly stated, in all material respects, in relation to the basic
financial statements as a whole. Supplementary information
Our audits were conducted for the purpose of forming opinions on the financial
Other information statements that collectively comprise The City’s basic financial statements.
The accompanying Introductory Section Theand
Supplementary Information
Statistical Section Combining
are presented Financialof
for purposes Information
additional and Other
analysis
Supplementary
and are not a required part of the basic financial Information,
statements. as listed in
Such information hasthe
notforegoing table to
been subjected of the
contents,
auditing are
presented for purposes of additional analysis and are not a required
procedures applied in the audits of the basic financial statements, and accordingly, we do not express an opinion or part of the
basic financial statements. Such supplementary information is the
provide any assurance on them.
responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and certain additional
procedures. These additional procedures, conducted by us and the other
New York, New York auditors, included comparing and reconciling the information directly to the
October 30, 2017 underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, based on our audits and the reports
of the other auditors, the supplementary information is fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other information
The accompanying Introductory Section and Statistical Section are presented
for purposes of additional analysis and are not a required part of the basic
financial statements. Such information has not been subjected to the auditing
procedures applied in the audits of the basic financial statements, and
accordingly, we do not express an opinion or provide any assurance on them.
5
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FINANCIAL SECTION
9
The Pension and Other Employee Benefit Trust Funds account for the operations of:
• Pension Trusts
– New York City Employees’ Retirement System (NYCERS)
– Teachers’ Retirement System of The City of New York (TRS)
– New York City Board of Education Retirement System (BERS)
– New York City Police Pension Funds (POLICE)
– New York City Fire Pension Funds (FIRE)
• Deferred Compensation Plans (DCP)
• The New York City Other Postemployment Benefits Plan (the OPEB Plan)
Each of the pension trusts report all jointly administered plans including primary pension
(QPPs), and/or variable supplements funds (VSFs) and/or tax deferred annuity plans (TDAs),
as appropriate. While the VSFs are included with QPPs for financial reporting purposes, in
accordance with the Administrative Code of The City of New York (ACNY), VSFs are not
pension funds or retirement systems. Instead, they provide scheduled supplemental payments,
in accordance with applicable statutory provisions. Although a portion of these payments are
guaranteed by the City, the State has the right and power to amend, modify, or repeal VSFs
and the payments they provide. However, any assets transferred to the VSFs are held in trust
solely for the benefit of its members. More information is available in Note E.5.
The Deferred Compensation Plans report the various jointly administered Deferred
Compensation Plans of The City of New York and related agencies and Instrumentalities
and the New York City Employee Individual Retirement Account (NYCEIRA).
Note: These fiduciary funds publish separate annual financial statements, which are available
at: Office of the Comptroller, Bureau of Accountancy—Room 200 South, 1 Centre
Street, New York, New York 10007, or at www.comptroller.nyc.gov.
These funds use the accrual basis of accounting and a measurement focus on the periodic
determination of additions, deductions, and net position restricted for benefits.
The New York City Other Postemployment Benefits Plan (the OPEB Plan) is composed of The
New York City Retiree Health Benefits Trust (the Trust) and postemployment benefits other than
pensions (OPEB) paid for directly by the City out of its general resources rather than through the
Trust. The Trust is used to accumulate assets to pay for some of the OPEB provided by the City
to its retired employees. The OPEB Plan is reported in the City’s financial statements as an
Other Employee Benefit Trust Fund. The OPEB Plan was established for the exclusive
benefit of the City’s retired employees and their dependents in providing the following
current postemployment benefits: a health insurance program, Medicare Part B premium
reimbursements, and welfare fund contributions. The City is not required to provide funding
for the OPEB Plan other than the “pay-as-you-go” amounts necessary to provide current
benefits to eligible retirees and their dependents. The City contributed approximately $2.1
billion and $2.7 billion to the OPEB Plan for Fiscal Years 2020 and 2019 respectively.
The Custodial Fund accounts for miscellaneous assets held by the City. School fundraiser
monies for scholarships, collections from prevailing wage violators, and special assessments
held for Business Improvement Districts, are the major miscellaneous assets accounted for
in this fund.
Notes to Financial Statements The notes to financial statements provide additional information that is essential for a more
complete understanding of the information provided in the government-wide and fund
financial statements.
Financial Reporting Entity The financial reporting entity consists of the City government and its component units, which
are legally separate organizations for which the City is financially accountable.
The City is financially accountable for the organizations that make up its legal entity. The
City is also financially accountable for a legally separate organization (component units) if
City officials appoint a voting majority of that organization’s governing body, and the City
is able to either impose its will on that organization or there is a potential for the organization
to provide specific financial benefits to, or to impose specific financial burdens on the City.
10
The City may also be financially accountable for organizations that are fiscally dependent
on the City if there is a potential for the organizations to provide specific financial benefits
to the City, or impose specific financial burdens on the City, regardless of whether the
organizations have separate elected governing boards, governing boards appointed by higher
levels of government, or jointly appointed boards.
Blended Component Units Certain component units, despite being legally separate from the City, are reported as if they
were part of the City, because in addition to the City being financially accountable for them,
they provide services exclusively to the City. The blended component units, which are all
reported as Nonmajor Governmental Funds, comprise the following:
• Fiscal Year 2005 Securitization Corporation (FSC)
• Hudson Yards Development Corporation (HYDC)
• Hudson Yards Infrastructure Corporation (HYIC)
• New York City Educational Construction Fund (ECF)
• New York City School Construction Authority (SCA)
• New York City School Support Services, Inc. (NYCSSS)
• New York City Transitional Finance Authority (TFA)
• Sales Tax Asset Receivable Corporation (STAR)
• TSASC, Inc. (TSASC)
Business-Type Activities Additionally, other component units are classified as business-type activities.
Although legally separate from the City, the City has financial accountability for entities
under this classification, and as such they are reported as if they are a part of the City. These
entities were established to provide services to third parties, and intended to operate with
limited or no public subsidy.
The following entities are presented as business-type activities in the City’s financial
statements:
• Brooklyn Bridge Park Corporation (BBPC)
• The Trust for Governors Island (TGI)
• New York City Tax Lien Trusts (NYCTL Trusts):
– NYCTL 1998-2 Trust
– NYCTL 2017-A Trust
– NYCTL 2018-A Trust
– NYCTL 2019-A Trust
• WTC Captive Insurance Company, Inc. (WTC Captive)
Discretely Presented Certain component units are discretely presented, because while the City is financially
Component Units accountable for them, they do not provide services exclusively to the government itself.
The following entities are presented discretely in the City’s financial statements as major
component units:
• New York City Economic Development Corporation (EDC)
• New York City Health and Hospitals Corporation (NYC Health + Hospitals)
• New York City Housing Authority (NYCHA)
• New York City Housing Development Corporation (HDC)
• New York City Water and Sewer System (the System):
– New York City Water Board (Water Board)
– New York City Municipal Water Finance Authority (Water Authority)
The following entities are presented discretely in the City’s financial statements as nonmajor
component units:
• Brooklyn Navy Yard Development Corporation (BNYDC)
• Brooklyn Public Library (BPL)
• Build NYC Resource Corporation (Build NYC)
• New York City Business Assistance Corporation (NYBAC)
• New York City Industrial Development Agency (IDA)
• New York City Land Development Corporation (LDC)
• New York City Neighborhood Capital Corporation (NYCNCC)
• Public Realm Improvement Fund Governing Group, Inc. (Governing Group)
• The Mayor’s Fund to Advance New York City (the Fund)
• The Queens Borough Public Library and Affiliate (QBPL)
11
Financial Analysis of the In the government-wide financial statements, all of the activities of the City, aside from its
Government-Wide discretely presented component units, are reported as governmental activities. Fiscal year
Financial Statements 2019 beginning net position was restated by $2.8 billion, which caused the ending net
position to decrease by 1.4%. Additional information on the restatement can be found in
Note A.2 of the Basic Financial Statements.
Governmental activities decreased the City’s net position by $3.9 billion during Fiscal Year
2020, $4.1 billion during Fiscal Year 2019, and $3.3 billion in Fiscal Year 2018. The total
governmental activities net position for fiscal year 2020 resulted in a 1.9% decrease from
the prior year.
The basic financial statements include a reconciliation between the Fiscal Year 2020
governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances
to the Statement of Activities, which reports an increase of $819.9 million for all
governmental fund balances. A similar reconciliation is provided for Fiscal Year 2019.
For the City’s business-type activities, total net position decreased to reach an ending balance
of $875.6 million, a 7.4% decrease from the prior year. The total Fiscal Year 2020 decrease
in net position for business-type activities was $65.1 million.
___________________Governmental
____________________Activities
_____________________________
_________________________2019
2020 _______(restated)
________________________2018
____________
Revenues:
Program revenues:
Charges for services . . . . . . . . . . . . . . . $ 5,729,258 $ 5,700,901 $ 4,836,215
Operating grants and contributions . . . 25,692,929 23,804,810 23,465,237
Capital grants and contributions . . . . . 681,694 822,561 551,804
General revenues:
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 62,314,994 61,705,028 58,477,389
Investment income . . . . . . . . . . . . . . . . 184,695 312,636 169,654
Other Federal and State aid . . . . . . . . . 258,951 401,514 251,810
Gain on in-substance defeasance . . . . . — — 730
Other . . . . . . . . . . . . . . . . . . . . . . . . . . ___________775,250
___________ ___________593,861
___________ ___________602,240
___________
Total revenues . . . . . . . . . . . . . . . ______95,637,771
________________ ______93,341,311
________________ ______88,355,079
________________
Expenses:
General government . . . . . . . . . . . . . . . 6,840,460 6,547,234 6,525,142
Public safety and judicial . . . . . . . . . . . 19,768,697 21,347,661 19,465,581
Education . . . . . . . . . . . . . . . . . . . . . . . 36,607,460 34,679,981 30,367,019
City University . . . . . . . . . . . . . . . . . . . 1,275,426 1,318,594 1,261,467
Social Services. . . . . . . . . . . . . . . . . . . 16,690,111 16,923,646 16,143,790
Environmental protection . . . . . . . . . . 4,715,122 4,502,959 4,248,059
Transportation services. . . . . . . . . . . . . 2,763,111 3,221,709 2,788,532
Parks, recreation and cultural activities 1,257,151 1,428,692 1,339,580
Housing . . . . . . . . . . . . . . . . . . . . . . . . 2,597,792 3,069,371 2,765,381
Health (including payments to NYC
Health + Hospitals). . . . . . . . . . . . . . 3,474,850 3,601,500 3,317,969
Libraries . . . . . . . . . . . . . . . . . . . . . . . . 412,829 486,749 428,635
Debt service interest . . . . . . . . . . . . . . 3,154,438 3,159,364 3,035,387
Brooklyn Bridge Park . . . . . . . . . . . . . — — —
The Trust for Governor’s Island . . . . . — — —
WTC Captive . . . . . . . . . . . . . . . . . . . . — — —
New York City Tax Lien Trusts . . . . . . ____________________—
__ ____________________—
__ ____________________—
__
Total expenses . . . . . . . . . . . . . . . ______99,557,447
________________ ____100,287,460
__________________ ______91,686,542
________________
Change in net position . . . . . . . . . . . . . . . . . (3,919,676) (6,946,149) (3,331,463)
Net position (deficit)—beginning . . . . . . . . (201,916,160) (197,767,704) (194,436,241)
Restatement of beginning net position
(deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . ____________________—
__ ________2,797,693
______________ ____________________—
__
Net position (deficit)—ending . . . . . . . . . . . $(205,835,836)
___________________ $(201,916,160)
______________________ $(197,767,704)
______________________ ______________________ _______________________
___ _____________________
12
Changes in Net Position
(in thousands)
___________________Business-type
___________________Activities
______________________________ ________________Total
________Primary
_____________Government
_______________________________
________2020
________________________2019
________________________2018
____________ _________________________2019
2020 _______(restated)
________________________2018
____________
____________________—
__ ____________________—
__ ____________________—
__ ____________________—
__ ________2,797,693
______________ _____________________—
__
$_________875,616
____________ _$
_________940,701
____________ _$
_________938,809
____________ $(204,960,220)
______________________ $
__(200,975,459)
____________________ $
___(196,828,895)
______________________ ______________________ ______________________ ______________________ ______________________ ________________________
_ ___________________
13
In Fiscal Year 2020, the government-wide revenues increased from Fiscal Year 2019 by
approximately $2.3 billion and government-wide expenses decreased by approximately $730
million.
14
In Fiscal Year 2019, the government-wide revenues increased from Fiscal Year 2018 by
approximately $5.0 billion and government-wide expenses increased by approximately $8.6 billion.
The major components of the government-wide revenue increases were:
• Tax revenues, net of refunds, increased overall, as a result of the following:
– The increase in real estate taxes resulted from growth in billable assessed value during
the fiscal year.
– The increase in sales and use taxes was driven primarily by an increase in consumer
spending due to higher wages, robust labor market, healthy visitor spending, increase
in the number of commercial motor vehicles registered, robust mortgage financing
activity in the commercial real estate market, and stable financing activity in the
residential real estate market. This was offset by a decrease in cigarette taxes resulting
from a decline in the number of packs sold.
– The increase in income taxes was driven primarily by increases in general corporation
taxes due to Fiscal Year 2019 estimated tax payments on tax year 2018 liability not
reduced by excessive overpayments on accounts and higher Wall Street profitability.
This was offset largely by a decrease in financial corporation taxes due to a decline in
audit revenues and increase in refunds. Unincorporated business income taxes
decreased due to one time payments in Fiscal Year 2018 resulting from tax law changes
that were not repeated in Fiscal Year 2019.
– For all other taxes, increase in Payment in Lieu of Taxes (PILOT) was due to a new stream
of PILOT payments from Hudson Yards Infrastructure Corporation. Hotel room
occupancy taxes increased due to increased tourism. Commercial rent taxes increased
due to a strong commercial office market with declining vacancy rates and increasing
asking rents in Manhattan. Conveyance of real property taxes increased due to strong
commercial activity. This was offset by refunds for tax overpayments in commercial rent
tax, non-resident personal income taxes, and transaction taxes.
• Charges for services increase was primarlily due to NYC Health + Hospitals reimbursements
and the receipt of restitutions resulting from bank investigation cases led by the District
Attorney for New York.
The major components of the changes in government-wide expenses were:
• Public safety and judicial expenses increased due to an increase in Police Department
expenses related to the Body Worn Camera program, training initiatives, upgrades to critical
technology application, computer equipment and software for daily operations, and collective
bargaining adjustments.
• Education expenses increased due to collective bargaining increases, fringe benefits, growth
in mandated costs for special education pupils, increased charter school costs, and expansion
of early childhood programs.
• Social services expenses increased due to an increase in Administration for Children’s Services
expenses resulting from hiring of frontline staff, and new investments in child welfare to support
recent reform efforts and juvenile justice due to Raise the Age, legislation passed by New York
State which raised the age of criminal responsibility to 18 years of age. Department of Social
Services expenses increased due to the implementation of Fair Fares, rental assistance programs,
anti-eviction legal services, and Medicaid.
• Transportation services expenses increased due to an increase in Department of Transportation
expenses resulting from increases in full-time position salary expenditures for the sidewalk
and pedestrian ramp programs, heat, light, power spending, and maintenance and operation
cost of infrastructure. Transit Authority expenses increased due to City contributions to the
MTA’s Subway Action Plan and City funding for other capital projects.
• Housing expenses increased due to increased expenditures in the Department of Housing
Preservation & Development as a result of affordable housing production under Housing New
York 2.0 and large acquisitions to promote the development of permanent supportive housing.
• Health expenses increased due to increases in expenses for City-funded programs and collective
bargaining funding for NYC Health + Hospitals. Additionally, Department of Health and Mental
Hygiene expenses increased due to new investments in environment health, substance misuse,
and emergency preparedness. There was also more spending in other areas, including family
and child health, disease control, and epidemiology.
• Libraries expenses increased due to higher operating subsidies to support the continuation of
library services and operating expenses, including costs associated with capital ineligible
repairs and upkeep.
15
The following charts compare the amounts of expenses and program revenues for Fiscal Years 2020 and 2019:
$30
$25
$20
$15
$10
$5
$0
GG PS E CU SS EP TS PK HG H L DSI
$30
$25
$20
$15
$10
$5
$0
GG PS E CU SS EP TS PK HG H L DSI
Functions/Programs
GG General government
PS Public safety and judicial
E Education (Primary and Secondary)
CU City University
SS Social services
EP Environmental protection
TS Transportation services
PK Parks, recreation, and cultural activities
HG Housing
H Health, including payments to NYC
Health + Hospitals
L Libraries
DSI Debt service interest
16
The following charts compare the amounts of program and general revenues for Fiscal Years 2020 and 2019:
17
Increases and decreases of net position may over time serve as a useful indicator of changes
in a government’s financial position. In the case of the City’s governmental activities for
Fiscal Year 2020, liabilities and deferred inflows of resources exceeded assets and deferred
outflows of resources by $205.8 billion, an increase in the net deficit of $3.9 billion from
June 30, 2019, which in turn compares with an increase to the net deficit of $4.1 billion
over the prior Fiscal Year 2018.
The increase in total assets is due to an increase of receivables of federal aid related to the
City’s response to the COVID-19 Pandemic. The annual increase or decrease to long term
liabilities is due to the net effect of its current year additions and current year deletions.
For fiscal year 2020 the current year deletions was much smaller than the deletions of years
past, causing the net effect to appear as a larger than historical net addition for the year.
For additional information regarding the change in assumptions, see Note E.4 of the basic
financials.
See table below for further details.
___________________Governmental
____________________Activities
_____________________________
________2020
____________ _2019
_______(restated)
____________ ________2018
____________
Current and other assets . . . . . . . . . . . . . . . . $ 51,574,029 $ 47,184,974 $ 43,448,131
Capital assets (net of depreciation) . . . . . . . ______62,901,585
________________ ______60,840,037
________________ ______59,424,522
________________
Total assets . . . . . . . . . . . . . . . . . . . . . . 114,475,614
______________________ 108,025,011
______________________ 102,872,653
______________________
Deferred outflows of resources . . . . . . . . . . ______15,897,383
________________ ______14,746,877
________________ ________6,948,324
______________
Long-term liabilities outstanding . . . . . . . . 274,256,331 264,539,972 257,587,442
Other liabilities . . . . . . . . . . . . . . . . . . . . . . ______30,575,133
________________ ______26,916,540
________________ ______23,828,723
________________
Total liabilities . . . . . . . . . . . . . . . . . . . ____304,831,464
__________________ ____291,456,512
__________________ ____281,416,165
__________________
Deferred inflows of resources . . . . . . . . . . . 31,377,369 33,231,536 26,172,516
Net position:
Net investment in capital assets . . . . . . . . . . (13,577,571) (13,872,508) (13,501,564)
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,278,271 5,554,796 2,942,744
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . ___(197,536,536)
___________________ ___(193,598,448) ___________________ ___(187,208,884) ___________________
Total net position (deficit) . . . . . . . . . . __$(205,835,836)
__________________________________________ __$(201,916,160)
__________________________________________ __$(197,767,704)
__________________________________________
18
Net Position
(in thousands)
___________________Business-Type
____________________Activities
_____________________________ ________________Total
________Primary
_____________Government
_______________________________
________2020
____________ ________2019
____________ ________2018
____________ ________2020
____________ _2019
_______(restated)
____________ ________2018
____________
$ 778,125 $ 814,861 $ 809,434 $ 52,352,154 $ 47,999,835 $ 44,257,565
___________566,584
___________ ___________565,626
___________ ___________572,240
___________ ______63,468,169
________________ ______61,405,663
________________ ______59,996,762
________________
1,344,709
______________________ 1,380,487
______________________ 1,381,674
______________________ 115,820,323
______________________ 109,405,498
______________________ 104,254,327
______________________
____________________—
__ ____________________—
__ ____________________—
__ ______15,897,383
________________ ______14,746,877
________________ ________6,948,324
______________
436,557 402,010 399,186 274,692,888 264,941,982 257,986,628
_____________32,536
_________ _____________37,776
_________ _____________43,679
_________ ______30,607,669
________________ ______26,954,316
________________ ______23,872,402
________________
___________469,093
___________ ___________439,786
___________ ___________442,865
___________ ____305,300,557
__________________ ____291,896,298
__________________ ____281,859,030
__________________
— — — 31,377,369 33,231,536 26,172,516
19
The excess of liabilities and deferred inflows of resources over assets and deferred outflows of
resources reported for governmental activities on the government-wide Statement of Net Position
is a result of several factors. The largest components of the net position (deficit) are the result of
the City having long-term debt with no corresponding capital assets and the City’s Pension and
Post-retirement benefits liability. The following summarizes the main components of the net deficit
as of June 30, 2020 and 2019:
Components of Net Position (Deficit)
_________________________________
2020
________________ 2019 (restated)
__________________
(in billions)
Net Position Invested in Capital Assets
Some City-owned assets have a depreciable life used
for financial reporting that is different from the period
over which the related debt principal is being repaid.
Schools and related education assets depreciate more
quickly than their related debt is paid, and they
comprise one of the largest components of this
difference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (13.6) $ (13.9)
Net Position Restricted for:
Capital Projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5 0.7
Debt Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0 2.1
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8
________ 2.8
________
Total restricted net position . . . . . . . . . . . . . . . . . . . . . . 5.3
________ 5.6
________
Unrestricted Net Position
TFA issued debt to finance costs related to the recovery
from the September 11, 2001 World Trade Center
disaster, which are operating expenses of the City . . . . (0.4) (0.6)
STAR issued debt related to the defeasance of the
MAC issued debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.6) (1.7)
The City has issued debt for the acquisition and
construction of public purpose capital assets
which are not reported as City-owned assets on
the Statement of Net Position. This includes assets
of the TA, the System, NYC Health + Hospitals,
and certain public libraries and cultural institutions.
This is the debt outstanding for non-City owned
assets at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40.3) (38.0)
Certain long-term obligations do not require funding
in the current period:
Net OPEB liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . (109.5) (107.8)
Judgments and claims . . . . . . . . . . . . . . . . . . . . . . . . . . (7.1) (6.9)
Vacation and sick leave . . . . . . . . . . . . . . . . . . . . . . . . . (5.7) (5.1)
Net Pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . (46.4) (43.3)
Landfill closure and postclosure care costs . . . . . . . . . (1.2) (1.3)
Deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . 15.9 14.7
Other: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.2)
________ (3.6)
________
Total unrestricted net position . . . . . . . . . . . . . . . . . . . . (197.5)
________ (193.6)
________
Total net position (deficit) . . . . . . . . . . . . . . . . . . . . . . . . $(205.8)
________
________ $ (201.9)
________
________
20
The following table provides Fiscal Year ended June 30, 2020, pension statistics by pension
system as of the dates of the most recent actuarial valuations:
______________________________________Summary
__________________of
____City
________Pension
_______________Information
______________________Fiscal
__________Year
_________2020
____________________________________________
NYCERS*
__________________ TRS**
__________________ BERS**
__________________ POLICE*
__________________ ____FIRE*
______________ ______Total
____________
City Membership (active, inactive
and retired) as of 6/30/19 . . . . . . . . . . 219,253 225,431 57,743 89,265 27,967 619,659
(in billions, except %)
Total Pension Liability (TPL) . . . . . . . . $ 50.9 $ 72.9 $ 5.5 $ 57.3 $ 24.1 $ 210.7
Less Plan Fiduciary Net Position (PFNP) 39.1
_____ 57.6
_____ 5.2
____ 46.5
_____ 15.9
_____ 164.3
______
Net Pension Liability (NPL) . . . . . . . . . $_____
11.8
_____ $_____
15.3
_____ $____
0.3
____ $_____
10.8
_____ $ 8.2
_____
_____ $______
46.4
______
PFNP as a % of TPL*** . . . . . . . . . . . . 76.8% 79.0% 94.5% 81.2% 65.9% 77.9%
Pension Expense . . . . . . . . . . . . . . . . . . $ 1.7 $ 2.4 $ 0.1 $ 1.6 $ 1.3 $ 7.1
The following table provides Fiscal Year ended June 30, 2019 pension statistics by pension
system as of the dates of the most recent actuarial valuations:
______________________________________Summary
__________________of
____City
________Pension
_______________Information
______________________Fiscal
__________Year
_________2019
____________________________________________
_NYCERS*
_________________ ____TRS**
______________ ___BERS**
_______________ _POLICE*
_________________ ____FIRE*
______________ ______Total
____________
City Membership (active, inactive
and retired) as of 6/30/18 . . . . . . . . . . 214,430 226,111 51,829 89,117 27,933 609,420
(in billions, except %)
Total Pension Liability (TPL) . . . . . . . . $ 48.2 $ 71.3 $ 5.3 $ 55.0 $ 23.3 $ 203.1
Less Plan Fiduciary Net Position (PFNP). 38.0
_____ 56.4
_____ 5.0
____ 45.2
_____ 15.2
_____ 159.8
______
Net Pension Liability (NPL) . . . . . . . . . $_____
10.2
_____ $_____
14.9
_____ $____
0.3
____ $_____
9.8
_____ $ 8.1
_____
_____ $______
43.3
______
PFNP as a % of TPL*** . . . . . . . . . . . . 79.0% 79.1% 94.3% 82.2% 65.2% 78.7%
Pension Expense . . . . . . . . . . . . . . . . . . $ 1.7 $ 3.5 $ 0.1 $ 1.7 $ 1.1 $ 8.1
21
Financial Analysis of the The City uses fund accounting to ensure and demonstrate compliance with finance-related
Governmental Funds legal requirements. The table below summarizes the changes in the fund balances of the
City’s governmental funds.
Governmental Funds
Nonmajor
Capital General Debt Governmental Adjustment/
General Fund
______________ Projects Fund
______________ Service Fund
______________ Funds
______________ Eliminations
______________ Total
______________
(in thousands)
Fund Balances (deficit), June 30, 2018 . . $ 483,133 $ (2,284,741) $ 1,922,291 $ 5,297,421 $ — $ 5,418,104
Revenues . . . . . . . . . . . . . . . . . . . . . . . . 91,343,801 2,383,168 88,332 4,777,961 (3,551,465) 95,041,797
Expenditures . . . . . . . . . . . . . . . . . . . . . (84,758,165) (10,848,283) (3,775,951) (9,774,271) 3,107,601 (106,049,069)
Other financing sources (uses) . . . . . . . . (6,580,553) 7,030,932 3,492,419 4,593,342 443,864 8,980,004
Restatement of beginning net postion . . ______2,797,693
________________ ___________________— ___ _________________— ___ _________________— ___ ________________— ____ ________2,797,693
________________
Fund Balances (deficit), June 30, 2019 . . ______3,285,909
________________ _____(3,718,924)
_________________ ____1,727,091
________________ ____4,894,453
________________ ________________— ____ ________6,188,529
________________
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . 94,618,150 2,525,366 83,617 4,951,084 (3,942,597) 98,235,620
Expenditures . . . . . . . . . . . . . . . . . . . . . (87,849,439) (9,773,792) (3,922,310) (8,163,818) 3,430,611 (106,278,748)
Other financing sources (uses) . . . . . . . . _____(6,809,519)
_________________ ______8,452,518
________________ ____3,389,084
________________ ____3,318,961
________________ ______511,986
______________ ________8,863,030 ________________
Fund Balances (deficit), June 30, 2020 . . _______3,245,101
$
_____ ________________________________ $ (2,514,832)
______________________________________
______ $ 1,277,482
____________________________________
____ $ 5,000,680
____________________________________
____ $________________________________— $ 7,008,431
____ ________________________________________
____ ________
The City’s General Fund is required to adopt an annual budget prepared on a basis generally
consistent with Generally Accepted Accounting Principles (GAAP). Surpluses from any
fiscal year cannot be appropriated in future fiscal years.
If the City anticipates that the General Fund will have an operating surplus, the City will
make discretionary transfers to the General Debt Service Fund and other payments that
reduce the amount of the General Fund surplus for financial reporting purposes and reduce
the need for expenditures in the succeeding fiscal year or years. The General Fund had an
operating surplus of $3.8 billion and $4.2 billion before these expenditures and transfers
(discretionary and other) for Fiscal Years 2020 and 2019, respectively. After these certain
expenditures and transfers, the General Fund reported an operating surplus of $5 million,
not including restricted fund activities. Additional information on the exclusion of restricted
fund activities can be found in Note A.20 of the Basis Financial Statements.
The General Debt Service Fund receives transfers (discretionary and other) from the General
Fund from which it pays the City’s debt service requirements. Its fund balance at June 30,
2020 can be attributed principally to transfers (discretionary transfer and other) from the
General Fund totaling $1.3 billion in Fiscal Year 2020 for Fiscal Year 2021 debt service.
Similar transfers in Fiscal Year 2019 of $1.7 billion for Fiscal Year 2020 debt service also
primarily account for the General Debt Service Fund balance at June 30, 2019.
The Capital Projects Fund accounts for the financing of the City’s capital program. The
primary source of funding is the issuance of City and TFA debt. Capital-related expenditures
are first paid from the General Fund, which is reimbursed for these expenditures by the Capital
Projects Fund. To the extent that capital expenditures exceed proceeds from bond issuances,
and other revenues and financing sources, the Capital Projects Fund will have a deficit. The
deficit fund balances at June 30, 2020 and 2019 represent the amounts expected to be financed
from future bond issues or intergovernmental reimbursements. To the extent the deficits will
not be financed or reimbursed, transfers from the General Fund will be required.
22
General Fund GAAP requires recognition of pollution remediation obligations and generally precludes
Pollution Remediation costs incurred for pollution remediation from being reported as capital expenditures. Thus,
the City’s Fiscal Year 2020 General Fund expenditures include approximately $137.2
million of pollution remediation expenditures associated with projects which were
originally included in the City’s capital program. The City also reported $136.1 million
of City bond proceeds and $1.1 million of other revenues (New York City Municipal Water
Finance Authority bond proceeds transferred to the City) supporting the $137.2 million
of pollution remediation expenditures in the General Fund for Fiscal Year 2020. In Fiscal
Year 2019, $140.3 million of City bond proceeds and $6.2 million of other revenues
supported the $146.5 million of pollution remediation expenditures reported in the General
Fund. For additional information on the City’s pollution remediation obligations, see Note
D.5 of the basic financials.
Although amounts were not established in the Adopted Budget, a modification to the
budget was made to accommodate the amount of pollution remediation expenditure charge
in the General Fund. These pollution remediation expenditures were incurred by various
agencies, as follows:
23
General Fund Budgetary The following charts and tables summarize actual revenues by category and includes
Highlights Revenues restricted fund activities, for Fiscal Years 2020 and 2019 and compare revenues with each
fiscal year’s Adopted Budget and Modified Budget. Additional information on the
inclusion of restricted fund activities can be found in Note A.2 of the Basic Financial
Statements.
General Fund Revenues
Fiscal Year 2020
(in billions)
$32
Adopted Budget
$30
Modified Budget
$28
Actual
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
Real estate taxes Sales and Use taxes Personal income tax Income taxes, other Federal, State and Other than taxes
and other taxes other aid and aid
Revenue Category
Adopted Modified
Budget
_______ Budget
_______ Actual
_______
(in millions)
Taxes (net of refunds):
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . $29,785 $29,696 $29,816
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . 9,359 8,439 8,478
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . 13,367 13,300 13,591
Other income taxes . . . . . . . . . . . . . . . . . . . . . . . . 6,432 7,359 7,862
Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,478
________ 3,277
________ 3,343
________
Taxes (net of refunds) . . . . . . . . . . . . . . . . . . . . . . 63,421
________ 62,071
________ 63,090
________
Federal, State and other aid:
Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,286 27,585 25,693
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
________ 253
________ 11
________
Federal, State and other aid . . . . . . . . . . . . . . . . . . 23,286
________ 27,838
________ 25,704
________
Other than taxes and aid:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . 2,789 2,924 2,855
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,226 2,692 2,296
Restricted fund activity . . . . . . . . . . . . . . . . . . . . . — — 673
Bond proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 136 136
Transfers from Nonmajor Debt Service Fund . . . . 236 234 226
Transfers from General Debt Service Fund . . . . . . 78
________ 78
________ 78
________
Other than taxes and aid . . . . . . . . . . . . . . . . . . . . 5,329
________ 6,064
________ 6,264
________
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $92,036
________ $95,973
________ $95,058
________
________ ________ ________
24
General Fund Revenues
Fiscal Year 2019
(in billions)
$30
Adopted Budget
$28
Modified Budget
$26 Actual
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
Real estate taxes Sales and Use taxes Personal income tax Income taxes, other Federal, State and Other than taxes
and other taxes other aid and aid
Revenue Category
Adopted Modified
Budget
_______ Budget
_______ Actual
_______
(in millions)
Taxes (net of refunds):
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . $27,974 $27,926 $ 27,885
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . 8,829 9,074 9,083
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . 12,378 13,261 13,377
Other income taxes . . . . . . . . . . . . . . . . . . . . . . . . 6,411 7,416 7,416
Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,484
________ 3,647
________ 3,733
________
Taxes (net of refunds) . . . . . . . . . . . . . . . . . . . . . . 60,076
________ 61,324
________ 61,494
________
Federal, State and other aid:
Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,238 24,728 23,804
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
________ 201
________ 151
________
Federal, State and other aid. . . . . . . . . . . . . . . . . . 23,238
________ 24,929
________ 23,955
________
Other than taxes and aid:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . 2,711 2,748 2,801
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,144 3,445 3,094
Bond proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . — 140 140
Transfers from Nonmajor Debt Service Fund. . . . 227 219 219
Transfers from General Debt Service Fund. . . . . . 80
________ 81
________ 81
________
Other than taxes and aid . . . . . . . . . . . . . . . . . . . . 5,162
________ 6,633
________ 6,335
________
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . $88,476
________ $92,886
________ $91,784
________
________ ________ ________
25
General Fund Budgetary The following charts and tables summarize actual expenditures by function/program and
Highlights Expenditures includes restricted fund activities for Fiscal Years 2020 and 2019, and compare
expenditures with each fiscal year’s Adopted Budget and Modified Budget. Additional
information on the inclusion of restricted fund activities can be found in Note A.2, of the
Basic Financial Statements.
Adopted Budget
Modified Budget
Actual
$30
$28
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
GG PS E CU SS EP TS PK HG H L P JC FB O T RFA
Functions/Programs
26
General Fund Expenditures
Fiscal Year 2019
(in billions)
Adopted Budget
Modified Budget
Actual
$28
$26
$24
$22
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
GG PS E CU SS EP TS PK HG H L P JC FB O T
Functions/Programs
Adopted Modified
Budget
_______ Budget
_______ Actual
_______
(in millions)
General government (GG) . . . . . . . . . . . . . . . . . . . . $ 3,389 $ 3,680 $ 3,436
Public safety and judicial (PS) . . . . . . . . . . . . . . . . . 9,901 10,404 10,358
Education (E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,583 27,017 26,905
City university (CU) . . . . . . . . . . . . . . . . . . . . . . . . . 1,184 1,174 1,114
Social services (SS) . . . . . . . . . . . . . . . . . . . . . . . . . . 15,421 15,977 15,833
Environmental protection (EP) . . . . . . . . . . . . . . . . . 3,046 3,128 3,088
Transportation services (TS) . . . . . . . . . . . . . . . . . . 2,068 2,122 2,068
Parks, recreation and cultural activities (PK) . . . . . . 628 658 646
Housing (HG) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,324 1,313 1,230
Health, including NYC Health + Hospitals (H) . . . . 2,302 2,713 2,656
Libraries (L) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388 399 398
Pensions (P) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,739 9,833 9,829
Judgments and claims (JC) . . . . . . . . . . . . . . . . . . . . 697 706 706
Fringe benefits and other benefit payments (FB) . . . 6,001 5,861 5,743
Other (O) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,150 776 651
Transfers and other payments for debt service (T) . . 3,655
_______ 7,126
_______ 7,118
_______
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . $88,476
_______
_______ $92,887
_______
_______ $91,779
_______
_______
27
General Fund Surplus The City had General Fund surpluses of $3.8 billion, $4.2 billion and $4.6 billion before
certain expenditures and transfers (discretionary and other), and without regard to the
restricted fund balance for Fiscal Years 2020, 2019 and 2018, respectively. For the Fiscal
Years 2020, 2019 and 2018, the General Fund surplus was $5 million after expenditures
and transfers (discretionary and other).
The expenditures and transfers (discretionary and other) made by the City after the adoption
of its Fiscal Years 2020, 2019 and 2018 budgets follow:
General Fund*
__________________________________________
2020
_______ 2019
_______ 2018
_______
(in millions)
Transfer, as required by law, to the General
Debt Service Fund of real estate taxes
collected in excess of the amount needed
to finance debt service. . . . . . . . . . . . . . . . . . . . . . $ 176 $ 172 $ 276
Discretionary transfers to the General Debt
Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,093 1,530 1,626
Grant to TFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,550 2,319 2,174
Advance cash subsidies to the NYC Health +
Hospitals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 200 200
Payment to the Retiree Health Benefits Trust . . . . . . —
______ —
______ 300
______
Total expenditures and transfers
(discretionary and other) . . . . . . . . . . . . . . . . . . . . 3,819 4,221 4,576
Reported surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______5 ______5 ______5
Total surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,824
______ $4,226
______ $4,581
______
______ ______ ______
* The calculation of the General Fund surplus excludes restricted fund activities. See
Note A.20 of the Basic Financial Statements.
28
Fiscal Year 2020 Final results for any given fiscal year may differ greatly from that year’s Adopted Budget.
The following table shows the variance between actuals and amounts for the Fiscal Year
ended 2020 Adopted Budget:
2020
_______
Additional Resources: (in millions)
Higher than expected Federal categorical aid . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,353
Lower than expected health insurance costs (including lower transfer into
the Retiree Health Benefits Trust) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,197
Reallocation of general reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150
Greater than expected all other miscellaneous revenues . . . . . . . . . . . . . . . . . . 836
Lower than expected all other administrative costs . . . . . . . . . . . . . . . . . . . . . . 798
Higher than expected general corporation tax collections . . . . . . . . . . . . . . . . . 770
Lower than expected all other personal services costs . . . . . . . . . . . . . . . . . . . 605
Lower than expected debt service costs (net of prepayment) . . . . . . . . . . . . . . 431
Greater than expected personal income tax collections . . . . . . . . . . . . . . . . . . . 190
Lower than expected public assistance spending . . . . . . . . . . . . . . . . . . . . . . . 190
Lower than expected pension costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
Lower than expected energy costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
Higher than expected pollution remediation bond proceeds . . . . . . . . . . . . . . . 136
Higher than expected revenue from water and sewer charges . . . . . . . . . . . . . . 99
Higher than expected all other tax collections . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Higher than expected revenue from fines and forfeitures . . . . . . . . . . . . . . . . . 64
Higher than expected commercial rent tax collections . . . . . . . . . . . . . . . . . . . 51
Restricted Fund Activity adjustment* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Higher than expected non-governmental grants . . . . . . . . . . . . . . . . . . . . . . . . 42
Higher than expected real estate tax collections . . . . . . . . . . . . . . . . . . . . . . . . 31
Greater than expected housing revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Higher than expected mortgage tax collections . . . . . . . . . . . . . . . . . . . . . . . . . 16
Higher than expected unrestricted aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Lower than expected provisions for disallowance reserve . . . . . . . . . . . . . . . . 10
Lower than expected judgments & claims costs . . . . . . . . . . . . . . . . . . . . . . . . 4
______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,462
______
Enabled the City to provide for:
Prepayments for certain debt service due in Fiscal Year 2021 . . . . . . . . . . . . . 3,819
Greater than expected contractual services costs . . . . . . . . . . . . . . . . . . . . . . . . 1,139
Lower than expected sales tax collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 906
Greater than expected all other fixed and miscellaneous charges . . . . . . . . . . . 884
Higher than expected supplies and materials costs . . . . . . . . . . . . . . . . . . . . . . 517
Higher than expected overtime spending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483
Higher than expected Medicaid costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371
Lower than expected real property transfer tax collections . . . . . . . . . . . . . . . . 352
Lower than expected unincorporated business tax collections . . . . . . . . . . . . . 157
Higher than expected pollution remediation costs . . . . . . . . . . . . . . . . . . . . . . . 137
Higher than expected all other social services costs (excluding Medicaid and
public assistance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Higher than budgeted payments to NYCHA . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Lower than expected interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Lower than expected Capital Fund reimbursements for Interfund Agreements
associated with underspending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Higher than expected property and equipment costs . . . . . . . . . . . . . . . . . . . . . 68
Lower than expected revenue from general government charges . . . . . . . . . . . 67
Lower than expected revenue from licenses, permits and privileges . . . . . . . . . 59
Lower than expected banking corporation tax collections . . . . . . . . . . . . . . . . 51
Greater than expected payments to NYC Health + Hospitals . . . . . . . . . . . . . . 21
Lower than expected State categorical aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______4
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,457
______
Reported Surplus – Net of Restricted Fund Activities . . . . . . . . . . . . . . . . . . . . $
______
______5
_____________
* Additional information on the Restricted Fund activity adjustment can be found in Note A.20 of the Basic
Financial Statements.
29
Fiscal Year 2019 The following table shows the variance between actuals and amounts for the Fiscal Year
ended 2019 Adopted Budget:
2019
_______
Additional Resources: (in millions)
Reallocation of general reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,125
Higher than expected personal income tax collections . . . . . . . . . . . . . . . . . . . 973
Higher than expected general corporation tax collections . . . . . . . . . . . . . . . . . 698
Lower than expected all other administrative costs . . . . . . . . . . . . . . . . . . . . . . 615
Lower than expected debt service costs (net of Fiscal Year 2020 prepayment) 502
Higher than expected all other miscellaneous revenues . . . . . . . . . . . . . . . . . . 470
Lower than expected health insurance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . 461
Greater than expected non-governmental grants . . . . . . . . . . . . . . . . . . . . . . . . 320
Lower than expected supplies and materials costs (excluding fuel) . . . . . . . . . 257
Greater than expected revenues from fines and forfeitures . . . . . . . . . . . . . . . . 165
Higher than expected mortgage tax collections . . . . . . . . . . . . . . . . . . . . . . . . . 159
Higher than expected asset sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
Higher than expected unrestricted aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Pollution remediation bond proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
Lower than expected provisions for disallowance reserve . . . . . . . . . . . . . . . . 128
Greater than expected Federal categorical aid . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Greater than expected revenues from licenses, permits and privileges . . . . . . . 113
Higher than expected commercial rent tax collections . . . . . . . . . . . . . . . . . . . 106
Higher than expected real property transfer tax collections . . . . . . . . . . . . . . . 98
Higher than expected all other tax collections . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Lower than expected public assistance spending . . . . . . . . . . . . . . . . . . . . . . . 66
Higher than expected sales tax collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
Higher than expected interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Greater than expected housing revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Greater than expected revenues from general government charges . . . . . . . . . . 26
Greater than expected rental revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Greater than expected revenues from water and sewer charges . . . . . . . . . . . . 18
Lower than expected energy costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,089
______
Enabled the City to provide for:
Prepayments for certain debt service and subsidies due in Fiscal Year 2020 . . 4,221
Greater than expected contractual services costs . . . . . . . . . . . . . . . . . . . . . . . . 562
Greater than expected overtime costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428
Lower than expected banking corporation tax collections . . . . . . . . . . . . . . . . 435
Lower than expected unincorporated business tax collections . . . . . . . . . . . . . 216
Higher than expected all other fixed and miscellaneous charges . . . . . . . . . . . 216
Higher than expected Medicaid costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Pollution remediation costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
Higher than expected payments to NYC Health + Hospitals
(net of prepayment) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Greater than expected other social services costs (excluding Medicaid and
public assistance) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
Additional contribution to the Retiree Health Benefits Trust . . . . . . . . . . . . . . 100
Lower than expected real estate tax collections . . . . . . . . . . . . . . . . . . . . . . . . . 89
Greater than expected pensions costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Greater than expected property and equipment costs . . . . . . . . . . . . . . . . . . . . 64
Higher than budgeted payments to the NYCHA . . . . . . . . . . . . . . . . . . . . . . . . 40
Lower than expected Capital Fund reimbursements for Interfund Agreements
associated with underspending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Higher than expected all other personal services costs . . . . . . . . . . . . . . . . . . . 26
Greater than expected payments to libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Greater than expected judgments & claims costs . . . . . . . . . . . . . . . . . . . . . . . 8
Lower than expected State categorical aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______6
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,084
______
Reported Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
______
______5
30
Capital Assets The City’s investment in capital assets (net of accumulated depreciation/amortization), is
detailed as follows:
Governmental Activities
____2020
________ ______2019
__________ ____2018
________
(in millions)
Land* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,435 $ 2,391 $ 2,251
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,723 36,321 36,031
Equipment (including software) . . . . . . . . . . . . . . . . 3,380 3,250 2,993
Infrastructure** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,602 15,678 14,798
Construction work-in-progress* . . . . . . . . . . . . . . . . _____3,761
_______ _____3,200
_______ _____3,352
_______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,901
____________ $60,840
____________ $59,425
____________
* Not depreciable/amortizable
** Infrastructure elements include the roads, bridges, curbs and gutters, streets and
sidewalks, park land and improvements, piers, bulkheads and tunnels.
The net increase in the City’s governmental activities capital assets during Fiscal Year 2020
was $2.06 billion, a 3.4% increase. Capital assets additions in Fiscal Year 2020 were $9.24
billion, a decrease of $1.2 billion from Fiscal Year 2019.
In 2020, construction work-in-progress was $3.76 billion, representing a 17.5% net increase.
The 2020 addition to work-in-progress was $3.36 billion, a 2.3% decrease from prior year.
In 2020 building additions (work-in-progress deletions) were $2.8 billion, representing a
22.1% decrease from Fiscal Year 2019.
The net increase in the City’s governmental activities capital assets during Fiscal Year 2019
was $1.42 billion, a 2.4% increase. Capital assets additions in Fiscal Year 2019 were $10.43
billion, an increase of $1.18 billion from Fiscal Year 2018.
In 2019, construction work-in-progress was $3.20 billion, representing a 4.5% net
decrease.The 2019 addition to work-in-progress was $3.44 billion, a 15% increase from prior
year. In 2019 building additions (work-in-progress deletion) were $3.59 billion, representing
a 6.1% increase from Fiscal Year 2018.
Additional information on the City’s capital assets can be found in Note D.2 of the Basic
Financial Statements and in schedule CA1 through CA3 of other supplementary information.
Business-Type Activities
____2020
________ ______2019
__________ ____2018
________
(in millions)
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39 $ 41 $ 42
Equipment (including software) . . . . . . . . . . . . . . . . 14 15 4
Infrastructure** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444 451 432
Construction work-in-progress* . . . . . . . . . . . . . . . . _________70 ___ _________58 ___ _________94 ___
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __$____________567
__________ _$______________565
________
_ __$_____________572
________
_
* Not depreciable/amortizable
** Infrastructure elements include the roads, bridges, curbs and gutters, streets and
sidewalks, park land and improvements, piers, and bulkheads.
The net increase in the City’s business-type activities Capital assets during Fiscal Year 2020
was $2 million, a 0.4% increase. Capital asset additions net of depreciation in Fiscal Year
2020 were $38 million, a decrease of $20 million, from Fiscal Year 2019.
In 2020, construction work-in-progress was $70 million, representing a 21% net increase.
The 2020 addition to work-in-progress was $44 million, a 57% increase from prior year.
The net decrease in the City’s business-type activities capital assets during Fiscal Year 2019
was $7 million, a 1.2% decrease. Capital asset additions net of depreciation in Fiscal Year
2019 were $58 million, a decrease of $33 million, from Fiscal Year 2018.
In 2019, Construction work-in-progress was $58 million, representing a 38% net decrease.
The 2019 addition to work-in-progress was $28 million, a 31% decrease from prior year.
31
Debt Administration The City, through the Comptroller’s Office of Public Finance, in conjunction with the
Mayor’s Office of Management and Budget, is charged with issuing debt to finance the
City’s capital program. The following table summarizes the debt outstanding for the City
and certain City-related issuing entities at the end of Fiscal Years 2020, 2019 and 2018.
New York City and
________________City-Related
__________________Debt
_____________________
____2020
________ ____2019
________ ____2018
________
(in millions)
Governmental activities:
Bonds and notes payable
General Obligation Bonds(1) . . . . . . . . . . . . . . . . . $38,784 $37,519 $38,628
TFA Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,257 37,955 34,729
TFA Recovery Bonds . . . . . . . . . . . . . . . . . . . . . . 421 558 682
TFA BARBs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,300 8,111 7,944
TSASC Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023 1,053 1,071
IDA Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 62 77
STAR Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,634 1,721 1,805
FSC Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 22 86
HYIC Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,724 2,724 2,724
ECF Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______213
_____ _______218
_____ _______231
_____
Total bonds and notes outstanding governmental
activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __93,416
__________ __89,943
__________ ___87,977
_________
Business-Type Activities:
Bonds and notes payable
Tax Lien Collateralized Bonds . . . . . . . . . . . . . . . _________62
___ _________46
___ _________32
___
Total bonds and notes outstanding business-type
activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________62 __ __________46 __ __________32 __
Total before premiums/discounts (net) . . . . . . . . . . . 93,478 89,989 88,009
Premiums/discounts (net) . . . . . . . . . . . . . . . . . . . . . ____5,976
________ ____5,541
________ ____5,378
________
Total bonds and notes outstanding . . . . . . . . . . . . $99,454
________________________ $95,530
________________________ $93,387
________________________
(1) Does not include capital contractual liabilities.
The State Constitution provides that, with certain exceptions, the City may not contract
indebtedness in an amount greater than 10% of the average full value of taxable real estate
in the City for the most recent five years (Debt Limit). State law further provides that certain
TFA debt also be counted against the Debt Limit. On June 30, 2020, the City’s outstanding
General Obligation (GO) debt, including capital contract liabilities and TFA’s outstanding
debt above $13.5 billion (refer to Note D.5 for further details) totaled $79.2 billion (compared
with $76.93 billion and $71.08 billion as of June 30, 2019 and 2018, respectively). As of
June 30, 2020, the City’s Debt Limit was $116.27 billion (compared with $106.24 billion
and $98.24 billion as of June 30, 2019 and 2018, respectively). The remaining debt incurring
power for the City and TFA’s combined debt as of June 30, 2020, after providing for capital
contract liabilities, totaled $37.06 billion. As of July 1, 2020, the remaining debt incurring
power is $45.81 billion, based on the change in the five-year full valuation average for fiscal
year 2021.
As of June 30, 2020, the City’s outstanding GO debt was $38.78 billion, consisting of $5.82
billion of variable rate bonds and $32.96 billion of fixed rate bonds. In Fiscal Year 2020, a
total of $1.5 billion GO bonds were issued to refund a portion of the City’s outstanding
bonds at lower interest rates and $3.78 billion of bonds were issued for new money capital
purposes. The proceeds of the refunding issues were placed in irrevocable escrow accounts
in amounts sufficient to pay, when due, all principal, interest, and applicable redemption
premium, if any, on the refunded bonds. These refundings produce a budgetary savings of
$2.96 million, $56.21 million, and $67.5 million in Fiscal Years 2020, 2021, and 2022,
respectively. The refunding will generate $275.87 million in budgetary savings over the life
of the bonds or approximately $264.88 million of savings on a net present value basis.
32
In Fiscal Year 2020, the City issued $1.65 billion of taxable fixed rate bonds.
In addition, the City converted $394.61 million of bonds between variable to fixed rate
interest modes.
During Fiscal Year 2020, GO variable rate debt traded at the following average interest rates:
Tax Exempt
__________
Dailies(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.06%
Weeklies(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15%
Auction Rate Securities—7 day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.01%
Index Floaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21%
(1) Remarketed with bank credit and/or liquidity support; rates do not include bank fee.
During Fiscal Year 2020, Standard & Poor’s Ratings Services (S&P) and Fitch Ratings
(Fitch) maintained the GO rating at AA. Moody’s Investors Service (Moody’s) rated GO
bonds at Aa1. On April 1, 2020, Moody’s and Fitch revised its outlook of GO debt from
stable to negative.
Short-Term Financing In Fiscal Year 2020, the City had no short-term borrowings.
Transitional Finance Authority In Fiscal Year 2020, TFA issued $3.58 billion of Future Tax Secured (FTS) bonds for new
money capital purposes.
As of June 30, 2020, the total outstanding FTS and Recovery debt were $40.68 billion. Of
the amount outstanding, variable rate debt totaled $4.17 billion, including $229.30 million
of variable rate Recovery Bonds. During Fiscal Year 2020, TFA’s variable rate bonds traded
at the following average interest rates:
Tax Exempt
__________
Dailies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1) 1.08%
2-Day Mode(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.11%
Weeklies(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.22%
Auction Rate Securities—7 day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.60%
Index Floaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.84%
(1) Remarketed with bank credit and/or liquidity support; rates do not include bank fee.
In Fiscal Year 2020, Standard & Poor’s and Fitch Ratings maintained AAA ratings on both
Senior Lien and Subordinate Lien TFA FTS Bonds. Moody’s Investors Service maintained
its rating of Aaa on TFA FTS Senior Lien and Aa1 on Subordinate Lien Bonds. On April 1,
2020, Moody’s revised its outlook on TFA FTS debt from stable to negative.
TFA is authorized to issue bonds and notes or other obligations in an amount outstanding of
up to $9.40 billion to finance a portion of the City’s educational facilities capital plan. TFA
is authorized to use all or any portion of the state aid payable to the City or its school district
pursuant to Section 3602.6 of the New York State Education Law (State Building Aid) as
security for these Building Aid Revenue Bonds (BARBs). BARBs do not count against the
FTS Bond Debt Limit.
In Fiscal Year 2020, TFA issued $250 million of TFA BARBs for new money. As of June
30, 2020, TFA BARBs outstanding totaled $8.30 billion.
In Fiscal Year 2020, TFA BARBs were rated AA by both Fitch Ratings and Standard &
Poor’s and Moody’s Investor Services rated TFA BARBs Aa2. On April 1, 2020, Moody’s
revised its outlook on TFA BARBs debt from stable to negative.
33
TSASC, Inc. In Fiscal Year 2020, TSASC had no financing activity. As of June 30, 2020, TSASC had
$1.02 billion of bonds outstanding.
TSASC bond ratings vary by maturity. On October 24, 2019, Standard & Poor’s (S&P) took
a series of rating actions on TSASC senior and subordinate bonds and removed the ratings
from negative credit watch. As of June 30, 2020, S&P rated TSASC senior bonds maturing
through June 1, 2029 at A; through June 1, 2036 at A-; and June 1, 2041 at BBB+. As of
June 30, 2020, S&P rated TSASC subordinate bonds maturing June 1, 2021 at BBB+; June 1,
2022 at BBB; through June 1, 2025 at B-; and June 1, 2045 at CCC+. The subordinate bonds
maturing June 1, 2048 are not rated.
Sales Tax Asset Receivable In Fiscal Year 2020, STAR had no financing activity. As of June 30, 2020, STAR had
Corporation $1.63 billion of bonds outstanding.
STAR maintained its Aa1 rating from Moody’s Investor Services and AA+ from Fitch
Ratings throughout Fiscal 2020. Standard & Poor’s maintained its AAA rating. On April 1,
2020, Moody’s revised its outlook on STAR debt from stable to negative.
Hudson Yards Infrastructure In Fiscal Year 2020, HYIC has no financing activity. As of June 30, 2020, HYIC had $2.72
Corporation billion of bonds outstanding.
In Fiscal Year 2020, the First Indenture bonds were rated AA- by S&P, Aa2 by Moody’s, and
AA- by Fitch. The Second Indenture bonds were rated A+ by S&P, Aa2 by Moody’s, and
A+ by Fitch. On April 1, 2020, Moody's revised its outlook on HYIC debt to negative from
stable. On April 21, 2020, Fitch revised its outlook of HYIC debt from stable to negative.
New York City Educational In Fiscal Year 2020, ECF had no financing activity. As of June 30, 2020, ECF had $213.52
Construction Fund million of bonds outstanding.
In Fiscal Year 2020, the bonds were rated AA- by S&P and Aa2 by Moody’s. On April 1,
2020, Moody’s revised its outlook on ECF debt from stable to negative.
New York City Lien Trusts In Fiscal Year 2020, the New York City Tax Lien Trusts, NYCTL 2019-A Trust, issued $74.23
million of bonds. As of June 30, 2020, the New York City Tax Lien Trusts had in aggregate
$62.32 million of bonds outstanding.
The bonds are rated AAA by Kroll Bond Rating Agency Inc, and Aaa by Moody’s Investors
Service.
Interest Rate Exchange To lower borrowing costs over the life of its bonds and to diversify its existing portfolio, the
Agreements City has, from time to time, entered into interest rate exchange agreements (swaps) and sold
options to enter into swaps at future dates. The City received specific authorization to enter
into such agreements under Section 54.90 of the New York State Local Finance Law. No new
swaps were initiated in Fiscal Year 2020. As of June 30, 2020, the outstanding notional
amount on the City’s swap agreements in connection with General Obligation debt and City-
related debt of the Dormitory Authority of the State of New York was $636.59 million and
the mark to market value was approximately negative $133.96 million.
The Water Authority has also entered into interest rate exchange agreements from time to
time in order to lower its borrowing costs over the life of its bonds and to diversify its existing
portfolio. In Fiscal Year 2020, the Authority did not initiate or terminate any swaps. As of
June 30, 2020, the outstanding notional amount on the Water Authority’s various swap
agreements was $401 million and the mark to market value was approximately negative
$166.26 million.
Additional information on the City’s long-term liabilities can be found in Note D.5 of the
Basic Financial Statements.
34
Subsequent Events On October 1, 2020, Moody’s downgraded the City’s GO bonds to Aa2, downgraded TFA
BARBs to Aa3, downgraded STAR debt to Aa2, downgraded HYIC First and Second
Indenture bonds to Aa3, and downgraded ECF bonds to Aa3.
Subsequent to June 30, 2020, TFA, the City, and the Water Authority completed the following
long-term financings:
TFA Debt On September 1, 2020, the New York City Transitional Finance
Authority issued $1,623,495,000 of Fiscal 2021 Series A and B
Future Tax Secured bonds for capital purposes.
On September 24, 2020, the New York City Transitional Finance
Authority issued $1,073,000,000 of Fiscal 2021 Series C Future
Tax Secured bonds to refund a portion of its outstanding bonds at
lower interest rates and reoffered $199,685,000 of Fiscal 2021
Series 1 and 2 Future Tax Secured bonds to convert a portion of
its outstanding variable rate bonds to fixed rate.
On October 20, 2020, the New York City Transitional Finance
Authority reoffered $107,175,000 of Fiscal 2003 Series 21-A and
$23,775,000 of Fiscal 2003 Series 21-B Recovery bonds to convert
a portion of its outstanding variable rate bonds to fixed rate.
On October 22, 2020, the New York City Transitional Finance
Authority issued $200,000,000 of Fiscal 2021 Series S-1 Building
Aid Revenue Bonds for capital purposes.
City Debt On September 9, 2020, The City of New York issued
$1,388,060,000 of Fiscal 2021 Series A and B General Obligation
bonds to refund a portion of its outstanding bonds at lower interest
rates.
On October 15, 2020, The City of New York issued $900,000,000
of Fiscal 2021 Series C General Obligation bonds for capital
purposes and reoffered $80,485,000 of Fiscal 2006 Subseries I-
A, $25,305,000 of Fiscal 2008 Subseries J-5, $41,245,000 of
Fiscal 2008 Subseries J-6, $54,255,000 of Fiscal 2008 Subseries
J-10, and $21,735,000 of Fiscal 2012 Subseries A-3 General
Obligation bonds to convert a portion of its outstanding variable
rate bonds to fixed rate.
Water Authority On September 30, 2020, the New York City Municipal Water
Finance Authority issued $650,000,000 of Fiscal 2021 Series AA
Second General Resolution Revenue Bonds for capital purposes,
to refund a portion of its outstanding bonds at lower interest rates,
and to convert a portion of its outstanding variable rate bonds to
fixed rate.
Commitments At June 30, 2020, the outstanding commitments relating to projects of the New York City’s
Capital Projects Fund amounted to approximately $21.1 billion.
To address the need for significant infrastructure and public facility capital investments, the
City has prepared a ten-year capital spending program which contemplates New York City
Capital Projects Fund expenditures of $116.9 billion over Fiscal Years 2020 through 2028.
To help meet the financing needs for its capital spending program, the City and TFA
borrowed $7.4 billion in the public credit market in Fiscal Year 2020. The City and TFA plan
to borrow $7.6 billion in the public credit market in Fiscal Year 2021.
On January 31, 2019, New York City Housing Authority (“NYCHA”), the City and the U.S.
Department of Housing and Urban Development entered into an agreement relating to lead-
based paint and other health and safety concerns in NYCHA’s properties. Pursuant to this
agreement, a federal monitor has been appointed to oversee NYCHA’s compliance with the
35
terms of the agreement and federal regulations and the City will provide additional funding.
Pursuant to the agreement, the 2020-2024 Capital Commitment Plan (defined herein) reflects
$1.2 billion in additional City capital funds, with an additional $1 billion in City capital
funds reflected in the remaining years of the Ten-Year Capital Strategy for fiscal years 2020
through 2029. NYCHA has announced that it may be out of compliance with federal
requirements beyond the regulations concerning lead-based paint and other health and safety
concerns that were the subject of such agreement. NYCHA’s 2017 Physical Needs
Assessment estimated its projected capital costs at approximately $32 billion over the next
five years. In January 2020, NYCHA’s Chairman and Chief Executive Officer stated that
such costs were $40 billion. In July 2020, NYCHA announced a plan to carry out capital
improvements to approximately 110,000 public housing units through a federal disposition
process that would utilize a newly created public entity, the creation of which would require
State legislative approval. The plan seeks to generate funds by borrowing against pooled
federal Tenant Protection Vouchers, which are federal rental vouchers with a higher value
than the Section 9 operating subsidy that NYCHA currently receives. The plan does not
explicitly require City investment or directly impact the Financial Plan.
Economic Factors and COVID-19 The outbreak of the coronavirus disease (COVID-19), referred to herein as “COVID-19,”
has been declared a pandemic by the World Health Organization. The Governor declared a
state of emergency in the State on March 7, 2020 and the Mayor declared a state of
emergency in the City on March 12, 2020, each of which is still in effect. On March 20,
2020, the Governor ordered the shut-down of all non-essential businesses and mandated that
all employees, other than essential workers, remain at home. During the worst three weeks
of the pandemic, March 22 to April 11, 2020, the City averaged over 33,000 new cases and
2,500 deaths each week. By September 1, 2020, the City had experienced a total of more
than 230,000 COVID-19 cases and suffered more than 23,000 deaths, including those that
were both confirmed and probably related to COVID-19, representing approximately 4% of
COVID-19 cases in the U.S., 13% of deaths in the U.S., and 3% of deaths globally, with
communities of color suffering disproportionately.
Unemployment applications throughout the State increased substantially, with over 1.8
million in the City since mid-March 2020. The City’s unemployment rate reached 20.4% in
June 2020 and was 16.3% as of August 2020. The sudden cessation of business activity,
travel and tourism resulting from the pandemic, and the government’s response to it, had a
devastating impact on the retail, cultural, hospitality and the entertainment sectors in the
City, particularly for the City’s many restaurants. The City’s hotel occupancy rate declined
by approximately 80% at the end of March and beginning of April 2020 compared to the
same period in 2019. For the week ending September 19, 2020, the City’s hotel occupancy
rate declined approximately 60% compared to the same period in 2019. Hotel tax revenue
declined 24.0% in the quarter ending in March 2020 compared to the quarter ending March
2019, and 73.8% in the quarter ending in June 2020 compared to the quarter ending in June
2019. International arrivals to City airports declined 99% in both April and May 2020
compared to the same period in 2019, and declined 93% in July 2020, the most recent date
for which such data is available, compared to the same period in 2019.
Certain real estate sectors could sustain losses as a result of the business distress and
unemployment resulting from the pandemic. Residential rent delinquencies significantly
higher than average have been reported and taxable residential sales in the City were down
nearly 50% in April through July 2020 compared to the same period in 2019. The longer
term impact on commercial real estate will depend on decisions of major office tenants
regarding density, remote work and relocation of operations out of the City. It is not possible
to predict whether a sustained loss of value in the City’s real estate sector will occur or
whether the City’s real property tax revenues will be adversely affected.
Although COVID-19 cases and deaths declined significantly following the period from
March 22 to April 11, 2020, they have shown an increase in recent weeks. Certain businesses
and activities have been permitted to reopen although limitations on some activities, such as
large indoor gatherings and indoor service at bars and restaurants, are still in effect. COVID-
19 infections and positive test rates will likely fluctuate in the future and there can be no
36
assurance that COVID-19 cases and deaths in the City will not increase above current levels
or that business closures will not be reinstated during the course of the pandemic.
The current City school year began on September 21, 2020, with public schools operating
at various levels of remote and in-person learning. Some schools located in areas in which
cases of COVID-19 have increased have moved to full remote learning.
The COVID-19 pandemic and economic disruption resulting from measures to contain it
have resulted in reductions in the City’s fiscal year 2020 and projected revenues. However,
the ultimate impact of the COVID-19 pandemic on the amount and timing of collections of
City revenues cannot be determined at this time. No assurance can be provided that the
COVID-19 pandemic and resulting economic disruption will not result in revenues to the
City that are lower than projected.
Request for Information This comprehensive annual financial report is designed to provide a general overview of
the City’s finances for all those with an interest in its finances. Questions concerning
any of the information provided in this report or requests for additional financial information
should be addressed to The City of New York, Office of the Comptroller, Bureau of
Accountancy, 1 Centre Street—Room 200 South, New York, New York 10007, or at
Accountancy@comptroller.nyc.gov.
37
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The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-A
BASIC
FINANCIAL STATEMENTS
42
THE CITY OF NEW YORK
STATEMENT OF NET POSITION
JUNE 30, 2019
(in thousands)
Restated
_____________________________________________________________
Primary Government (PG)
______________________________________________
Governmental Business – Type Component
Activities
____________ Activities
___________ Total – (PG)
___________ Units (CU)
___________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,909,414 $ 113,682 $ 7,023,096 $ 2,802,382
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,710,762 335,874 6,046,636 1,467,956
Receivables:
Real estate taxes (less allowance for uncollectible amounts
of $236,837) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374,769 — 374,769 —
Federal, State and other aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,930,394 928 11,931,322 —
Taxes other than real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,309,126 — 7,309,126 —
Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 1,662,936
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,395,345 289,563 2,684,908 4,671,806
Mortgage loans and interest receivable, net . . . . . . . . . . . . . . . . . . . — — — 12,242,588
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,300 — 428,300 11,498
Due from PG, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 27,428
Due from CU’s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,530,602 — 4,530,602 —
Restricted cash, cash equivalents and investments . . . . . . . . . . . . . 7,058,188 74,611 7,132,799 8,539,007
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,074 203 538,277 495,612
Capital assets:
Land and construction work-in-progress . . . . . . . . . . . . . . . . . . . 5,591,325 58,005 5,649,330 8,040,599
Other capital assets (net of depreciation/amortization):
Property, plant and equipment (including software) . . . . . . . . 39,571,033 56,241 39,627,274 34,702,223
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,677,679 __________
____________ 451,380 ____________
16,129,059 ___________
—
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,025,011 __________
____________ 1,380,487 ____________
109,405,498 ___________
74,664,035
DEFERRED OUTFLOWS OF RESOURCES:
Deferred outflows from pensions. . . . . . . . . . . . . . . . . . . . . . . . . . . 2,377,333 — 2,377,333 132,600
Deferred outflows from OPEB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,980,800 — 11,980,800 939,047
Other deferred outflows of resources . . . . . . . . . . . . . . . . . . . . . . . . 388,744 __________
____________ — ____________
388,744 ___________
161,251
Total deferred outflows of resources . . . . . . . . . . . . . . . . . . 14,746,877 __________
____________ — ____________
14,746,877 ___________
1,232,898
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . 16,952,637 25,889 16,978,526 3,307,641
Accrued interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,223,475 223 1,223,698 200,059
Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,076 10,392 13,468 608,784
Due to PG, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 4,530,602
Due to CU, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,428 — 27,428 —
Estimated disallowance of Federal, State and other aid . . . . . . . . . 296,531 — 296,531 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,401,943 1,272 8,403,215 216,614
Derivative instruments-interest rate swaps . . . . . . . . . . . . . . . . . . . 11,450 — 11,450 117,331
Noncurrent liabilities:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,744,848 69,583 4,814,431 2,261,741
Bonds & notes payable (net of amount due within one year) . . . 91,663,982 — 91,663,982 44,942,480
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,340,293 — 43,340,293 2,988,107
Net OPEB liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,790,058 — 107,790,058 7,985,091
Other (net of amount due within one year) . . . . . . . . . . . . . . . . . 17,000,791 __________
____________ 332,427 ____________
17,333,218 ___________
2,583,851
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,456,512 __________
____________ 439,786 ____________
291,896,298 ___________
69,742,301
DEFERRED INFLOWS OF RESOURCES:
Deferred inflows from pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,778,884 — 12,778,884 667,686
Deferred real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,648,945 — 8,648,945 —
Deferred inflows from OPEB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,586,646 — 11,586,646 1,404,408
Other deferred inflows of resources . . . . . . . . . . . . . . . . . . . . . . . . . 217,061 __________
____________ — ____________
217,061 ___________
44,401
Total deferred inflows of resources . . . . . . . . . . . . . . . . . . . 33,231,536 — 33,231,536 2,116,495
____________ __________ ____________ ___________
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,872,508) 563,108 (13,309,400) 10,245,585
Restricted for:
Capital projects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 661,015 18,836 679,851 54,838
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,096,088 — 2,096,088 3,667,491
Loans/security deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 54,835
Donor/statutory restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 446,768
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,797,693 358,757 3,156,450 396,204
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (193,598,448) __________
____________ — ____________
(193,598,448) ___________
(10,827,584)
Total net position (deficit) . . . . . . . . . . . . . . . . . . . . . . . . . . $(201,916,160) __________
____________
____________ $ 940,701 $(200,975,459)
__________ ____________ $___________
____________ 4,038,137
___________
See accompanying notes to financial statements.
43
THE CITY OF NEW YORK
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Program Revenues
___________________________________ Net (Expense) Revenue and Changes in Net Position
_______________________________________________
Primary Government (PG)
__________________________________
Operating Capital Grants Business-
Charges for Grants and and Governmental Type Component
Functions/Programs
__________________ Expenses
___________ Services Contributions
__________ Contributions ___________
___________ ____________ Activities Activities ____________
_________ Total – (PG) Units (CU)
_________
Primary Government (PG):
Governmental Activities:
General government . . . . . . . . . . . . . . $ 6,840,460 $ 1,061,978 $ 4,835,009 $ 25,732 $ ( 917,741) $ — $ (917,741) $ —
Public safety and judicial . . . . . . . . . . 19,768,697 636,361 678,645 6,739 (18,446,952) — (18,446,952) —
Education . . . . . . . . . . . . . . . . . . . . . . 36,607,460 87,527 13,310,245 91,961 (23,117,727) — (23,117,727) —
City University . . . . . . . . . . . . . . . . . . 1,275,426 347,633 263,942 — (663,851) — (663,851) —
Social services . . . . . . . . . . . . . . . . . . 16,690,111 76,796 4,811,789 10,828 (11,790,698) — (11,790,698) —
Environmental protection . . . . . . . . . . 4,715,122 1,659,965 47,012 15,492 (2,992,653) — (2,992,653) —
Transportation services . . . . . . . . . . . . 2,763,111 1,142,198 343,823 325,960 (951,130) — (951,130) —
Parks, recreation and cultural activities 1,257,151 83,550 10,214 25,978 (1,137,409) — (1,137,409) —
Housing . . . . . . . . . . . . . . . . . . . . . . . 2,597,792 522,491 565,511 35,547 (1,474,243) — (1,474,243) —
Health (including payments to
NYC Health + Hospitals) . . . . . . . . 3,474,850 110,759 826,604 141,778 (2,395,709) — (2,395,709) —
Libraries . . . . . . . . . . . . . . . . . . . . . . . 412,829 — 135 1,679 (411,015) — (411,015) —
Debt service interest . . . . . . . . . . . . . . _______3,154,438
_______________ _________________—
__ _________________—
__ _______________—
___ ____(3,154,438)
________________ _____________—
__ _____(3,154,438)
________________ _________________—
__
Total governmental activities . . . _____99,557,447
_________________ _____5,729,258
______________ ___25,692,929
________________ ______681,694
____________ ___(67,453,566)
_________________ _____________—
__ ____(67,453,566)
_________________ ________________—
___
Business-Type Activities:
Brooklyn Bridge Park . . . . . . . . . . . . . 28,994 1,594 — 6,964 — (20,436) (20,436) —
The Trust for Governor’s Island . . . . . 41,461 3,548 15,320 10,236 — (12,357) (12,357) —
WTC Captive . . . . . . . . . . . . . . . . . . . 1,742 — — — — (1,742) (1,742) —
New York City Tax Lien Trusts . . . . . __________276,816 ____________ _________________— __ ________127,441 ___________ _______________— ___ __________________— __ __(149,375)
_____________ ________(149,375)
_____________ ________________— ___
Total business-type activities . . . . . . . __________349,013 ____________ ____________5,142 _______ ________142,761 ___________ ________17,200 __________ __________________— __ __(183,910)
_____________ ________(183,910)
_____________ _________________— __
Total Primary Government (PG) $__________99,906,460 __$________5,734,400 $25,835,690
____________________________
_ _ _ _ _ _ ____________________________ _____________________________
_ _ _ _ _ _ _ _ _ __$__________698,894
________________________ ___(67,453,566)
_________________ __(183,910)
_____________ ____(67,637,476)
_________________ ________________— ___
Component Units . . . . . . . . . . . . . . . . . $__________24,241,292 $14,765,911 _$________4,491,104 $2,073,803 — — —
_________________________________
_ ________________________________
_ _ _ _ _ _ _ ____________________________ _ _ _ _ _ _ _ _ _
__________________ _ _ _ _ _ _ _ _ _ __$____(2,910,474)
________________________________
General Revenues:
Taxes (net of refunds):
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,617,805 — 29,617,805 —
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 8,442,740 — 8,442,740 —
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . . . 13,738,179 — 13,738,179 —
Income taxes, other . . . . . . . . . . . . . . . . . . . . . . . . . . 7,225,996 — 7,225,996 —
Other taxes:
Commercial rent . . . . . . . . . . . . . . . . . . . . . . . . . . 942,889 — 942,889 —
Conveyance of real property . . . . . . . . . . . . . . . . 1,140,136 — 1,140,136 —
Hotel room occupancy . . . . . . . . . . . . . . . . . . . . . 481,739 — 481,739 —
Payments in lieu of taxes . . . . . . . . . . . . . . . . . . . 736,618 19,853 756,471 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,108) — (11,108) —
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,695 110,766 295,461 310,800
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . 258,951 — 258,951 5,556
Gain on in-substance defeasance . . . . . . . . . . . . . . . . . — — — 10,107
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________775,250 ___________ ___(11,794)
___________ ___________763,456 ___________ __1,257,564
_______________
Total general revenues . . . . . . . . . . . . . . . . . . . . . ______63,533,890 ________________ ___118,825
___________ ______63,652,715 ________________ __1,584,027
_______________
Change in net position . . . . . . . . . . . . . . . . . . . (3,919,676) (65,085) (3,984,761) (1,326,447)
Net position (deficit)—beginning . . . . . . . . . . . . . . . . . ___(201,916,160) ___________________ ___940,701
___________ ___(200,975,459) ___________________ __4,038,137
_______________
Net position (deficit)—ending . . . . . . . . . . . . . . . . . . . __$(205,835,836)__________________________________________ __$875,616
__________________________ __$(204,960,220)
__________________________________________ $2,711,690
__________________________________
See accompanying notes to financial statements.
44
THE CITY OF NEW YORK
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Restated
_______________________________________________
Program Revenues
___________________________________ Net (Expense) Revenue and Changes in Net Position
_______________________________________________
Primary Government (PG)
__________________________________
Operating Capital Grants Business-
Charges for Grants and and Governmental Type Component
Functions/Programs
__________________ Expenses
___________ Services Contributions
__________ Contributions ___________
___________ ____________ Activities Activities ____________
_________ Total – (PG) Units (CU)
_________
Primary Government (PG):
Governmental Activities:
General government . . . . . . . . . . . . . . $ 6,547,234 $ 1,463,684 $ 2,442,445 $ 34,263 $ (2,606,842) $ — $ (2,606,842) $ —
Public safety and judicial . . . . . . . . . . 21,347,661 318,957 737,608 9,174 (20,281,922) — (20,281,922) —
Education . . . . . . . . . . . . . . . . . . . . . . 34,679,981 91,239 13,240,886 439,364 (20,908,492) — (20,908,492) —
City University . . . . . . . . . . . . . . . . . . 1,318,594 379,033 283,009 — (656,552) — (656,552) —
Social services . . . . . . . . . . . . . . . . . . 16,923,646 73,637 5,363,695 4,619 (11,481,695) — (11,481,695) —
Environmental protection . . . . . . . . . . 4,502,959 1,529,637 18,348 12,454 (2,942,520) — (2,942,520) —
Transportation services . . . . . . . . . . . . 3,221,709 1,201,069 282,755 278,252 (1,459,633) — (1,459,633) —
Parks, recreation and cultural activities 1,428,692 82,363 18,587 14,644 (1,313,098) — (1,313,098) —
Housing . . . . . . . . . . . . . . . . . . . . . . . 3,069,371 494,979 557,753 15,596 (2,001,043) — (2,001,043) —
Health (including payments to
NYC Health + Hospitals) . . . . . . . . 3,601,500 66,303 859,724 14,195 (2,661,278) — (2,661,278) —
Libraries . . . . . . . . . . . . . . . . . . . . . . . 486,749 — — — (486,749) — (486,749) —
Debt service interest . . . . . . . . . . . . . . _______3,159,364
_______________ _________________—
__ _________________—
__ ___________________—
___ ____(3,159,364)
________________ _____________—
__ _____(3,159,364)
________________ ____________—
___
Total governmental activities . . . ___100,287,460
___________________ _____5,700,901
______________ ___23,804,810
________________ __________822,561
____________ ___(69,959,188)
_________________ _____________—
__ ____(69,959,188)
_________________ ____________—
___
Business-Type Activities:
Brooklyn Bridge Park . . . . . . . . . . . . . 26,551 1,664 — 5,400 — (19,487) (19,487) —
The Trust for Governor’s Island . . . . . 42,000 4,319 15,972 16,042 — (5,667) (5,667) —
WTC Captive . . . . . . . . . . . . . . . . . . . 1,755 — — — — (1,755) (1,755) —
New York City Tax Lien Trusts . . . . . __________208,853 ____________ _________________— __ __________33,882 _________ ___________________— ___ __________________— __ __(174,971)
_____________ ________(174,971)
_____________ ____________— ___
Total business-type activities . . . . . . . __________279,159 ____________ ____________5,983 _______ __________49,854 _________ ____________21,442 __________ __________________— __ __(201,880)
_____________ ________(201,880)
_____________ ____________— ___
Total Primary Government (PG) $100,566,619
____________________________________________ __$________5,706,884
____________________________ __$23,854,664
____________________________________ __$__________________844,003
________________________ ___(69,959,188)
_________________ __(201,880)
_____________ ____(70,161,068)
_________________ ____________— ___
Component Units . . . . . . . . . . . . . . . . . $__________19,967,511 $14,078,548 __$________3,464,667 __$____________1,884,386 — — — $(539,910)
__________________________________ ______________________________________ ____________________________ ______________________________ ______________________________
General Revenues:
Taxes (net of refunds):
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,080,534 — 28,080,534 —
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 9,110,700 — 9,110,700 —
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . . . 13,479,944 — 13,479,944 —
Income taxes, other . . . . . . . . . . . . . . . . . . . . . . . . . . 7,307,265 — 7,307,265 —
Other taxes:
Commercial rent . . . . . . . . . . . . . . . . . . . . . . . . . . 995,346 — 995,346 —
Conveyance of real property . . . . . . . . . . . . . . . . 1,563,388 — 1,563,388 —
Hotel room occupancy . . . . . . . . . . . . . . . . . . . . . 634,023 — 634,023 —
Payments in lieu of taxes . . . . . . . . . . . . . . . . . . . 491,292 86,623 577,915 —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,536 — 42,536 —
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,636 114,055 426,691 223,249
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . 401,514 — 401,514 5,559
Loss on in-substance defeasance . . . . . . . . . . . . . . . . . — — — (26,187)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________593,861 ___________ _______3,094 _______ ___________596,955 ___________ __1,739,650
_______________
Total general revenues . . . . . . . . . . . . . . . . . . . . . ______63,013,039 ________________ ___203,772
___________ ______63,216,811
________________ __1,942,271
_______________
Change in net position . . . . . . . . . . . . . . . . . . . (6,946,149) 1,892 (6,944,257) 1,402,361
Net position (deficit)—beginning . . . . . . . . . . . . . . . . . (197,767,704) 938,809 (196,828,895) 2,635,776
Restatement of beginning net position . . . . . . . . . . . . . ________2,797,693 ______________ ____________— __ ________2,797,693
______________ ______________— ___
Net position (deficit)—ending . . . . . . . . . . . . . . . . . . . __$(201,916,160)__________________________________________ __$940,701
__________________________ __$(200,975,459)
__________________________________________ _$4,038,137
_________________________________
See accompanying notes to financial statements.
45
THE CITY OF NEW YORK
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2020
(in thousands)
General
Capital Debt Nonmajor Total
General Projects Service Governmental Adjustments/ Governmental
Fund
__________ Fund
___________ Fund
___________ Funds
___________ Eliminations
___________ Funds
___________
ASSETS:
Cash and cash equivalents . . . . . . . . . $ 7,324,378 $ 191,147 $ — $ 987,343 $ — $ 8,502,868
Investments . . . . . . . . . . . . . . . . . . . . . 2,923,762 — — 1,994,647 — 4,918,409
Accounts receivable:
Real estate taxes (less allowance
for uncollectible amounts of
$226,168) . . . . . . . . . . . . . . . . . . 357,789 — — — — 357,789
Federal, State and other aid . . . . . . 12,974,994 994,778 — — — 13,969,772
Taxes other than real estate . . . . . . . 7,396,932 — — 1,455,958 — 8,852,890
Other receivables, net . . . . . . . . . . . 1,787,706 — — 96,700 — 1,884,406
Due from other funds . . . . . . . . . . . . . 2,844,499 183,900 — 405,842 (405,466) 3,028,775
Due from component units, net . . . . . 4,815,067 707,578 — — — 5,522,645
Restricted cash and investments . . . . . 2,751,862 83,513 1,277,531 2,378,865 — 6,491,771
Other assets . . . . . . . . . . . . . . . . . . . . 98,604 ___________
___________ 94,490 —
___________ 308,649
___________ — ___________
___________ 501,743
Total assets . . . . . . . . . . . . . . . $43,275,593 $ 2,255,406
___________ ___________
___________ ___________ $ 1,277,531
___________
___________ $_____
7,628,004
___________
______ $___________
(405,466) $ 54,031,068
___________ ___________
___________
LIABILITIES:
Accounts payable and accrued
liabilities . . . . . . . . . . . . . . . . . . . . . $17,531,446 $ 1,321,523 $ 49 $ 824,770 $ — $ 19,677,788
Accrued tax refunds:
Real estate taxes . . . . . . . . . . . . . . . 33,019 — — — — 33,019
Personal income tax . . . . . . . . . . . . 235,755 — — — — 235,755
Other . . . . . . . . . . . . . . . . . . . . . . . . 123,042 — — — — 123,042
Accrued judgments and claims . . . . . 488,558 100,396 — — — 588,954
Due to other funds . . . . . . . . . . . . . . . — 2,906,007 — 528,234 (405,466) 3,028,775
Due to component units, net . . . . . . . 115,320 — — — — 115,320
Estimated disallowance of Federal,
State and other aid . . . . . . . . . . . . . 299,059 — — — — 299,059
Other liabilities . . . . . . . . . . . . . . . . . . 7,668,069 ___________
___________ 442,312 —
___________ —
___________ — ___________
___________ 8,110,381
Total liabilities. . . . . . . . . . . . . 26,494,268 ___________
___________ 4,770,238 49
___________ 1,353,004
___________ (405,466) ___________
___________ 32,212,093
DEFERRED INFLOWS OF RESOURCES:
Prepaid real estate taxes . . . . . . . . . . . 8,808,169 — — — — 8,808,169
Grant advances . . . . . . . . . . . . . . . . . . 37,414 — — — — 37,414
Uncollected real estate taxes . . . . . . . 239,854 — — — — 239,854
Taxes other than real estate . . . . . . . . 4,163,135 — — — — 4,163,135
Other deferred inflows of resources . . 287,652 ___________
___________ — —
___________ 1,274,320
___________ — ___________
___________ 1,561,972
Total deferred inflows of
resources . . . . . . . . . . . . . . . 13,536,224 ___________
___________ — —
___________ 1,274,320
___________ — ___________
___________ 14,810,544
FUND BALANCES (DEFICITS):
Nonspendable . . . . . . . . . . . . . . . . . . . — — — 252 — 252
Spendable:
Restricted . . . . . . . . . . . . . . . . . . . . 2,751,862 83,513 176,362 2,266,534 — 5,278,271
Committed . . . . . . . . . . . . . . . . . . . 493,239 — 1,101,120 — — 1,594,359
Assigned . . . . . . . . . . . . . . . . . . . . . — — — 2,735,174 — 2,735,174
Unassigned . . . . . . . . . . . . . . . . . . . — ___________
___________ (2,598,345) ___________
— (1,280)
___________ — ___________
___________ (2,599,625)
Total fund balances (deficit) . . 3,245,101 ___________
___________ (2,514,832) ___________
1,277,482 5,000,680
___________ — ___________
___________ 7,008,431
Total liabilities, deferred inflows of
resources and fund balances . . . . . . . .
$43,275,593 ___________
___________
___________ $ 2,255,406 ___________
___________ $ 1,277,531 $_____
___________ 7,628,004
_____ ______
______ $___________
(405,466) ___________
___________ $ 54,031,068
___________
The reconciliation of the fund balances of governmental funds to the net position (deficit) of governmental activities in the
Statement of Net Position is presented in an accompanying schedule.
See accompanying notes to financial statements.
46
THE CITY OF NEW YORK
GOVERNMENTAL FUNDS
BALANCE SHEET
JUNE 30, 2019
(in thousands)
Restated
________________________________________________________________________________________
General
Capital Debt Nonmajor Total
General Projects Service Governmental Adjustments/ Governmental
Fund
__________ Fund
___________ Fund
___________ Funds
___________ Eliminations ___________
___________ Funds
ASSETS:
Cash and cash equivalents . . . . . . . . . $ 6,177,671 $ 433,074 $ — $ 298,669 $ — $ 6,909,414
Investments . . . . . . . . . . . . . . . . . . . . . 3,524,742 — — 2,239,186 — 5,763,928
Accounts receivable:
Real estate taxes (less allowance
for uncollectible amounts of
$236,837) . . . . . . . . . . . . . . . . . . 374,769 — — — — 374,769
Federal, State and other aid . . . . . . 10,874,791 1,055,603 — — — 11,930,394
Taxes other than real estate . . . . . . . 6,188,388 — — 1,120,738 — 7,309,126
Other receivables, net . . . . . . . . . . . 2,299,106 — — 96,002 — 2,395,108
Due from other funds . . . . . . . . . . . . . 3,716,044 228,138 — 543,711 (543,557) 3,944,336
Due from component units, net . . . . . 3,697,443 833,159 — — — 4,530,602
Restricted cash and investments . . . . . 2,797,693 88,701 1,727,172 2,444,622 — 7,058,188
Other assets . . . . . . . . . . . . . . . . . . . . — ___________
___________ 93,966 —
___________ 408,320
___________ — ___________
___________ 502,286
Total assets . . . . . . . . . . . . . . . $39,650,647
___________ $ 2,732,641
___________
___________ ___________ $ 1,727,172
___________
___________ $_____
7,151,248
___________
______ $___________
(543,557) ___________
___________ $ 50,718,151
___________
LIABILITIES:
Accounts payable and accrued
liabilities . . . . . . . . . . . . . . . . . . . . . $14,389,780 $ 1,818,800 $ 81 $ 744,321 $ — $ 16,952,982
Accrued tax refunds:
Real estate taxes . . . . . . . . . . . . . . . 90,118 — — — — 90,118
Personal income tax . . . . . . . . . . . . 55,067 — — — — 55,067
Other . . . . . . . . . . . . . . . . . . . . . . . . 64,650 — — — — 64,650
Accrued judgments and claims . . . . . 504,632 101,959 — — — 606,591
Unearned revenue . . . . . . . . . . . . . . . . — — — 3,076 — 3,076
Due to other funds . . . . . . . . . . . . . . . — 4,103,863 — 384,030 (543,557) 3,944,336
Due to component units, net . . . . . . . 27,428 — — — — 27,428
Estimated disallowance of Federal,
State and other aid . . . . . . . . . . . . . 296,531 — — — — 296,531
Other liabilities . . . . . . . . . . . . . . . . . . 6,945,665 ___________
___________ 426,943 —
___________ —
___________ — ___________
___________ 7,372,608
Total liabilities . . . . . . . . . . . . 22,373,871 ___________
___________ 6,451,565 81
___________ 1,131,427
___________ (543,557) ___________
___________ 29,413,387
DEFERRED INFLOWS OF RESOURCES:
Prepaid real estate taxes . . . . . . . . . . . 8,648,945 — — — — 8,648,945
Grant advances . . . . . . . . . . . . . . . . . . 3,113 — — — — 3,113
Uncollected real estate taxes . . . . . . . 253,852 — — — — 253,852
Taxes other than real estate . . . . . . . . 4,821,683 — — — — 4,821,683
Other deferred inflows of resources . . 263,274 ___________
___________ — —
___________ 1,125,368
___________ — ___________
___________ 1,388,642
Total deferred inflows of
resources . . . . . . . . . . . . . . . 13,990,867 ___________
___________ — —
___________ 1,125,368
___________ — ___________
___________ 15,116,235
FUND BALANCES (DEFICITS):
Nonspendable . . . . . . . . . . . . . . . . . . . 488,216 — — 166 — 488,382
Spendable:
Restricted . . . . . . . . . . . . . . . . . . . . 2,797,693 88,701 171,576 2,496,826 — 5,554,796
Committed . . . . . . . . . . . . . . . . . . . — — 1,555,515 — — 1,555,515
Assigned . . . . . . . . . . . . . . . . . . . . . — — — 2,398,033 — 2,398,033
Unassigned . . . . . . . . . . . . . . . . . . . — ___________
___________ (3,807,625) ___________
— (572)
___________ — ___________
___________ (3,808,197)
Total fund balances (deficit) . . 3,285,909 ___________
___________ (3,718,924) ___________
1,727,091 4,894,453
___________ — ___________
___________ 6,188,529
Total liabilities, deferred inflows of
resources and fund balances . . . . . . . .
$39,650,647 ___________
___________
___________ $ 2,732,641 ___________
___________ $ 1,727,172 $_____
___________ 7,151,248
_____ ______
______ $___________
(543,557) ___________
___________ $ 50,718,151
___________
The reconciliation of the fund balances of governmental funds to the net position (deficit) of governmental activities in the
Statement of Net Position is presented in an accompanying schedule.
See accompanying notes to financial statements.
47
THE CITY OF NEW YORK
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2020
(in thousands)
Amounts reported for governmental activities in the Statement of Net Position are different because:
48
THE CITY OF NEW YORK
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET POSITION
JUNE 30, 2019
(in thousands)
Amounts reported for governmental activities in the Statement of Net Position are different because:
49
THE CITY OF NEW YORK
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
50
THE CITY OF NEW YORK
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Restated
________________________________________________________________________________________
Capital General Nonmajor Total
General Projects Debt Governmental Adjustments/ Governmental
Fund
____________ Fund
____________ Service Fund
____________ Funds
____________ Eliminations _____________
____________ Funds
REVENUES:
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . $ 27,884,735 $ — $ — $ — $ — $ 27,884,735
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . 9,082,780 — — — — 9,082,780
Personal income tax . . . . . . . . . . . . . . . . . . . . . . 13,376,944 — — 443,864 (443,864) 13,376,944
Income taxes, other . . . . . . . . . . . . . . . . . . . . . . 7,416,265 — — — — 7,416,265
Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,732,776 — — — — 3,732,776
Federal, State and other categorical aid . . . . . . . 23,804,810 418,727 80,975 — — 24,304,512
Unrestricted Federal and State aid . . . . . . . . . . . 150,539 — — 170,000 — 320,539
Charges for services . . . . . . . . . . . . . . . . . . . . . 2,801,290 — — — — 2,801,290
Tobacco settlement . . . . . . . . . . . . . . . . . . . . . . — — — 164,271 — 164,271
Investment income . . . . . . . . . . . . . . . . . . . . . . . 225,904 — 6,752 83,413 — 316,069
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 2,867,758
___________ 1,964,441
___________ 605
___________ 3,916,413
___________ (3,107,601)
___________ 5,641,616
___________
Total revenues . . . . . . . . . . . . . . . . . . . . . . 91,343,801
___________ 2,383,168
___________ 88,332
___________ 4,777,961
___________ (3,551,465)
___________ 95,041,797
___________
EXPENDITURES:
General government . . . . . . . . . . . . . . . . . . . . . 3,436,484 904,761 — 44,008 — 4,385,253
Public safety and judicial . . . . . . . . . . . . . . . . . 10,358,049 298,179 — — — 10,656,228
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,905,467 2,829,691 — 2,860,960 (3,107,601) 29,488,517
City University . . . . . . . . . . . . . . . . . . . . . . . . . 1,114,118 61,687 — — — 1,175,805
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . 15,832,746 167,414 — — — 16,000,160
Environmental protection . . . . . . . . . . . . . . . . . 3,087,739 2,234,602 — — — 5,322,341
Transportation services . . . . . . . . . . . . . . . . . . . 2,067,874 1,612,366 — — — 3,680,240
Parks, recreation and cultural activities . . . . . . . 646,480 616,540 — — — 1,263,020
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230,322 1,680,761 — — — 2,911,083
Health (including payments to NYC Health
+ Hospitals) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,656,358 334,071 — — — 2,990,429
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397,996 108,211 — — — 506,207
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,828,626 — — — — 9,828,626
Judgments and claims . . . . . . . . . . . . . . . . . . . . 705,751 — — — — 705,751
Fringe benefits and other benefit payments . . . . 5,742,655 — — — — 5,742,655
Administrative and other . . . . . . . . . . . . . . . . . . 651,011 — 65,911 799,966 — 1,516,888
Debt Service:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1,598,194 2,154,223 — 3,752,417
Redemptions . . . . . . . . . . . . . . . . . . . . . . . . . — — 2,111,846 3,915,114 — 6,026,960
Lease payments . . . . . . . . . . . . . . . . . . . . . . . 96,489
___________ —
___________ —
___________ —
___________ —
___________ 96,489
___________
Total expenditures . . . . . . . . . . . . . . . . . . 84,758,165
___________ 10,848,283
___________ 3,775,951
___________ 9,774,271
___________ (3,107,601)
___________ 106,049,069
___________
Excess (deficiency) of revenues over
expenditures . . . . . . . . . . . . . . . . . . . 6,585,636
___________ (8,465,115)
___________ (3,687,619)
___________ (4,996,310)
___________ (443,864)
___________ (11,007,272)
___________
OTHER FINANCING SOURCES (USES):
Transfers from (to) General Fund . . . . . . . . . . . — — 3,432,260 2,844,739 — 6,276,999
Transfers from (to) Nonmajor Capital Projects
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 5,814,290 — 108,014 — 5,922,304
Transfers from (to) Nonmajor Special Revenue
Funds, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — (61,673) — (61,673)
Principal amount of bonds issued . . . . . . . . . . . 140,310 1,059,690 — 5,015,350 — 6,215,350
Bond premium . . . . . . . . . . . . . . . . . . . . . . . . . . — 76,152 276,948 603,285 — 956,385
Capitalized leases . . . . . . . . . . . . . . . . . . . . . . . — 80,800 — — — 80,800
Issuance of refunding debt . . . . . . . . . . . . . . . . — — 1,824,245 2,307,015 — 4,131,260
Transfers from (to) Capital Projects Fund . . . . . — — — (5,814,290) — (5,814,290)
Transfers from (to) General Debt Service Fund (3,432,260) — — — — (3,432,260)
Transfers from (to) Nonmajor Debt Service
Funds, net . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,288,603) — — (46,341) 443,864 (2,891,080)
Payments to refunded bond escrow holder . . . . —
___________ —
___________ (2,041,034)
___________ (362,757)
___________ —
___________ (2,403,791)
___________
Total other financing sources (uses) . . . . . (6,580,553)
___________ 7,030,932
___________ 3,492,419
___________ 4,593,342
___________ 443,864
___________ 8,980,004
___________
Net change in fund balances . . . . . . . . . . . . . . . . . 5,083 (1,434,183) (195,200) (402,968) — (2,027,268)
FUND BALANCES (DEFICIT) AT BEGINNING OF YEAR 483,133 (2,284,741) 1,922,291 5,297,421 — 5,418,104
Restatement of beginning fund balances . . . . . . . . . ___2,797,693
________ —
___________ ___________— ___________— —
___________ 2,797,693
___________
FUND BALANCES (DEFICIT) AT END OF YEAR . . . . $___
___3,285,909
________ $ (3,718,924)
___________ $___________
1,727,091 $___________
4,894,453 $___________
— $___________
6,188,529
________ ___________ ___________ ___________ ___________ ___________
The reconciliation of the net change in fund balances of governmental funds to the change in net position of governmental activities
in the Statement of Activities is presented in an accompanying schedule.
See accompanying notes to financial statements.
51
THE CITY OF NEW YORK
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Amounts reported for governmental activities in the Statement of Activities are different because:
52
THE CITY OF NEW YORK
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Amounts reported for governmental activities in the Statement of Activities are different because:
53
THE CITY OF NEW YORK
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Better
(Worse)
Than
Budget
____________________________ Modified
Adopted Modified
__________ __________ Actual
__________ Budget
__________
REVENUES:
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,785,032 $29,695,501 $29,815,935 $ 120,434
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,359,071 8,438,571 8,478,110 39,539
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,367,000 13,299,750 13,591,179 291,429
Income taxes, other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,432,000 7,359,298 7,861,996 502,698
Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,478,263 3,277,355 3,342,452 65,097
Federal, State and other categorical aid . . . . . . . . . . . . . . . . . . . . . . . 23,285,783 27,585,310 25,692,929 (1,892,381)
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . . . . . . . . . . . . — 252,893 10,861 (242,032)
Charges for services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,788,640 2,924,287 2,855,437 (68,850)
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,880 138,025 136,599 (1,426)
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,991,416 2,554,375 2,832,652
__________ __________ __________ 278,277
__________
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,722,085 __________
__________ 95,525,365 __________
94,618,150 (907,215)
__________
EXPENDITURES:
General government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,762,221 4,829,082 4,541,574 287,508
Public safety and judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,010,259 10,805,365 10,790,905 14,460
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,222,462 28,014,832 27,903,295 111,537
City University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,190,766 1,184,208 1,116,522 67,686
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,474,255 16,114,166 15,631,055 483,111
Environmental protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,056,764 3,455,727 3,379,569 76,158
Transportation services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,861,757 1,949,848 1,931,868 17,980
Parks, recreation and cultural activities . . . . . . . . . . . . . . . . . . . . . . . 684,392 671,191 657,748 13,443
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,204,192 1,342,781 1,291,275 51,506
Health (including payments to NYC Health + Hospitals) . . . . . . . . . 2,440,505 2,857,971 2,519,935 338,036
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,243 427,324 427,184 140
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,850,843 9,673,568 9,671,638 1,930
Judgments and claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 711,889 732,521 708,970 23,551
Fringe benefits and other benefit payments . . . . . . . . . . . . . . . . . . . . 6,554,475 5,491,626 5,476,722 14,904
Lease payments for debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,033 101,333 100,583 750
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,551,570 __________
__________ 1,028,073 __________
1,700,596 (672,523)
__________
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,126,626 __________
__________ 88,679,616 __________
87,849,439 830,177
__________
Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . 3,595,459 __________
__________ 6,845,749 __________
6,768,711 (77,038)
__________
OTHER FINANCING SOURCES (USES):
Principal amount of bonds issued . . . . . . . . . . . . . . . . . . . . . . . . . . . — 136,064 136,064 —
Transfer to Nonmajor Debt Service Fund . . . . . . . . . . . . . . . . . . . . . (1,519,054) (3,876,265) (3,858,042) (18,223)
Transfer from Nonmajor Debt Service Fund . . . . . . . . . . . . . . . . . . . 236,005 233,535 225,837 7,698
Transfers and other payments for debt service, net. . . . . . . . . . . . . . . (2,312,410)
__________ (3,339,083) __________
__________ (3,313,378) (25,705)
__________
Total other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,595,459)
__________ (6,845,749) __________
__________ (6,809,519) (36,230)
__________
EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES . . $__________
—
__________ $
__________
__________— (40,808) $ (40,808)
__________
__________
FUND BALANCE AT BEGINNING OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . 3,285,909
__________
FUND BALANCE AT END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $__________
3,245,101
__________
See accompanying notes to financial statements.
54
THE CITY OF NEW YORK
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Restated
__________________________________________________________
Better
(Worse)
Than
Budget
____________________________ Modified
Adopted
__________ Modified
__________ Actual
__________ Budget
__________
REVENUES:
Real estate taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27,974,128 $27,926,128 $27,884,735 $ (41,393)
Sales and use taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,829,000 9,073,584 9,082,780 9,196
Personal income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,378,000 13,261,000 13,376,944 115,944
Income taxes, other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,411,000 7,416,023 7,416,265 242
Other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,483,659 3,647,010 3,732,776 85,766
Federal, State and other categorical aid . . . . . . . . . . . . . . . . . . . . . . . 23,238,375 24,728,335 23,804,810 (923,525)
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . . . . . . . . . . . . — 200,680 150,539 (50,141)
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,711,076 2,748,021 2,801,290 53,269
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,240 212,960 225,904 12,944
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,953,778 __________
__________ 3,232,292 __________
2,867,758 (364,534)
__________
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,169,256 __________
__________ 92,446,033 __________
91,343,801 (1,102,232)
__________
EXPENDITURES:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,389,494 3,680,083 3,436,484 243,599
Public safety and judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,901,469 10,404,465 10,358,049 46,416
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,583,159 27,016,660 26,905,467 111,193
City University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,183,701 1,174,729 1,114,118 60,611
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,420,744 15,976,979 15,832,746 144,233
Environmental protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,045,504 3,127,922 3,087,739 40,183
Transportation services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,067,787 2,121,909 2,067,874 54,035
Parks, recreation and cultural activities . . . . . . . . . . . . . . . . . . . . . . . 628,231 657,593 646,480 11,113
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,323,573 1,313,011 1,230,322 82,689
Health (including payments to NYC Health + Hospitals) . . . . . . . . . 2,302,077 2,713,119 2,656,358 56,761
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 387,719 398,756 397,996 760
Pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,739,499 9,833,120 9,828,626 4,494
Judgments and claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696,989 705,751 705,751 —
Fringe benefits and other benefit payments . . . . . . . . . . . . . . . . . . . 6,000,867 5,861,062 5,742,655 118,407
Lease payments for debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,330 98,820 96,489 2,331
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,150,360 __________
__________ 775,617 __________
651,011 124,606
__________
Total expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,969,503 __________
__________ 85,859,596 __________
84,758,165 1,101,431
__________
Excess of revenues over expenditures . . . . . . . . . . . . . . . . . . . 3,199,753 6,586,437 6,585,636
__________ __________ __________ (801)
__________
OTHER FINANCING SOURCES (USES):
Principal amount of bonds issued . . . . . . . . . . . . . . . . . . . . . . . . . . . — 140,310 140,310 —
Transfer to Nonmajor Debt Service Fund . . . . . . . . . . . . . . . . . . . . . (1,418,904) (3,510,158) (3,507,818) (2,340)
Transfer from Nonmajor Debt Service Fund . . . . . . . . . . . . . . . . . . . 227,016 219,215 219,215 —
Transfers and other payments for debt service, net . . . . . . . . . . . . . . (2,007,865)
__________ (3,435,804) (3,432,260)
__________ __________ (3,544)
__________
Total other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,199,753)
__________ (6,586,437) __________
__________ (6,580,553) (5,884)
__________
EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES $__________
—
__________ $
__________
__________— 5,083 $ 5,083
__________
__________
FUND BALANCE AT BEGINNING OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . 483,133
Restatement of beginning fund balance . . . . . . . . . . . . . . . . . . . . . . . . . 2,797,693
__________
FUND BALANCE AT END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $__________
3,285,909
__________
See accompanying notes to financial statements.
55
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2020
(in thousands)
The Trust for
Brooklyn Governors WTC Captive NYCTL NYCTL NYCTL NYCTL Total
Bridge Park Island Insurance 1998-2 2017-A 2018-A 2019-A Proprietary
Corporation
____________ Corporation
____________ Company, Inc.
____________ TRUST
____________ TRUST
___________ TRUST
___________ TRUST
____________ Funds
____________
ASSETS:
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . $ 33,962 $ 6,571 $ 5,306 $ 132 $ — $ 34 $ 20 $ 46,025
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,142 2,684 — — — — 4,826
Receivables:
Federal, State and other aid . . . . . . . . . . . . — 1,108 — — — — — 1,108
Accounts receivable . . . . . . . . . . . . . . . . . . 527 51 1,084 43,274 — 10,318 25,144 80,398
Restricted cash, cash equivalents . . . . . . . . . 76,207 2,792 — — — — — 78,999
Restricted investments . . . . . . . . . . . . . . . . . . — — — 9,504 — 4,957 10,268 24,729
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . 71
____________ ____________3 32
__________ __________ —
— __________ —
__________ —
__________ 106
____________
Total current assets . . . . . . . . . . . . . . . . 110,767
____________ 12,667
____________ 9,106
__________ __________ —
52,910 __________ 15,309
__________ 35,432
__________ 236,191
____________
Noncurrent assets:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . 52,512 — 297,720 — — — — 350,232
Restricted cash, cash equivalents . . . . . . . . . — 439 — — — — — 439
Accounts receivable . . . . . . . . . . . . . . . . . . . . — — — 131,192 — 21,111 38,924 191,227
Capital assets:
Land and construction work-in-progress . . 34,854 35,188 — — — — — 70,042
Other capital assets
(net of depreciation/amortization):
56
Property, plant and equipment
(including software) . . . . . . . . . . . . . 40,114 12,919 — — — — — 53,033
Infrastructure . . . . . . . . . . . . . . . . . . . . . 171,483 272,026 — — — — — 443,509
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ 36
__________ __________ —
— __________ —
__________ —
__________ 36
____________
Total noncurrent assets . . . . . . . . . . . . . . . 298,963
____________ 320,572
____________ 297,756
__________ __________ —
131,192 __________ 21,111
__________ 38,924
__________ 1,108,518
____________
Total assets . . . . . . . . . . . . . . . . . . . . . . 409,730
____________ 333,239
____________ 306,862
__________ __________ —
184,102 __________ 36,420
__________ 74,356
__________ 1,344,709
____________
LIABILITIES:
Current liabilities:
Accounts payable and accrued liabilities . . . 9,633 3,081 5,640 8,781 — 160 355 27,650
Accrued interest payable . . . . . . . . . . . . . . . . — — — — — 64 183 247
Unearned revenue . . . . . . . . . . . . . . . . . . . . . 1,782 2,091 — — — — — 3,873
Security deposits . . . . . . . . . . . . . . . . . . . . . . 708 — 632 — — — — 1,340
Overage due to taxpayers . . . . . . . . . . . . . . . — — — 758 — 8 — 766
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 349 — — — — — 349
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 11,991 50,325 62,316
Discount on bonds payable . . . . . . . . . . . . . . — — — — — (1) (2) (3)
Residual liability . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________ —
10,231 __________ 4,513
__________ __________ 30,234
15,490 ____________
Total current liabilities . . . . . . . . . . . . . . . . 12,123
____________ 5,521
____________ 6,272
__________ __________ —
19,770 __________ 16,735
__________ __________ 126,772
66,351 ____________
Noncurrent liabilities:
Security deposits . . . . . . . . . . . . . . . . . . . . . . 6,599 443 183,432 — — — — 190,474
Residual liability . . . . . . . . . . . . . . . . . . . . . . — — 117,158 34,250 — — — 151,408
Other (net of amount due within one year) . . —
____________ 439
____________ —
__________ __________ —
— __________ —
__________ —
__________ 439
____________
Total noncurrent liabilities . . . . . . . . . . . . . 6,599
____________ 882
____________ 300,590
__________ 34,250 —
__________ __________ —
__________ —
__________ 342,321
____________
Total liabilities . . . . . . . . . . . . . . . . . . . . 18,722
____________ 6,403
____________ 306,862
__________ __________ —
54,020 __________ 16,735
__________ 66,351
__________ 469,093
____________
NET POSITION:
Net investment in capital assets . . . . . . . . . . . 246,451 320,133 — — — — — 566,584
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . 65,963 — — — — — — 65,963
Operations . . . . . . . . . . . . . . . . . . . . . . . . . 78,594 6,703 — 130,082 — 19,685 10,268 245,332
Unrestricted (deficit) . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________ —
— __________ —
__________ __________ (2,263)
(2,263) ____________
Total net position . . . . . . . . . . . . . . . . . . 391,008
____________
$____________ $ 326,836
____________
____________ $ —
__________
__________ $ 130,082
__________ $ —
__________
__________ __________ $ 19,685
__________
__________ $ 8,005
__________ $ 875,616
____________
__________ ____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
JUNE 30, 2019
(in thousands)
The Trust for
Brooklyn Governors WTC Captive NYCTL NYCTL NYCTL NYCTL Total
Bridge Park Island Insurance 1998-2 2016-A 2017-A 2018-A Proprietary
Corporation
____________ Corporation
____________ Company, Inc.
____________ TRUST
____________ TRUST
___________ TRUST
___________ TRUST
____________ Funds
____________
ASSETS:
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . $ 99,000 $ 6,163 $ 7,773 $ 511 $ — $ 28 $ 207 $ 113,682
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . — 948 11,078 — — — — 12,026
Receivables:
Federal, State and other aid . . . . . . . . . . . . — 928 — — — — — 928
Accounts receivable . . . . . . . . . . . . . . . . . . 968 621 4,072 40,504 — 9,594 18,089 73,848
Restricted cash, cash equivalents . . . . . . . . . 30,369 4,669 — — — — — 35,038
Restricted investments . . . . . . . . . . . . . . . . . . — — — 20,139 — 6,350 12,637 39,126
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . 104
____________ 16
____________ 47
__________ __________ —
— __________ —
__________ —
__________ 167
____________
Total current assets . . . . . . . . . . . . . . . . 130,441
____________ 13,345
____________ 22,970
__________ 61,154 —
__________ __________ 15,972
__________ 30,933
__________ 274,815
____________
Noncurrent assets:
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . 51,460 — 272,388 — — — — 323,848
Restricted cash, cash equivalents . . . . . . . . . — 447 — — — — — 447
Accounts receivable . . . . . . . . . . . . . . . . . . . . — — — 170,703 — 16,758 28,254 215,715
Capital assets:
Land and construction work-in-progress . . 19,838 38,167 — — — — — 58,005
Other capital assets
57
(net of depreciation/amortization):
Property, plant and equipment
(including software) . . . . . . . . . . . . . 41,687 14,554 — — — — — 56,241
Infrastructure . . . . . . . . . . . . . . . . . . . . . 168,993 282,387 — — — — — 451,380
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ 36
__________ __________ —
— __________ —
__________ —
__________ 36
____________
Total noncurrent assets . . . . . . . . . . . . . . . 281,978
____________ 335,555
____________ 272,424
__________ __________ —
170,703 __________ 16,758
__________ 28,254
__________ 1,105,672
____________
Total assets . . . . . . . . . . . . . . . . . . . . . . 412,419
____________ 348,900
____________ 295,394
__________ __________ —
231,857 __________ 32,730
__________ 59,187
__________ 1,380,487
____________
LIABILITIES:
Current liabilities:
Accounts payable and accrued liabilities . . . 4,974 6,917 4,702 7,165 — 642 1,489 25,889
Accrued interest payable . . . . . . . . . . . . . . . . — — — — — 29 194 223
Unearned revenue . . . . . . . . . . . . . . . . . . . . . 7,977 2,415 — — — — — 10,392
Security deposits . . . . . . . . . . . . . . . . . . . . . . 708 — 603 — — — — 1,311
Overage due to taxpayers . . . . . . . . . . . . . . . — — — 782 — 83 407 1,272
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 9,329 36,103 45,432
Discount on bonds payable . . . . . . . . . . . . . . — — — — — (1) (1) (2)
Residual liability . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________ —
11,644 __________ 7,204
__________ __________ 22,842
3,994 ____________
Total current liabilities . . . . . . . . . . . . . . . . 13,659
____________ 9,332
____________ 5,305
__________ __________ —
19,591 __________ 17,286
__________ __________ 107,359
42,186 ____________
Noncurrent liabilities:
Security deposits . . . . . . . . . . . . . . . . . . . . . . 2,912 446 179,417 — — — — 182,775
Residual liability . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ 110,672
__________ __________ —
38,980 __________ —
__________ —
__________ 149,652
____________
Total noncurrent liabilities . . . . . . . . . . . . . 2,912
____________ 446
____________ 290,089
__________ __________ —
38,980 __________ —
__________ —
__________ 332,427
____________
Total liabilities . . . . . . . . . . . . . . . . . . . . 16,571
____________ 9,778
____________ 295,394
__________ __________ —
58,571 __________ 17,286
__________ 42,186
__________ 439,786
____________
NET POSITION:
Net investment in capital assets . . . . . . . . . . . 228,000 335,108 — — — — — 563,108
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . 18,836 — — — — — — 18,836
Operations . . . . . . . . . . . . . . . . . . . . . . . . . 149,012
____________ 4,014
____________ —
__________ __________ —
173,286 __________ 15,444
__________ 17,001
__________ 358,757
____________
Total net position . . . . . . . . . . . . . . . . . . 395,848
____________
$____________ $ 339,122
____________
____________ $ —
__________
__________ __________
__________ $ —
__________
$ 173,286 __________ $ 15,444
__________
__________ $ 17,001
__________
__________ $ 940,701
____________
____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGE IN NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
The Trust for
Brooklyn Governors WTC Captive NYCTL NYCTL NYCTL NYCTL Total
Bridge Park Island Insurance 1998-2 2017-A 2018-A 2019-A Proprietary
Corporation
____________ Corporation
____________ Company, Inc.
____________ TRUST
____________ TRUST
___________ TRUST
___________ TRUST
____________ Funds
____________
OPERATING REVENUES:
Investment income . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 8,228 $ 87,895 $ 1,185 $ 3,858 $ 7,948 $ 109,114
Permits and other fees . . . . . . . . . . . . . . . . . . 1,594 3,548 — — — — — 5,142
Tax liens received from The City of
New York. . . . . . . . . . . . . . . . . . . . . . . . . . — — — 38,007 — — 89,434 127,441
Payments in lieu of taxes and ground
leases rent . . . . . . . . . . . . . . . . . . . . . . . . . 19,853 — — — — — — 19,853
Operating grants and contributions . . . . . . . . —
____________ 15,320
____________ —
__________ __________ —
— __________ —
__________ —
__________ 15,320
____________
Total operating revenues . . . . . . . . . . . . 21,447
____________ 18,868
____________ 8,228
__________ __________ 1,185
125,902 __________ 3,858
__________ 97,382
__________ 276,870
____________
OPERATING EXPENSES:
General and adminitrative expense . . . . . . . . — — 485 6,061 327 1,138 1,331 9,342
Personnel costs . . . . . . . . . . . . . . . . . . . . . . . 6,388 4,882 614 — — — — 11,884
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436 448 — — — — — 884
Professional fees . . . . . . . . . . . . . . . . . . . . . . 1,380 — 643 — — — — 2,023
Repairs and maintenance . . . . . . . . . . . . . . . . 3,033 — — — — — — 3,033
Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,628 — — — — — — 1,628
Distributions to The City of New York . . . . . — — — 49,389 — — 68,223 117,612
Purchase of liens . . . . . . . . . . . . . . . . . . . . . . — — — 11,302 — — — 11,302
58
Increase (decrease) in allowance for
doubtful accounts. . . . . . . . . . . . . . . . . . . . — — — 25,769 — (1,121) 1,222 25,870
Change to residual liability due to
Water Board . . . . . . . . . . . . . . . . . . . . . . . . — — — (13,435) 88 519 15,490 2,662
Write-offs of uncollectible liens,
net of recoveries . . . . . . . . . . . . . . . . . . . . — — — 106,025 477 105 32 106,639
Depreciation and amortization . . . . . . . . . . . 14,229 21,377 — — 1 7 5 35,619
Other general, administrative and project
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 14,754 — — — — — 16,654
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________
— ____________— —
__________ __________
— __________40 653
__________ 3,168
__________ 3,861
____________
Total operating expenses . . . . . . . . . . . . 28,994 41,461
____________ ____________ 1,742
__________ __________ 933
185,111 __________ 1,301
__________ 89,471
__________ 349,013
____________
Operating income (loss) . . . . . . . . . . ____________ (22,593)
(7,547) ____________ 6,486
__________ __________ 252
(59,209) __________ 2,557
__________ 7,911
__________ (72,143)
____________
NONOPERATING REVENUES (EXPENSES):
Investment income . . . . . . . . . . . . . . . . . . . . . 1,081 41 — 255 54 127 94 1,652
Interest income . . . . . . . . . . . . . . . . . . . . . . . 30 3 — — — — — 33
Other income (loss) . . . . . . . . . . . . . . . . . . . . ____________ 27
(5,368) ____________ —
__________ __________ —
— __________ —
__________ —
__________ (5,341)
____________
Total nonoperating revenues (expenses) . .. ____________ 71
(4,257) ____________ —
__________ __________ 54
255 __________ 127
__________ 94
__________ (3,656)
____________
Income (loss) before other revenues
and transfers . . . . . . . . . . . . . . . . . . . . . ____________ (22,522)
(11,804) ____________ 6,486
__________ __________ 306
(58,954) __________ 2,684
__________ 8,005
__________ (75,799)
____________
TRANSFERS AND CAPITAL CONTRIBUTIONS:
Capital contributions from government
sources. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,964 9,251 — — — — — 16,215
Capital contributions from private sources . . — 985 — — — — — 985
Transfer from residual liability . . . . . . . . . . . — — (6,486) — — — — (6,486)
Transfers in . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 15,750 — — — 15,750
Transfers out . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ —
__________ (15,750)
__________ —
__________ —
__________ (15,750)
____________
Change in net position . . . . . . . . . . . . . . . . (4,840) (12,286) — (43,204) (15,444) 2,684 8,005 (65,085)
Net position-beginning . . . . . . . . . . . . . . . . . 395,848
____________ 339,122
____________ —
__________ 173,286
__________ 15,444
__________ 17,001
__________ —
__________ 940,701
____________
Net position-ending . . . . . . . . . . . . . . . . . . . . $ 391,008
____________
____________ $ 326,836
____________
____________ —
__________
$__________ $ 130,082
__________
__________ $ —
__________
__________ 19,685
__________
$__________ $ 8,005
__________
__________ $ 875,616
____________
____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGE IN NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
The Trust for
Brooklyn Governors WTC Captive NYCTL NYCTL NYCTL NYCTL Total
Bridge Park Island Insurance 1998-2 2016-A 2017-A 2018-A Proprietary
Corporation
____________ Corporation
____________ Company, Inc.
____________ TRUST
____________ TRUST
___________ TRUST
___________ TRUST
____________ Funds
____________
OPERATING REVENUES:
Investment income (loss) . . . . . . . . . . . . . . . . $ — $ — $ (636) $ 101,679 $ 1,038 $ 3,135 $ 6,791 $ 112,007
Permits and other fees . . . . . . . . . . . . . . . . . . 1,664 4,319 — — — — — 5,983
Tax liens received from The City of
New York . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 11,613 — — 22,269 33,882
Payments in lieu of taxes and ground
leases rent . . . . . . . . . . . . . . . . . . . . . . . . . 86,623 — — — — — — 86,623
Operating grants and contributions . . . . . . . . —
____________ 15,972
____________ —
__________ __________ —
— __________ —
__________ —
__________ 15,972
____________
Total operating revenues . . . . . . . . . . . . 88,287
____________ 20,291
____________ (636)
__________ __________ 1,038
113,292 __________ 3,135
__________ 29,060
__________ 254,467
____________
OPERATING EXPENSES:
General and administrative expense . . . . . . . — — 498 6,728 97 1,083 1,584 9,990
Personnel costs . . . . . . . . . . . . . . . . . . . . . . . 5,575 4,427 639 — — — — 10,641
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 629 — — — — — 967
Professional fees . . . . . . . . . . . . . . . . . . . . . . 1,985 — 618 — — — — 2,603
Repairs and maintenance . . . . . . . . . . . . . . . . 2,788 — — — — — — 2,788
Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,589 — — — — — — 1,589
Distributions to The City of New York . . . . . — — — 43,781 — — 60,139 103,920
Purchase of liens . . . . . . . . . . . . . . . . . . . . . . — — — 9,720 — — — 9,720
59
Increase (decrease) in allowance for
doubtful accounts . . . . . . . . . . . . . . . . . . . — — — 15,677 — (1,034) 1,986 16,629
Change to residual liability due to
Water Board . . . . . . . . . . . . . . . . . . . . . . . . — — — (6,234) 175 513 (6,205) (11,751)
Write-offs of uncollectible liens,
net of recoveries . . . . . . . . . . . . . . . . . . . . — — — 75,937 108 646 113 76,804
Depreciation and amortization . . . . . . . . . . . 13,123 20,243 — — 2 — 5 33,373
Other general, administrative and project
expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,153 16,701 — — — — — 17,854
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________
— __________ 3 299
__________ __________ 4,032
3,730 ____________
Total operating expenses . . . . . . . . . . . . 26,551
____________ 42,000
____________ 1,755
__________ 145,609 385
__________ __________ 1,507
__________ 61,352 279,159
__________ ____________
Operating income (loss) . . . . . . . . . . 61,736
____________ (21,709)
____________ (2,391)
__________ __________ 653
(32,317) __________ 1,628
__________ __________ (24,692)
(32,292) ____________
NONOPERATING REVENUES (EXPENSES):
Investment income (loss) . . . . . . . . . . . . . . . . 1,374 (3) — 306 37 141 193 2,048
Interest income . . . . . . . . . . . . . . . . . . . . . . . 61 19 — — — — — 80
Other income . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ 623
____________ —
__________ __________ —
— __________ —
__________ —
__________ 623
____________
Total nonoperating revenues (expenses) . . 1,435
____________ 639
____________ —
__________ __________ 37
306 __________ 141
__________ 193
__________ 2,751
____________
Income (loss) before other revenues
and transfers . . . . . . . . . . . . . . . . . . . . . 63,171
____________ (21,070)
____________ (2,391)
__________ __________ 690
(32,011) __________ 1,769
__________ __________ (21,941)
(32,099) ____________
TRANSFERS AND CAPITAL CONTRIBUTIONS:
Capital contributions from government
sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400 15,226 — — — — — 20,626
Capital contributions from private sources . . — 816 — — — — — 816
Transfer from residual liability . . . . . . . . . . . — — 2,391 — — — — 2,391
Transfers in . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 22,590 — — — 22,590
Transfers out . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ —
__________ (22,590)
__________ —
__________ —
__________ (22,590)
____________
Change in net position . . . . . . . . . . . . . . . . 68,571 (5,028) — (9,421) (21,900) 1,769 (32,099) 1,892
Net position-beginning . . . . . . . . . . . . . . . . . 327,277
____________ 344,150
____________ —
__________ 182,707
__________ 21,900
__________ 13,675
__________ 49,100
__________ 938,809
____________
Net position-ending . . . . . . . . . . . . . . . . . . . . $ 395,848
____________
____________ $ 339,122
____________
____________ —
__________
$__________ $ 173,286
__________
__________ $ —
__________
__________ 15,444
__________
$__________ $ 17,001
__________
__________ $ 940,701
____________
____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
60
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES:
Payments from lessees - security deposits . . 3,687 (4) — — — — — 3,683
Proceeds from loan payable . . . . . . . . . . . . . — 788 — — — — — 788
Transfers in/out . . . . . . . . . . . . . . . . . . . . . . . — — — 2,282 (2,282) — — —
Bond issued . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — 74,230 74,230
Bond retired . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (9,329) (24,112) (23,905) (57,346)
Bond discount . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________ —
— __________ (7)
__________ __________ (14)
(7) ____________
Net cash provided by (used for)
noncapital financing activities . . . . . . . . 3,687
____________ 784
____________ —
__________ 2,282
__________ (11,611)
__________ (24,119)
__________ 50,318
__________ 21,341
____________
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Capital grants and contributions from
government sources . . . . . . . . . . . . . . . . . . 6,964 8,970 — — — — — 15,934
Capital grants and contributions from
private sources . . . . . . . . . . . . . . . . . . . . . . — 986 — — — — — 986
Capital asset expenditures . . . . . . . . . . . . . . . ____________ (7,443)
(30,625) ____________ —
__________ __________ —
— __________ —
__________ —
__________ (38,068)
____________
Net cash provided by (used for)
capital and related financing activities . ____________ 2,513
(23,661) ____________ —
__________ —
__________ —
__________ —
__________ —
__________ (21,148)
____________
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments . . . . . . . . . . . . . . . . (51,434) (1,194) (586,322) (117,877) (8,186) (27,608) (45,785) (838,406)
Sales and maturities of investments . . . . . . . 50,624 — 578,089 128,512 14,536 35,289 35,517 842,567
Interest received . . . . . . . . . . . . . . . . . . . . . . . ____________ 44
871 ____________ —
__________ __________ 54
256 __________ 127
__________ __________ 1,446
94 ____________
Net cash provided by (used for)
investing activities . . . . . . . . . . . . . . . . . 61
____________ (1,150)
____________ (8,233)
__________ 10,891
__________ 6,404
__________ 7,808
__________ __________ 5,607
(10,174) ____________
Net increase (decrease) in cash and cash
equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . (19,200) (1,477) (2,467) (379) (28) (173) 20 (23,704)
Cash and cash equivalents July 1 . . . . . . . . . . . ____________
129,369 ____________ 7,773
11,279 __________ __________ 28
511 __________ 207
__________ —
__________ 149,167
____________
Cash and cash equivalents June 30 . . . . . . . . . . ____________
$____________ $
____________
110,169 ____________ 5,306
__________
9,802 $__________ $ 132
__________ $ —
__________
__________ __________ 34
__________
$__________ 20
__________
$ __________ $ 125,463
____________
____________
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
61
____________ ____________ __________ __________
45,657 __________ __________ ___________
(48,035) ____________
Net cash provided by (used for)
operating activities . . . . . . . . . . . . 713
____________
$____________ $
____________
____________ 5,766
__________
(3,624) $__________ __________
__________ $ 5,179
__________
$ (13,552) __________ 16,138
__________
$__________ ___________
$___________ $ (29,504)
____________
(40,124) ____________
RECONCILIATION TO CASH AND CASH EQUIVALENTS,
END OF YEAR:
Unrestricted cash and cash equivalents . . . . . 33,962 6,571 5,306 132 — 34 20 46,025
Current restricted cash and cash equivalents . 76,207 2,792 — — — — — 78,999
Noncurrent restricted cash and cash
equivalents . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ 439
____________ —
__________ __________ —
— __________ —
__________ —
___________ 439
____________
Cash and cash equivalents—end of year . . . . . . 110,169
____________
$____________ $ 9,802
____________
____________ 5,306
__________
$__________ $ 132
__________ $ —
__________
__________ __________ 34
__________
$__________ 20
___________
$___________ $ 125,463
____________
____________
SUPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Noncash capital and related financing
transactions:
Accrued capital asset expenditures . . . . . . $ 8,462 $ 1,350 $ — $ — $ — $ — $ — $ 9,812
Noncash loss on disposal of fixed assets . . $ 5,368 $ — $ — $ — $ — $ — $ — $ 5,368
See accompanying notes to financial statements.
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
62
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES:
Payments from lessees - security deposits . . 122 (25) — — — — — 97
Transfers in (out) . . . . . . . . . . . . . . . . . . . . . . — — — 7,427 (7,427) — — —
Bond issued . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — 74,659 74,659
Bond retired . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (3,584) (19,446) (38,556) (61,586)
Bond discount . . . . . . . . . . . . . . . . . . . . . . . . —
____________ —
____________ —
__________ __________ —
— __________ —
__________ __________ (7)
(7) ____________
Net cash provided by (used for)
noncapital financing activities . . . . . . . . 122
____________ (25)
____________ —
__________ 7,427
__________ (11,011)
__________ (19,446)
__________ 36,096
__________ 13,163
____________
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Capital grants and contributions from
government sources . . . . . . . . . . . . . . . . . . — 18,595 — — — — — 18,595
Capital grants and contributions from
private sources . . . . . . . . . . . . . . . . . . . . . . — 841 — — — — — 841
Capital asset expenditures . . . . . . . . . . . . . . . ____________ (14,931)
(13,658) ____________ —
__________ __________ —
— __________ —
__________ —
__________ (28,589)
____________
Net cash provided by (used for)
capital and related financing activities . ____________ 4,505
(13,658) ____________ —
__________ —
__________ —
__________ —
__________ —
__________ (9,153)
____________
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments . . . . . . . . . . . . . . . . (26,250) 816 (565,498) (82,027) (12,384) (24,666) (51,838) (761,847)
Sales and maturities of investments . . . . . . . 25,410 — 559,074 80,357 18,569 29,906 40,091 753,407
Interest received . . . . . . . . . . . . . . . . . . . . . . . ____________ 51
952 ____________ —
__________ __________ 37
306 __________ 141
__________ __________ 1,680
193 ____________
Net cash provided by (used for)
investing activities . . . . . . . . . . . . . . . . . 112
____________ 867
____________ (6,424)
__________ __________ 6,222
(1,364) __________ 5,381
__________ __________ (6,760)
(11,554) ____________
Net increase (decrease) in cash and cash
equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,103 2,943 (2,241) (131) (319) (347) 122 68,130
Cash and cash equivalents July 1 . . . . . . . . . . . 61,266
____________ 8,336
____________ 10,014
__________ __________ 319
642 __________ 375
__________ 85
__________ 81,037
____________
Cash and cash equivalents June 30 . . . . . . . . . . 129,369
____________
$____________ $ 11,279
____________
____________ 7,773
__________
$__________ $ 511
__________ $ —
__________
__________ __________ 28
__________
$__________ $ 207
__________
__________ $ 149,167
____________
____________
THE CITY OF NEW YORK
PROPRIETARY FUNDS
STATEMENT OF CASH FLOW
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
63
____________ ____________ __________ __________
26,123 __________ __________ ___________
7,872 ____________
Net cash provided by (used for)
operating activities . . . . . . . . . . . . 81,527
____________
$____________ $
____________
____________ 4,183
__________
(2,404) $__________ $
__________
__________ $ 4,470
__________
(6,194) __________ 13,718
__________
$__________ ___________
$___________ $ 70,880
____________
(24,420) ____________
RECONCILIATION TO CASH AND CASH EQUIVALENTS,
END OF YEAR:
Unrestricted cash and cash equivalents . . . . . 99,000 6,163 7,773 511 — 28 207 113,682
Current restricted cash and cash equivalents . 30,369 4,669 — — — — — 35,038
Noncurrent restricted cash and cash
equivalents . . . . . . . . . . . . . . . . . . . . . . . . . —
____________ 447
____________ —
__________ __________ —
— __________ —
__________ —
___________ 447
____________
Cash and cash equivalents—end of year . . . . . . 129,369
____________
$____________ $ 11,279
____________
____________ 7,773
__________
$__________ $ 511
__________ $ —
__________
__________ __________ 28
__________
$__________ 207
___________
$___________ $ 149,167
____________
____________
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Noncash capital and related financing
transactions:
Accrued capital asset expenditures . . . . . . $ 3,555 $ 2,390 $ — $ — $ — $ — $ — $ 5,945
See accompanying notes to financial statements.
THE CITY OF NEW YORK
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
Pension
and Other
Employee Benefit Custodial
_____Trust
__________Funds
______________ ________Fund
________________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,686,357 $ 664,453
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,429,706 —
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,722,093 —
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724,545 —
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,043
___________ —
__________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,891,387
___________ —
__________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,733,269 —
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,635,007 296,490
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,301,373 —
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,809,823 —
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,194,163 —
Collective trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,353,832 —
Collateral from securities lending transactions . . . . . . . . . . . . . . . . . . . . . . . 12,410,379 —
Guaranteed investment contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,449,312
___________ —
__________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276,887,158
___________ 296,490
__________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,369
___________ —
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286,699,271
___________ 960,943
__________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,086,436 775,442
Payable for investment securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . 7,979,394 —
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,236,919 —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,410,379 —
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,052
___________ 185,501
__________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,714,180
___________ 960,943
__________
NET POSITION:
Restricted for benefits to be provided by QPPs . . . . . . . . . . . . . . . . . . . . . . . . 190,773,817 —
Restricted for benefits to be provided by VSFs . . . . . . . . . . . . . . . . . . . . . . . . 6,137,257 —
Restricted for benefits to be provided by TDA program . . . . . . . . . . . . . . . . . 39,360,275 —
Restricted for other employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,713,742
___________ —
__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $263,985,091
___________
___________ $__________
—
__________
64
THE CITY OF NEW YORK
FIDUCIARY FUNDS
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
______Restated
__________________
Pension
and Other
Employee Benefit Custodial
_____Trust
__________Funds
______________ ________Fund
________________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,019,644 $ 153,319
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,479,931 —
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,875,622 —
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 705,889 —
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 897
___________ —
__________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,062,339
___________ —
__________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,793,924 —
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,381,164 1,124,494
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,139,322 —
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,392,817 —
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,446,323 —
Collective trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,053,908 —
Collateral from securities lending transactions . . . . . . . . . . . . . . . . . . . . . . . 12,745,775 —
Guaranteed investment contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,064,554
___________ —
__________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266,017,787
___________ 1,124,494
__________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,262
___________ —
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,317,032
___________ 1,277,813
__________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,002,417 958,970
Payable for investment securities purchased . . . . . . . . . . . . . . . . . . . . . . . . . . 5,406,346 —
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,146,877 —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,745,775 —
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 617
___________ 318,843
__________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,302,032
___________ 1,277,813
__________
NET POSITION:
Restricted for benefits to be provided by QPPs . . . . . . . . . . . . . . . . . . . . . . . . 185,963,209 —
Restricted for benefits to be provided by VSFs . . . . . . . . . . . . . . . . . . . . . . . . 6,135,804 —
Restricted for benefits to be provided by TDA program . . . . . . . . . . . . . . . . . 37,460,813 —
Restricted for other employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,455,174
___________ —
__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $254,015,000
___________
___________ $__________
—
__________
65
THE CITY OF NEW YORK
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Pension
And Other
Employee Benefit
_____Trust
__________Funds
______________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,459,367
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,513,113
Other employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,748
___________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,034,228
___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,091,074
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,088,581
Net appreciation in fair value of investments . . . . . . . . . . . . . . . . . . . . . . . . 8,450,904
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (916,117)
___________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,714,442
___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,186
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,572)
___________
Securities lending income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,614
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,872
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,804,156
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,582,685
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,293
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,087
___________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,834,065
___________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,970,091
NET POSITION:
Restricted for Benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,015,000
___________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $263,985,091
___________
___________
66
THE CITY OF NEW YORK
FIDUCIARY FUNDS
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Pension
and Other
Employee Benefit
_____Trust
__________Funds
______________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,344,824
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,268,298
Other employer contribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,513
___________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,675,635
___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,280,868
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,038,008
Net appreciation in fair value of investments . . . . . . . . . . . . . . . . . . . . . . . . 8,933,551
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (950,517)
___________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,301,910
___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86,414
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,564)
___________
Securities lending income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,850
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,057,897
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,798,381
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,400
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,769
___________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,051,550
___________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,006,347
NET POSITION:
Restricted for Benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,008,653
___________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $254,015,000
___________
___________
67
THE CITY OF NEW YORK
COMPONENT UNITS
STATEMENT OF NET POSITION
JUNE 30, 2020
(in thousands)
Housing
Housing Development
Water and Authority Corporation Health and Economic Nonmajor
Sewer December 31, October 31, Hospitals Development Component
System
____________ 2019
____________ 2019
____________ Corporation
____________ Corporation
___________ Units
___________ Total
____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . $ — $ 549,585 $ 801,401 $ 1,139,850 $ 86,571 $ 93,672 $ 2,671,079
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . 36,116 527,387 202,891 620,241 21,791 109,888 1,518,314
Lease receivables . . . . . . . . . . . . . . . . . . . . . . — — — — — 1,636,487 1,636,487
Other receivables . . . . . . . . . . . . . . . . . . . . . . 765,786 942,269 1,656,096 1,566,359 296,911 39,009 5,266,430
Mortgage loans and interest receivable, net . . — 114,301 13,624,238 — 24,526 — 13,763,065
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,136 — — — — 11,136
Due from Primary Government . . . . . . . . . . . 93,685 — — — — 21,635 115,320
Restricted cash, cash equivalents and
investments . . . . . . . . . . . . . . . . . . . . . . . . 2,695,520 666,857 5,185,240 329,138 263,453 271,563 9,411,771
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,484 106,514 619 394,123 88,611 14,674 669,025
Capital assets:
Land and construction work-in-progress . . 5,242,563 2,694,619 — 644,498 132,387 28,518 8,742,585
Buildings and equipment . . . . . . . . . . . . . . 43,201,976 14,601,635 8,768 9,204,924 348,672 955,506 68,321,481
Accumulated depreciation . . . . . . . . . . . . . (16,685,067)
____________ (9,775,570)
__________ (6,894)
___________ (5,940,344)
___________ (27,422)
__________ (309,864)
__________ (32,745,161)
____________
Total assets . . . . . . . . . . . . . . . . . . . . . . 35,415,063
____________ 10,438,733
__________ 21,472,359
___________ 7,958,789
___________ 1,235,500
__________ 2,861,088
__________ 79,381,532
____________
DEFERRED OUTFLOWS OF RESOURCES:
Deferred outflows from pensions . . . . . . . . . (263) 150,224 3,264 229,146 — — 382,371
Deferred outflows from OPEB . . . . . . . . . . . 489 396,053 1,025 783,244 1,205 — 1,182,016
68
Other deferred outflows of resources . . . . . . 167,402
____________ 13,907
__________ 108,041
___________ 10,369
___________ 7,026
__________ 11,849
__________ 318,594
____________
Total deferred outflows of resources . . . 167,628
____________ 560,184
__________ 112,330
___________ 1,022,759
___________ 8,231
__________ 11,849
__________ 1,882,981
____________
LIABILITIES:
Accounts payable and accrued liabilities . . . 11,648 552,406 928,322 2,005,643 248,838 46,409 3,793,266
Accrued interest payable . . . . . . . . . . . . . . . . 51,495 12,286 135,926 10,475 — — 210,182
Unearned revenue . . . . . . . . . . . . . . . . . . . . . 83,648 311,750 115,565 — 29,857 35,269 576,089
Due to Primary Government . . . . . . . . . . . . . 567,644 — 4,432,287 382,780 139,934 — 5,522,645
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 46,330 102,907 — 9,151 168,385 326,773
Derivative instruments-interest rate swaps . . 154,950 — — — — 11,849 166,799
Noncurrent liabilities:
Due within one year . . . . . . . . . . . . . . . . . 214,664 470,208 345,922 869,907 — 97,712 1,998,413
Bonds & notes payable (net of amount
due within one year) . . . . . . . . . . . . . . . 32,875,741 759,628 11,788,584 634,217 — 1,572,288 47,630,458
Net pension liability . . . . . . . . . . . . . . . . . 422 822,109 10,049 2,329,327 — 5,660 3,167,567
Net OPEB liability . . . . . . . . . . . . . . . . . . 1,929 2,816,376 7,154 5,125,172 — — 7,950,631
Other (net of amount due within one year) . . 49,398
____________ 3,479,545
__________ 575,533
___________ 387,689
___________ 247,007
__________ 201,810
__________ 4,940,982
____________
Total liabilities . . . . . . . . . . . . . . . . . . . . 34,011,539
____________ 9,270,638
__________ 18,442,249
___________ 11,745,210
___________ 674,787
__________ 2,139,382
__________ 76,283,805
____________
DEFERRED INFLOWS OF RESOURCES:
Deferred inflows from pensions . . . . . . . . . . 8 234,860 1,737 348,629 — — 585,234
Deferred inflows from OPEB . . . . . . . . . . . . 549 386,426 8,785 1,244,908 4,697 — 1,645,365
Other deferred inflows of resources . . . . . . . 38,419
____________ —
__________ —
___________ —
___________ —
__________ —
__________ 38,419
____________
Total deferred inflows of resources . . . . 38,976
____________ 621,286
__________ 10,522
___________ 1,593,537
___________ 4,697
__________ —
__________ 2,269,018
____________
NET POSITION:
Net investment in capital assets . . . . . . . . . . . 481,129 6,897,324 1,874 2,837,825 321,250 441,065 10,980,467
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . — — — — (37,769) 48,111 10,342
Debt service . . . . . . . . . . . . . . . . . . . . . . . . 1,638,121 — 2,236,470 138,454 — 1,483 4,014,528
Loans/security deposits . . . . . . . . . . . . . . . — — — — 54,269 — 54,269
Donor/statutory restrictions . . . . . . . . . . . . — — — 414,822 — 42,129 456,951
Operations . . . . . . . . . . . . . . . . . . . . . . . . . 264,178 — 85,918 — — 68,463 418,559
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . (851,252)
____________ (5,790,331)
__________ 807,656
___________ (7,748,300)
___________ 226,497
__________ 132,304
__________ (13,223,426)
____________
Total net position (deficit) . . . . . . . . . . . 1,532,176
$____________
____________ 1,106,993
$__________
__________ $ 3,131,918
___________
___________ (4,357,199)
$___________
___________ 564,247
$__________
__________ $ 733,555
__________
__________ $ 2,711,690
____________
____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
COMPONENT UNITS
STATEMENT OF NET POSITION
JUNE 30, 2019
(in thousands)
Housing
Housing Development
Water and Authority Corporation Health and Economic Nonmajor
Sewer December 31, October 31, Hospitals Development Component
System
____________ 2018
____________ 2018
____________ Corporation
____________ Corporation
___________ Units
___________ Total
____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . $ — $ 530,199 $ 765,088 $ 1,396,634 $ 60,620 $ 49,841 $ 2,802,382
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . 7,389 535,677 135,589 562,687 95,284 131,330 1,467,956
Lease receivables . . . . . . . . . . . . . . . . . . . . . . — — — — — 1,662,936 1,662,936
Other receivables . . . . . . . . . . . . . . . . . . . . . . 730,837 810,500 1,716,505 1,150,763 229,780 33,421 4,671,806
Mortgage loans and interest receivable, net . — 169,227 12,052,049 — 21,312 — 12,242,588
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . — 11,498 — — — — 11,498
Due from Primary Government . . . . . . . . . . — — — — — 27,428 27,428
Restricted cash, cash equivalents and
investments . . . . . . . . . . . . . . . . . . . . . . . . 2,153,358 740,310 4,645,556 325,385 346,042 328,356 8,539,007
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,822 104,611 34,398 194,869 90,193 9,719 495,612
Capital assets:
Land and construction work-in-progress . . 4,717,989 2,521,306 — 655,973 132,387 12,944 8,040,599
Buildings and equipment . . . . . . . . . . . . . . 41,942,360 13,944,121 8,667 8,684,454 256,623 908,094 65,744,319
Accumulated depreciation . . . . . . . . . . . . (15,685,296)
____________ (9,424,645)
__________ (6,502)
___________ (5,625,151)
___________ (21,038)
__________ (279,464)
__________ (31,042,096)
____________
Total assets . . . . . . . . . . . . . . . . . . . . . . 33,928,459
____________ 9,942,804
__________ 19,351,350
___________ 7,345,614
___________ 1,211,203
__________ 2,884,605
__________ 74,664,035
____________
DEFERRED OUTFLOWS OF RESOURCES:
Deferred outflows from pensions. . . . . . . . . (385) 94,802 1,588 36,595 — — 132,600
Deferred outflows from OPEB . . . . . . . . . . . 532 67,240 1,061 870,214 — — 939,047
69
Other deferred outflows of resources . . . . . . 121,013
____________ 14,083
__________ 7,540
___________ 6,851
___________ 1,591
__________ 10,173
__________ 161,251
____________
Total deferred outflows of resources . . . 121,160
____________ 176,125
__________ 10,189
___________ 913,660
___________ 1,591
__________ 10,173
__________ 1,232,898
____________
LIABILITIES:
Accounts payable and accrued liabilities . . . 16,930 458,508 895,387 1,679,336 214,947 42,533 3,307,641
Accrued interest payable . . . . . . . . . . . . . . . 53,514 13,125 121,416 12,004 — — 200,059
Unearned revenue . . . . . . . . . . . . . . . . . . . . . 76,716 341,992 104,258 — 34,786 51,032 608,784
Due to Primary Government . . . . . . . . . . . . . 715,233 — 3,376,951 300,587 137,831 — 4,530,602
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 44,272 — — 12,538 159,804 216,614
Derivative instruments-interest rate swaps . . 107,158 — — — — 10,173 117,331
Noncurrent liabilities:
Due within one year . . . . . . . . . . . . . . . . . 509,299 330,079 630,081 755,172 — 37,110 2,261,741
Bonds and notes payable (net of amount
due within one year) . . . . . . . . . . . . . . . 31,162,950 801,299 10,647,712 726,552 — 1,603,967 44,942,480
Net pension liability . . . . . . . . . . . . . . . . . 393 894,818 9,325 2,076,633 — 6,938 2,988,107
Net OPEB liability . . . . . . . . . . . . . . . . . . 1,828 2,562,230 13,822 5,407,211 — — 7,985,091
Other (net of amount due within one year) 53,120
____________ 810,716
__________ 696,986
___________ 491,570
___________ 247,731
__________ 283,728
__________ 2,583,851
____________
Total liabilities . . . . . . . . . . . . . . . . . . . 32,697,141
____________ 6,257,039
__________ 16,495,938
___________ 11,449,065
___________ 647,833
__________ 2,195,285
__________ 69,742,301
____________
DEFERRED INFLOWS OF RESOURCES:
Deferred inflows from pensions . . . . . . . . . . 34 152,071 1,356 514,225 — — 667,686
Deferred inflows from OPEB . . . . . . . . . . . . 598 279,037 765 1,120,799 3,209 — 1,404,408
Other deferred inflows of resources . . . . . . . 12,389
____________ —
__________ 32,012
___________ —
___________ —
__________ —
__________ 44,401
____________
Total deferred inflows of resources . . . 13,021
____________ 431,108
__________ 34,133
___________ 1,635,024
___________ 3,209
__________ —
__________ 2,116,495
____________
NET POSITION:
Net investment in capital assets . . . . . . . . . . 437,786 6,450,404 2,165 2,736,120 235,585 383,525 10,245,585
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . — — — — 8,182 46,656 54,838
Debt service . . . . . . . . . . . . . . . . . . . . . . . . 1,624,802 — 1,904,075 136,238 — 2,376 3,667,491
Loans/security deposits . . . . . . . . . . . . . . . — — — — 54,835 — 54,835
Donor/statutory restrictions . . . . . . . . . . . — — — 408,778 — 37,990 446,768
Operations . . . . . . . . . . . . . . . . . . . . . . . . . 260,102 — 79,378 — — 56,724 396,204
Unrestricted (deficit) . . . . . . . . . . . . . . . . . . . (983,233)
____________ (3,019,622)
__________ 845,850
___________ (8,105,951)
___________ 263,150
__________ 172,222
__________ (10,827,584)
____________
Total net position (deficit) . . . . . . . . . . . 1,339,457
$____________
____________ 3,430,782
$__________
__________ $ 2,831,468
___________
___________ (4,824,815)
$___________
___________ 561,752
$__________
__________ $ 699,493
__________
__________ $ 4,038,137
____________
____________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
COMPONENT UNITS
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Housing
Housing Development
Water and Authority Corporation Health and Economic Nonmajor
Sewer December 31, October 31, Hospitals Development Component
System
___________ 2019
__________ 2019
__________ Corporation
____________ Corporation
___________ Units
_____
_______ Total
_____________
EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$___3,973,386
_____________ _$___6,904,317
_____________ _$______437,816
__________ 11,331,693
$_____________________ _$___990,314
__________ _$______603,766
__________ __$___24,241,292
_______________
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . 3,862,373 1,058,488 557,634 8,965,552 244,716 77,148 14,765,911
Operating grants and contributions . . . . . . . . — 2,517,894 — 1,429,180 180,576 363,454 4,491,104
Capital grants, contributions and other . . . . . 48,062
_________________ _______878,901
__________ 41,088
_________________ __________460,460
___________ ____560,012
__________ _________85,280
________ 2,073,803
____________________
Total program revenues . . . . . . . . . . . . . ____3,910,435
_____________ ____4,455,283
_____________ _______598,722
__________ ______10,855,192
_______________ ____985,304
__________ _______525,882
__________ _____21,330,818
_______________
Net (expenses) program revenues . . . . . . . . . _______(62,951)
__________ (2,449,034)
_________________ 160,906
_________________ _________(476,501)
____________ ______(5,010)
________ ________(77,884)
_________ ______(2,910,474)
______________
GENERAL REVENUES:
Investment income . . . . . . . . . . . . . . . . . . . . . 79,993 49,483 139,544 32,866 4,124 4,790 310,800
Unrestricted Federal and State aid . . . . . . . . . — — — — — 5,556 5,556
Gain on in-substance defeasance. . . . . . . . . . 10,107 — — — — — 10,107
70
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______165,570
__________ _________75,762
________ _______________—
__ __________911,251
___________ _______3,381
_______ _______101,600
__________ _______1,257,564
_____________
Total general revenue . . . . . . . . . . . . . . . _______255,670
__________ _______125,245
__________ _______139,544
__________ __________944,117
___________ _______7,505
_______ _______111,946
__________ _______1,584,027
_____________
Change in net position . . . . . . . . . . . . 192,719 (2,323,789) 300,450 467,616 2,495 34,062 (1,326,447)
Net position (deficit)—beginning . . . . . . . . . ____1,339,457
_____________ ____3,430,782
_____________ ____2,831,468
_____________ ______(4,824,815)
_______________ ____561,752
__________ _______699,493__________ _______4,038,137
_____________
Net position (deficit)—ending . . . . . . . . . . . . $ 1,532,176
__________________________________ $ 1,106,993
__________________________________ $ 3,131,918
__________________________________ $_ (4,357,199)
_________________________________
________ $ 564,247
____________________________ $ 733,555
__________________________________ $ 2,711,690
________________________________________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
COMPONENT UNITS
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Housing
Housing Development
Water and Authority Corporation Health and Economic Nonmajor
Sewer December 31, October 31, Hospitals Development Component
System
___________ 2018
__________ 2018
__________ Corporation
____________ Corporation
___________ Units
_____
_______ Total
_____________
EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$___3,817,681
_____________ _$___3,931,264
_____________ _$______380,206
__________ 10,473,859
$_____________________ _$___806,474
__________ _$______558,027
__________ __$___19,967,511
_______________
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . 3,818,947 1,070,022 471,364 8,374,499 277,856 65,860 14,078,548
Operating grants and contributions . . . . . . . . — 2,387,205 — 644,685 90,911 341,866 3,464,667
Capital grants, contributions and other . . . . . 12,448
_________________ _______820,368
__________ 39,601
_________________ 375,336
_____________________ 536,457
______________ _______100,176
__________ 1,884,386
____________________
Total program revenues . . . . . . . . . . . . . ____3,831,395
_____________ ____4,277,595
_____________ _______510,965
__________ _______9,394,520
______________ ____905,224
__________ _______507,902
__________ _____19,427,601
_______________
Net (expenses) program revenues . . . . . . . . . _________13,714
________ _______346,331
__________ 130,759
_________________ (1,079,339)
_____________________ ______98,750
________ ________(50,125)
_________ _________(539,910)
___________
GENERAL REVENUES:
Investment income . . . . . . . . . . . . . . . . . . . . . 91,712 22,507 53,555 38,807 9,057 7,611 223,249
Unrestricted Federal and State aid . . . . . . . . . — — — — — 5,559 5,559
Loss on in-substance defeasance . . . . . . . . . . (26,058) — (129) — — — (26,187)
71
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______176,346
__________ _______183,621
__________ _________63,117
________ _______1,209,701
______________ _______5,696
_______ _______101,169
__________ _______1,739,650
_____________
Total general revenue. . . . . . . . . . . . . . . _______242,000
__________ _______206,128
__________ _______116,543
__________ _______1,248,508
______________ ______14,753
________ _______114,339
__________ _______1,942,271
_____________
Change in net position . . . . . . . . . . . . 255,714 552,459 247,302 169,169 113,503 64,214 1,402,361
Net position (deficit)—beginning . . . . . . . . . ____1,083,743
_____________ ____2,878,323
_____________ ____2,584,166
_____________ ______(4,993,984)
_______________ ____448,249
__________ _______635,279__________ _______2,635,776
_____________
Net position (deficit)—ending . . . . . . . . . . . $ 1,339,457
__________________________________ $ 3,430,782
__________________________________ $ 2,831,468
__________________________________ $_ (4,824,815)
_________________________________
________ $ 561,752
____________________________ $ 699,493
__________________________________ $ 4,038,137
________________________________________
See accompanying notes to financial statements.
THE CITY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2020 and 2019
The accompanying basic financial statements of The City of New York (City or primary government) are presented in conformity
with Generally Accepted Accounting Principles (GAAP) for State and local governments in the United States of America as
prescribed by the Governmental Accounting Standards Board (GASB). The amounts shown in the “Primary Government” and
“component units” columns of the accompanying government-wide financial statements are only presented to facilitate financial
analysis and are not the equivalent of consolidated financial statements.
The following is a summary of the significant accounting policies and reporting practices of the City:
1. Reporting Entity
The City is a municipal corporation governed by the Mayor and the City Council. The City’s operations also include those
normally performed at the county level and, accordingly, transactions applicable to the operations of the five counties that comprise
the City are included in these financial statements.
The financial reporting entity consists of the City and its component units, which are legally separate organizations for which the
City is financially accountable.
The City is financially accountable for the organizations that make up its legal entity. It is also financially accountable for legally
separate organizations if City officials appoint a voting majority of an organization’s governing body, and either the City is able to
impose its will on that organization, or there is a potential for the organization to provide specific financial benefits to, or to
impose specific financial burdens on, the City. The City may also be financially accountable for organizations that are fiscally
dependent on the City if there is a potential for the organizations to provide specific financial benefits to the City or impose
specific financial burdens on the City, regardless of whether the organizations have separate elected governing boards, governing
boards appointed by higher levels of government, or jointly appointed boards. The City is financially accountable for all of its
component units.
Some component units are included in the financial reporting entity by discrete presentation. Other component units, despite
being legally separate from the City, are so integrated with the City that they are in substance part of the City. These component
units are blended with the City.
The New York City Transit Authority is an affiliated agency of the Metropolitan Transportation Authority (MTA) of the State of
New York (State), which is a component unit of the State and is thus excluded from the City’s financial reporting entity.
All of the component units publish separate annual financial statements, which are available at: Office of the Comptroller, Bureau
of Accountancy-Room 200 South, 1 Centre Street, New York, New York 10007, or at www.comptroller.nyc.gov.
Blended Component Units
Component Units that provide service exclusively to the City, whose governing bodies are substantially the same as that of the
City, whose total debts outstanding are expected to be repaid with resources of the City, or who are organized as not-for-profits
and the City is the sole corporate member (business-type activities), are reported as if they were part of the City, or blended into
the City’s financial statements. They include the following:
Fiscal Year 2005 Securitization Corporation (FSC). FSC is a corporation organized in 2004 under the Not-for-Profit Corporation
Law of the State of New York. FSC was formed for the purpose of issuing bonds to acquire securities held in an escrow account
securing City General Obligation Bonds of the City. The securities, which are held in a trust by the trustee for FSC, are scheduled
to generate sufficient cash flow to fund the debt service and operational expenditures of FSC for the life of its bonds. FSC expects
to cease operations and dissolve the corporation by fiscal year 2021 as the final payments on FSC’s bonds was April 1, 2020.
After such date, the Corporation had no assets or liabilities and no bonds outstanding as it fully expended its debt service funds.
FSC is governed by a three-member Board of Directors. FSC does not have any employees; its affairs are administered by
employees of the City and of the New York City Municipal Water Finance Authority (Water Authority), for which FSC pays a
management fee and overhead based on its allocated share of personnel and overhead costs.
72
NOTES TO FINANCIAL STATEMENTS, Continued
Hudson Yards Development Corporation (HYDC). HYDC is a corporation organized in 2005 under the Not-for-Profit Corporation
Law of the State of New York. HYDC was formed to manage and implement its economic development initiative to redevelop the
Hudson Yards area on the West Side of Manhattan. HYDC collaborates with the various City and State entities and agencies that
are involved in financing, planning, development and construction. HYDC is governed by a 13-member Board of Directors.
Hudson Yards Infrastructure Corporation (HYIC). HYIC is a corporation organized in 2005 under the Not-for-Profit Corporation
Law of the State of New York. HYIC was formed for the purpose of financing certain infrastructure improvements in the Hudson
Yards area on the West Side of Manhattan. HYIC does not engage in development directly, but finances development spearheaded
by HYDC and carried out by existing public entities. HYIC fulfills its purpose through the issuance of bonds to finance the
improvements, including the operations of the Hudson Yards Development Corporation, and the collection of revenues, including
payments in lieu of taxes and district improvement bonuses from private developers. HYIC is governed by a five-member Board
of Directors. HYIC does not have any employees; its affairs are administered by employees of the City and of the Water Authority,
for which it pays a management fee and overhead based on its allocated share of personnel and overhead costs.
New York City Educational Construction Fund (ECF). ECF is a public benefit corporation organized in 1967 by the State of
New York Legislature. It was formed to construct mixed-use real estate projects that include new school facilities, thereby increasing
the number of seats for the Department of Education (DOE). ECF builds combined-occupancy structures on City-owned land
conveyed to ECF by the City. ECF is self-funded, and receives no capital funding from the City. The revenues received by ECF
from the non-school portions of its projects pay the debt service of ECF-issued Bonds. If revenues are insufficient, the City would
be required to make rental payments on the school portions. ECF is governed by a three-member Board of Trustees.
New York City School Construction Authority (SCA). SCA is a public benefit corporation organized in 1988 by the State of
New York Legislature. SCA’s responsibilities, as defined in the enabling legislation, are the design, construction, reconstruction,
improvement, rehabilitation, and repair of the City’s public schools. SCA’s operations are funded by appropriations made by the
City. SCA also carries out certain projects funded by the City Council and Borough Presidents, pursuant to the City Charter. SCA
is governed by a three-member Board of Trustees.
New York City School Support Services, Inc. (NYCSSS). NYCSSS is a Type C corporation organized in 2016 under the Not-
For-Profit Corporation Law of the State of New York. NYCSSS was formed for the purpose of providing staffing of custodial
helpers for the City’s Department of Education (DOE). NYCSSS’ operations are funded by the DOE from appropriations provided
by the City. NYCSSS is governed by a five-member Board of Directors.
New York City Transitional Finance Authority (TFA). TFA is a public benefit corporation organized in 1997 by the State of
New York Legislature. Its primary purpose is to finance a portion of New York City’s capital improvement plan. TFA issues and
sells bonds and notes to fund a portion of the City’s capital program, the purpose of which is to maintain, rebuild, and expand the
City’s infrastructure and to pay TFA’s administrative expenses. The Bonds are secured by the City’s collections of personal income
tax and, if necessary, sales tax. TFA is governed by a five-member Board of Directors. TFA does not have any employees; its
affairs are administered by employees of the City and of the Water Authority, for which TFA pays a management fee and overhead,
based on its allocated share of personnel and overhead costs.
Sales Tax Asset Receivable Corporation (STAR). STAR is a corporation organized in 2004 under the Not-for-Profit Corporation
Law of the State of New York. The corporation was formed to issue bonds to retire the outstanding bonds of the Municipal
Assistance Corporation (MAC) of The City of New York and the outstanding bonds of the City held by MAC. STAR bonds are
secured by $170 million paid annually through June 30, 2034 to STAR from the New York State Local Government Assistance
Corporation. STAR is governed by a six-member Board of Directors. STAR does not have any employees; its affairs are administered
by employees of the City and of the Water Authority, for which STAR pays a management and overhead fee based on its allocated
share of personnel and overhead costs.
TSASC, Inc. (TSASC). TSASC is a corporation organized in 1998 under the Not-for-Profit Corporation Law of the State of New
York. TSASC was formed as a financing entity to issue and sell bonds and notes to fund a portion of the City’s capital program.
Pursuant to a purchase and sale agreement with the City, the City sold to TSASC all of its future rights, titles, and interest in the
tobacco settlement revenues under the Master Settlement Agreement and the Decree and Final Judgment. The proportion of these
revenues pledged to debt service was 37.4 percent. TSASC is governed by a five-member Board of Directors. TSASC does not
have any employees; its affairs are administered by employees of the City and of the Water Authority, for which TSASC pays a
management fee, rent, and overhead based on its allocated share of personnel and overhead costs.
73
NOTES TO FINANCIAL STATEMENTS, Continued
Business-type Activities
Brooklyn Bridge Park Corporation (BBPC). BBPC is a corporation organized in 2010 under the Not-for-Profit Corporation
Law of the State of New York. BBPC is responsible for the planning, construction, maintenance, and operation of Brooklyn
Bridge Park, an 85-acre sustainable waterfront park, stretching 1.3 miles along Brooklyn’s East River shoreline. BBPC operates
under a mandate to be self-sustaining. While a small fraction of the required operations and maintenance funds for the Park will
be collected from concessions located throughout, the majority of the funds will come from a limited number of revenue-generating
development sites within the Park. BBPC receives funding for park construction from the City and the City’s Department of Parks
and Recreation. It is governed by a 17-member Board of Directors.
Governors Island Corporation, doing business as The Trust for Governors Island (TGI). TGI is a corporation organized in
2010 under the Not-for-Profit Corporation Law of the State of New York. It was formed for the purpose of lessening the burdens
of government by providing the planning, preservation, redevelopment, and ongoing operations and maintenance of approximately
150 acres of Governors Island plus surrounding lands underwater. TGI receives funding from the City, and is governed by a 13-
member Board of Directors.
New York City Tax Lien Trusts (NYCTL Trusts). The NYCTL Trusts are Delaware statutory trusts, which were organized to
acquire certain tax liens from the City in exchange for the proceeds from bonds issued by the NYCTL Trusts, net of reserves
funded by the bond proceeds and bond issuance costs. The City is the sole beneficiary of the NYCTL Trusts and is entitled to
receive distributions from the NYCTL Trusts after payments to the bondholders and certain reserve requirements have been
satisfied. The NYCTL Trusts are governed by the Declarations and Agreements of Trust between the City of New York and the
Wilmington Trust Company of Wilmington, Delaware (the Owner Trustee). The NYCTL Trusts are:
WTC Captive Insurance Company, Inc. (WTC Captive). WTC Captive is a corporation organized in 2004 under the Not-for-
Profit Corporation Law of the State of New York in response to the events of September 11, 2001. WTC Captive supports a
liability insurance contract that provides specified coverage (including general liability, environmental liability, professional
liability, and marine liability) against certain third-party claims made against the City and approximately 145 contractors and
subcontractors working on the City’s Federal Emergency Management Agency (FEMA)- funded debris removal project. As all of
WTC Captive’s resources must be used to satisfy obligations under the contract or returned; it reports only changes to its liabilities
and no net position. WTC Captive was funded on December 3, 2004 with $999.9 million in funds by FEMA. WTC Captive is
governed by a five-member Board of Directors.
Component units that do not meet the criteria for blending are presented discretely, separate from the financial data of the City.
The component units’ column in the government-wide financial statements includes the financial data of these entities, which are
reported in a separate column to emphasize that they are legally separate from the City.
New York City Economic Development Corporation (EDC). EDC was organized in 1991 under the Not-for-Profit Corporation
Law of the State of New York. Its primary activities consist of rendering a variety of services and administering certain economic
development programs on behalf of the City relating to the attraction, retention, and expansion of commerce in the City. In order
to provide these services, EDC primarily generates revenues from property rentals and real estate sales. EDC is governed by a 27-
member Board of Directors.
New York City Health and Hospitals Corporation (NYC Health + Hospitals). NYC Health + Hospitals was organized in 1969
by the New York State Legislature as a public benefit corporation the Department of Hospitals operating city hospitals and other
health care facilities. NYC Health + Hospitals was formed to enable it to benefit from private revenues and funding; it assumed
responsibility for the operation of the City’s municipal hospital system in 1970. NYC Health + Hospitals provides medical and
mental health services, regardless of a patient’s ability to pay. NYC Health + Hospitals is governed by a 16-member Board of
Directors.
74
NOTES TO FINANCIAL STATEMENTS, Continued
New York City Housing Authority (NYCHA). NYCHA is a public benefit corporation organized in 1934 under the New York
State Public Housing Law. NYCHA develops, constructs, manages, and maintains affordable housing for eligible low-income
families in the City. NYCHA also maintains a leased housing program, which provides housing assistance payments to families.
Substantial operating losses result from the essential services that NYCHA provides exceeding revenues. To meet the funding
requirements of these operating losses, NYCHA receives subsidies from: (a) the Federal government, primarily the U.S. Department
of Housing and Urban Development, in the form of annual grants for operating assistance, debt service payments, contributions
for capital, and reimbursement of expenditures incurred for certain Federal housing programs; (b) New York State in the form of
debt service and capital payments; and (c) the City in the form of debt service and capital payments. NYCHA is governed by a
seven-member Board of Directors.
New York City Housing Development Corporation (HDC). HDC is a public benefit corporation organized in 1971 by the New
York State Legislature as a supplementary and alternative means of supplying financing for affordable housing that was independent
from the City’s capital budget. HDC encourages the investment of private capital through low-interest mortgage loans in order to
increase the supply of safe and sanitary dwelling accommodations for families and persons whose need for housing accommodations
cannot be provided by unassisted private enterprise. To accomplish its objectives, HDC is empowered to finance housing through
new construction or rehabilitation and to provide permanent financing for multi-family residential housing. HDC finances significant
amounts of its activities through the issuance of bonds, notes and debt obligations. HDC is governed by a seven-member Board of
Directors.
New York City Water and Sewer System (the System). The System is a joint operation consisting of two legally-separate and
independent entities - the New York City Municipal Water Finance Authority (Water Authority) and the New York City Water
Board (Water Board). Both entities were organized in 1984. The System, which began operations in 1985, provides water supply,
treatment, distribution, sewage collection, treatment, and disposal for the City. The Water Authority issues debt to finance the cost
of capital improvements to the System. The Water Board leases the System from the City and sets and collects rates, fees, rents,
and other charges for the use of, or for services furnished, rendered, or made available by the System to produce revenue sufficient
to pay debt service on the Water Authority’s bonds and to put the System on a self-sustaining basis. The Water Authority is
governed by a seven-member Board of Directors. The Water Board also has a seven-member Board of Directors. The Water Board
does not have any employees.
Brooklyn Navy Yard Development Corporation (BNYDC). BNYDC is a corporation organized in 1981 under the Not-for-Profit
Corporation Law of the State of New York. The mission of the BNYC is to fuel the City’s economic vitality by creating and
preserving quality jobs, growing the City’s modern industrial sector and its businesses, and connecting the local community with
the economic opportunity and resources of the Navy Yard. BNYDC serves as a real estate developer and property manager of the
Navy Yard on behalf of the City. The BNYDC is governed by a 25-member Board of Directors.
Brooklyn Public Library (BPL). BPL is a corporation organized in 1902 under the Not-for-Profit Corporation Law of the State
of New York. BPL serves Brooklyn residents with a Central Library, a Business Library, and approximately 60 branch locations.
BPL receives significant support through governmental appropriations, primarily from the State and the City. BPL is governed by
a 38-member Board of Trustees.
Build NYC Resource Corporation (Build NYC). Build NYC is a corporation organized in 2011 under the Not-For-Profit
Corporation Law of the State of New York. Its primary goal is to facilitate access to private activity tax-exempt bond financing for
eligible entities to acquire, construct, renovate, and/or equip their facilities and to refinance previous financing transactions. Build
NYC is a self-supporting entity and follows enterprise fund reporting. It is governed by a 15-member Board of Directors. Build
NYC does not have any employees; under an agreement with the New York City Economic Development Corporation (EDC),
EDC provides Build NYC with professional, administrative, and technical assistance.
New York City Business Assistance Corporation (NYBAC). NYBAC is a corporation organized in 1988 under the Not-for-Profit
Corporation Law of the State of New York. Its purpose includes, but is not limited to, relieving and reducing unemployment;
promoting and providing for additional and maximum employment in New York City; encouraging the development and/or
retention of business in the City; and instructing or training individuals to improve or develop their capabilities for jobs in business.
NYBAC is funded primarily through private sources, along with a small appropriation from the State in support of revitalization
projects of eligible main street and surrounding downtown areas. NYBAC is governed by a five-member Board of Directors.
75
NOTES TO FINANCIAL STATEMENTS, Continued
NYBAC does not have any employees; it receives administrative, financial, legal, and other services necessary for its administration
from the Department of Small Business Services (SBS).
New York City Industrial Development Agency (IDA). IDA is a public benefit corporation organized in 1974 by the New York
State Legislature. IDA was formed to actively promote, retain, attract, encourage, and develop an economically-sound commerce
and industry base to prevent unemployment and economic deterioration in the City. Under its programs, IDA may provide one or
more of the following tax benefits: exemption from mortgage recording tax; payments in lieu of real property taxes (PILOTs) that
are less than full taxes; and exemption from City and State sales and use taxes as applied to construction materials and machinery
and equipment. IDA is a self-supporting entity and follows enterprise fund reporting. IDA is governed by a 15-member Board of
Directors. IDA does not have any employees; under an agreement with the EDC, EDC provides IDA with professional, administrative,
and technical assistance.
New York City Land Development Corporation (LDC). LDC is a corporation organized in 2012 under the Not-for-Profit
Corporation Law of the State of New York. Its mission is to encourage economic growth throughout the five boroughs of the City
by acquiring City-owned property and disposing of it to strengthen the City’s competitive position and facilitate investments that
build capacity, generate economic opportunity, and improve the quality of life. LDC is funded by operating grants from EDC and
is governed by a five-member Board of Directors. LDC does not have any employees; under an agreement with EDC, EDC
provides LDC with professional, administrative, and technical assistance.
New York City Neighborhood Capital Corporation (NYCNCC). NYCNCC is a corporation organized in 2014 under the Not-
for-Profit Corporation Law of the State of New York. It was formed for the following purposes: (a) to make qualified low income
community investments in the service area of the City; (b) to operate as a qualified Community Development Entity (CDE) under
the Federal New Markets Tax Credit Program; (c) to form and manage subsidiary limited liability companies which are certified
as CDEs to receive equity contributions, which will be utilized primarily to make qualified low-income community investments;
and (d) to engage in all activities consistent with the business of NYCNCC. NYCNCC charges fees for services, which include,
but are not limited to, placement and services fees, sponsor fees, asset management fees, and incentive management fees. The
NYCNCC is governed by an 11-member Board of Directors. NYCNCC does not have any employees; under an agreement with
EDC, EDC provides NYCNCC with professional, administrative, and technical assistance.
Public Realm Improvement Fund Governing Group, Inc. (Governing Group). The Governing Group is a corporation organized
in 2017 under the Not-for-Profit Corporation Law of the State of New York. The Governing Group was formed for the exclusively
charitable and public purpose of lessening the burdens of the City and acting in the public’s interest, by bolstering and enhancing
New York City’s East Midtown district status as a premier central business district through public realm improvement projects.
Contributions into the Governing Group are received from projects that use development rights from landmarks within the East
Midtown Subdistrict or that rebuild non-complying floor area in accordance with 81-60 of the Zoning Resolution. The Governing
Group is governed by a 13-member Board of Directors. The Governing Group does not have any employees; EDC and the New
York City Department of City Planning provide the Governing Group with professional, administrative, and technical assistance.
The Mayor’s Fund to Advance New York City (the Fund). The Fund was initially incorporated in 1994 under the name New
York City Public Private Initiatives, Inc. and under the Not-for-Profit Corporation Law of the State of New York. In July 2003, the
Fund adopted its current name. Its purpose is to create partnerships between the City and the private sector in an effort to enhance
public programs and improve the quality of life for New York City’s residents. The Fund is supported by diverse funding sources,
which include the City, interest income, and administrative fee income. The Fund is governed by a six-member Board of Directors.
The Queens Borough Public Library and Affiliate (QBPL). QBPL is a corporation organized in 1907 under the Not-for-Profit
Corporation Law of the State of New York. QBPL is a free association library and provides free public library service in the
Borough of Queens. The library receives a substantial amount of support from the City, in addition to support from other
governmental entities, and private sources. The operations of QBPL also includes its affiliate, Queens Library Foundation, Inc.,
which supports QBPL. The library is governed by a 19-member Board of Trustees.
76
NOTES TO FINANCIAL STATEMENTS, Continued
2. Basis of Presentation
Government-Wide Statements: The government-wide financial statements (the Statement of Net Position and the Statement of
Activities) display information about the City and its component units. These statements include the financial activities of the
overall government except for fiduciary activities. Eliminations of internal activity have been made in these statements. The City
is reported separately from certain legally separate component units, for which the City is financially accountable. All of the
activities of the City are either governmental or business-type activities.
The Statement of Activities presents a comparison between program expenses, which include allocated indirect expenses, and
program revenues for each function of the City’s governmental activities. Direct expenses are those that are clearly identifiable
with a specific function. Program revenues include: (i) charges for services such as rental revenue from operating leases on
markets, ports, and terminals and (ii) grants and contributions that are restricted to meeting the operational or capital requirements
of a particular function or program. Taxes and other revenues, not specifically included among program revenues, are reported as
general revenues.
Fund Financial Statements: The fund financial statements provide information about the City’s funds, including blended
component units. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column.
All remaining governmental funds are aggregated and reported as nonmajor funds.
The City uses funds to report its financial position and the results of its operations. Fund accounting is designed to demonstrate
legal compliance and to aid financial management by segregating transactions related to certain government functions or activities.
A fund is a separate accounting entity with a self-balancing set of accounts.
The City’s funds are classified into three categories: governmental, proprietary and fiduciary; each category, in turn, is divided
into separate “fund types”.
Governmental Funds
The City reports the following governmental funds:
General Fund. This is the general operating fund of the City. Substantially all tax revenues, Federal and State aid (except aid for
capital projects), and other operating revenues are accounted for in the General Fund. This fund also accounts for expenditures
and transfers as appropriated in the expenditures budget, which provides for the City’s day-to-day operations, including transfers
to Debt Service Funds for payment of long-term liabilities. The fund balance in the General Fund consists of restricted and
committed funds (see Note A.20).
Capital Projects Fund. This fund is used to account for and report financial resources that are restricted, committed, or assigned
to expenditures for capital outlays, including the acquisition or construction of capital facilities and other capital assets. Capital
Projects Funds exclude capital-related outflows financed by component unit proprietary funds or for assets that will be held in
trust for individuals, private organizations, or other governments. Resources of the Capital Projects Fund are derived principally
from proceeds of City and TFA bond issues, payments from the Water Authority, and from Federal, State, and other aid.
General Debt Service Fund. This fund is used to account for and report financial resources that are restricted, committed, or
assigned to expenditures for principal and interest. This fund, into which payments of real estate taxes and other revenues are
deposited in advance of debt service payment dates, is required by State legislation and is administered and maintained by the
State Comptroller. Debt service on all City notes and bonds is paid from this fund.
Nonmajor Governmental Funds. The City reports the following blended component units within the Nonmajor Governmental
Funds: FSC, HYDC, HYIC, ECF, SCA, NYCSSS, TFA, STAR and TSASC If a component unit is blended, the governmental
fund types of the component unit are blended with those of the City by including them in the appropriate combining statements of
the City. Although the City’s General Fund is usually the main operating fund of the reporting entity, the General Fund of a
blended component is reported as a Special Revenue Fund. The City does not have other Special Revenue Funds.
Proprietary Funds
Proprietary funds focus on the determination of operating income, changes in net position, financial position and cash flows.
There are two types of proprietary funds, enterprise funds and internal service funds. Enterprise funds are used to report an activity
for which a fee is charged to external users for goods or services. The City reports the following blended component units as
enterprise funds: BBPC, TGI, NYCTL Trusts and the WTC Captive. The City does not have any internal service funds.
77
NOTES TO FINANCIAL STATEMENTS, Continued
Fiduciary Funds
The City’s fiduciary funds are divided into two separate fund types: the Pension and Other Employee Benefit Trust Funds and the
Custodial Fund.
The Pension and Other Employee Benefit Trust Funds account for the operations of:
• Pension Trusts
– New York City Employees’ Retirement System (NYCERS)
– Teachers’ Retirement System of The City of New York (TRS)
– New York City Board of Education Retirement System (BERS)
– New York City Police Pension Funds (POLICE)
– New York City Fire Pension Funds (FIRE)
• Deferred Compensation Plans (DCP)
• The New York City Other Postemployment Benefits Plan (the OPEB Plan)
Each of the pension trusts report all jointly administered plans including primary pension (QPPs), and/or variable supplements
funds (VSFs) and/or tax deferred annuity plans (TDAs), as appropriate. While the VSFs are included with QPPs for financial
reporting purposes, in accordance with the Administrative Code of The City of New York (ACNY), VSFs are not pension funds or
retirement systems. Instead, they provide scheduled supplemental payments, in accordance with applicable statutory provisions.
Although a portion of these payments are guaranteed by the City, the State has the right and power to amend, modify, or repeal
VSFs and the payments they provide. However, any assets transferred to the VSFs are held in trust solely for the benefit of its
members. More information is available in note E.5.
The Deferred Compensation Plans report the various jointly administered Deferred Compensation Plans of The City of New York
and related agencies and Instrumentalities and the New York City Employee Individual Retirement Account (NYCEIRA).
Note: These fiduciary funds publish separate annual financial statements, which are available at: Office of the Comptroller,
Bureau of Accountancy-Room 200 South, 1 Centre Street, New York, New York 10007, or at www.comptroller.nyc.gov.
These funds use the accrual basis of accounting and a measurement focus on the periodic determination of additions, deductions,
and net position restricted for benefits.
The Custodial Fund accounts for miscellaneous assets held by the City. School fundraiser monies for scholarships, collections
from prevailing wage violators, and special assessments held for Business Improvement Districts, are the major miscellaneous
assets accounted for in this fund.
78
NOTES TO FINANCIAL STATEMENTS, Continued
The City continues to meet the fiduciary criteria by classifying activities related to pension, investment trust funds, and private-
purpose trust funds as fiduciary. Items previously reported as part of the agency fund classification of the Fiduciary Funds
statements were reviewed to evaluate if they met the new custodial funds criteria. The City identified approximately 151 custodial
accounts as non-fiduciary and re-categorized them as restricted. As a result, for fiscal year ended June 30, 2020, the net activities
of the restricted accounts of $46 million was reported as part of the City’s General Fund. The inclusion of restricted fund activities
causes a deficit in the General Fund of $41 million; however, the exclusion of restricted fund activities, as permitted by state
legislation for the determination as to the existence of a deficit pursuant to the New York State Financial Emergency Act, results
in the City’s operating surplus of approximately $5 million. More information is available in Note A.20.
The restricted accounts and balances were reclassified from the City’s Fiduciary Net Position to the General Fund Restricted Fund
Balance. The reclassification prompted the City to restate the following statements for fiscal year ended June 30, 2019: Governmental
Fund Balance Sheet; Statement of Revenues, Expenditures, and Changes in Fund Balances; Fiduciary Fund Statement of Fiduciary
Net Position; and Custodial Fund Schedule of Changes in Assets and Liabilities.
The Governmental Funds’ fund balance for fiscal year 2019 increased from $3.391 billion to $6.189 billion as a result of the
reclassification. The change in net position is outlined below and incorporates the restatement.
Fiscal Year GASB Fiscal Year
June 30, 2019 Statement June 30, 2019
Original
____________________ No. 84
____________________ (Restated)
____________________
(in thousands)
Net change in fund balances $ (2,027,268) $ (2,027,268)
Fund balances (deficit) at Beginning of year . . . . . . 5,418,104 5,418,104
Restatement of beginning fund balance . . . . . . . . . ________________________________— ___ ________________2,797,693
___________________ ________________2,797,693 ___________________
Fund balances (deficit) at End of year $________________________________3,390,836
______________________________________ $________________________________6,188,529
______________________________________
Change in net position $ (6,946,149) $ (6,946,149)
Net position (deficit)—Beginning . . . . . . . . . . . . . . (197,767,704) (197,767,704)
Restatement of beginning net position . . . . . . . . . . ________________________________— ___ ________________2,797,693
___________________ ________________2,797,693 ___________________
Net position (deficit)—Ending . . . . . . . . . . . . . . . . . $____________________(204,713,853)
__________________________________________________ __$__________________(201,916,160)
__________________________________________________
Statement No. 95 provides temporary relief to governments and other stakeholders in light of the COVID-19 pandemic by
postponing the effective dates of certain provisions in Statements and Implementation Guides that first became effective or are
scheduled to become effective for periods beginning after June 15, 2018, and later. The City has implemented GASB 95, with the
exception of the adoption of Statement No. 84 mentioned above.
Pronouncements Issued But Not Yet Effective
GASB has issued the following pronouncements that may affect future financial position, results of operations, cash flows, or financial
presentation of the City upon implementation. Management has not yet evaluated the effect of implementation of these standards.
GASB Effective
_Statement
__________________No.
_____ GASB
____________Accounting
_____________________Standard
_______________ ____Fiscal
__________Year
__________
87 Leases 2022
89 Accounting for Interest Cost Incurred before the End of a Construction Period 2022
91 Conduit Debt Obligations 2023
92 Omnibus 2020 2022
93 Replacement of Interbank Offered Rates 2022
94 Public-Private and Public-Public Partnerships and Availability Payment Arrangements 2023
96 Subscription-Based Information Technology Arrangements 2023
97 Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal
Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB
Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32 2022
79
NOTES TO FINANCIAL STATEMENTS, Continued
3. Basis of Accounting
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of
accounting in which revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless
of when the related cash flows take place. Nonexchange transactions include: sales and income taxes, property taxes, grants,
entitlements and donations, and are recorded on the accrual basis of accounting.
Revenues from property tax are recognized in the fiscal year for which the taxes are levied. Revenues from grants, entitlements,
and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied.
Governmental funds use the flow of current financial resources measurement focus. This focus is on the determination of and
changes in financial position, and generally only current financial resources and current liabilities are included on the balance
sheet although certain receivable amounts may not be currently available. These funds use the modified accrual basis of accounting,
whereby revenues are recognized in the accounting period in which they become both measurable and available to finance
expenditures of the fiscal period. Revenues from taxes are generally considered available if received within two months after the
fiscal year-end. Revenues from categorical and other grants are generally considered available if expected to be received within
one year after the fiscal year-end. Expenditures are recorded when the related liability is incurred and payment is due, except for
principal and interest on long-term debt, pensions, post employment benefits other than pensions and certain other estimated
liabilities, which are recorded only when payment is due.
The measurement focus of the Pension and Other Employee Benefit Trust Funds and Custodial Fund is on the flow of economic
resources. This focus emphasizes the determination of and changes in net position. With this measurement focus, all assets and
liabilities associated with the operation of these funds are included on the Statement of Fiduciary Net Position. These funds use
the accrual basis of accounting whereby revenues are recognized in the accounting period in which they are earned, and expenses
are recognized in the period incurred.
4. Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other commitments for expenditures are recorded to reflect
the use of the applicable spending appropriations, is used by the General Fund during the fiscal year to control expenditures. The
cost of those goods received and services rendered on or before June 30, are recognized as expenditures. Encumbrances that do
not result in expenditures by year-end lapse.
80
NOTES TO FINANCIAL STATEMENTS, Continued
6. Inventories
Inventories on hand at June 30, 2020 and 2019, estimated based on average cost at $611 and $428 million, respectively, have been
reported on the government-wide Statement of Net Position. Inventories are recorded as expenditures in governmental funds at the
time of purchase, and accordingly have not been reported on the governmental funds balance sheet.
8. Capital Assets
Capital assets include all land, buildings, equipment (including software), and other elements of the City’s infrastructure that have
been appropriated in the Capital Budget (see Note C.1). All capital assets, with the exception of computer hardware, software,
networks and systems, have an initial minimum useful life of five years. Computer hardware, software, networks and systems,
have a three year minimum useful life. The City’s baseline eligibility criteria stipulate that capital assets must have a minimum
cost threshold of more than $35 thousand. Capital assets, which are used for general governmental purposes and are not available
for expenditure, are accounted for and reported in the government-wide financial statements. Infrastructure elements include the
roads, bridges, curbs and gutters, streets and sidewalks, park land and improvements, piers, bulkheads and tunnels. The capital
assets of the water distribution and sewage collection system are recorded in the System component unit financial statements
under a lease agreement between the City and the Water Board.
Capital assets are generally stated at historical cost, or at estimated historical cost, based on appraisals or on other acceptable
methods, when historical cost is not available. Donated capital assets are reported at their acquisition value. Capital leases are
classified as capital assets in amounts equal to the lesser of the fair market value or the present value of net minimum lease
payments at the inception of the lease (see Note D.3).
Accumulated depreciation and amortization are reported as reductions of capital assets. Depreciation is computed using the
straight-line method based upon estimated useful lives of generally 25 to 50 years for new construction, 10 to 25 years for
betterments and/or reconstruction, 5 to 15 years for equipment (including software), and 15 to 40 years for infrastructure. Capital
lease assets and leasehold improvements are amortized over the term of the lease or the life of the asset, whichever is less.
81
NOTES TO FINANCIAL STATEMENTS, Continued
Governmental Activities
Changes in Fair Value Fair Value at
from June 30, 2019_________
_____________________________ June 30, 2020
__________________________
Item
_____ Classification
_____________________ Amount
___________ Classification __________
______________ Amount ___________
Notional
(in thousands)
Cash flow Hedges:
H Pay-Fixed interest rate swap Debt $(11,450) Debt $ —
Investment derivative instruments:
A Pay-Fixed interest rate swap Investment Revenue 1,358 Investment (681) 42,158
B Pay-Fixed interest rate swap Investment Revenue 453 Investment (227) 14,053
C Pay-Fixed interest rate swap Investment Revenue 453 Investment (227) 14,053
D Pay-Fixed interest rate swap Investment Revenue 453 Investment (227) 14,053
E Pay-Fixed interest rate swap Investment Revenue (588) Investment (8,240) 76,775
H Pay-Fixed interest rate swap Investment Revenue (30,698) Investment (72,681) 350,000
Due to the conversion to fixed rate of the outstanding 2004 A-4 and 2004 A-5 bonds during Fiscal Year ended June 30, 2020, Swap
H is no longer treated as a cash flow hedge. Accordingly, the change in fair value of the swaps from June 30, 2019 to June 30, 2020
is reported within the investment revenue classification for the Fiscal Year ended June 30, 2020.
Effective May 1, 2020 The City and the counterparty for Investment Derivative H agreed to change the floating rate index from
61.85% of USD-LIBOR-BBA to 100% of SIFMA in exchange for increasing the fixed rate from 2.964% to 3.175%. The new
floating rate index and fixed rate will remain in place for the remaining term of the agreement. There was no payment of receipt
from the swap counterparty in connection with the change in terms.
Fair Value for the derivative instruments is the estimated exit price that assumes a transaction takes place in the City’s principal
market, or in the City’s most advantageous market in the absence of a principal market. These inputs include the mid-market
valuation and then incorporates the credit risk of either the City or its counterparty and the bid/offer spread that would be charged
to the City in order to transact. The mid-market values of the derivative instruments were estimated using the income approach.
This method calculates the future net settlement payments required by the swap, assuming that the current forward rates implied
by the yield curve correctly anticipate future spot interest rates. These payments are then discounted using the spot rates implied
by the current yield curve for hypothetical zero-coupon bonds due on the date of each future net settlement date. The derivative
instruments are classified in Level 2 as their valuation relies primarily on observable inputs.
As of June 30, 2020 the City no longer has any swaps that are classified as hedging derivative instruments.
82
NOTES TO FINANCIAL STATEMENTS, Continued
Contingencies
The City’s derivative instruments include provisions that require the City to post collateral in the event its credit rating falls below
Baa1 (Moody’s) or BBB+ (Standard & Poor’s) for derivative instruments A and B, or below Baa3 (Moody’s) or BBB- (Standard
& Poor’s) for derivative instruments H or below Baa3 (Moody’s) and BBB- (Standard & Poor’s) for derivative instruments C, D
and E. The collateral posted is to be in the form of cash, U.S. Treasury securities, or specified U.S. Government Agency securities
in the amount equal to (when in the form of cash) or greater than (when in the form of securities) the fair value of derivative
instruments in liability positions, net of the effect of applicable netting arrangements and applicable thresholds. If the City does
not post collateral when required, the derivative instrument may be terminated by the counterparty. The collateral requirements
would be $82.33 million for ratings below Baa3 or BBB- based on posting cash. The City’s credit rating as of June 30, 2020 was
Aa1 (Moody’s) and AA (Standard & Poor’s); therefore, no collateral was posted as of that date.
(1) All of the City’s swap counterparties have agreements that collateral is to be posted by the City if the City were to owe a termination payment and its
ratings fall below a certain level. Based on the credit rating level, the amount of collateral required can range from zero to the amount of the counterparty’s
exposure based on the market value of the swap.
(2) A negative value means the City would owe a termination payment.
(3) A downgrade of the City to either Baa2 (Moody’s) or BBB (S&P) is the highest rating level at which the City would be required to post collateral.
(4) Represents the total amount of required collateral for ratings below Baa3/BBB-. The amount of collateral required to be posted would be the amount
shown, less any collateral previously posted.
(5) The swap counterparties, other than Merrill Lynch Capital Services Inc., round the collateral amount up or down to the nearest $100,000. Merrill Lynch
does not round the amount.
Real estate tax payments for the fiscal year ended June 30, 2020, were due July 1, 2019 and January 1, 2020 except that payments
by owners of real property assessed at $250,000 or less and cooperatives whose individual units, on average, are valued at $250,000
or less, which were due in quarterly installments on the first day of each quarter beginning on July 1.
The adopted levy date for fiscal year 2020 taxes was June 19, 2019. The lien date is the date taxes are due.
Real estate tax revenue represents payments received during the year, payments received against the current fiscal year, and prior
years’ levies within the first two months of the following fiscal year reduced by tax refunds (for the fund financial statements).
Real estate tax revenues not available are reported as deferred inflows of resources. The government-wide financial statements
recognize real estate tax revenue (net of refunds), which are not available to the governmental fund type in the fiscal year for
which the taxes are levied. Real estate taxes received or reported as receivables before the period for which the property taxes are
levied, the period when resources are required to be used, or when use is first permitted, are reported as deferred inflows of
resources.
The City offered a 0.5% discount on the full amount of a taxpayer’s yearly property tax if the entire amount shown on their bill is
paid by the July due date (or grace period due date), a 0.25% discount on the last three quarters if the taxpayer waits until the
October due date to pay the entire amount due, or a 0.125% discount on the last six months of taxes when the taxpayer pays the
balance by the January due date. Payment of real estate taxes before July 15, 2020, on properties with an assessed value of
$250,000 or less and before July 1, 2019, on properties with an assessed value over $250,000 received the discount. Collections of
these real estate taxes received on or before June 30, 2020 and 2019 were approximately $8.8 billion and $8.6 billion, respectively.
83
NOTES TO FINANCIAL STATEMENTS, Continued
The City sold approximately $105.3 million of real property tax liens, fully attributable to fiscal year 2020, at various dates in
fiscal year 2020. As in prior years’ lien sale agreements, the City will refund the value of liens later determined to be defective,
plus interest and a 5% surcharge. It has been estimated that $4.0 million worth of liens sold in fiscal year 2020 will require
refunding. The estimated refund accrual amount of $4.0 million, including the surcharge and interest, resulted in fiscal year 2020
net sale proceeds of $101.3 million.
The City sold approximately $58.6 million of real property tax liens, fully attributable to fiscal year 2019, at various dates in fiscal
year 2019. As in prior years’ lien sale agreements, the City will refund the value of liens later determined to be defective, plus
interest and a 5% surcharge. No reserve for defective tax liens in fiscal year 2019 was required.
In fiscal years 2020 and 2019, $226 million and $237 million respectively, were provided as allowances for uncollectible real
estate taxes against the balance of the receivable. Delinquent real estate taxes receivable that are estimated to be collectible but
which are not collected in the first two months of the next fiscal year are recorded as deferred inflows of resources in the
governmental funds balance sheet but included in general revenues on the government-wide Statement of Activities.
The City is permitted to levy real estate taxes for general operating purposes in an amount up to 2.5% of the average full value of
taxable real estate in the City for the last five years and in unlimited amounts for the payment of principal and interest on long-
term City debt. Amounts collected for payment of principal and interest on long-term debt in excess of that required for that
purpose in the year of the levy, must be applied toward future years’ debt service. For the fiscal years ended June 30, 2020 and
2019, excess amounts of $176 million and $172 million, respectively, were transferred to the General Debt Service Fund.
Taxpayer-assessed taxes, such as sales and income taxes, net of refunds, are recognized in the accounting period in which they
become susceptible to accrual for the fund financial statements. Assets recorded in the governmental fund financial statements,
but the revenue is not available, are reported as deferred inflows of resources. Additionally, the government-wide financial
statements recognize sales and income taxes (net of refunds), which are not available to the governmental fund type in the
accounting period for which the taxes are assessed.
For the government-wide and fund financial statements, categorical aid is reported as receivable when the related eligibility
requirements are met. The disallowances of expenses/expenditures, originally deemed eligible, are treated as a separate event.
Unrestricted aid is reported as revenue in the fiscal year of entitlement. Resources received before the time requirements are met,
but after all other eligibility requirements are met, are reported as deferred inflows of resources.
Payments from a fund receiving revenue to a fund through which the revenue is to be expended are reported as transfers. Such
payments include transfers for debt service and capital construction. In the government-wide financial statements, resource flows
between the City and the discretely presented component units are reported as if external transactions.
18. Subsidies
The City makes various payments to subsidize a number of organizations which provide services to City residents including but
not limited to Art and Cultural institutions. These payments are recorded as expenditures in the fiscal year paid.
84
NOTES TO FINANCIAL STATEMENTS, Continued
85
NOTES TO FINANCIAL STATEMENTS, Continued
Committed–includes fund balance amounts that are constrained for specific purposes when such constraints are internally imposed
by the government’s formal action at the highest level of decision making authority and do not lapse at year-end. In accordance with
the New York City Charter, the City Council is the City’s highest level of decision-making authority and can, by legal resolution prior
to the end of a fiscal year, approve to establish, modify or rescind a fund balance commitment. Therefore, pursuant to the New York
City Charter Section 1528, The City reclassified its nonspendable fund balance to committed which represents the revenue stabilization
fund, which will be maintained in accordance with applicable state law. For the blended component units reported as Nonmajor
Funds, the respective Boards of Directors (Boards) constitute the highest level of decision-making authority. When resolutions are
adopted by the Boards that constrain fund balances for a specific purpose, such resources are accounted for and reported as committed
for such purpose, unless and until a subsequent resolution altering the commitment is adopted by a Board.
Assigned–includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted
or committed. The City does not have any assigned amounts in its major funds. For the blended component units reported as
Nonmajor Funds, the fund balances which are constrained for use for a specific purpose based on the direction of the President of
the component unit to direct the movement of such funds are accounted for and reported as assigned for such purpose unless and
until a subsequent authorized action by the same, or another duly authorized officer, or by a board, is taken which removes or
changes the assignment.
The City generally uses restricted amounts first when both restricted and unrestricted resources are available. Additionally, the
City first uses committed, then assigned, and lastly unassigned resources when expenditures are made.
The City does not have a formal minimum fund balance policy. Below is the detail included in the fund balance classifications for
the governmental funds fiscal years June 30, 2020 and 2019:
86
NOTES TO FINANCIAL STATEMENTS, Continued
21. Pensions
In government-wide financial statements, pensions are recognized and disclosed using the accrual basis of accounting (see Note
E.5 and the RSI section immediately following the notes to financial statements), regardless of the amount recognized as pension
expenditures on the modified accrual basis of accounting. The City recognizes a net pension liability for each qualified pension
plan in which it participates, which represents the excess of the total pension liability over the fiduciary net position of the qualified
pension plan, measured as of the City’s fiscal year-end or the City’s proportionate share thereof in the case of a cost-sharing
multiple-employer plan. Changes in the net pension liability during the period are recorded as pension expense, or as deferred
inflows of resources or deferred outflows of resources depending on the nature of the change, in the period incurred. Those
changes in net pension liability that are recorded as deferred inflows of resources or deferred outflows of resources that arise from
changes in actuarial assumptions or other inputs and differences between expected or actual experience, are amortized over the
weighted average remaining service life of all participants, including retirees, in the respective qualified pension plan and recorded
as a component of pension expense beginning with the period in which they arose. Projected earnings on qualified pension plan
investments are recognized as a component of pension expense. Differences between projected and actual investment earnings are
reported as deferred inflows of resources or deferred outflows of resources and amortized as a component of pension expense on
a closed basis over a five-year period beginning with the period in which the difference occurred.
87
NOTES TO FINANCIAL STATEMENTS, Continued
88
NOTES TO FINANCIAL STATEMENTS, Continued
The New York City Banking Commission, comprised of a representative for the Mayor, a representative for the Comptroller, and
the Department of Finance Commissioner, applies a stringent list of requirements to banks applying for designation as an approved
depository biannually. The requirements include, but are not limited to, independent bank rating agency reports, bank regulators’
reports, the banks’ quarterly financial statements as reported to the SEC, their most recent independently audited public financial
statements, and the New York State Department of Financial Services and Federal supervisory agency Community Reinvestment
Act (CRA) reports. The Banking Commission endeavors to determine the financial soundness of each bank applying for designation
and their commitment to the citizens of New York City. In addition, the City’s ongoing banking relationships are scrutinized for
compliance with operational, financial and credit standards, policies and procedures.
The City Charter limits the amount of deposits, at any time, in any one bank or trust company, to a maximum of one-half of the
amount of the capital and net surplus of such bank or trust company. The discretely presented component units included in the
City’s financial reporting maintain their own banking relationships, which generally conform with the City’s standards.
The City’s bank account balances in excess of the prevailing Federal Deposit Insurance Corporation (FDIC) insurance limits are
fully collateralized in accordance with the New York State General Municipal Law (GML) and the New York City Department of
Finance Collateral Policy, last updated December 8th, 2015. The FDIC insurance limit is only applied one time to each bank
relationship regardless how many individual accounts are held. Each New York City Designated Bank must pledge eligible
securities and/or Letters of Credit (LOC) that satisfy the minimum GML collateral requirements. The Designated Banks are
required, on a current day basis, to aggregate the total balances of all bank accounts held under the City’s tax ID at their institution,
deduct the FDIC insurance limit and pledge collateral which more than covers the remaining balance. The Collateral Custodians
provide independent reports daily to the Department of Finance Collateral Committee.
At June 30, 2020 and 2019, the City’s unrestricted Governmental Activities bank balances were $3.63 and $2.51 billion, respectively.
Of those amounts, $496 thousand was exposed to custodial credit risk (the risk that, in the event of a bank failure, the City’s
deposits may not be returned or the City will not be able to recover collateral securities that are in the possession of an outside
party) at June 30, 2020; at June 30, 2019, there was no exposure to custodial credit risk. At June 30, 2020 and 2019, the City’s
restricted Governmental Activities cash balances were $8.27 and $25.03 million, respectively. Of those amounts, $41 and $8
thousand were exposed to custodial credit risk. Bank balances are exposed to custodial credit risk when they are uninsured and
uncollateralized.
89
NOTES TO FINANCIAL STATEMENTS, Continued
The following is a summary of the cash and cash equivalents of the City’s business-type activities as of June 30, 2020 and June 30, 2019:
____________Business-Type
____________________Activities
_______________________
_______2020
____________ ________2019
_____________
(in thousands)
Restricted cash and cash equivalents:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 79,438 $ 35,485
Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________—
__ ____________—
__
Total restricted cash and cash equivalents: . . . . . . . . . . . . 79,438
______________ 35,485
______________
Unrestricted cash and cash equivalents:
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,760 105,973
Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______5,265 ________ ______7,709 ________
Total unrestricted cash and cash equivalents: . . . . . . . . . . 46,025
______________ 113,682
______________
Grand Total cash and cash equivalents . . . . . . . . . . . . . . . . . . . _$125,463
___________________________ $149,167
____________________________
At June 30, 2020 and 2019, the City’s unrestricted business-type activities bank balances were $40.76 and $105.97 million,
respectively. Of those amounts, $33.73 million was exposed to custodial credit risk at June 30, 2020; at June 30, 2019, there was
no exposure to custodial credit risk. At June 30, 2020 and 2019, the City’s restricted business-type activities cash balances were
$79.44 and $35.49 million, respectively. Of those amounts, $75.69 and $30.20 million were exposed to custodial credit risk at
June 30, 2020 and 2019, respectively.
Investments
The City’s investment of its primary government cash is currently limited to U.S. Government guaranteed securities and U.S.
Government agency securities purchased directly and through repurchase agreements from primary dealers, as well as commercial
paper rated A1 and P1 by Standard & Poor’s Corporation and Moody’s Investors Service, Inc., respectively. The repurchase
agreements must be collateralized by U.S. Government guaranteed securities, U.S. Government agency securities, or eligible
commercial paper in a range of 100% to 102% of the matured value of the repurchase agreements.
The following is a summary of the fair value of investments of the City’s primary government as of June 30, 2020 and 2019:
Governmental Activities: __________________________________________________________Investment
____________________Maturities
___________________________________________________________________________
(in years)
_________________________________2020
________________________________________ _________________________________2019
_______________________________________
Investment Type __Less
_______than
_______1_ ________1__to
___5____ _More
________than
________5 _Less
_______than
_______1__ _____1___to___5______ _More
________than
_______5
(in thousands)
Unrestricted
U.S. Government securities . . . . . . . . . . $4,328,832 $ — $ — $2,594,090 $ — $ —
U.S. Government agency obligations . . 570,022 — — 2,137,359 — —
Commercial paper . . . . . . . . . . . . . . . . . — — — 982,156 — —
Time deposits . . . . . . . . . . . . . . . . . . . . . 19,768 — — 50,871 — —
Investment derivative instruments . . . . . ______________— ___ ____________— ___ ___(82,283)
___________ (1) ______________— ___ ____________— ___ ___(53,714)
___________ (2)
Total unrestricted . . . . . . . . . . . . . . . . $4,918,622
__________________________________ __$______________________—
______ $______(82,283)
______________________ $5,764,476
__________________________________ __$______________________—
______ __$____(53,714)
______________________
Restricted
U. S. Government securities . . . . . . . . . $ 202,944 $ — $202,330 $ 349,263 $ — $142,704
U.S. Government agency obligations . . 633,597 — — 962,775 — —
Time deposits . . . . . . . . . . . . . . . . . . . . . _________2,351 ________ ____________— ___ ___________— ___ ________________3_ ____________— ___ ___________— ___
Total restricted . . . . . . . . . . . . . . . . . . $__________838,892
________________________ __$______________________—
______ $202,330
____________________________ $1,312,041
__________________________________ __$______________________—
______ $142,704
____________________________
(1) The City has six pay-fixed interest rate swaps that are treated as investment derivative instruments. On June 30, 2020, the swaps had fair values of $(681),
(227), (227), (227), (8,240), and (72,681) all in thousands, respectively.
(2) The City has five pay-fixed interest rate swaps that are treated as investment derivative instruments. Additionally, the City has one pay-fixed swap (H) that
is partially treated as an investment derivative instrument. On June 30, 2019, the swaps had fair values of $(2,039), (680), (680), (680), (7,652), and
(41,983) all in thousands, respectively.
90
NOTES TO FINANCIAL STATEMENTS, Continued
91
NOTES TO FINANCIAL STATEMENTS, Continued
Investments classified in Level 1 of the fair value hierarchy, valued at $1.33 and $1.75 billion in Fiscal Years 2020 and 2019
respectively, are valued using quoted prices in active markets.
U.S. Government securities totaling $5.14 and $3.53 billion, U.S. Government agency obligations totaling $1.83 and $3.49 billion,
commercial paper totaling $205.4 million and $1.43 billion, money market funds totaling $1.12 billion and $121.40 million and
mortgage backed and asset backed securities totaling $95.87 and $85.30 million in Fiscal Years 2020 and 2019 respectively,
classified in Level 2 of the fair value hierarchy are valued using matrix pricing techniques maintained by various pricing vendors.
Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices. Fair value is defined as
the quoted market value on the last trading day of the period. These prices are obtained from various pricing sources by our
custodian bank.
U.S. Government securities, totaling $0 and $22.33 million in Fiscal Years 2020 and 2019 respectively, under a forward supply
contract classified in Level 2 of the fair value hierarchy are valued using present value and option pricing model techniques.
Investment derivative instruments, totaling $(82.28) and $(53.71) million in Fiscal Years 2020 and 2019, respectively, are classified
in Level 2 of the fair value hierarchy. Fair value is described as the exit price that assumes a transaction takes place in the City’s
most advantageous market in the absence of a principal market. These inputs include the mid-market valuation and then incorporates
the credit risk of either the City or its counterparty and the bid/offer spread that would be charged to the City in order to transact.
The mid-market values of the interest rate swaps were estimated using the income approach. This method calculates the future net
settlement payments required by the swap, assuming that the current forward rates implied by the yield curve correctly anticipate
future spot interest rates. These payments are then discounted using the spot rates implied by the current yield curve for hypothetical
zero-coupon bonds due on the date of each future net settlement date.
Interest rate risk. As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment
policy limits the weighted average maturity to a period of less than 2 years. The City’s current weighted average maturity is less
than 62 days.
Credit risk. Investment guidelines and policies are designed to protect principal by limiting credit risk. This is accomplished
through ratings, collateral, and diversification requirements that vary according to the type of investment. As of June 30, 2020 and
2019, investments in Fannie Mae or Freddie Mac and Federal Home Loan Bank (FHLB) were rated in the highest long-term or
short-term ratings category (as applicable) by Standard & Poor’s and/or Moody’s Investor Service. These ratings were AA+ and
A-1+ by Standard & Poor’s and Aaa and P-1 by Moody’s for long-term and short-term instruments, respectively.
Concentration of credit risk. The City’s investment policy limits investments to no more than $250 million invested at any time in
either commercial paper of a single issuer or investment agreements with a single provider.
Custodial credit risk-investments. For investments, custodial credit risk is the risk that, in the event of the failure of the counterparty,
the City will also not be able to recover the value of its investments or collateral securities that are in the possession of the custodian.
Investment securities are exposed to custodial credit risk if the securities are uninsured, are not registered in the name of the City, and
are held by either the counterparty or the counterparty’s trust department or agent.
The City’s investment policy related to custodial credit risk calls for limiting its investments to highly rated institutions and/or
requiring high quality collateral be held by the counterparty or custodian in the name of the City.
Investment Derivative Instruments
Note: More information on derivative instruments discussed herein can be found in Note A.12, by referencing the indicated
derivative instrument’s identifying letter.
Credit risk: The City is exposed to credit risk on investment derivative instruments. To minimize its exposure to loss related to
credit risk, it is the City’s policy to require counterparty collateral posting provisions in its investment derivative instruments.
These terms require collateralization of the fair value of investment derivative instruments (net of the effect of applicable threshold
requirements and netting arrangements) should the counterparty’s credit rating fall below the following:
The counterparty (or its respective guarantor) with respect to derivative instruments B, D, and E is required to post collateral if one
of its credit ratings goes below A3/A-. The counterparty with respect to derivative instrument H is required to post collateral if one
of its credit ratings goes below A2/A. The counterparty with respect to derivative instruments A and C is required to post collateral
if it has at least one rating below Aa3 or AA-. The City has never been required to access collateral.
92
NOTES TO FINANCIAL STATEMENTS, Continued
As discussed in Note A.12, it is the City’s policy to enter into netting arrangements whenever it has entered into more than one
derivative instrument transaction with a counterparty.
The aggregate fair value of investment derivative instruments requiring collateralization at June 30, 2020 was $(82.28) million. A
negative aggregate fair value means the City would have owed payments to the counterparties. The City had no counterparty credit
exposure to any of the investment derivative instrument counterparties as of that date.
Interest rate risk: The City is exposed to interest rate risk on its swaps. In derivative instruments A, B, C, D, E and H, pay-fixed,
receive-variable interest rate swaps, as LIBOR decreases, the City’s net payment on the swap increases.
Basis risk: The City is exposed to basis risk on derivative instruments A, B, C, D, E and H because the variable-rate payment
received by the City is based on a rate or index other than the interest rate the City pays on its variable-rate debt. Under the terms of
its derivative instruments A, B, C, D, E and H, the City pays a variable rate on the outstanding underlying bonds based on Securities
Industry and Financial Markets Association (SIFMA), but receives a variable rate on the swap based on a percentage of LIBOR.
Tax risk: The City is at risk that a change in Federal tax rates will alter the fundamental relationship between the SIFMA and
LIBOR indices. A reduction in Federal tax rates, for example, will likely increase the City’s payment on its underlying variable rate
bonds in derivative instruments A, B, C, D, E and H.
Termination risk: The City or its counterparties may terminate a derivative instrument if the other party fails to perform under the
terms of the contract. The City is at risk that a counterparty will terminate a swap at a time when the City owes it a termination
payment. The City has mitigated this risk by specifying that the counterparty has the right to terminate only as a result of certain
events, including: a payment default by the City; other City defaults which remain uncured for 30 days after notice; City bankruptcy;
insolvency of the City (or similar events); or a downgrade of the City’s credit rating below investment grade (i.e., BBB-/Baa3). If
at the time of termination, an investment derivative instrument is in a liability position, the City would be liable to the counterparty
for a payment equal to the liability, subject to netting arrangements.
Counterparty risk: The City is at a risk that a counterparty (or its guarantor) will not meet its obligations under the swap. If a
counterparty were to default under its agreement when the counterparty would owe a payment to the City, the City may have to
pay another entity to assume the position of the defaulting counterparty. The City has sought to limit its counterparty risk by
contracting only with highly-rated entities or requiring guarantees of the counterparty’s obligations under the swap documents.
The discretely presented component units included in the City’s reporting entity maintain their own investment policies that
generally conform to those of the City.
The criteria for the Pension and Other Employee Benefit Trust Funds’ and Other Trust Funds’ investments are as follows:
1. Fixed income investments may be made in U.S. Government guaranteed securities or securities of U.S. Government agencies,
securities of entities rated BBB or better by both Standard and Poor’s Corporation and Moody’s Investors Service, Inc.,
securities below BBB up to 10% of the total asset allocation and any bond that meets the qualifications of the New York
State Retirement and Social Security Law, the New York State Banking Law, and the New York City Administrative Code.
2. Equity investments may be made only in those stocks that meet the qualifications of the New York State Retirement and
Social Security Law, the New York State Banking Law, and the New York City Administrative Code.
3. Short-term investments may be made in the following:
a. U.S. Government guaranteed securities or U.S. Government agency securities.
b. Commercial paper rated A1, P1, or F1 by Standard & Poor’s Corporation or Moody’s Investors Service, Inc., or
Fitch, respectively.
c. Repurchase agreements collateralized in a range of 100% to 102% of matured value, purchased from primary dealers
of U.S. Government securities.
93
NOTES TO FINANCIAL STATEMENTS, Continued
d. Investments in bankers’ acceptances, certificates of deposit, and time deposits are limited to banks with worldwide
assets in excess of $50 billion that are rated within the highest categories of the leading bank rating services, and
selected regional banks also rated within the highest categories.
e. Other top-rate securities maturing in less than 4 years.
4. Investments up to 25% of total pension fund assets in instruments not specifically covered by the New York State
Retirement and Social Security Law.
5. No investment in any one corporation can be: (i) more than 2% of the pension plan net position; or (ii) more than 5% of
the total outstanding issues of the corporation.
All investments are held by the City’s custodial banks (in bearer or book-entry form) solely as an agent of the Comptroller of The
City of New York on behalf of the various account owners. Payments for purchases are not released until evidence of ownership
of the underlying investments are received by the City’s custodial bank.
Securities Lending
State statutes and Board policies permit the Pension and Certain Other Employee Benefit Trust Funds to lend its securities to
broker-dealers and other entities for collateral, for the same securities in the future with a simultaneous agreement to return the
collateral in the form of cash, treasury and U.S. Government securities. The Funds’ agent lends the following types of securities:
short term securities, common stocks, long-term corporate bonds, U.S. Government and U.S. Government agency bonds, asset-
backed securities and international equities and bonds held in collective investment funds. In return, the Funds receive collateral in
the form of cash, U.S. Treasury and U.S. Government agency securities at 100% to 108% of the principal plus accrued interest for
reinvestment. At June 30, 2020 and 2019, management believes that the Funds had no credit risk exposure to borrowers because the
amounts the Funds owed the borrowers equaled or exceeded the amounts the borrowers owed the Funds. The contracts with the
Funds’ custodians require the securities lending agent to indemnify the Funds. In the situation when a borrower goes into default,
the Agent will liquidate the collateral to purchase replacement securities. Any shortfall before the replacement securities cost and
the collateral value is covered by the Agent. All securities loans can be terminated on demand within a period specified in each
agreement by either the Funds or the borrowers. Cash collateral is invested by the securities lending agent using approved lender’s
investment guidelines. The weighted average maturity is 53 days. The securities lending program in which the Funds participate
only allows pledging or selling securities in the case of borrower default.
The City reports securities loaned as assets on the Statement of Fiduciary Net Position. Cash received as collateral on securities
lending transactions, and investments made with that cash, are also recorded as assets. Liabilities resulting from these transactions
are reported on the Statement of Fiduciary Net Position. Accordingly, the City records the investments purchased with the cash
collateral as Investments; Collateral From Securities Lending Transactions with a corresponding liability are recorded as Securities
Lending Transactions.
94
NOTES TO FINANCIAL STATEMENTS, Continued
2. Capital Assets
The following is a summary of governmental activities capital assets for the Fiscal Years ended June 30, 2019 and 2020:
Balance Balance Balance
June 30, June 30, June 30,
Primary Governmental
_________________________________ 2018
____________ Additions
___________ Deletions
__________ 2019
_____________ Additions
___________ Deletions
____________ 2020
____________
(in thousands)
Governmental activities:
Capital assets, not being
depreciated/amortized:
Land . . . . . . . . . . . . . . . . . . . . . . $ 2,250,893 $ 144,665 $ 4,311 $ 2,391,247 $ 44,223 $ 2 $ 2,435,468
Construction work-in-progress . . 3,351,544 __________
__________ 3,440,996 __________
3,592,462 __________
3,200,078 _________
3,360,453 _________
2,799,417 __________
3,761,114
Total capital assets, not being
depreciated/amortized . . . . . . . 5,602,437 __________
__________ 3,585,661 __________
3,596,773 __________
5,591,325 _________
3,404,676 _________
2,799,419 __________
6,196,582
Capital assets, being
depreciated/amortized:
Building . . . . . . . . . . . . . . . . . . . 64,288,305 3,592,462 127,654 67,753,113 2,799,417 188,910 70,363,620
Equipment (including software) . . 9,845,549 1,216,977 61,878 11,000,648 890,527 74,534 11,816,641
Infrastructure . . . . . . . . . . . . . . . . 24,614,774 __________
__________ 2,036,950 __________
440,227 __________
26,211,497 _________
2,140,674 _________
466,324 __________
27,885,847
Total capital assets, being
depreciated/amortized . . . . . . . 98,748,628 __________
__________ 6,846,389 __________
629,759 __________
104,965,258 _________
5,830,618 _________
729,768 __________
110,066,108
Less accumulated
depreciation/amortization
Building . . . . . . . . . . . . . . . . . . . 28,256,965 3,282,419 107,077 31,432,307 2,325,973 117,510 33,640,770
Equipment (including software) . . 6,852,388 939,461 41,428 7,750,421 758,078 72,179 8,436,320
Infrastructure . . . . . . . . . . . . . . . . 9,817,190 __________
__________ 1,125,322 __________
408,694 __________
10,533,818 _________
1,209,148 _________
458,951 __________
11,284,015
Total accumulated
depreciation/amortization . . . . 44,926,543 __________
__________ 5,347,202(1) __________
557,199 __________
49,716,546 _________
4,293,199(1) _________
648,640 __________
53,361,105
Total capital assets, being
depreciated/amortized, net . . . 53,822,085 __________
__________ 1,499,187 __________
72,560 __________
55,248,712 _________
1,537,419 _________
81,128 __________
56,705,003
Governmental activities capital
assets, net . . . . . . . . . . . . . . . . . $59,424,522 $5,084,848 __________
__________ __________
__________ __________ $3,669,333 __________
__________ $60,840,037 _________
__________ $4,942,095 _________
_________ $2,880,547 __________
_________ $62,901,585
__________
(1) Depreciation expense was charged to functions/programs of The City for the Fiscal Years ended June 30, 2019 and 2020.
95
NOTES TO FINANCIAL STATEMENTS, Continued
The following is a summary of the governmental activities depreciation expense by function/program for the Fiscal Years ended
June 30, 2020 and 2019:
2020
______________ 2019
______________
(in thousands)
Governmental activities:
General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 513,845 $ 528,355
Public safty and judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,111 307,283
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,875,628 2,934,040
City University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,405 4,398
Social services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,292 66,579
Environmental protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,391 187,521
Transportation services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 826,974 768,136
Parks, recreation and cultural activities . . . . . . . . . . . . . . . . . . . 428,813 408,394
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,777 4,706
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,255 120,814
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______17,708
__________ ________16,976
_________
Total depreciation expense-governmental activities . . . . . . . $4,293,199
_________________ _$5,347,202
________________
The following are the sources of funding for the governmental activities capital assets for the Fiscal Years ended June 30, 2020 and
2019. Sources of funding for capital assets are not available prior to Fiscal Year 1987.
2020
______________ 2019
______________
(in thousands)
Capital Projects Funds:
Prior to fiscal year 1987 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,484,659 $ 6,484,659
City and TFA Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,076,662 100,608,731
Federal grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 712,344 599,109
State grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,047 98,008
Private grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,553 81,886
Captialized leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______2,779,425
______________ _____2,684,190
_______________
Total funding sources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $116,262,690
__
______________________________________ $110,556,583
__
______________________________________
At June 30, 2020 and 2019, the governmental activities capital assets include approximately $1.2 billion of City-owned assets
leased for $1 per year to the New York City Transit Authority which operates and maintains the assets. In addition, assets leased
to NYC Health + Hospitals and to the System are excluded from governmental activities capital assets and are recorded in the
respective component unit financial statements.
Included in buildings at June 30, 2020 and 2019, are leased properties that have elements of ownership. These assets are recorded
as capital assets as follows:
Capital Leases
__________________________________
Governmental activities: 2020
____________ 2019
___________
(in thousands)
Capital asset:
Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,779,425 $2,684,190
Less accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . __1,232,099
_______________ ___1,131,210
______________
Buildings, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,547,326
__________________________________ $1,552,980
__________________________________
96
NOTES TO FINANCIAL STATEMENTS, Continued
Capital Commitments
At June 30, 2020, the outstanding commitments relating to projects of the New York City Capital Projects Fund amounted to
approximately $21.1 billion.
To address the need for significant infrastructure and public facility capital investments, the City has prepared a ten-year capital
spending program which contemplates City Capital Projects Fund expenditures of $116.9 billion over Fiscal Years 2020 through
2028. To help meet its capital spending program, the City and TFA borrowed $7.4 billion in the public credit market in Fiscal Year
2020. The City and TFA plan to borrow $7.6 billion in the public credit market in Fiscal Year 2021.
On January 31, 2019, New York City Housing Authority (“NYCHA”), the City and the U.S. Department of Housing and Urban
Development (“HUD”) entered into an agreement relating to lead-based paint and other health and safety concerns in NYCHA’s
properties. Pursuant to this agreement, a federal monitor has been appointed to oversee NYCHA’s compliance with the terms of the
agreement and federal regulations and the City will provide additional funding. Pursuant to the agreement, the 2020-2024 Capital
Commitment Plan (defined herein) reflects $1.2 billion in additional City capital funds, with an additional $1 billion in City capital
funds reflected in the remaining years of the Ten-Year Capital Strategy for fiscal years 2020 through 2029. NYCHA has announced
that it may be out of compliance with federal requirements beyond the regulations concerning lead-based paint and other health and
safety concerns that were the subject of such agreement. NYCHA’s 2017 Physical Needs Assessment estimated its projected capital
costs at approximately $32 billion over the next five years. In January 2020, NYCHA’s Chairman and Chief Executive Officer
stated that such costs were $40 billion. In July 2020, NYCHA announced a plan to carry out capital improvements to approximately
110,000 public housing units through a federal disposition process that would utilize a newly created public entity, the creation of
which would require State legislative approval. The plan seeks to generate funds by borrowing against pooled federal Tenant
Protection Vouchers, which are federal rental vouchers with a higher value than the Section 9 operating subsidy that NYCHA
currently receives. The plan does not explicitly require City investment or directly impact the Financial Plan.
The following is a summary of business-type activities capital assets for the Fiscal Years ended June 30, 2019 and 2020:
Balance Balance Balance
June 30, June 30, June 30,
Primary Government
_________________________________ 2018
___________ Additions
__________ Deletions
_________ 2019
____________ Additions
__________ Deletions
___________ 2020
___________
(in thousands)
Business-Type Activities:
Capital assets, not being
depreciated/amortized:
Construction work-in-progress . . _$________94,551
_________ _$______28,268
_________ _$______64,814
_________ _$_______58,005
__________ _$______43,817
_________ $_______31,780
__________ _$________70,042
_________
Total capital assets, not being
depreciated/amortized . . . . . . . _________94,551
_________ _______28,268
_________ _______64,814
_________ ________58,005
__________ _______43,817
_________ _______31,780
__________ _________70,042
_________
Capital assets, being
depreciated/amortized:
Building . . . . . . . . . . . . . . . . . . . 43,849 — 16 43,833 6,101 8,127 41,807
Equipment (including software) . 9,519 11,701 — 21,220 761 — 21,981
Infrastructure . . . . . . . . . . . . . . . . ______532,022
____________ ______51,613
__________ ______________—
__ ______583,635
____________ _______23,033
_________ _______________—
__ _______606,668
___________
Total capital assets,
being depreciated/amortized . . ______585,390
____________ _______63,314
_________ _____________16
___ ______648,688
____________ _______29,895
_________ __________8,127
_______ _______670,456
___________
Less accumulated
depreciation/amortization:
Building . . . . . . . . . . . . . . . . . . . 2,012 438 — 2,450 364 439 2,375
Equipment (including software) . . 5,275 1,087 — 6,362 2,018 — 8,380
Infrastructure . . . . . . . . . . . . . . . . ______100,414
____________ _______31,841
_________ ______________—
__ ______132,255
____________ _______33,224
_________ __________2,320
_______ _______163,159
___________
Total accumulated
depreciation/amortization . . . . ______107,701
____________ ______33,366
__________ _____________—
___ ______141,067
____________ _______35,606
_________ __________2,759
_______ _______173,914
___________
Total capital assets, being
depreciated/amortized, net . . . ______477,689
____________ _______29,948
_________ _____________16
___ ______507,621
____________ _______(5,711)
_________ __________5,368
_______ _______496,542
___________
Business-type activities capital
assets, net . . . . . . . . . . . . . . . . . __$__________572,240
________________________ _$____________58,216
___________________ __$___________64,830
___________________ __$__________565,626
________________________ __$____________38,106
__________________ $______________37,148
____________________ __$____________566,584
______________________
97
NOTES TO FINANCIAL STATEMENTS, Continued
3. Leases
The City leases a significant amount of property and equipment from others. Leased property having elements of ownership is
recorded in the government-wide financial statements. The related obligations, in amounts equal to the present value of minimum
lease payments payable during the remaining term of the leases, are also recorded in the government-wide financial statements.
Other leased property not having elements of ownership are classified as operating leases. Both capital and operating lease
payments are recorded as expenditures when payable. Total expenditures on such leases for the Fiscal Years ended June 30, 2020
and 2019 were approximately $1.28 and $1.22 billion, respectively.
As of June 30, 2020, the City (excluding discretely presented component units) had future minimum payments under capital and
operating leases with a remaining term in excess of one year as follows:
Capital Operating
Leases
____________ Leases
____________ Total
____________
Government Activities (in thousands)
Fiscal year ending June 30:
2021 .......................... $ 192,713 $ 842,289 $ 1,035,002
2022 .......................... 191,214 783,893 975,107
2023 .......................... 207,960 752,287 960,247
2024 .......................... 167,477 724,296 891,773
2025 .......................... 155,151 684,705 839,856
2026-2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 642,861 2,825,790 3,468,651
2031-2035 . . . . . . . . . . . . . . . . . . . . . . . . . . 364,517 1,413,133 1,777,650
2036-2040 . . . . . . . . . . . . . . . . . . . . . . . . . . 151,352 537,695 689,047
2041-2045 . . . . . . . . . . . . . . . . . . . . . . . . . . 8,071 17,482 25,553
2046-2050 . . . . . . . . . . . . . . . . . . . . . . . . . . _______________—
__ ________11,499 _________ __________11,499 _________
Future minimum payments . . . . . . . . 2,081,316 __$8,593,069
________________________________ __$10,674,385
____________________________________
Less: Interest . . . . . . . . . . . . . . . . . . . . . . . . ______533,990
___________
Present value of future minimum
payments . . . . . . . . . . . . . . . . . . . . . . __$1,547,326
________________________________
The present value of future minimum lease payments includes approximately $758 million for leases with Public Benefit
Corporations (PBC) where State law generally provides that in the event the City fails to make any required lease payment, the
amount of such payment will be deducted from State aid otherwise payable to the City and paid to PBCs.
98
NOTES TO FINANCIAL STATEMENTS, Continued
The City also leases City-owned property to others, primarily for markets, ports, and terminals. Total rental revenue on these
capital and operating leases for the Fiscal Years ended June 30, 2020 and 2019 was approximately $258 and $273 million,
respectively. As of June 30, 2020, the following future minimum rentals are provided for by the leases:
Capital Operating
Leases
____________ Leases
____________ Total
____________
Governmental activities: (in thousands)
Fiscal Year ending June 30:
2021 .......................... $ 737 $ 219,503 $ 220,240
2022 .......................... 647 214,289 214,936
2023 .......................... 616 212,889 213,505
2024 .......................... 616 205,499 206,115
2025 .......................... 616 200,238 200,854
2026-2030 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,524 897,496 901,020
2031-2035 . . . . . . . . . . . . . . . . . . . . . . . . . . 3,405 860,208 863,613
2036-2040 . . . . . . . . . . . . . . . . . . . . . . . . . . 566 837,954 838,520
2041-2045 . . . . . . . . . . . . . . . . . . . . . . . . . . 234 820,463 820,697
2046-2050 . . . . . . . . . . . . . . . . . . . . . . . . . . 58 816,316 816,374
2051-2055 . . . . . . . . . . . . . . . . . . . . . . . . . . — 121,740 121,740
2056-2060 . . . . . . . . . . . . . . . . . . . . . . . . . . — 44,871 44,871
2061-2065 . . . . . . . . . . . . . . . . . . . . . . . . . . — 44,871 44,871
2066-2070 . . . . . . . . . . . . . . . . . . . . . . . . . . — 44,659 44,659
2071-2075 . . . . . . . . . . . . . . . . . . . . . . . . . . — 42,747 42,747
2076-2080 . . . . . . . . . . . . . . . . . . . . . . . . . . — 42,747 42,747
2081-2085 . . . . . . . . . . . . . . . . . . . . . . . . . . — 42,747 42,747
2086-2090 . . . . . . . . . . . . . . . . . . . . . . . . . . — 12,824 12,824
Thereafter until 2111 . . . . . . . . . . . . . . . . . __________—
__ _________________2 _________________2
Future minimum lease rentals . . . . . . 11,019 __$5,682,063
________________________________ __$5,693,082
________________________________
Less interest . . . . . . . . . . . . . . . . . . . . . . . . _____5,367
_______
Present value of future minimum
lease rentals . . . . . . . . . . . . . . . . . . . . __$________5,652
______________
99
NOTES TO FINANCIAL STATEMENTS, Continued
5. Long-Term Liabilities
Changes in Long-term liabilities
In Fiscal Years 2019 and 2020, the changes in long-term liabilities were as follows:
Due
Balance Balance Balance Within
June 30, June 30, June 30, One
Primary Government
__________________________________ 2018
__________ Additions
_________ Deletions
_________ 2019
__________ Additions
_________ Deletions
_________ 2020
__________ Year
_________
Governmental activities: (in thousands)
Bonds and notes payable
General Obligation Bonds(1) . . . . . . . . . . $ 37,802,901 $ 2,874,245 $ 3,983,411 $ 36,693,735 $ 5,283,940 $ 3,819,010 $ 38,158,665 $2,143,941
from direct borrowing and direct
placement . . . . . . . . . . . . . . . . . . . __________825,000
___________ ________150,000
___________ ________150,000
___________ __________825,000
___________ _________________—
__ ________200,000
___________ __________625,000
___________ _______________—
__
Total General Obligation Bonds . . _____38,627,901
________________ _____3,024,245
______________ _____4,133,411
______________ _____37,518,735
________________ _____5,283,940
______________ _____4,019,010
______________ _____38,783,665
________________ ___2,143,941
______________
TFA bonds . . . . . . . . . . . . . . . . . . . . . . . 42,462,505 7,282,015 3,710,050 46,034,470 3,964,000 1,577,475 48,420,995 1,636,985
from direct borrowing and direct
placement . . . . . . . . . . . . . . . . . . . . __________892,800
___________ _________________—
__ ________302,800
___________ __________590,000
___________ _________________—
__ __________32,600
_________ __________557,400
___________ ________34,100
_________
Total TFA Bonds . . . . . . . . . . . . . . _____43,355,305
________________ _____7,282,015
______________ _____4,012,850
______________ _____46,624,470
________________ _____3,964,000
______________ _____1,610,075
______________ _____48,978,395
________________ ___1,671,085
______________
Total TSASC Bonds . . . . . . . . . . . 1,070,915 — 18,355 1,052,560 — 29,375 1,023,185 30,570
Total IDA Bonds . . . . . . . . . . . . . . 76,975 — 14,965 62,010 — 2,300 59,710 2,545
Total STAR Bonds . . . . . . . . . . . . 1,804,745 — 83,505 1,721,240 — 87,650 1,633,590 92,010
Total FSC Bonds . . . . . . . . . . . . . . 86,145 — 64,360 21,785 — 21,785 — —
HYIC Bonds . . . . . . . . . . . . . . . . . . . . . . 2,723,870 — — 2,723,870 — — 2,723,870 9,955
from direct borrowing
and direct placement . . . . . . . . . . . . . . ___________________—
__ _________________—
__ _________________—
__ ___________________—
__ _______________545
____ _________________—
__ _________________545
____ _______________—__
Total HYIC Bonds . . . . . . . . . . . . . _______2,723,870
______________ _________________—
__ _________________—
__ _______2,723,870
______________ _______________545
____ _________________—
__ _______2,724,415
______________ __________9,955
_______
Total ECF Bonds . . . . . . . . . . . . . . __________231,200
___________ __________40,350
_________ __________53,195
_________ __________218,355
___________ _________________—
__ ____________4,840
_______ __________213,515
___________ __________5,030
_______
Total before premiums/discounts(net) . . 87,977,056 10,346,610 8,380,641 89,943,025 9,248,485 5,775,035 93,416,475 3,955,136
Less premiums/(discounts)(net) . . . . . . . _______5,378,043
______________ ________956,385
___________ ________793,151
___________ _______5,541,277
______________ _____1,258,858
______________ ________823,841
___________ _______5,976,294
______________ _______________—__
Total governmental activities bonds
and notes payable . . . . . . . . . . . . . . . 93,355,099 11,302,995 9,173,792 95,484,302 10,507,343 6,598,876 99,392,769 3,955,136
Capital lease obligations . . . . . . . . . . . . 1,658,558 80,800 186,378 1,552,980 114,813 120,467 1,547,326 106,437
Other tax refunds . . . . . . . . . . . . . . . . . . 1,969,878 157,717 180,878 1,946,717 276,797 119,717 2,103,797 358,797
Judgments and claims . . . . . . . . . . . . . . 6,691,084 1,446,758 1,287,551 6,850,291 1,577,018 1,329,096 7,098,213 1,408,963
Real estate tax certiorari . . . . . . . . . . . . . 1,208,289 198,635 410,287 996,637 221,013 93,980 1,123,670 209,764
Vacation and sick leave . . . . . . . . . . . . . 4,891,726 490,859 331,502 5,051,083 1,260,969 618,932 5,693,120 618,932
Net Pension liability . . . . . . . . . . . . . . . . 47,760,068 21,156,711 25,576,486 43,340,293 22,090,730 19,054,149 46,376,874 —
Net OPEB liability . . . . . . . . . . . . . . . . . 98,496,216 18,328,310 9,034,468 107,790,058 11,080,392 9,413,532 109,456,918 —
Landfill closure and postclosure
care costs . . . . . . . . . . . . . . . . . . . . . . 1,306,849 70,643 96,201 1,281,291 24,701 93,598 1,212,394 61,857
Pollution remediation obligation . . . . . . . __________249,675
___________ ________146,329
___________ ________149,684
___________ __________246,320
___________ ________147,774
___________ ________142,844
___________ __________251,250
___________ ______133,538
___________
Total governmental activities
long-term liabilities . . . . . . . . . . . . . . __$257,587,442
________________________________________ __$53,379,757
____________________________________ __$46,427,227
____________________________________ __$264,539,972
________________________________________ __$______47,301,550
______________________________ __$______37,585,191
______________________________ __$______274,256,331
__________________________________ __$______6,853,424
__________________________
Business-type activities:
Bonds and notes payable
NYCTL 2016-A TRUST bonds . . . . . $ 3,584 $ — $ 3,584 $ — $ — $ — $ — $ —
NYCTL 2017-A TRUST bonds . . . . . 28,775 — 19,446 9,329 — 9,329 — —
NYCTL 2018-A TRUST bonds . . . . . — 74,659 38,556 36,103 — 24,112 11,991 11,991
NYCTL 2019-A TRUST bonds . . . . . ___________________—
__ _________________—
__ _________________—__ ___________________—__ __________74,230
_________ __________23,905
_________ ____________50,325
_________ ________50,325
_________
Total before premiums/discounts(net) . . 32,359 74,659 61,586 45,432 74,230 57,346 62,316 62,316
Less premiums/(discounts)(net) . . . . . . . ___________________(3)
__ ___________________2 ___________________1 ___________________(2)
__ ___________________1 ___________________2 ___________________(3)
__ _______________(3)
__
Total business-type activities bonds
and notes payable . . . . . . . . . . . . . . . . 32,356 74,661 61,587 45,430 74,231 57,348 62,313 62,313
Other liabilities . . . . . . . . . . . . . . . . . . . . __________366,830
___________ ____________5,999
_______ __________16,249
_________ __________356,580
___________ __________31,014
_________ __________13,350
_________ __________374,244
___________ _______31,923
__________
Total business-type activities
long-term liabilities . . . . . . . . . . . . . . __$__________________399,186
______________________ __$__________________80,660
__________________ __$__________________77,836
__________________ __$__________________402,010
______________________ __$______________105,245
______________________ __$__________________70,698
__________________ __$__________________436,557
______________________ __$______________94,236
__________________
(1) General Obligation Bonds are generally liquidated with resources of the General Debt Service Fund. Other long-term liabilities are generally liquidated
with resources of the General Fund.
100
NOTES TO FINANCIAL STATEMENTS, Continued
The bonds and notes payable, net of treasury obligations, at June 30, 2019 and 2020 summarized by type of issue are as follows:
2019 2020
______________________________________________ ______________________________________________
City Other bonds City Other bonds
General and notes General and notes
Primary Government
__________________________________ Obligation(1) __________
___________ payable(2) _________ Revenue(3) __________ Total Obligation
__________ _________
(1) payable(2) Revenue(3)
__________ _________Total
(in thousands)
Governmental activities:
Bonds and Notes payable
General obligation bonds . . . . . . . . . . . . $36,693,735 $ — $ — $36,693,735 $38,158,665 $ — $ — $38,158,665
from Direct borrowing and direct
placement . . . . . . . . . . . . . . . . . . . . ________825,000 ___________ _________________— __ _________________— __ ________825,000 ___________ ________625,000 ___________ _________________— __ _________________— __ ________625,000 ___________
Total General obligation bonds . . . ___37,518,735 ________________ ___________________ ___________________ ___________________ ___________________ ___________________ ___________________ ___38,783,665
— — 37,518,735 38,783,665 — — ________________
TFA Bonds. . . . . . . . . . . . . . . . . . . . . . . . — 37,923,340 — 37,923,340 — 40,121,180 — 40,121,180
from Direct borrowing and direct
placement . . . . . . . . . . . . . . . . . . . . — 590,000 — 590,000 — 557,400 — 557,400
TFA Bonds BARBS . . . . . . . . . . . . _________________— __ _________________— __ _____8,111,130______________ _____8,111,130 ______________ _________________— __ _________________— __ _____8,299,815______________ _____8,299,815 ______________
Total TFA Bonds. . . . . . . . . . . . _________________— __ ___38,513,340
________________ _____8,111,130 ______________ ___46,624,470 ________________ _________________— __ ___40,678,580
________________ _____8,299,815 ______________ ___48,978,395 ________________
TSASC Bonds . . . . . . . . . . . . . . . . — — 1,052,560 1,052,560 — — 1,023,185 1,023,185
IDA Bonds. . . . . . . . . . . . . . . . . . . — 62,010 — 62,010 — 59,710 — 59,710
STAR Bonds . . . . . . . . . . . . . . . . . — — 1,721,240 1,721,240 — — 1,633,590 1,633,590
FSC Bonds. . . . . . . . . . . . . . . . . . . — — 21,785 21,785 — — — —
HYIC Bonds . . . . . . . . . . . . . . . . . . . . . . — — 2,723,870 2,723,870 — — 2,723,870 2,723,870
from Direct borrowing and direct
placement . . . . . . . . . . . . . . . . . . . . _________________— __ _________________— __ _________________— __ _________________— __ _________________— __ _______________545 ____ _________________— __ _______________545 ____
Total HYIC Bonds . . . . . . . . . . . _________________— __ _________________— __ _____2,723,870______________ _____2,723,870 ______________ _________________— __ _______________545 ____ _____2,723,870 ______________ _____2,724,415 ______________
ECF Bonds . . . . . . . . . . . . . . . . . . . _________________— __ _________________— __ ________218,355 ___________ ________218,355 ___________ _________________— __ _________________— __ ________213,515 ___________ ________213,515 ___________
Total before net of premium / discount . . 37,518,735 38,575,350 13,848,940 89,943,025 38,783,665 40,738,835 13,893,975 93,416,475
Net Premiums/(discounts) . . . . . . . . . . . . _____1,846,876 ______________ ________833,624 ___________ _____2,860,777 ______________ _____5,541,277 ______________ _____2,157,123 ______________ ________806,820 ___________ _____3,012,351 ______________ _____5,976,294 ______________
Total bond payable . . . . . . . . . . . . . __$39,365,611
____________________________________ __$39,408,974
____________________________________ __$16,709,717
____________________________________ __$95,484,302
____________________________________ __$40,940,788
____________________________________ __$41,545,655
____________________________________ __$16,906,326
____________________________________ __$99,392,769
____________________________________
Business-type activities:
NYCTL Trusts bonds. . . . . . . . . . . . . . . . — — 45,432 45,432 — — 62,316 62,316
Net Premiums/(discounts) . . . . . . . . . . . . _________________— __ _________________— __ _________________(2) __ _________________(2) __ _________________— __ _________________— __ _________________(3) __ _________________(3) __
Total bond payable . . . . . . . . . . . . . __$________________________________— ____ __$________________________________—____ __$__________________45,430
__________________ __$__________________45,430
__________________ __$________________________________—____ __$________________________________—____ __$__________________62,313
__________________ __$__________________62,313
__________________
(1) The City issues its General Obligation for capital projects which include construction, acquisition, repair or life extending maintenance of the City’s
infrastructure.
(2) Other bonds and notes payable includes TFA (excluded BARBs) IDA and HYIC Contruction Loan. They are general obligations of the respective issuers.
(3) Revenue bonds include ECF, FSC, HYIC, STAR, TFA (BARBs), NYCTL Trusts, and TSASC.
101
NOTES TO FINANCIAL STATEMENTS, Continued
The following table summarizes future debt service requirements as of June 30, 2020:
Governmental activities
____________________________________________________________________________________________________________________
Primary Government
___________________ City General Obligation Bonds
___________________________ ____ Other bonds and notes payable
______________________________ Revenue Bonds
_____________________
Bond from Direct Bond from Direct
Borrowings/ Borrowings/
Bonds
_____________________ Direct Placements
_____________________ Bonds
_____________________ Direct Placements
_____________________ Bonds
_____________________
Principal Interest (1) Principal Interest(1) Principal Interest Principal Interest Principal Interest
_________ ________ _________ _________ _________ _________ _________ _________ _________ _________
Fiscal year ending June 30: (in thousands)
2021 . . . . . . . . . . . . . . . . . . . . . . . . $ 2,143,941 $ 1,627,775 $ — $ 18,750 $ 1,580,845 $ 1,650,789 $ 34,100 $ 11,774 $ 241,400 $ 672,709
2022 . . . . . . . . . . . . . . . . . . . . . . . . 2,286,145 1,535,895 20,000 18,750 1,667,360 1,590,256 36,345 11,014 294,595 660,025
2023 . . . . . . . . . . . . . . . . . . . . . . . . 2,363,276 1,432,988 30,000 18,150 1,688,925 1,524,840 37,500 10,200 381,460 645,205
2024 . . . . . . . . . . . . . . . . . . . . . . . . 2,429,471 1,327,640 — 17,250 1,680,885 1,457,598 — 9,792 487,210 625,302
2025 . . . . . . . . . . . . . . . . . . . . . . . . 2,345,021 1,218,544 — 17,250 1,652,025 1,391,557 — 9,792 511,280 601,702
2026-2030 . . . . . . . . . . . . . . . . . . . . 9,840,778 4,651,123 74,125 83,358 8,774,845 5,908,802 100,000 42,952 2,979,495 2,586,597
2031-2035 . . . . . . . . . . . . . . . . . . . . 7,415,817 2,760,329 105,835 69,002 8,286,515 4,135,683 — 38,080 3,364,365 1,774,722
2036-2040. . . . . . . . . . . . . . . . . . . . 5,104,233 1,350,078 157,155 48,451 8,863,010 2,113,964 13,575 37,858 2,840,605 984,399
2041-2045 . . . . . . . . . . . . . . . . . . . . 3,385,907 480,722 84,120 32,484 5,530,320 475,033 287,905 23,609 1,926,295 446,948
2046-2050. . . . . . . . . . . . . . . . . . . . 844,034 61,550 153,765 7,862 456,160 12,405 48,520 1,390 867,270 77,831
2051-2055. . . . . . . . . . . . . . . . . . . . 4 14 — — — — — — — —
Thereafter until 2147 . . . . . . . . . . . 38 130 — — — — — — — —
102
______________ ______________ __________ ___________ ______________ ______________ __________ ___________ _____________ _____________
Total future debt service
requirements . . . . . . . . . . . . . . 38,158,665 16,446,788 625,000 331,307 40,180,890 20,260,927 557,945 196,461 13,893,975 9,075,440
Less interest . . . . . . . . . . . . . . . . ______________
— __(16,446,788)
____________ __________ (331,307)
— ____ _______ ______________
— __(20,260,927)
____________ __________
— __(196,461)
_________ _____________ (9,075,440)
— ____ _________
Total principal outstanding . . . . . . . $38,158,665
______________ $
__
______________ ______
______ —
______
________ $625,000
__
____
________ __
______ __
$__ _______
_________
— __$40,180,890
____
_____
__________
_______ $__
____
______ —
______
__________ $557,945
__________ $
____ —
_______ $13,893,975
_____________ $
____ —
_________
__________ ___________ _____________ _____________
Business-type activities
Bonds
_____________________
Principal Interest(1)
_________ ________
Fiscal year ending June 30: (in thousands)
2021 . . . . . . . . . . . . . . . . . . . . . . $ — $ 1,488
2022 . . . . . . . . . . . . . . . . . . . . . . — 1,488
2023 . . . . . . . . . . . . . . . . . . . . . . — 1,488
2024 . . . . . . . . . . . . . . . . . . . . . . — 1,488
2025 . . . . . . . . . . . . . . . . . . . . . . — 1,488
2026-2030 . . . . . . . . . . . . . . . . . — 7,441
2031-2035 . . . . . . . . . . . . . . . . . 62,316
________ 1,846
______ ____________
Total future debt service
requirements . . . . . . . . . . . 62,316 16,727
Less interest . . . . . . . . . . . . . ______________
— ____(16,727)
________
Total principal outstanding . . . . $
_____ 62,316
_________ $
____
______________ ______ —
______
________
(1) Includes interest for general obligation bonds estimated at a 3% rate on tax-exempt adjustable rate bonds and at a 4% rate on taxable adjustable rate bonds.
NOTES TO FINANCIAL STATEMENTS, Continued
The average (weighted) interest rates for outstanding City General Obligation Bonds as of June 30, 2020 and 2019, were 4.38%
and 4.49%, respectively, and both ranged from 1.10% to 7.75%. The last maturity of the outstanding City debt is in the year 2147.
Since the City has variable rate debt outstanding, the terms by which interest rates change for variable rate debt are as follows: for
Auction Rate Securities, an interest rate is established periodically by an auction agent at the lowest clearing rate based upon bids
received from broker-dealers. Variable Rate Demand Bonds (VRDBs) are long-term bonds that have a daily or weekly “put”
feature backed by a bank Letter of Credit or Standby Bond Purchase Agreement. VRDBs are repriced daily or weekly and provide
investors with the option to tender the bonds at each repricing. A broker, called a Remarketing Agent, is responsible for setting
interest rates and reselling to new investors any securities that have been tendered. SIFMA Index Bonds pay the holder a floating
index rate based on the Securities Industry and Financial Markets Association Municipal Swap Index plus spread.
In Fiscal Years 2020 and 2019, the City issued $1.50 and $1.82 billion, respectively, of General Obligation Bonds to advance
refund General Obligation Bonds of $1.73 and $2.02 billion, respectively, aggregate principal amounts. The net proceeds from the
sales of the refunding bonds, together with other funds of $13.31 and $15.64 million, respectively, were irrevocably placed in
escrow accounts and invested in United States Government securities. As a result of providing for the payment of the principal and
interest to maturity, and any redemption premium, the advance refunded bonds are considered to be defeased and, accordingly, the
liability is not reported in the government-wide financial statements. In Fiscal Year 2020, the refunding transactions will decrease
the City’s aggregate debt service payments by $275.87 million and provide an economic gain of $264.88 million. In Fiscal Year
2019, the refunding transactions decreased the City’s aggregate debt service payments by $263.80 million and provided an
economic gain of $235.67 million. At June 30, 2020 and 2019, $19.41 and $20.11 billion, respectively, of the City’s outstanding
General Obligation Bonds were considered defeased.
The State Constitution requires the City to pledge its full faith and credit for the payment of the principal and interest on City term
and serial bonds and guaranteed debt. The General Obligation debt-incurring power of the City is limited by the Constitution to
10% of the average of five years’ full valuations of taxable real estate. Excluded from this debt limitation is certain indebtedness
incurred for water supply, certain obligations for transit, sewage, and other specific obligations which exclusions are based on a
relationship of debt service to net revenue. In July 2009, the State Assembly passed legislation stipulating that certain TFA debt
would be included in the calculation of debt-incurring margin within the debt limit of the City.
As of June 30, 2020 and 2019, the 10% general limitation was approximately $116.27 and $106.24 billion, respectively. Also, as
of June 30, 2020, the City’s remaining GO debt-incurring power totaled $37.06 billion, after providing for capital commitments.
As of July 1, 2020, the debt incurring power was $45.81 billion based on the change in the five-year full valuation average for
fiscal year 2021.
Pursuant to State law, the City’s General Debt Service Fund is administered and maintained by the State Comptroller. Payments of
real estate taxes and other revenues are deposited in advance of debt service payment dates into the Fund. Debt service on all City
notes and bonds is paid from this Fund. In Fiscal Year 2020, prepayment transfers of $1.27 billion were made from the General
Fund which included discretionary transfers of $1.09 billion to the General Debt Service Fund for Fiscal Year 2020 debt service. In
Fiscal Year 2019, prepayment transfers of $1.70 billion were made from the General Fund to the General Debt Service Fund for
Fiscal Year 2020 debt service.
As of June 30, 2020, the City has 46 series of Variable Rate Demand Bonds (VRDBs) outstanding that have a “put” feature and
are backed by either a Standby Bond Purchase Agreement (SBPA) or a Letter of Credit (LOC) with a total par value of approximately
$4.46 billion.
The SBPAs contain various events of default that are summarized below. Events of default, which result in the immediate
termination of the SBPA, cause tendered and unremarketed bonds to pay interest to bondholders at a maximum rate specified in
the underlying documents, which is typically 9% for tax-exempt bonds and 14% for taxable bonds. Other events of default under
a SBPA may cause a mandatory tender to the bank providing the SBPA and result in the interest rate on the bonds held by the bank
increasing to the default rate, which is typically equivalent to the lesser of 25% and the Base Rate plus a spread ranging generally
from 2% to 4%, until the City takes action to cure the default. The Base Rate is typically a rate per annum equal to the highest of
(i) a fixed rate generally in the vicinity of 8%; (ii) the federal funds rate plus a spread ranging generally from 0.5% to 4%; (iii) the
prime rate plus a spread ranging generally from 0% to 3%; and (iv) other indices with specified spreads which may vary. Events
of Default under an LOC may result in a termination of the LOC within a stated period of generally eight days and a mandatory
tender of the bonds to the LOC bank. The bank then holds the bonds at the default rate, which is typically equivalent to the lesser
of 25% and the Base Rate plus a range from 2% to 4.5%, until the City takes action to cure the default.
103
NOTES TO FINANCIAL STATEMENTS, Continued
Events of default under the SBPAs or LOC Reimbursement Agreements supporting the 46 series of VRDBs are summarized
below. The summaries are qualified in their entirety by references to the actual SBPAs and LOC Reimbursement Agreements,
which can be found by following prompts on the New York City home page on the Municipal Securities Rulemaking Board’s
Electronic Municipal Market Access (EMMA) website (http://emma.msrb.org). Events of default can include, but are not necessarily
limited to: payment defaults by the City; City failure to observe certain covenants; City representations in bond documents prove
to be incorrect; bankruptcy or insolvency of the City; provisions in the City’s bond documents cease to be valid and binding or the
City repudiates obligations; the City declares a moratorium on payment of any of its debts; the City’s long-term unenhanced bond
ratings are withdrawn, suspended for credit-related reasons, or reduced below certain thresholds; or the City fails to satisfy non-
appealable monetary judgements above a certain amount.
Certain of the events of default under a SBPA result in the immediate termination of the SBPA under certain circumstances and
tendered and unremarketed bonds will bear interest at the maximum rate, as described above.
Certain of the events of default under a SBPA may result in a mandatory tender event under certain circumstances and the bonds
will bear interest at the default rate in the relevant SBPA.
If an Event of Default under a LOC Reimbursement shall have occurred and be continuing, bonds can potentially bear interest at
the default rate and the LOC Bank will be entitled to take further action as contemplated under the bond documents or as permitted
under applicable law or in equity. Further, in certain situations, the City has agreed to use its best efforts to exchange bonds held
by the bank for refunding bonds with an increased interest rate (typically the base rate plus a certain spread) and an accelerated
maturity schedule, typically five years after the exchange.
As of June 30, 2020, the City has eight series of Index Rate Bonds outstanding with a total par value of $625 million, all of which
are Direct Purchases. The Series 1994E-4 bonds and the Series 2012G-5 bonds were issued with Continuing Covenant Agreements
with event of default provisions comparable to those of the City’s Variable Rate Demand Bonds. The Continuing Covenant
Agreements can be found on the Municipal Securities Rulemaking Board’s EMMA website at https://emma.msrb.org. The Series
1994E-4 bonds have a default rate of 12% per annum. The Series 2012G-5 bonds have a default rate of the Base Rate plus 3% per
annum. The Base Rate equals the highest of the Federal Funds Rate plus 3%, the Prime Rate plus 2%, or 6%.
Hedging derivative instrument payments and hedged debt
As of June 30, 2020 the City no longer has any swaps that are classified as hedging derivative instruments.
Judgments and Claims
The City is a defendant in lawsuits pertaining to material matters, including claims asserted which are incidental to performing
routine governmental and other functions. This litigation includes, but is not limited to: actions commenced and claims asserted
against the City arising out of alleged constitutional violations; torts; breaches of contract; other violations of law; and condemnation
proceedings.
As of June 30, 2020 and 2019, claims in excess of $1.52 and $1.18 trillion, respectively, were outstanding against the City for
which the City estimates its potential future liability to be $7.10 and $6.85 billion, respectively.
As described in Note A.10, the estimate of the liability for all judgments and claims has been reported in the government-wide
Statement of Net Position under noncurrent liabilities. The liability was estimated by using the probable exposure information
provided by the New York City Law Department (Law Department), and supplemented by information provided by the Law
Department with respect to certain large individual claims and proceedings. The recorded liability is the City’s best estimate based
on available information and application of the foregoing procedures.
The City has received in excess of 70 notices of claim from putative plaintiffs and been named as a defendant in approximately a
dozen legal actions to date claiming that, through the wrongful actions of the City, they, or a family member, were exposed to the
novel coronavirus or contracted the COVID-19 disease resulting in, among other things, severe medical, psychological and
economic damages and/or death. Going forward, the City expects to receive additional legal claims related to COVID-19. The
City cannot predict its potential monetary liability from such claims at this time or whether such liability will have a material
effect on the finances of the City.
Complaints on behalf of approximately 11,900 plaintiffs alleging respiratory or other injuries from alleged exposures to World Trade
Center dust and debris at the World Trade Center site or the Fresh Kills landfill were commenced against the City and other entities
104
NOTES TO FINANCIAL STATEMENTS, Continued
involved in the post-September 11 rescue and recovery process. Plaintiffs include, among others, Department of Sanitation employees,
firefighters, police officers, construction workers and building clean-up workers. The actions were consolidated in federal District
Court pursuant to the Air Transportation and System Stabilization Act, which grants exclusive federal jurisdiction for all claims
related to or resulting from the September 11 attack. A not-for-profit “captive” insurance company, WTC Captive Insurance Company,
In. (the “WTC Captive”) was formed to cover claims against the City and its private contractors relating to debris removal work at the
World Trade Center site and the Fresh Kills landfill. WTC Captive was funded by a grant from the Federal Emergency Management
Agency in the amount of $999.9 million. On June 10, 2010, the WTC Captive announced that a settlement was reached with attorneys
for the plaintiffs. On November 19, 2010, District Court Judge Hellerstein announced that more than the required 95% of plaintiffs
agreed to the settlement, thus making it effective. Approximately $700 million has been paid under the settlement, leaving residual
funds of approximately $290 million to insure and defend the City and its contractors against any new claims. Since the applicable
statute of limitations runs from the time a person learns of his or her injury or should reasonably be aware of the injury, additional
plaintiffs may bring lawsuits in the future for late emerging cancers, which could result in substantial damages. In 2019, Congress
enacted legislation extending the September 11 Victim Compensation Fund through October 1, 2092, which provides a non-litigation
alternative for claimants to obtain compensation. While the passage of this legislation has diminished the likelihood of future claims
and suits being filed against the City, no assurance can be given that additional claims against the City will not be filed or that the
remaining insurance will be sufficient to cover all liability that might arise from such claims.
In 1996, a class action was brought against the City Board of Education and the State under Title VII of the Civil Rights Act of 1964
alleging that the use by the Board of Education of two teacher certification examinations mandated by the State had a disparate
impact on minority candidates. In 2006, the United States Court of Appeals for the Second Circuit dismissed the claims against the
State. In December 2012, the District Court decided a controlling legal question against the City. On February 4, 2013, the Second
Circuit affirmed the District Court’s decision. The District Court has appointed a Special Master to oversee claimants’ individualized
hearings both as to damages and eligibility for Board of Education employment. The hearings relate to members of the class that
took the Liberal Arts and Science Test (“LAST”) from 1996 to 2004. Currently, approximately 4,000 such individuals have submitted
claim forms and may be eligible for damages. On June 5, 2015, the Court ruled that a second version of LAST, LAST-2, that was
administered from 2004 to 2014, violated Title VII because it did not measure skills necessary to do the job. Currently, up to 700
potential LAST-2 class members have submitted claim forms and may be eligible for damages. In August 2015, the Court found
that the State’s new teacher certification test, the Academic Literacy Skills Test (ALST), administered since Spring 2014, was not
discriminatory and evaluated skills necessary to do the job. Hearings to determine each claimant’s damages are ongoing. While
some final judgments have been entered, it is too early to permit an accurate estimation of the ultimate potential cost to the City.
The Office of Inspector General of the United States Department of Health and Human Services (“OIG”) conducted a review of
Medicaid Personal Care Services claims made by providers in the City from January 1, 2004 through December 31, 2006, and
concluded that 18 out of 100 sampled claims by providers failed to comply with Federal and State requirements. The Medicaid
Personal Care Services program in the City is administered by the City’s Human Resources Administration. In its audit report
issued in June 2009, the OIG, extrapolating from the case sample, estimated that the State improperly claimed $275.3 million in
federal Medicaid reimbursement during the audit period and recommended to the Center for Medicare and Medicaid Services
(“CMS”) that it seek to recoup that amount from the State. To the City’s knowledge, CMS has not taken any action to recover
amounts from the State based on the findings in this audit, but no assurance can be given that it will not do so in the future.
Section 22 of Part B of Chapter 109 of the Laws of 2010 amended an earlier unconsolidated state law to set forth a process under
which the State Department of Health may recover from a social services district, including the City, the amount of a federal
Medicaid disallowance or recovery that the State Commissioner of Health “determines was caused by a district’s failure to properly
administer, supervise or operate the Medicaid program.” Such a determination would require a finding that the local agency had
“violated a statute, regulation or clearly articulated written policy and that such violation was a direct cause of the federal
disallowance or recovery.” It is not clear whether the recovery process set out in the amendment can be applied to a federal
disallowance against the State based upon a pre-existing audit; however, in the event that it does, and results in a final determination
by the State Commissioner of Health against the City, such a determination could result in substantial liability for the City as a
result of the audit.
On December 21, 2015, the United States Attorney for the Southern District of New York (“USAO-SDNY”) sent a findings letter
to the DOE indicating various areas in which he alleged that the City elementary schools were not accessible to students with
disabilities in violation of the Americans with Disabilities Act of 1990. The City and USAO-SDNY are currently in discussion as
to the matters raised in the letter. While the City has an ongoing program to make smaller schools accessible, an acceleration of
alterations to City elementary schools to address concerns raised in the findings letter could result in a substantial acceleration of
compliance costs to the City but not damages.
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NOTES TO FINANCIAL STATEMENTS, Continued
In late 2015, a putative class action was filed against the City and the New York City Taxi and Limousine Commission alleging
numerous commercial claims in connection with the November 2013 and February 2014 auctions of wheelchair accessible taxi
medallions. Plaintiffs allege that the New York City Taxi and Limousine Commission negligently posted false information about
average medallion transfer prices in advance of the auction, falsely inducing plaintiffs to bid higher amounts for their medallions,
as well as failed to inform prospective bidders that the New York City Taxi and Limousine Commission would allow black cars to
utilize electronic apps to prearrange rides, which plaintiffs argue violates their street hail exclusivity. In June 2017, the City’s
motion for summary judgment was granted, due to plaintiffs’ failure to file notices of claim with the Office of the City Comptroller.
Plaintiffs withdrew their appeal of that ruling to pursue related actions subsequently filed. On January 31, 2017 and on March 23,
2017, in State Supreme Court, Queens County, a second and a third putative class action were filed, alleging similar claims. In
September 2017, the Court dismissed all but the breach of contract rescission and implied covenant of good faith and fair dealing
claims in the second filed action. Motion practice remains ongoing in the second filed action. The Court recently denied plaintiffs’
motion for class certification as premature. In November 2017, the Court dismissed the third filed action, which plaintiffs appealed.
In March 2019, the Court granted the plaintiffs’ motion to reargue and the discovery is underway. In November 2019, the Court
granted plaintiffs’ motion for class certification in the third filed action. While the scope of the class of plaintiffs is unclear at this
time, it includes at least most of the plaintiffs who purchased medallions at the auctions; if the class were to prevail in any of the
remaining described cases, damages of several hundred million dollars could be sought.
In an action filed in December 2015, plaintiffs that include owners of taxi medallions, taxi drivers, groups that finance taxi
medallions, and taxi medallion interest groups, raised numerous constitutional claims challenging regulations on taxi medallions
that allegedly are not applied to for-hire vehicles (“FHVs”) that operate via electronic apps. The plaintiffs also claimed that such
FHVs benefit from additional TLC regulations that effected an alleged taking of the plaintiffs’ taxi medallions. In March 2017, the
City was granted its motion to dismiss. The U.S. Court of Appeals for the Second Circuit upheld the dismissal of all federal claims
in May 2018, while indicating that it would not rule on plaintiffs’ takings claim because plaintiffs failed to avail themselves of
State procedures for seeking remedy. Although plaintiffs may elect to file a takings claim in State court, in a May 2018 decision
on a similar case that did not seek monetary relief, the Supreme Court of the State of New York, Appellate Division, Second
Judicial Department opined that the TLC’s actions permitting FHVs to operate via electronic apps do not constitute a taking under
State law. If the plaintiffs were to ultimately prevail on a takings claim, the City could be subject to substantial liability.
In June, 2018, a class action on behalf of blind and visually impaired persons commenced in the United States District Court for
the Southern District of New York (American Council of the Blind, et al. v. City of New York, et al.) and by Order dated July 22,
2019 the class was certified. The plaintiffs allege that the City is violating the Americans with Disabilities Act, the Rehabilitation
Act and the New York City Human Rights Law by not installing Accessible Pedestrian Signals (“APS”) at all intersections that
have a pedestrian control signal for sighted pedestrians. Plaintiffs further argue that under these statutes the City is required at a
minimum to install APS whenever it installs a new pedestrian control signal and to install APS whenever it alters an existing
pedestrian control signal. Plaintiffs seek declaratory relief that the City has violated these statutes and an order directing the City
to comply with these statutes by installing APS at all signalized pedestrian street crossings (over 13,000 intersections), and
attorneys’ fees. If plaintiffs were to prevail, the City could be subject to substantial compliance costs.
In 2010, a single claimant sued the City for improper jail detention resulting from the City honoring a federal ICE detainer
request. By 2017, the court certified a class of similarly situated individuals who were allegedly wrongfully detained in City jails
between 2007 and 2012. Various courts around the country, over the same time period, determined that holding detainees past
their scheduled release date based on an ICE detainer request was unconstitutional, except under certain limited circumstances.
During discovery, plaintiffs have asserted that potentially over 10,000 individuals were held in City jails in alleged contravention
of these circumstances, allegedly totaling approximately 75,000 additional days past their scheduled release dates. The City is
pursuing settlement of the suit. It is too early at this stage of the litigation to provide an accurate estimate of the potential cost to
the City; however, the exposure could be substantial.
On February 20, 2020, the New York State Attorney General’s Office filed a notice with the New York City Comptroller’s Office
that it planned to file a legal action that would claim, among other things, that beginning no later than 2004, the New York City
Taxi and Limousine Commission (the “TLC”) marketed taxicab medallions to purchasers, prospective purchasers, brokers and
financial institutions as investments and conducted auctions of taxicab medallions in a manner that artificially inflated the price of
the medallions and, in or about 2004, permitted collusive bidding in its auctions of taxicab medallions and failed to take necessary
action to prevent further collusion. Additionally, the Attorney General says it will claim that beginning on or about January 19,
2011, the TLC failed to disclose and concealed information that the price of taxicab medallions outstripped the underlying value
of the taxicab medallions and that the City gave the impression that the price of taxicab medallions would only increase. The
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NOTES TO FINANCIAL STATEMENTS, Continued
notice further states the Attorney General will seek damages from the City in the amount of $810 million plus interest and costs.
The City believes the claims described in the notice of claim are without merit and are time barred under State law. The City will
evaluate and vigorously defend against any complaint when and if filed by the Attorney General.
In a putative class action filed on August 29, 2019 in New York County Supreme Court, Street v. City, plaintiff challenged the
processing of vehicular red light camera tickets issued by the City under the Red Light Camera Program authorized pursuant to
New York Vehicle and Traffic Law (“VTL”) section 1111-a. Plaintiff claimed, among other things, that the technician certificates
issued by the City to verify vehicular red light violations were not notarized as plaintiff alleged is required by VTL section 1111-
a(d), and therefore said certificates and the related fines were invalid. Plaintiff, on behalf of the class, seeks refunds of fines paid
under the Red Light Camera Program from August 2013 to present. In a decision issued on August 12, 2020, the Court declared
that the certificate at issue in plaintiff’s case was invalid since it was not notarized; in the same decision, the court declined to
certify a class of similarly situated vehicle owners that received red light camera tickets. Plaintiff has filed a motion to re-argue
and a notice of appeal of the denial of class certification. The City expects to make filings opposing plaintiff’s motion and appeal
with respect to class certification and is considering its options to appeal the Court’s ruling regarding the notarization of the
certificates. If a class were to be certified by the Court and the City was ordered to pay refunds for fiscal year 2014 to fiscal year
2020 for said violations, the potential monetary liability could be substantial.
In a putative class action filed in September 2020 in New York County Supreme Court, Mulhadzhanov v. City, plaintiffs challenged
the processing of vehicular speeding tickets issued by the City under the Speed Camera Program authorized pursuant to VTL
section 1180-b. Plaintiffs claimed, among other things, that certificates issued by the City to verify speeding violations were not
notarized as plaintiffs allege is required by VTL section 1180-b(d) and therefore said certificates and the related fines were invalid.
Plaintiffs seek refunds of fines paid under the Speed Camera Program from August 2013 to August 2018 and from July 2019 to
present. If a class were to be certified by the Court and the City was ordered to pay refunds for fiscal year 2014 to fiscal year 2020
for said violations, the potential monetary liability could be substantial.
In addition to the above claims and proceedings, numerous real estate tax certiorari proceedings alleging overvaluation, inequality,
and illegality are pending against the City. Based on historical settlement activity, and including an estimated premium for
inequality of assessment, the City estimates its potential future liability for outstanding certiorari proceedings to be $1,124 and
$997 million at June 30, 2020 and June 30, 2019 respectively, as reported in the government-wide financial statements.
Landfill Closure and Postclosure Care Costs
The City’s only active landfill after October 9, 1993 was the Fresh Kills landfill, which has been closed since 2002. Upon the
landfill becoming inactive, the City was required by Federal and State law, and under Consent Order with the State Department of
Environmental Conservation to complete the Final Closure Plan, and to provide postclosure care for a minimum period of 30
years following closure. The Final Closure Plan includes the construction of final cover, stormwater management, leachate
mitigation and/or corrective measures, and landfill gas control systems. Postclosure care includes environmental monitoring, and
the operation, maintenance, recordkeeping and reporting for the final closure systems.
The liability for these activities as of June 30, 2020, which equates to the total estimated current cost, is $1.21 billion. There are
no costs remaining to be recognized. Cost estimates are based on current data including contracts awarded by the City, contract
bids, and engineering studies. These estimates are subject to adjustment for inflation and to account for any changes in landfill
conditions, regulatory requirements, technologies, or cost estimates. For government-wide financial statements, the liability for
closure and postclosure care is based on total estimated current cost. For fund financial statements, expenditures are recognized
using the modified accrual basis of accounting when the related liability is incurred and the payment is due.
Resource Conservation and Recovery Act Subtitle D Part 258, which became effective April, 1997, requires financial assurance
regarding closure and postclosure care. This assurance was most recently provided, on March 10, 2017, by the City’s Chief
Financial Officer placing in the Fresh Kills landfill operating record representations in satisfaction of the Local Government
Financial Test. As of June 30, 2020, the financial assurance cost estimate for the Fresh Kills Landfill is $904 million.
The City has five inactive hazardous waste sites not covered by the EPA rule. The City has recorded the long-term liability for
these postclosure care costs in the government-wide financial statements.
During Fiscal Year 2020, expenditures for landfill and inactive hazardous waste site closure and postclosure care costs totaled
$62.3 million.
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NOTES TO FINANCIAL STATEMENTS, Continued
The following represents the City’s total landfill and hazardous waste sites liability which is recorded in the government-wide
Landfill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,089,811
Hazardous waste sites . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______122,583
___________
Total landfill and hazardous waste sites liability . . . . . . . . . . . . . . $1,212,394
__________________________________
Pollution Remediation Obligations
The pollution remediation obligations (PROs) at June 30, 2020 and June 30, 2019, summarized by obligating event and pollution
type, respectively, are as follows:
Obligating Event
_______________ Fiscal Year 2020
_______________________________ Fiscal Year 2019
_____________________________
Amount
_____________ Percentage
___________ Amount
_____________ Percentage
___________
(in thousands) (in thousands)
Imminent endangerment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17 0.01% $ — —%
Named by regulator as a potentially responsible party . . . . . . 68,500 27.26 67,645 27.46
Voluntary commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,733
_________ 72.73
_______ 178,675
_________ 72.54
_______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $251,250
_________ (1)
_________ 100.00%
_______
_______ $246,320
_________(1)
_________ 100.00%
_______
_______
Pollution Type
____________ Amount
_____________ Percentage
___________ Amount
_____________ Percentage
___________
(in thousands) (in thousands)
Asbestos removal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $111,044 44.20% $113,981 46.27%
Lead paint removal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,226 14.42 30,753 12.49
Soil remediation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,510 13.74 32,072 13.02
Water remediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,815 23.01 57,810 23.47
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,655
_________ 4.63
_______ 11,704
_________ 4.75
_______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $251,250
_________
_________
(1) 100.00%
_______
_______ $246,320
_________
_________
(1) 100.00%
_______
_______
The PRO liability is derived from registered multi-year contracts which offsets cumulative expenditures (liquidated/unliquidated)
against original encumbered contractual amounts. The potential for changes to existing PRO estimates is recognized due to such
factors as: additional remediation work arising during the remediation of an existing pollution project; remediation activities may
find unanticipated site conditions resulting in necessary modifications to work plans; changes in methodology during the course
of a project may cause cost estimates to change, e.g., the new ambient air quality standard for lead considered a drastic change will
trigger the adoption of new/revised technologies for compliance purposes; and changes in the quantity which is paid based on
actual field measured quantity for unit price items measured in cubic meters, linear meters, etc. Consequently, changes to original
estimates are processed as change orders. Further, regarding pollution remediation liabilities that are not yet recognized because
they are not reasonably estimable, the Law Department relates that the City has approximately 32 cases involving hazardous
substances, including spills from above and underground storage tanks, and other contamination on, or caused by facilities on
City-owned property. Due to the uncertainty of the legal proceedings, future liabilities cannot be estimated.
The City, in compliance with the State Department of Environmental Conservation Permit Numbers 2-6302-00007/00019, 2-6106-
00002/00022, 2-6204-00007/00013, 2-6106-00002/00022, and 2-6102-00010/00013, issued pursuant to 6 NYCRR Part 360, must
provide financial assurance for the closure of the following Marine Transfer Stations: North Shore, Hamilton Avenue, Southwest
Brooklyn, East 91st Street, and West 59th Street. Such surety instrument must conform to the requirements of 6 NYCRR Part
360.12. The liability for closure as of June 30, 2020, which equates to the total current closure cost, is $1.04 million for North
Shore, $912 thousand for Hamilton Avenue, $859 thousand for Southwest Brooklyn, $993 thousand for East 91st Street, and $225
thousand for West 59th Street. The cost estimates are based on current data and are representative of the cost that would be
incurred by an independent party. The estimates are subject to adjustment for inflation and to account for changes in regulatory
requirements or cost estimates. For government-wide financial statements, the liability for closures are based on total estimated
current costs. For fund financial statements, expenditures are recognized using the modified accrual basis of accounting when the
closure costs are incurred and the payment is due. The total liability equaling the total closure costs for the transfer stations of
$4.03 million is included under the Pollution Type “Other” in the table above.
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NOTES TO FINANCIAL STATEMENTS, Continued
On Monday, October 29, 2012, Super Storm hit the Mid-Atlantic East Coast. The storm caused widespread damage to the coastal
and other low lying areas of the City and power failures in various parts of the City, including most of downtown Manhattan. On
January 29, 2013, President Obama signed legislation providing for approximately $50.5 billion in storm-related aid for the region
affected by the storm. Although it is not possible for the City to quantify the full, long-term impact of the storm on the City and its
economy, the current estimate of the direct costs to the City, NYCHH and NYCHA is approximately $10.7 billion (comprised of
approximately $1.8 billion of expense costs and approximately $8.9 billion of capital project costs). Such direct costs represent
funding for emergency response, debris removal, emergency protective measures, repair of damaged infrastructure and long-term
hazard mitigation investments. In addition to such direct costs, the City is delivering Super Storm-related disaster recovery
assistance services, benefiting impacted communities, businesses, homeowners and renters (Community Costs), which the City
anticipates will be fully reimbursed by federal funds.
The Financial Plan assumes that the direct costs described above will largely be paid from non-City sources, primarily the federal
government, and that the Community Costs described above will be fully reimbursed by federal funds. The City expects
reimbursements to come from two separate federal sources of funding, FEMA and HUD. The City has secured approximately
$10.7 billion in FEMA assistance and other federal emergency response grants (FEMA Funding). The maximum reimbursement
rate from FEMA is 90% of total costs. Other federal emergency response grants may have larger local share percentages. The City
expects to use $720 million of Community Development Block Grant Disaster Recovery funding allocated by HUD to meet the
local share requirements of the FEMA funding, as well as recovery work not funded by FEMA or other federal sources. This
allocation would be available to fill gaps in such FEMA funding. As of June 30, 2020, the City, NYCHH and NYCHA have
received $3.9 billion in reimbursements from FEMA for the direct costs described above. In addition to the FEMA Funding
described above, HUD has made available over $4.6 billion for Community Costs, of which over $3.4 billion has been received
through June 30, 2020. No assurance can be given that the City will be reimbursed for all of its costs or that such reimbursements
will be received within the time periods assumed in the Financial Plan. There is no assurance, if the City were to experience a
similar storm in the future, that non-City sources, including the federal government, would pay the costs.
The 2007 strategic plan PlaNYC, A Greener, Greater New York, recognized climate change as a new challenge facing the City
cutting across all of the issues covered in the plan. The 2007 strategic plan described the City’s climate change strategy as the sum
of all the initiatives in the plan and announced initiation of a long-term effort to develop a comprehensive climate change adaptation
strategy to prepare the City for the climate shifts that are unavoidable. Many actions undertaken by the City followed, including
initiation of work with FEMA to ensure that City floodplain maps reflect the most current information and creation of the New
York City Panel on Climate Change (NPCC). NPCC is a body of more than a dozen leading independent climate and social
scientists appointed by the Mayor. Since 2008, NPCC has analyzed climate trends, developed projections, explored key impacts,
and advised on response strategies for City planning. NPCC is required to make recommendations to the City regarding climate
change projections at least every three years and produced its first report in 2010, with subsequent reports in 2015 and 2019
(collectively, the NPCC Reports). The NPCC has identified that the City is already experiencing the impacts of climate change
and projects dramatic impacts from climate change on the City in the future.
A Greener, Greater New York was updated in 2011, in June 2013 by PlaNYC A Stronger, More Resilient New York, and expanded in
April 2015 in One New York: the Plan for a Strong and Just City, and in April 2019 by OneNYC 2050 (the OneNYC Reports). NPCC
projections form the basis for the City’s climate resiliency planning and are reflected in the OneNYC Reports. Many of the resiliency
and other undertakings included in the OneNYC Reports involve coordination and cooperation with multiple public and private
stakeholders, and expansion of ongoing maintenance and development, as well as specific initiatives such as those described below.
Building on the recommendations contained in the OneNYC Reports, the City is in the process of implementing, over the next ten
years, climate resiliency projects costing in excess of $20 billion, most of which are dedicated to areas previously affected by
Super Storm and some of which are directed toward mitigating the risks identified in the NPCC Reports. Such plans include both
stand-alone resiliency projects and the integration of resiliency protection into the City’s ongoing investments. These projects are
in various stages of feasibility review, design and construction and/or implementation. Funding for these projects is expected to
come from City, State and federal sources. Some projects are expected to require additional funding to the extent that they are in
the planning stages or current funding does not provide for the costs of construction.
Several major coastal resiliency projects are currently underway throughout the City, including the East Side Coastal Resiliency
Project (ESCR), the South Shore of Staten Island Coastal Storm Risk Management Project (the Staten Island Project) and the
Rockaways Shorefront and Back Bay Projects (the Rockaways Project).
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NOTES TO FINANCIAL STATEMENTS, Continued
Through ESCR, which is expected to break ground in fall of 2020, the City will construct an integrated coastal flood protection
system for which it will seek FEMA accreditation, create resilient open spaces, and improve waterfront access on Manhattan’s
east side, from East 25th Street at the north to Montgomery Street at the south. The City anticipates the entire flood protection
system will be in place and operational by the 2023 Atlantic hurricane season. The expected cost of ESCR is $1.45 billion, with
$1.12 billion being paid for by the City and $338 million being paid for with Community Development Block Grant Disaster
Recovery funding allocated by HUD. Other projects in Lower Manhattan include flood walls and deployable flip-up barriers to
protect the Two Bridges neighborhood, which lies south of Montgomery Street at the north to the Brooklyn Bridge at the south,
developing a plan that contemplates extending the Manhattan shoreline from the Brooklyn Bridge to the Battery into the East
River to protect the Seaport and Financial District area, and an elevated waterfront esplanade in the Battery and flood barriers in
Battery Park City. On February 10, 2020, litigation was filed in New York Supreme Court challenging the project on the theory
that the project constitutes alienation of parkland, and therefore would require State legislative approval. On August 20, 2020, the
litigation was dismissed. On August 28, 2020, petitioners filed a notice of appeal.
The Staten Island Project, which is being designed and constructed by the U.S. Army Corps of Engineers (USACE), is expected
to break ground in fall of 2020, and will create a 5.5-mile line of coastal protection on Staten Island between Fort Wadsworth and
Oakwood Beach. USACE currently estimates that the project will cost $615 million, with the City responsible for 10.5% of the
project costs, and the remaining project costs to be paid for with federal and State funds.
The Rockaways Project, which is also being designed and constructed by USACE, consists of coastal protection elements on the
Atlantic shorefront and on the Jamaica Bay side of the Rockaways. The project is expected to break ground in fall of 2020 and will
be fully funded by the federal government, with an expected cost of approximately $590 million.
The City expects that additional resiliency projects will be identified and implemented in the coming years, including projects
inside and outside of the areas affected by Super Storm and addressing risks identified in the NPCC Reports including coastal
storms, sea level rise, extreme heat and intense rainfall.
In 2015, FEMA issued preliminary updated flood insurance rate maps (FIRMs), which would have expanded the 100-year
floodplain beyond the areas designated in the flood maps issued in 2007. The City appealed the 2015 preliminary flood maps
challenging the modelling FEMA used to develop them. The 2015 preliminary flood maps were adopted into the building code,
but the prior 2007 flood maps remain in effect for flood insurance purposes. In 2016, FEMA agreed with the City’s appeal, and the
City is currently working with FEMA to update the maps. The new maps are expected to generally expand the 100-year floodplain
from the 2007 flood maps and may cover different areas than the 2015 preliminary flood maps. Such expansion could negatively
impact property values in those newly designated areas. In addition, an increase in areas of the City susceptible to flooding
resulting from climate change could result in greater recovery costs to the City if flooding were to occur within such larger areas.
Despite the efforts described above, the magnitude of the impact on the City’s operations, economy, or financial condition from
climate change is indeterminate and unpredictable. No assurance can be given that the City will not encounter natural disaster
risks, such as hurricanes, tropical storms, heatwaves or catastrophic sea level rise in the future, or that such risks will not have an
adverse effect on the operations, economy or financial condition of the City.
Superfund Designations
On March 2, 2010, the United States Environmental Protection Agency (EPA) listed the Gowanus Canal (the Canal), a waterway
located in the City, as a federal Superfund site under the Comprehensive Environmental Response, Compensation and Liability
Act (CERCLA). EPA considers the City a potentially responsible party (PRP) under CERCLA, based on contaminants from
currently and formerly City-owned and operated properties, as well as from the City’s combined sewer overflows (CSOs). On
September 30, 2013 EPA issued the Record of Decision (ROD) for the Canal, setting forth requirements for dredging contaminated
sediment in the Canal and covering it with a cap as well as source control requirements. The ROD requires that two CSO retention
tanks be constructed as part of the source control component of the remedy. EPA estimates that the costs of the tanks will be
approximately $85 million. The City estimates that the tanks will actually cost in excess of $735 million, which is included in the
City’s capital plan. EPA also estimates the overall cleanup costs (to be allocated among potentially responsible parties) will be
$506 million. The City anticipates that the actual cleanup costs could substantially exceed EPA’s cost estimate. On May 28, 2014,
EPA issued a unilateral administrative order requiring the City to design major components of the remedy for the Canal, including
the CSO retention tanks and other storm water control measures, and remediate the First Street basin (a currently filled-in portion
of the Canal). As required under the Unilateral Order, the City submitted its siting recommendations for the CSO tanks to EPA on
June 30, 2015. As set forth in a consent order which was fully executed on June 9, 2016, EPA agrees with the City’s preferred
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NOTES TO FINANCIAL STATEMENTS, Continued
location for one of the tanks and, with respect to the other tank, EPA has directed the City to site the tank at the City’s preferred
location subject to certain milestones. An allocation process has been completed between the City and approximately 20 other
parties to allocate costs of the design of the in-canal portion of the remediation, which includes dredging and capping the canal.
Prior to completion of the allocation process, the City paid a portion of the design costs based on an estimate of the City’s potential
share of the costs. As a result of the agreed upon allocation process, the City will be required to provide additional funding over
the next three years. Such additional funding for design costs is not expected to be a material cost.
On January 28, 2020, EPA issued a new Unilateral Order to the six largest PRPs, including the City and National Grid, requiring
these parties to implement the in-Canal remedy (consisting of dredging and capping of sediments) in the upper reach of the Canal.
EPA estimates that the cost of this work, the first of the three phases, is $125 million, an estimate that the City believes is low. The
City’s liability for the in-Canal work is unknown at this time, and may ultimately be determined through litigation.
On September 27, 2010, EPA listed Newtown Creek, the waterway on the border between Brooklyn and Queens, New York, as a
Superfund site. On April 6, 2010, EPA notified the City that EPA considers the City a PRP under CERCLA for hazardous
substances in Newtown Creek. In its Newtown Creek PRP notice letter, EPA identified historical City activities that filled former
wetlands and low lying areas in and around Newtown Creek and releases from formerly City-owned and operated facilities,
including municipal incinerators, as well as discharges from sewers and CSO outfalls, as potential sources of hazardous substances
in Newtown Creek. In July, 2011, the City entered into an Administrative Settlement Agreement and Order on Consent with EPA
and five other PRPs to conduct an investigation of conditions in Newtown Creek and evaluate feasible remedies. The investigation
and feasibility study is expected to take approximately eleven years. The City’s share will be determined in a future allocation
proceeding. The settlement does not cover any remedy that may ultimately be chosen by EPA to address the contamination
identified as a result of the investigation and evaluation.
On May 12, 2014, EPA listed the former Wolff-Alport Chemical Company site (Wolff-Alport Site) in Ridgewood, Queens, as a
Superfund site. The designation is based on radioactive contamination resulting from the operations of the Wolff-Alport Chemical
Company during the 1920s to 1950s, which, among other things, disposed of radioactive material on-site, on the adjacent right-of-
way, and via the sewer system. In 2013, EPA, in cooperation with City and State agencies, completed a response action to
implement certain interim remedial measures at the Wolff-Alport Site to address the site’s short-term public health risks. In 2015
to 2017, EPA undertook a remedial investigation and feasibility study that assessed, among other things, impacts to the sewer
system and City right-of-way from operations at the Wolff-Alport Site, and evaluated a range of remedial alternatives. In September
2017, EPA issued its ROD identifying its selected remedy. The ROD requires jet washing and replacement of sewers, and excavation
of contaminated portions of the right-of-way. EPA estimated work for the entire Wolff-Alport Site to cost $39 million. The City
anticipates that the costs for work in the sewers and the right-of-way could significantly exceed that estimate. In December 2017,
EPA notified the City of its status as a PRP for the work on City property and sought to have the City perform some of the work.
In February 2018, the City notified EPA that, subject to certain conditions, it was willing to undertake such work and, on September
24, 2019, EPA issued a Unilateral Administrative Order requiring the City to conduct additional pre-design investigatory work and
develop a Remedial Design consistent with the ROD.
The National Park Service (NPS) is undertaking a CERCLA removal action at Great Kills Park on Staten Island to address
radioactive contamination that has been detected at the site. Great Kills Park was owned by the City until roughly 1972, when it
was transferred to NPS for inclusion in the Gateway National Recreation Area. While owned by the City, the site was used as a
sanitary landfill, and the park was also expanded using urban fill. NPS believes that the radioactive contamination is the result of
City activities and that the City is therefore liable for the investigation and remediation under CERCLA. The City has negotiated
a settlement with NPS to address a remedial investigation and feasibility study. No other PRPs have been identified at this time.
Under CERCLA, a responsible party may be held responsible for monies expended for response actions at a Superfund site,
including investigative, planning, removal, remedial and EPA enforcement actions. A responsible party may also be ordered by
EPA to take response actions itself. Responsible parties include, among others, past or current owners or operators of a facility
from which there is a release of a hazardous substance that causes the incurrence of response costs. The nature, extent, and cost of
response actions at either the Canal, Newtown Creek, the Wolff-Alport site or Great Kills Park, the contribution, if any, of
discharges from the City’s sewer system or other municipal operations, and the extent of the City’s liability, if any, for monies
expended for such response actions, will likely not be determined for several years and could be material.
111
NOTES TO FINANCIAL STATEMENTS, Continued
At June 30, 2020 and 2019, City and discretely presented component units receivable and payable balances and interfund transfers
were as follows:
Governmental activities:
Due from/to other funds:
Receivable Fund
_____________________________________________ Payable Fund
__________________________________________ 2020
___________ 2019
___________
(in thousands)
General Fund Capital Projects Fund . . . . . . . . . . . . . . . . $2,500,541(1) $3,560,306(1)
TFA—Debt Service . . . . . . . . . . . . . . . . . 343,958 155,738
Capital Projects Fund TFA—Capital Projects Fund . . . . . . . . . . 183,645 227,514
HYIC —Capital Projects Fund . . . . . . . . 255 623
HYDC—Capital Projects Fund HYIC—Capital Projects Fund . . . . . . . . . 122 125
HYIC—Debt Service Fund HYIC—Capital Projects Fund . . . . . . . . . 254
_________ 30
_________
Total due from/to other funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,028,775
_________
_________ $3,944,336
_________
_________
Component Units:
Due from/to City and Component Units:
Receivable Entity
_____________________________________________ Payable Entity
__________________________________________ 2020
___________ 2019
___________
(in thousands)
City—General Fund Component units—HDC . . . . . . . . . . . . . $4,432,287 $3,376,951
NYC Health + Hospitals 382,780 300,587
the System . . . . . . . . —
_________ 19,905
_________
4,815,067
_________ 3,697,443
_________
City—Capital Projects Fund Component units—the System . . . . . . . . 567,644 695,328
EDC . . . . . . . . . . . . . 139,934
_________ 137,831
_________
707,578
_________ 833,159
_________
Total due from Component Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,522,645
_________
_________ $4,530,602
_________
_________
Component Unit—-the System City—General Fund . . . . . . . . . . . . . . . . . $ 93,685 $ —
Component Unit—BPL City—General Fund . . . . . . . . . . . . . . . . . 14,581 12,715
Component Unit—QBPL City—General Fund . . . . . . . . . . . . . . . . . 7,054
_________ 14,713
_________
Total due to Component Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 115,320
_________
_________ $ 27,428
_________
_________
(1) Net of eliminations within the same fund type.
Note: During Fiscal Years 2020 and 2019, the Capital Projects Fund reimbursed the General Fund for expenditures made on its
behalf.
The outstanding balances between funds are the result of the time lag between the dates that the interfund goods and services are
provided, the date the transactions are recorded in the accounting system and the date payments between funds are made. All
interfund balances are expected to be settled during the subsequent year.
112
NOTES TO FINANCIAL STATEMENTS, Continued
Governmental activities:
Interfund transfers(1)
_____________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________Fiscal
__________Year
_________2020
________________________________________________________________________________________________
Nonmajor
General Capital Projects Debt Service Governmental Adjustments/
_______Fund
____________ ________Fund
_____________ ______Fund
___________ ______Funds
_____________ _Eliminations
__________________ _______Total
____________
(in thousands)
Transfer from (to):
General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $3,313,378 $ 3,120,219 $ — $ 6,433,597
General Debt Service Fund . . . . . . . . . . . . . . . . . . . . (3,313,378) — — — — (3,313,378)
Capital Projects Fund . . . . . . . . . . . . . . . . . . . . . . . . — — — (4,242,110) — (4,242,110)
Nonmajor Debt Service Funds . . . . . . . . . . . . . . . . . (3,632,205) — — 260,177 511,986 (2,860,042)
Nonmajor Capital Projects Funds . . . . . . . . . . . . . . . — 4,242,110 — 12,958 — 4,255,068
Nonmajor Special Revenue Funds . . . . . . . . . . . . . . ________________— ___ _________________— __ _______________— __ ______(273,135)
_____________ ____________— ___ _____(273,135)
_____________
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(6,945,583)
______________________________________ $ 4,242,110
______________________________________ $3,313,378
__________________________________ __$(1,121,891)
____________________________________ $______511,986
________________________ $______________________________—
______
_____________________________________________________________________________________________________________________________________________________________________________________________________________
__________________________________________________________________________________________Fiscal
__________Year
_________2019
________________________________________________________________________________________________
113
Nonmajor
General Capital Projects Debt Service Governmental Adjustments/
_______Fund
____________ ________Fund
_____________ ______Fund
___________ ______Funds
_____________ _Eliminations
__________________ _______Total
____________
(in thousands)
Transfer from (to):
General Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $3,432,260 $ 2,844,739 $ — $ 6,276,999
General Debt Service Fund . . . . . . . . . . . . . . . . . . . . (3,432,260) — — — — (3,432,260)
Capital Projects Fund . . . . . . . . . . . . . . . . . . . . . . . . — — — (5,814,290) — (5,814,290)
Nonmajor Debt Service Funds. . . . . . . . . . . . . . . . . . (3,288,603) — — (46,341) 443,864 (2,891,080)
Nonmajor Capital Projects Funds . . . . . . . . . . . . . . . — 5,814,290 — 108,014 — 5,922,304
Nonmajor Special Revenue Funds . . . . . . . . . . . . . . ________________— ___ _________________— __ _______________— __ ________(61,673)___________ _______________ — _______(61,673)
___________
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __$(6,720,863)
____________________________________ __$________5,814,290
____________________________ __$3,432,260
________________________________ __$(2,969,551)
____________________________________ $______443,864
________________________ $______________________________—
______
(1) Transfers are used to: (i) move unrestricted General Fund revenues to finance various programs that the City must account for in other funds in accordance with budgetary authorizations, including amounts
provided as aid or matching funds for grant programs, (ii) move restricted amounts borrowed by authorized fund or component unit to finance Capital Projects Fund expenditures, (iii) move unrestricted
surplus revenue from the General Fund to finance Capital Projects Fund expenditures and prepay debt service coming due in the next fiscal year, and (iv) move revenue from the fund with collection
authorization to the Debt Service Fund as debt service principal and interest payments become due.
In the Fiscal Year ended 2020, the City made the following transfer: A transfer of unrestricted grants from the General Fund in the amount of $2.5 billion to TFA. The funds were used to fund debt service
requirements for future tax secured debt during the Fiscal Year ending June 30, 2021.
In the Fiscal Year ended 2019, the City made the following transfer: A transfer of unrestricted grants from the General Fund in the amount of $2.3 billion to TFA. The funds were used to fund debt service
requirements for future tax secured debt during the Fiscal Year ending June 30, 2020.
NOTES TO FINANCIAL STATEMENTS, Continued
7. Tax Abatements
NYC Tax Abatement Programs Administered by NYC Housing Preservation & Development (HPD)
Disclosure as required by
Statement No. 77 of the
Commercial Conversion Programs 421-a, 421-b
Governmental Accounting J51 Program
and 421-g
Standards Board
1) Purpose of program. Encourages the renovation of residential properties to owners Designed to encourage the new construction of multiple dwellings
of residential real property who perform rehabilitation work. (421-a), new construction or conversion or reconstruction of
owner-occupied one- and two-family homes (421-b), and the
construction and conversion of commercial buildings to
residential apartment buildings (421-g) by providing real property
tax benefits for eligible parcels.
2) Tax being abated. Real Property Tax Real Property Tax
3) Authority under which New York State (NYS) Real Property Tax Law (RPTL): Article NYS RPTL: Article 4, Title 2, Sections 421-a, 421-b, and
abatement agreements are 4, Title 2, Section 489 and the NYC Administrative Code, Title 421-g.
entered into. 11, Chapter 2, Subchapter 2, Parts 1, 11-242,
11-243, 11-244 and 11-245.8.
4) Criteria to be eligible to The projects may be government-assisted or privately a) 421-a Program: The buildings must receive governmental
receive abatement. financed for moderate and gut rehabilitation of multiple assistance, contain 20% affordable units, or the owner must
dwellings. The projects may also be for major capital participate in an affordable housing production program.
improvements, conversions of lofts and non-residential b) 421-b Program: The homes must be owner-occupied and
buildings into multiple dwellings, and for certain may not include commercial or other non-residential space.
cooperative/condominium and conversions to residential c) 421-g Program: The conversions must have an alteration
property projects. Type 1 permit dated before June 30, 2006. All of the programs
have eligible abatement zones.
5) How recipients’ taxes are Through both a reduction of the property’s assessed value and 421-a and 421-b: Through a reduction of the property’s
reduced. as a credit to the amount of taxes owed. assessed value; 421-g: Through both a reduction of the
property’s assessed value and as a credit to the amount of
taxes owed.
6) How amount of The amount of the direct reduction to the remaining billable a) 421-a Program: The benefit is based on a reduction of
abatement is determined. amount due is based on the calculated “Certified Reasonable assessment value of the new construction for a three year
Cost”; a percentage is applied to that figure to determine the construction benefit period, up to 35 years following the
Lifetime Abatement Amount or Abatement Pool. construction period.
b) 421-b Program: The building assessment is exempt during
the construction period and for an additional two years; the
benefit then declines until the ninth year.
c) 421-g Program: There is a construction period abatement
from the increase in real estate taxes resulting from the work,
and a 14 year abatement (ten years full and four year phase
out) based on the existing real estate taxes in year one of the
benefit term.
8) Types of commitments Commitments, other than reducing taxes, may only be N/A
made by the City other applicable with 34-year government-assisted construction
than to reduce taxes. projects. In these instances the City supports Participants in
the associated construction costs.
114
NOTES TO FINANCIAL STATEMENTS, Continued
DAMP encourages community growth by returning UDAAP offers incentive programs for To encourage upgrades to existing housing by
City-owned buildings to responsible private owners. rehabilitating housing or building new housing. providing a tax incentive for buildings developed
DAMP offers incentive programs that select by not-for-profit entities which were financed with
alternative managers for residential properties the Federal Low Income Tax Credit program.
foreclosed by the City for nonpayment of taxes, with
the goal of returning these properties to the tax roll.
Real Property Tax Real Property Tax Real Property Tax
Housing Finance Law: Article XI: Section 577. General Municipal Law 696: Article 16. NYS RPTL: Article 4, Title 2, Section 420c.
The benefits are limited to residential properties that The housing must be designated by the City The property must provide housing
were foreclosed on by the City for nonpayment of Council as an area in need of urban renewal. accommodations to persons and families of low
taxes. income, participates or has participated in the
Federal Low-Income Housing Tax Credit (LIHTC)
program, and is subject to a regulatory agreement
with HPD.
Through a reduction of the property’s assessed value. Through a reduction of the property’s assessed Through a reduction of the property’s assessed
value. value.
The benefit is equal to the assessed value times an The UDAAP benefit is equal to the delta between The benefit provides a 100% reduction from real
eligible percentage less the DAMP ceiling, which sets the building Assessed Value (AV) in the base year estate taxes for the term of the regulatory
a limit on the maximum taxable assessment that can and the building AV in the benefit year, up to 20 agreement up to a maximum of 60 years.
be placed on a property. years.
2020
_____ 2019
_____ 2020
_____ 2019
_____ 2020
_____ 2019
_____
(in thousands) (in thousands) (in thousands)
$46,800 $48,600 $22,000 $21,200 $285,800 $273,300
115
NOTES TO FINANCIAL STATEMENTS, Continued
1) Purpose of program. CRP provides a real property tax reduction in lower ICAP replaced ICIP in 2008. Both programs encourage
Manhattan by encouraging owners to invest in building economic development for construction and rehabilitation
improvements for offices, retail or elementary or secondary of commercial, industrial or mixed-use structures.
schools. The CEP provides a real property tax reduction for
space that has been leased for commercial offices,
industrial/manufacturing spaces, retail or elementary or
secondary schools in the outer boroughs or Manhattan
above 96th street and the Garment District.
3) Authority under which The CRP is governed by the NYS RPTL: Title 4; the CEP NYS RPTL: Article 4, Title 2F, Section 489; aaaaaa-kkkkkk
abatement agreements are is governed by the NYS RPTL: Title 4a. the NYC Administrative Code: Title 11, Chapter 2,
entered into. Subchapter 2, Part 5.
4) Criteria to be eligible to Both programs require commercial tenant occupancy in The programs require industrial construction work where, after
receive abatement. commercial offices and that the space leased out be located completion, at least 75% of the total net square footage is used
in a non-residential or mixed-use building. Both programs or available for manufacturing activities. The buildings must
also have minimum requirements regarding expenditures also be located in an allowable zone within the City, which
for tenant improvement per square foot. In addition, the varies depending on whether the project is for a commercial
CEP requires a minimum aggregate floor area of 25,000 new construction, a commercial renovation construction, or an
square feet. industrial construction. Depending on the property’s taxable
assessed value, applicants must meet a minimum required
expenditure amount in order to be eligible in the tax year, with
a taxable status date immediately preceding the issuance of the
first building permit or, if no permit is required, the start of
construction.
5) How recipients’ taxes are Through a reduction of the property’s assessed value. As a credit to the amount of taxes owed.
reduced.
6) How amount of abatement is The granted abatement is realized from a calculation The base abatement amount year is the amount that the
determined. formula base abatement (the lower of the tax post-completion tax liability exceeds 115% of the initial tax
liability/building sq. ft. or $2.50 per sq. ft.) multiplied by liability for each type of abatement, except for the
square footage multiplied by abatement percentage. additional industrial abatement. The calculated base
abatement is then subjected to a corresponding timetable.
116
NOTES TO FINANCIAL STATEMENTS, Continued
Offers business income tax credits for relocating jobs outside of the Ensure the viability of a To help compensate landlords of rent-regulated buildings
City to designated locations within the City. major league sports for economic losses resulting from the lengthening of the
facility in the City. period for amortizing major capital improvement costs.
The credits may be taken against the City’s general corporation tax, Real Property Tax Real Property Tax
banking corporation tax, unincorporated business tax, and/or utility tax.
NYC Administrative Code: Title 11, Chapter 6, Subchapter 3, Part 4, NYS RPTL: Section NYS RPTL Laws of 2015, Chapter 20 (Part A, §65).
Section 11-643.9, 11-1105.211-1105.3. 429.
For REAP, LMREAP-EB, and LMREAP-SEB, eligible businesses For Madison Square The benefits are provided to building owners of rent
must have conducted substantial business operations outside of the Garden regulated class 2 properties (residential property with more
City for at least 24 consecutive months before relocating; most retail than 3 units including cooperatives and condominiums).
and hotel services do not qualify. The eligibility requirements are that
the premises must be nonresidential; have been improved by
construction or renovation; the lease term must be at least three years;
and expenditures for improvements must be more than $25 per square
foot. For LMREAP-SEB, eligible businesses must move at least 250
employees or increase its payroll by 25%.
As a credit to the amount of taxes owed. Through a reduction of As a credit to the amount of taxes owed.
the property’s assessed
value.
For REAP, LMREAP-EB and LMREAP-SEB, eligible business 100% reduction of the The abatement equals 50% of the economic loss attributable
receives a $3,000 annual credit, per eligible employee, up to 12 years. property tax. to the extended amortization period. The economic loss is
REAP allows an additional credit of $1,000 per share for relocating to determined by multiplying the approved cost of the MCI by
parts of the eligible area that are not revitalization areas. a fraction. The numerator is the increase in months in the
new amortization period; the denominator is the total
number of months in the new amortization period.
N/A N/A N/A
2020
_____ 2019
_____ 2020
_____ 2019
_____ 2020
_____ 2019
_____
(in thousands) (in thousands) (in thousands)
$31,000 $33,000 $42,500 $43,100 $16,600 $11,700
117
NOTES TO FINANCIAL STATEMENTS, Continued
NYC Tax Abatement Program Administered by NYC Programs Administered by NYC Program Administered by
Disclosure as required by Department of Buildings (DOB) Industrial Development Agency Build NYC Resource
Statement No. 77 of the
(IDA) Corporation3
Governmental Accounting
Standards Board Solar Electric Generating System Commercial Growth and Industrial Build NYC Tax Abatement
(SEGS) Abatement Program Incentive Programs Program
1) Purpose of program. The program provides tax benefits to properties Designed to encourage economic development in the As a conduit bond issuer, the primary
that use solar power. This process allows for a City. The Commercial Growth(1) and Industrial goal is to facilitate access to private
reliable alternative energy source to be available Incentive(2) programs retain, expand, and attract activity tax-exempt bond financing for
during peak hours and power outages. commercial and industrial businesses, and the qualified projects.
Additionally, less energy being produced by related economic benefits and job creation and
traditional combustion of fossil fuels means less retention associated with them.
air pollution and cleaner air, and solar energy
does not emit greenhouse gas emissions.
2) Tax being abated. Real Property Tax a) Real Property Tax (via a PILOT); Mortgage Recording Tax (MRT)
b) State and Local Sales Tax (ST); and
c) Mortgage Recording Tax (MRT).
3) Authority under which RPTL: Title 4C (499 aaaa - 499 gggg) parcel. Industrial Development Act of 1969 as governed by Section 411 of the New York Not-for-
abatement agreements are Article 18-A of the General Municipal Law(3). profit Law.
entered into.
4) Criteria to be eligible to The abatement is applied to the property for a All applicants must satisfy eligibility requirements The projects must have been undertaken
receive abatement. four-year period starting on July 1, following and must demonstrate a need for assistance. by Build NYC, as mortgagee, who
DOB approval. Class 1, 2, and 4 properties are Applicants are selected based on an analysis of the records a mortgage, for the furtherance
eligible; however, if you receive ICAP, 421-a, economic benefit of the proposed project in of its mission. Build NYC assists
421-b, 421-g, or pay payments in-lieu-of-tax compliance with the uniform Tax Exemption Policy qualified projects in obtaining tax-
(PILOTs), your property is NOT eligible for the of IDA. Stores that benefit from the Fresh Project exempt bond financing as a conduit
Solar Electric Generating System Tax Program must be located in an eligible area. bond issuer.
Abatement.
5) How recipients’ taxes are Through both a reduction of the property’s The projects are tax exempt but businesses receiving Build NYC has authorization to exempt
reduced assessed value and as a credit to the amount of such benefits typically make PILOTs. PILOT MRT due upon the recording of a
taxes owed. payments are a stepped-down percentage of full real mortgage associated with Build NYC
estate tax rates. issued bond transactions.
6) How amount of Depending on the date the system was placed a) PILOT tax abatements are typically granted for a 100% reduction of the MRT.
abatement is determined. in service, the benefit is the lesser of 2.5%- 21 year period followed by a 4 year “phase in” period
8.75% of the installation costs limited to the during which the tax rates paid by the PILOT recipient
property tax for the year, or $62,500. are increased each year by 20% of the abated amount
until the full rate is reached at the end of year 25.
b) The MRT abatement is a singular benefit received
at closing only for projects that recorded a mortgage,
and
c) The ST abatements apply for eligible purchases to
be used at project facilities. The Yankee and Mets
stadium projects coincide with the underlying debt
service related to the construction of the stadiums and
the length of the abatements cover a 36-40 year period.
7) Provisions for N/A Program participants are required to adhere to A change in the utilization of the facility
recapturing abated taxes. various lease provisions as a prerequisite to receive that compromises the tax exempt status
abatement benefits. The lease provisions authorize of the underlying tax exempt debt, the
benefit recapture in the case of non-compliance. sale of the property, absent specific
preauthorization, that includes the
maintenance of the original tax exempt
utilization of the property and/or the
bankruptcy or cessation of operations of
the facility/entity. Projects are subject to
a benefit recapture period of ten years.
118
NOTES TO FINANCIAL STATEMENTS, Continued
1) Purpose of The Authority was created for the benefit of the people of the The acquisition, construction, reconstruction, rehabilitation, or
program. State of New York, the county of New York, and the City, and is improvement of such industrial, manufacturing, and commercial
a public purpose, regarded as performing a governmental facilities, and of such cultural, educational, and recreational
function in the exercise of the powers conferred upon it, and facilities including but not limited to facilities identified as projects
shall be required to pay no taxes upon any of the properties are public uses and public purposes for which public money be
acquired by it or under its jurisdiction or control or supervision loaned and private property may be acquired and tax exemption
or upon its activities. granted, and that the powers and duties of the Urban Development
Corporation as hereinafter prescribed are necessary and proper for
the purpose of achieving the ends here recited.
3) Authority under Public Authority Law: Section 1981. McKinney’s Unconsolidated Laws of NY: Section 6252.
which abatement
agreements are
entered into.
(1) Stadia transactions are a unique subset within the Commercial Growth portfolio. There are only two such transactions and they relate to the construction of the
Yankee and Mets baseball stadiums in the Bronx and Queens, respectively. These transactions are unique in that the related PILOT payments coincide with the
underlying debt service related to the construction of the stadiums. As such, the length of these abatements related to the Yankee and Mets stadiums cover a 36
and 40 year period, respectively.
(2) These businesses include Warehousing, Distribution Centers and Logistics. The FRESH projects are a subset of the Industrial Incentive Transactions and target
in connection with such projects, Financial Assistance was provided in the form of loans, grants or tax benefits. In compliance with this requirement, a detailed
report is prepared annually and posted on the NYCEDC web site that lists both summary and transaction level detail for all active projects. This report can be
accessed at www.nycedc.com/about-nycedc/financial-public-documents.
Note: There were no amounts received or receivable from other governments; there were no government made commitments other than to reduce taxes; there
were no abatements disclosed separately, and no information was omitted if required by GASB Statement No. 77.
119
NOTES TO FINANCIAL STATEMENTS, Continued
8. COVID-19
Government Assistance
The outbreak of the coronavirus disease (COVID-19), referred to herein as “COVID-19,” has been declared a pandemic by the
World Health Organization. The Governor declared a state of emergency in the State on March 7, 2020 and the Mayor declared a
state of emergency in the City on March 12, 2020, each of which is still in effect. On March 20, 2020, the Governor ordered the
shut-down of all non-essential businesses and mandated that all employees, other than essential workers, remain at home. Although
COVID-19 cases and deaths declined significantly following the period from March 22 to April 11, 2020, they have shown an
increase in recent weeks. COVID-19 infections and positive test rates will likely fluctuate in the future and there can be no
assurance that COVID-19 cases and deaths in the City will not increase above current levels or that business closures will not be
reinstated during the course of the pandemic.
The COVID-19 pandemic and economic disruption resulting from measures to contain it have resulted in reductions in the City’s
fiscal year 2020 and projected revenues. However, the ultimate impact of the COVID-19 pandemic on the amount and timing of
collections of City revenues cannot be determined at this time. No assurance can be provided that the COVID-19 pandemic and
resulting economic disruption will not result in revenues to the City that are lower than projected.
As of June 2020, The City has received approximately $1.45 billion in funding from the CARES Act Coronavirus Relief Fund, of
which approximately $1.2 billion of eligible expenses were incurred in fiscal year 2020. The balance will be applied to fiscal year
2021 eligible expenses. In addition, subsequent to the fiscal year end, The City received approximately $199.6 million in funding
from the Federal Emergency Management Agency.
E. OTHER INFORMATION
1. Audit Responsibility
In Fiscal Years 2020 and 2019, respectively, the separately administered organizations included in the financial statements of the
City audited by auditors other than Grant Thornton, LLP for both Fiscal Years are TSASC, Inc., New York City School Construction
Authority, New York City Housing Development Corporation, New York City Industrial Development Agency, New York City
Economic Development Corporation, New York City Business Assistance Corporation, Brooklyn Navy Yard Development
Corporation, The City of New York Deferred Compensation Plan, WTC Captive Insurance Company, Inc., New York City
Educational Construction Fund, Sales Tax Asset Receivable Corporation, Fiscal Year 2005 Securitization Corporation, New York
City Tax Lien Trusts, New York City Housing Authority, Hudson Yards Infrastructure Corporation, Hudson Yards Development
Corporation, Brooklyn Bridge Park Corporation, The Trust for Governors Island, Build NYC Resource Corporation, New York
City Land Development Corporation, New York City Neighborhood Capital Corporation, New York City Transitional Finance
Authority, New York City Water and Sewer System*, the Brooklyn Public Library, the Queens Borough Public Library and
Affiliate, New York City School Support Services, The Mayor’s Fund to Advance New York City, Public Realm Improvement
Fund Governing Group, Inc., New York City Employees’ Retirement System*, Teachers’ Retirement System of The City of New
York*, New York City Board of Education Retirement System*, New York City Police Pension Funds*, New York City Fire
Pension Funds*, and the New York City Other Postemployment Benefits Plan*.
* Entity was audited by auditors other than Grant Thornton, LLP for Fiscal Year 2019.
Government-wide
___________________________________________________ Fund-based
_____________________________________
Nonmajor
Governmental Business-Type Component Governmental
Activities
__________________ Activities
__________________ Units
________________ Funds
___________________ Fiduciary Funds
____________________
2020
_______ 2019
______ 2020
______ 2019
______ 2020
______ 2019
______ 2020
______ 2019
______ 2020
______ 2019
______
Total Assets . . . . . . . . . . . . . . . . . . . 7% 7% 100% 100% 45% 90% 100% 100% 8% 99%
Revenues, other financing sources
and net position held in trust . . . 5% 5% 100% 100% 30% 58% 100% 100% 9% 100%
120
NOTES TO FINANCIAL STATEMENTS, Continued
2. Subsequent Events
On October 1, 2020, Moody’s downgraded the City’s GO bonds to Aa2, downgraded TFA BARBs to Aa3, downgraded STAR
debt to Aa2, downgraded HYIC First and Second Indenture bonds to Aa3, and downgraded ECF bonds to Aa3.
Subsequent to June 30, 2020, TFA, the City, and the Water Authority completed the following long-term financings:
TFA Debt On September 1, 2020, the New York City Transitional Finance Authority issued $1,623,495,000 of
Fiscal 2021 Series A and B Future Tax Secured bonds for capital purposes.
On September 24, 2020, the New York City Transitional Finance Authority issued $1,073,000,000 of
Fiscal 2021 Series C Future Tax Secured bonds to refund a portion of its outstanding bonds at lower
interest rates and reoffered $199,685,000 of Fiscal 2021 Series 1 and 2 Future Tax Secured bonds to
convert a portion of its outstanding variable rate bonds to fixed rate.
On October 20, 2020, the New York City Transitional Finance Authority reoffered $107,175,000 of
Fiscal 2003 Series 21-A and $23,775,000 of Fiscal 2003 Series 21-B Recovery bonds to convert a
portion of its outstanding variable rate bonds to fixed rate.
On October 22, 2020, the New York City Transitional Finance Authority issued $200,000,000 of Fiscal
2021 Series S-1 Building Aid Revenue Bonds for capital purposes.
City Debt On September 9, 2020, The City of New York issued $1,388,060,000 of Fiscal 2021 Series A and B
General Obligation bonds to refund a portion of its outstanding bonds at lower interest rates.
On October 15, 2020, The City of New York issued $900,000,000 of Fiscal 2021 Series C General
Obligation bonds for capital purposes and reoffered $80,485,000 of Fiscal 2006 Subseries I-A,
$25,305,000 of Fiscal 2008 Subseries J-5, $41,245,000 of Fiscal 2008 Subseries J-6, $54,255,000 of
Fiscal 2008 Subseries J-10, and $21,735,000 of Fiscal 2012 Subseries A-3 General Obligation bonds to
convert a portion of its outstanding variable rate bonds to fixed rate.
Water Authority On September 30, 2020, the New York City Municipal Water Finance Authority issued $650,000,000
of Fiscal 2021 Series AA Second General Resolution Revenue Bonds for capital purposes, to refund a
portion of its outstanding bonds at lower interest rates, and to convert a portion of its outstanding
variable rate bonds to fixed rate.
The NYCE IRA is a deemed Individual Retirement Account (IRA) in accordance with Internal Revenue Code Section 408(q) and
is available as both a traditional and Roth IRA to those employees eligible to participate in the 457 Plan and 401(k) Plan and their
spouses along with former employees and their spouses. Funds may be withdrawn from the NYCE IRA at any time, subject to an
early withdrawal penalty.
Amounts maintained under a deferred compensation plan and an IRA by a state or local government are held in trusts (or in a
custodial accounts) for the exclusive benefit of participants and their beneficiaries. The DCP plans and IRA are presented together
as an Other Employee Benefit Trust Fund in the City’s financial statements.
Participants in DCP or NYCE IRA can choose among seven investment options, or one of twelve pre-arranged portfolios consisting
of varying percentages of those investment options. Participants can also invest a portion of their assets in a self-directed brokerage
option.
121
NOTES TO FINANCIAL STATEMENTS, Continued
Number of Participants
______________________
FY 2020 FY 2019
(at 6/30/19) ___________
__________ (at 6/30/18)
122
NOTES TO FINANCIAL STATEMENTS, Continued
Net OPEB Liability. The Entry Age Normal cost method used in the current OPEB actuarial valuation is unchanged from the prior
OPEB actuarial valuation.
Under this method, as used in the Fiscal Year 2020 OPEB valuation, the Actuarial Present Value (APV) of Benefits (APVB) of
each individual included in the valuation is allocated on a level basis over the earnings of the individual between entry age and
assumed exit age(s). The employer portion of this APVB allocated to a valuation year is the Employer Normal Cost. The portion
of this APVB not provided for at a valuation date by the APV of Future Employer Normal Costs is the Total OPEB Liability.
The excess, if any, of the Total OPEB Liability over the Plan Fiduciary Net Position is the Net OPEB Liability. Under this method,
experience gains (losses), as they occur, reduce (increase) the Net OPEB Liability and are explicitly identified and amortized in
the annual expense.
Increases (decreases) in liabilities due to benefit changes, actuarial assumption changes, and actuarial method changes are also
explicitly identified and amortized in the annual expense.
Changes in Net OPEB Liability. Changes in the City’s net OPEB liability for the Fiscal Years ended June 30, 2020 and June 30,
2019 are as follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
(a)
____________________ (b)
____________________ (a) - (b)
____________________
123
NOTES TO FINANCIAL STATEMENTS, Continued
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources. OPEB expense recognized by the City for
the Fiscal Years ended June 30, 2020 and June 30, 2019 are $6.2 and $8.5 billion, respectively.
Deferred outflows of resources and deferred inflows of resources by source reported by the City at June 30, 2020 and June 30,
2019 are as follows:
Fiscal Year 2020
_______________
Amounts reported as Deferred Outflows of Resources and Deferred Inflows of Resources related to OPEB will be recognized in
OPEB Expense as follows:
Fiscal Years ended June30
______________________ Amount
______________
2021 . . . . . . . . . . . . . . . . . . . . . $ (786,059,641)
2022 . . . . . . . . . . . . . . . . . . . . . (813,048,658)
2023 . . . . . . . . . . . . . . . . . . . . . (534,544,450)
2024 . . . . . . . . . . . . . . . . . . . . . 593,754,532
2025 . .. . . . . . . . . . . . . . . . . . . . (27,448,311)
Thereafter . . . . . . . . . . . . . . . . . (497,407,662)
Funded Status and Funding Progress. As of June 30, 2020, the most recent actuarial measurement date, the funded status was 3.4%.
The total OPEB liability for benefits was $113.3 billion, and the plan fiduciary net position was $3.8 billion, resulting in a net OPEB
124
NOTES TO FINANCIAL STATEMENTS, Continued
liability of $109.5 billion. The covered employee payroll (annual payroll of active employees covered) was $28.2 billion, and the
ratio of the net OPEB liability to the covered employee payroll was 388.1%. Actuarial valuations of an ongoing plan involve estimates
of the value of reported and future amounts based on assumptions about the probability of the severity and occurrence of events far
into the future. The determined actuarial valuations of OPEB incorporated the use of demographic and economic assumptions among
others as reflected below. Amounts determined regarding the funded status and the annual expense of the City vary from year to year
as actual results are compared with past expectations and new estimates are made about the future. The schedule of changes in the net
OPEB liability and related ratios shown in the Required Supplementary Information (RSI) section immediately following the notes
to financial statements, present GASB Statement No. 75 results of OPEB valuations for Fiscal Years 2020 and 2019.
Actuarial Methods and Assumptions. The actuarial assumptions used in the Fiscal Years 2020 and 2019 OPEB valuations are a
combination of those used in the New York City Retirement Systems (NYCRS) pension valuations and those specific to the OPEB
valuations. NYCRS consist of: (i) New York City Employees’ Retirement System (NYCERS); (ii) New York City Teachers’
Retirement System of The City of New York (TRS); (iii) New York City Board of Education Retirement System (BERS); (iv) New
York City Police Pension Fund (POLICE); and (v) New York City Fire Pension Fund (FIRE). The OPEB valuations incorporate
only the use of certain NYCRS demographic and economic assumptions. The assumptions used in the Fiscal Year 2020 OPEB
valuation have not changed from the prior valuation, with the only exception being the discount rate. For Fiscal Year 2019, the
Office of the Actuary (OA) conducted a full review of the actuarial assumptions and methods used to fund the NYCRS. These
reviews led to formalized recommendations titled “Proposed Changes in Actuarial Assumptions and Methods Used in Determining
Employer Contributions for Fiscal Years Beginning on and After July 1, 2018 for [NYCRS],” and were adopted by all five of the
NYCRS Boards. These are available on the Reports page of the OA website (www.nyc.gov/actuary). Chapter 3 of the Laws of
2013 enacted those actuarial assumptions and methods that require New York State Legislation.
The OPEB-specific actuarial assumptions used in the Fiscal Year 2020 OPEB valuation of the Plan are as follows:
Valuation Date . . . . . . . . . . . . . . . . . . . . . June 30, 2019
Measurement Date . . . . . . . . . . . . . . . . . . June 30, 2020
Discount Rate . . . . . . . . . . . . . . . . . . . . . . 2.68%(1) for benefits provided by the City, 2.66% for benefits provided by Component
Units. Results as of the June 30, 2019 Measurement Date are presented at 2.82% for
benefits provided by the City, and 2.79% for Component Units.
The projection of cash flows used to determine the discount rate assumed that the City
will contribute at a rate equal to the pay-as-you-go amounts plus the average of
contributions made over the most recent five-year period in excess of the pay-as-you-
go amounts. The contributions apply first to service cost of future plan members based
on projection of overall payroll at 3.0% and normal cost rate for Tier 6 members of
each of the NYCRS. Remaining contributions are applied to the current and past service
costs for current plan members.
Based on those assumptions, the City’s OPEB plan’s fiduciary net position was projected
to be available to make all projected OPEB payments for current active and inactive
employees until 2029. After that time, benefit payments will be funded on a pay-as-
you go basis. The discount rate is the single equivalent rate which results in the same
present value as discounting future benefit payments made from assets at the long-
term expected rate of return and discounting future benefit payments funded on a pay-
as-you-go basis at the Municipal Bond 20-year Index Rate. The long-term expected
rate of return of 4.00%, net of expenses, includes an inflation rate of 2.50%.
Results for the OPEB plans for Component Units are presented using a discount rate
of the Municipal Bond 20-year Index Rate, since there is no pre-funding assumed for
these plans.
Actuarial Cost Method . . . . . . . . . . . . . . . Entry Age Normal cost method, level percent of pay calculated on an individual basis.
Per-Capita Claims Costs . . . . . . . . . . . . . EBCBS and GHI plans are insured via a Minimum Premium arrangement while the
HIP and many of the Other HMOs are community rated. Costs reflect age-adjusted
premiums for all plans.
___________
(1) As required under GASB 75 this is a weighted blend of the 4.00% return on assets for OPEB plan investments
and the S&P Municipal Bond 20 Year High Grade Index yield as of June 30, 2020 of 2.66%.
125
NOTES TO FINANCIAL STATEMENTS, Continued
126
NOTES TO FINANCIAL STATEMENTS, Continued
Medicare Part B Premium reimbursement amounts have been updated to reflect actual
premium rates announced for calendar years through 2020. Due to limited cost-of-
living adjustment in Social Security benefits for Calendar Years 2018, 2019, and 2020
some Medicare Part B participants will not be charged the Medicare Part B premium
originally projected or ultimately announced for those years. Thus, the valuation uses
a blended estimate as a better representation of future Part B premium costs.
For the Fiscal Year 2020 OPEB valuation the annual premium used was $1,665.84,
which is equal to 12 times an average of the Calendar Year 2019 and 2020 monthly
premiums shown.
For Calendar Year 2020, the monthly premium of $143.21 was determined as follows:
• 3.5% of the basic $104.90 monthly hold-harmless amount, assuming that there
would be no claims made for the slight increase in Part B premiums for continuing
retirees, and
• 96.5% of the announced premium of $144.60 for Calendar Year 2020, representing
the proportion of the Medicare population that will pay the announced amount.
The Calendar Year 2019 premium of $134.43 was determined similarly, using 3.5% of
the $104.90 hold-harmless and 96.5% of the $135.50 rate that was in effect for Calendar
Year 2019.
Overall Medicare Part B Premium amounts are assumed to increase by the following
percentages to reflect the income-related increases in Medicare Part B Premiums for
high income individuals.
Fiscal Year
__________ Income-related Medicare Part B Increase
______________________________________
2020 5.2
2021 5.3
2022 5.4
2023 5.5
2024 5.6
2025 5.8
2026 5.9
2027 and later 6.0
Medicare Part B Premium
Reimbursement Assumption . . . . . . . . . . 90% of Medicare participants are assumed to claim reimbursement; based on historical
data.
Health Care Cost Trend Rate
(HCCTR) . . . . . . . . . . . . . . . . . . . . . . . . . No changes were made to the Medicare Part B premium, Welfare Fund contributions,
or medical trends for the Fiscal Year 2020 valuation.
Pre-Medicare Medicare Medicare Welfare Fund
Year Ending
_______________ Plans
__________ Plans
________ Part B Premium ____________
_______________ Contributions
2020 7.00% 5.00% 5.74%(1) 3.50%
2021 6.75 4.90 5.00 3.50
2022 6.50 4.90 5.00 3.50
2023 6.25 4.80 5.00 3.50
2024 6.00 4.80 5.00 3.50
2025 5.75 4.70 5.00 3.50
2026 5.50 4.70 5.00 3.50
2027 5.25 4.60 5.00 3.50
2028 5.00 4.60 5.00 3.50
2029 4.75 4.50 5.00 3.50
2030 and Later 4.50 4.50 5.00 3.50
___________
(1) Medicare Part B premium trend reflects actual calendar year premium for the first 6 months of FY21 (July
2020 to December 2020) and 5.0% trend for the remaining 6 months.
127
NOTES TO FINANCIAL STATEMENTS, Continued
The pre-Medicare and Medicare plan trends were developed for FY 2020 using health
trend information from various sources, including City premium trend experience for
HIP HMO and GHI/EBCBS, public sector benchmark survey for other large plan
sponsors, the Medicare Trustees’ Report, and the Society of Actuaries’ Getzen model.
In recent years Medicare Part B premium increases have averaged between 5% and
6%, ignoring the impact of the hold harmless provision. These increases can be
attributable to factors such as the increasing prices of health care services, high cost of
new technologies, and increasing utilization. While the Medicare trustees project the
Part B premium to increase 6% for 2021, beyond that point they expect the increases
to average 5.4% out to 2029. These increases do not account for the hold harmless
provision which may mitigate them somewhat.
Historical negotiated increase rates for the larger Welfare Funds have averaged around
3% in recent years, which is lower than the anticipated trend on the underlying costs
of benefits provided by these funds. However, the City periodically makes one-time
lump sum contributions to the Welfare Funds. For these reasons the Welfare Fund
contribution trend was assumed to be 3.5%.
Age-and Gender- Related Morbidity . . . . The premiums are age- and gender-adjusted for HIP, GHI/EBCBS, and Other HMO
participants. The assumed relative costs of coverage are consistent with information
presented in the 2013 study Health Care Costs—From Birth to Death, sponsored by
the Society of Actuaries.
For non-Medicare costs, a sample of factors used is:
Age
_____ Male
_____ Female
_______ Age
_____ Male
_____ Female
_______
20 0.170 0.225 45 0.355 0.495
25 0.146 0.301 50 0.463 0.576
30 0.181 0.428 55 0.608 0.671
35 0.227 0.466 60 0.783 0.783
40 0.286 0.467 64 0.957 0.917
Children costs assume a factor of 0.229.
Medicare costs prior to age 65 assume an additional disability-related morbidity factor.
A sample of factors used is:
Age
_____ Male
_____ Female
_______ Age
_____ Male
_____ Female
_______
20 0.323 0.422 60 1.493 1.470
25 0.278 0.565 65 0.919 0.867
30 0.346 0.804 70 0.946 0.885
35 0.432 0.876 75 1.032 0.953
40 0.545 0.878 80 1.122 1.029
45 0.676 0.929 85 1.217 1.116
50 0.883 1.082 90 1.287 1.169
55 1.159 1.260 95 1.304 1.113
99+ 1.281 0.978
The age adjustment for the non-Medicare GHI/EBCBS premium reflects a 4.0%
reduction in the GHI portion of the monthly premium (with the GHI portion representing
$334.14 out of $710.74 for single coverage, and $887.27 out of $1,866.41 for family
coverage for Fiscal Year 2020 rates) and a 2.5% reduction in the EBCBS portion of the
premium (with the EBCBS portion representing the remainder of the premiums) for
the estimated margin anticipated to be returned.
Participation Rates . . . . . . . . . . . . . . . . . . Based on recent experience.
Actual elections are used for current retirees. Some current retirees not eligible for
Medicare are assumed to change elections upon attaining age 65 based on election
patterns of Medicare-eligible retirees.
128
NOTES TO FINANCIAL STATEMENTS, Continued
For current retirees who appear to be eligible for health coverage but have not made an
election (non-filers), the valuation reflects single GHI/EBCBS coverage and Part B
premium benefits only, to approximate the obligation if these individuals were to file
for coverage. For future retirees, the portion assumed not to file for future benefits,
and therefore valued similarly, are as follows.
NYCERS 10%
TRS 6%
BERS 12%
POLICE 1%
FIRE 2%
TIAA 0%
This non-filer group also includes some participants who do not qualify for coverage
because they were working less than 20 hours a week at termination.
Detailed assumptions for future Program retirees are presented below.
PLAN PARTICIPATION ASSUMPTIONS
_____________________________________________________________________________________
Benefits
_______
NYCERS
_________ TRS
_____ BERS
_____ POLICE
________ FIRE
_____ TIAA
_____
Pre-Medicare
–GHI/EBCBS 72% 80% 70% 85% 80% 90%
–HIP HMO 20 8 16 9 12 6
–Other HMO 4 2 2 4 6 4
–Waiver 4 10 12 2 2 —
Medicare
–GHI 72 90 78 85 80 90
–HIP HMO 20 6 16 9 12 6
–Other HMO 4 2 2 4 6 4
–Waiver 4 2 4 2 2 —
Post-Medicare Migration
–Other HMO to GHI — — — — — —
–HIP HMO to GHI — 25 — — — —
–Pre-Med. Waiver
To GHI @ 65 — 40 67 — — —
To HIP @ 65 — 40 — — — —
Dependent Coverage . . . . . . . . . . . . . . . . Non-contributory Basic Medical Coverage and Part B premium reimbursement for
dependents are assumed to terminate when a retiree dies, except for Line of Duty
beneficiaries. Certain other survivors of POLICE, FIRE, and uniformed members of
the Departments of Correction and Sanitation are eligible for a lifetime COBRA
continuation benefit. These individuals contribute 102% of the premium but the
valuation includes an additional estimated cost above the value of their COBRA
contribution because COBRA participants typically utilize services at a much higher
rate than active participants. The valuation assumes that 30% of eligible spouses will
elect the lifetime continuation benefit.
Dependents . . . . . . . . . . . . . . . . . . . . . . . . Male retirees were assumed to be four years older than their wives, and female retirees
were assumed to be two years younger than their husbands; for POLICE and FIRE
employees, husbands are assumed to be two years older than their wives.
Child dependents of current retirees are assumed to receive coverage until age 26.
Children are assumed to be covered for eight years after retirement plus an additional
five years for service retirements of POLICE, FIRE, and NYCERS retirees who were
eligible to retire based only on service and no minimum age.
Dependent allocation assumptions are shown below and are based on recent experience.
129
NOTES TO FINANCIAL STATEMENTS, Continued
130
NOTES TO FINANCIAL STATEMENTS, Continued
Also, since Welfare Fund contributions reimbursed by the Stabilization Fund are
considered a part of Welfare Fund benefits, they are not included in the determination
of this load.
Educational Construction Fund . . . . . . . . The actuarial assumptions used for determining GASB 75 obligations for ECF are
shown starting on page 134 of the Fiscal Year 2020 GASB 74/75 Report dated
September 11, 2020. The Report is available at the Office of the Comptroller, Bureau
of Accountancy-Room 200 South, 1 Centre Street, New York, New York 10007 and
on the website of the New York City Office of the Actuary (www.nyc.gov/actuary).
CUNY TIAA . . . . . . . . . . . . . . . . . . . . . . The actuarial assumptions used for determining obligations for CUNY TIAA are shown
starting on page 136 of the Fiscal Year 2020 GASB 74/75 Report dated September 11,
2020. The Report is available at the Office of the Comptroller, Bureau of Accountancy-
Room 200 South, 1 Centre Street, New York, New York 10007 and on the website of
the New York City Office of the Actuary (www.nyc.gov/actuary).
5. Pensions
Plan Descriptions
The City sponsors or participates in five pension trusts providing benefits to its employees, the majority of whom are members of
one of these pension trusts (collectively referred to as NYCRS). Each of the trusts administers a qualified pension plan (QPP) and
one or more variable supplements funds (VSFs) or tax-deferred annuity programs (TDA Programs) that supplement the pension
benefits provided by the QPP. The trusts administered by NYCRS function in accordance with existing State statutes and City
laws, which are the basis by which benefit terms and employer and member contribution requirements are established. The QPPs
combine features of defined benefit pension plans with those of defined contribution pension plans; however, they are considered
defined benefit plans for financial reporting purposes. The VSFs are considered defined benefit pension plans and the TDA
Programs are considered defined contribution plans for financial reporting purposes. A brief description of each of the NYCRS
and the individual plans they administer follows:
1. New York City Employees’ Retirement System (NYCERS) administers the NYCERS QPP and five VSFs. The NYCERS
QPP is a cost-sharing multiple-employer pension plan that provides pension benefits for employees of the City not
covered by one of the other NYCRS, and employees of certain component units of the City and certain other governmental
units.
NYCERS administers the following VSFs, which operate pursuant to the provisions of Title 13, Chapter 1 of the
Administrative Code of The City of New York (ACNY):
• Transit Police Officer’s Variable Supplements Fund (TPOVSF), which provides supplemental benefits to NYCERS
QPP members who retire from service on or after July 1, 1987 with 20 or more years of service as Transit Police
Officers.
• Transit Police Superior Officers’ Variable Supplements Fund (TPSOVSF), which provides supplemental benefits to
NYCERS QPP members who retire from service on or after July 1, 1987 as Transit Police Superior Officers with 20 or
more years of service.
• Housing Police Officer’s Variable Supplements Fund (HPOVSF), which provides supplemental benefits to NYCERS
QPP members who retire from service on or after July 1, 1987 with 20 or more years of service as Housing Police
Officers.
• Housing Police Superior Officers’ Variable Supplements Fund (HPSOVSF), which provides supplemental benefits to
NYCERS QPP members who retire from service on or after July 1, 1987 as Housing Police Superior Officers with 20
or more years of service.
• Correction Officers’ Variable Supplements Fund (COVSF), which provides supplemental benefits to NYCERS QPP
members who retire for service on or after July 1, 1999 (with 20 or 25 years of service, depending upon the plan) as
members of the Uniformed Correction Force.
131
NOTES TO FINANCIAL STATEMENTS, Continued
2. Teachers’ Retirement System of The City of New York (TRS) administers the TRS QPP and the TRS TDA Program.
The TRS QPP is a cost-sharing, multiple-employer pension plan for pedagogical employees in the public schools of the
City and certain Charter Schools and certain other specified school and CUNY employees. The TRS TDA Program was
established and is administered pursuant to Internal Revenue Code Section 403(b) and Chapter 4 of Title 13 of ACNY.
The TRS TDA Program provides a means of deferring income tax payments on members’ voluntary pre-tax contributions
and earnings thereon until the periods after retirement or upon withdrawal of contributions. Members of the TRS QPP
have the option to participate in the TRS TDA Program.
3. New York City Board of Education Retirement System (BERS) administers the BERS QPP and the BERS TDA Program.
The BERS QPP is a cost-sharing, multiple-employer pension plan for non-pedagogical employees of the Department
of Education and certain Charter Schools and certain employees of the School Construction Authority. The BERS TDA
Program was established and is administered pursuant to Internal Revenue Code Section 403(b), the New York State
Education Law and the BERS Rules and Regulations. The BERS TDA Program provides a means of deferring income
tax payments on members’ voluntary pre-tax contributions and earnings thereon until the periods after retirement or
upon withdrawal of contributions. Members of the BERS QPP have the option to participate in the BERS TDA Program.
4. New York City Police Pension Fund (POLICE) administers the POLICE QPP, along with the Police Officer’s Variable
Supplements Fund (POVSF) and Police Superior Officers’ Variable Supplements Fund (PSOVSF). The POLICE QPP
is a single-employer pension plan for all full-time uniformed employees of the New York City Police Department.
POVSF and PSOVSF operate pursuant to the provisions of Title 13, Chapter 2 of the ACNY. POVSF provides supplemental
benefits to POLICE QPP members who retire for service as police officers on or after October 1, 1968 with 20 or more
years of service. PSOVSF provides supplemental benefits to POLICE QPP members who retire for service on or after
October 1, 1968 as police superior officers with 20 or more years of service.
5. New York City Fire Pension Fund (FIRE) administers the FIRE QPP, along with the Firefighter’s Variable Supplements
Fund (FFVSF) and the Fire Officers’ Variable Supplements Fund (FOVSF). The FIRE QPP is a single-employer pension
plan for all full-time uniformed employees of the New York City Fire Department.
FFVSF and FOVSF operate pursuant to the provisions of Title 13, Chapter 3 of the ACNY. FFVSF provides supplemental
benefits to FIRE QPP members who retire for service as firefighters or wipers on or after October 1, 1968 with 20 or
more years of service. FOVSF provides supplemental benefits to FIRE QPP members who retire for service on or after
October 1, 1968 as fire officers, and all pilots and marine uniformed engineers, with 20 or more years of service.
Except for NYCERS and BERS, permanent, full-time employees are generally required to become members of a NYCRS QPP
upon employment. Permanent full-time employees who are eligible to participate in the NYCERS QPP and BERS QPP are generally
required to become members within six months of their permanent employment status but may elect to become members earlier.
Other employees who are eligible to participate in the NYCERS QPP and BERS QPP may become members at their option.
As of June 30, 2019 and June 30, 2018, the dates of the most recent actuarial valuations, system-wide membership data for the
QPPs are as follows:
_______
NYCERS _______
TRS _______
BERS _______
POLICE _______
FIRE _______
Total
132
NOTES TO FINANCIAL STATEMENTS, Continued
_______
NYCERS _______
TRS _______
BERS _______
POLICE _______
FIRE _______
Total
As of June 30, 2019 and June 30, 2018, the dates of the most recent actuarial valuations, membership data for the NYCERS VSFs
are as follows:
_______
TPOVSF _______
TPSOVSF _______
HPOVSF _______
HPSOVSF _______
COVSF _______
Total
As of June 30, 2019 and 2018, the dates of the most recent actuarial valuations, membership data for the POLICE and FIRE VSFs
are as follows:
Total Total
_______
PSOVSF _______
POVSF _______
POLICE _______
FOVSF _______
FFVSF _______
FIRE
Membership at June 30, 2019
Retirees Receiving or Eligible to Receive Benefits . . . 19,424 12,800 32,224 1,522 3,305 4,827
Active Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,692
_______ 23,709
_______ 36,401
_______ 2,623
_______ 8,621
_______ 11,244
_______
Total Membership . . . . . . . . . . . . . . . . . . . . . . . . . . 32,116
_______
_______ 36,509
_______
_______ 68,625
_______
_______ 4,145
_______
_______ 11,926
_______
_______ 16,071
_______
_______
Total Total
_______
PSOVSF _______
POVSF _______
POLICE _______
FOVSF _______
FFVSF _______
FIRE
Membership at June 30, 2018
Retirees Receiving or Eligible to Receive Benefits . . . 19,005 12,675 31,680 1,532 3,386 4,918
Active Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,721
_______ 23,841
_______ 36,562
_______ 2,610
_______ 8,627
_______ 11,237
_______
Total Membership . . . . . . . . . . . . . . . . . . . . . . . . . . 31,726
_______
_______ 36,516
_______
_______ 68,242
_______
_______ 4,142
_______
_______ 12,013
_______
_______ 16,155
_______
_______
133
NOTES TO FINANCIAL STATEMENTS, Continued
Summary of Plan
Benefits QPPs
The NYCRS QPPs provide pension benefits to retired employees generally based on salary, length of service, and pension tier. For
certain members of the NYCRS QPPs, voluntary member contributions also impact pension benefits provided. The NYCRS also
provide automatic Cost-of-Living Adjustments (COLA) and other supplemental pension benefits to certain retirees and beneficiaries.
In the event of disability during employment, participants may receive retirement allowances based on satisfaction of certain
service requirements and other provisions. The NYCRS QPPs also provide death benefits. Subject to certain conditions, members
become fully vested as to benefits upon the completion of 5 or 10 years of service, generally depending on tier. Upon termination
of employment before retirement, certain members are entitled to refunds of their own contributions, including accumulated
interest, less any outstanding loan balances.
The State Constitution provides that pension rights of public employees are contractual and shall not be diminished or impaired.
In 1973, 1976, 1983 and 2012, significant amendments made to the State Retirement and Social Security Law (RSSL) modified
certain benefits for employees joining the QPPs on or after the effective date of such amendments, creating membership tiers.
Currently, there are several tiers referred to as Tier I, Tier II, Tier III, Tier IV and Tier VI. Members are assigned a tier based on
membership date. The specific membership dates for each tier may vary depending on the respective QPP. The Tier II Plan ended
as of June 30, 2009. This affects new hires into the uniformed forces of the New York City Police Department and the New York
City Fire Department (new members of the POLICE QPP and FIRE QPP) and District Attorney Investigators who become new
members of the NYCERS QPP from July 1, 2009 to March 31, 2012. Chapter 18 of the Laws of 2012 (Chapter 18/12) amended
the retirement benefits of public employees who establish membership in one of the NYCRS on or after April 1, 2012. Chapter
18/12 is commonly referred to as Tier VI.
VSFs
The VSFs provide supplemental benefits for their respective eligible members at a maximum annual amount of $12,000. For
COVSF prior to Calendar Year 2019, total supplemental benefits paid, although determined in the same manner as for other VSFs,
were only paid if the assets of COVSF were sufficient to pay the full amount due to all eligible retirees or if the Actuary determined
that the market value of the assets of the COVSF was greater than the actuarial present value of benefits payable through December,
2018. Scheduled benefits to COVSF participants were paid for Calendar Years 2000 to 2005, 2014, 2015, 2017, and 2018. Due to
insufficient assets, no benefits were paid to COVSF participants from Calendar Year 2006 to Calendar Year 2013 and for Calendar
Year 2016. For Calendar Years 2019 and later, COVSF provides for supplemental benefits to be paid regardless of the sufficiency
of assets in the COVSF.
In accordance with ACNY, VSFs are not pension funds or retirement systems. Instead, they provide scheduled supplemental
payments, in accordance with applicable statutory provisions. While a portion of these payments are guaranteed by the City, the
Legislature has reserved to itself and the State, the right and power to amend, modify, or repeal VSFs and the payments they
provide. However, any assets transferred to the VSFs are held in trust solely for the benefit of its members.
TDA Programs
Benefits provided under the TRS and BERS TDA Programs are derived from members’ accumulated contributions. No direct contributions
are provided by employers; however certain investment options, if selected by members, may indirectly create employer financial
obligations or benefits, as discussed below. A participant may withdraw all or part of the balance of his or her account at the time of
retirement or termination of employment. Beginning January 1, 1989, the tax laws restricted withdrawals of tax-deferred annuity
contributions and accumulated earnings thereon for reasons other than retirement or termination. Contributions made after December 31,
1988, and investment earnings credited after December 31, 1988, may only be withdrawn upon attainment of age 591⁄2 or for reasons of
hardship (as defined by Internal Revenue Service regulations). Hardship withdrawals are limited to contributions only.
A member making a hardship withdrawal may not contribute to the TDA Program for a period of six months following the
withdrawal.
When a member resigns before attaining vested rights under the respective QPP, he or she may withdraw the value of his or her
TDA Program account or leave the account in the TDA Program for a period of up to seven school years after the date of
resignation for TRS TDA members or for a period of up to five years after the date of resignation for BERS TDA members. If a
member resigns after attaining vested rights under the respective QPP, he or she may leave his or her account in the TDA Program.
134
NOTES TO FINANCIAL STATEMENTS, Continued
Upon retirement, a member may elect to leave his or her entire balance in the plan, elect to withdraw all or a portion of the
balance, or choose to take the balance in the form of an annuity that is calculated based on a statutory rate of interest and statutory
mortality assumptions, which may differ from the pension funding assumptions.
The TDA Programs have several investment options broadly categorized as fixed return funds and variable return funds. Under the
fixed return funds, accounts are credited with a statutory rate of interest, currently 7% for UFT members and 8.25% for all other
members (the Statutory Rates). Deposits from members’ TDA Program accounts are used by the respective QPP to purchase
investments; If earnings on the respective QPP are less than the amount credited to the TDA Program members’ accounts, then
additional payments by the City to the respective QPP, as determined by the Actuary, may be required. If the earnings are higher,
then lower payments by the City to the QPP may be required.
All investment securities held in the fixed return funds are owned and reported by the QPP. A payable due from the QPP equal to
the aggregate original principal amounts contributed by TDA Program members to the fixed return funds, plus accrued interest at
the statutory rate, less member withdrawals, is owned by the TDA Program. The balance of TDA Program fixed return funds held
by the TRS QPP as of June 30, 2020 and 2019 were $27.7 billion and $25.6 billion, respectively, and interest paid on TDA
Program fixed return funds by the TRS QPP for the years then ended were $1.8 billion and $1.7 billion, respectively. The balance
of TDA Program fixed return funds held by the BERS QPP as of June 30, 2020 and 2019 are $1,959.4 million and $1,756.5
million, respectively, and interest paid on TDA Program fixed return funds by the BERS QPP for the years then ended were
$155.7 million and $141.7 million, respectively. Under the variable return funds, members’ TDA Program accounts are adjusted
for actual returns on the underlying investments of the specific fund selected. Members may switch all or a part of their TDA
contributions between the fixed and variable return funds on a quarterly basis.
The City’s funding policy is to contribute statutorily-required contributions (Statutory Contributions). Statutory Contributions for
the NYCRS, determined by the Actuary in accordance with State statutes and City laws, are generally funded by the employers
within the appropriate Fiscal Year. The Statutory Contributions are determined under the One-Year Lag Methodology (OYLM).
Under OYLM, the actuarial valuation date is used for calculating the Employer Contributions for the second following Fiscal Year.
For example, the June 30, 2018 actuarial valuation was used for determining the Fiscal Year 2020 Statutory Contributions. Statutory
Contributions are determined annually to be an amount that, together with member contributions and investment income, provides
for QPP assets to be sufficient to pay benefits when due. The aggregate Statutory Contributions due to each QPP from all
participating employers for Fiscal Years 2020 and 2019 and the amount of the City’s Statutory and Actual contribution to each
QPP for such fiscal years are as follows (in millions):
Fiscal Fiscal Fiscal Fiscal
Year 2020 Year 2020 Year 2019 Year 2019
Aggregate City Aggregate City
Statutory Statutory/Actual Statutory Statutory/Actual
QPP
_____ Contribution
___________ Contribution
___________ Contribution
___________ Contribution
___________
(in millions)
NYCERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,727 $2,087 $ 3,694 $2,049
TRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,591 3,487 3,697 3,594
BERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258 257 270 270
POLICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,459 2,459 2,558 2,558
FIRE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,419
_______ 1,419
_____ 1,399
_______ 1,399
______
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,454
_______
_______ $9,709
_____
_____ $11,618
_______
_______ $9,870
______
______
Member contributions are established by law and vary by QPP. In general, Tier I and Tier II member contribution rates are
dependent upon the employee’s age at membership and retirement plan election. In general, Tier III and Tier IV members make
basic contributions of 3.0% of salary regardless of age at membership. Effective October 1, 2000, in accordance with Chapter 126
of the Laws of 2000, these members, except for certain Transit Authority employees, are not required to make basic contributions
after the 10th anniversary of their membership date or completion of ten years of credited service, whichever is earlier. Effective
December 2000, certain Transit Authority Tier III and Tier IV members make basic member contributions of 2.0% of salary in
accordance with Chapter 10 of the Laws of 2000. Tier VI members contribute between 3.0% and 6.0% of salary, depending on
salary level. Finally, certain members of the NYCRS make additional member contributions.
135
NOTES TO FINANCIAL STATEMENTS, Continued
VSFs
ACNY provides that the POLICE QPP and FIRE QPP transfer to their respective VSFs amounts equal to certain excess earnings
on QPP equity investments, generally limited to the unfunded accumulated benefit obligation for each VSF. ACNY also provides
that the NYCERS QPP transfer to COVSF a fraction of certain excess earnings on NYCERS QPP equity investments, such
fraction reflecting the ratio of Uniformed Correction member salaries to the salaries of all active members of the NYCERS QPP.
Any transfer of excess earnings to the COVSF is limited to the unfunded accumulated benefit obligation of the COVSF. In each
case, the earnings to be transferred (or the appropriate fraction thereof in the case of COVSF) are the amount by which earnings
on equity investments exceed what the earnings would have been had such funds been invested at a yield comparable to that
available from fixed income securities, less any cumulative past deficiencies (Excess Earnings).
In addition to the transfer of Excess Earnings, under Chapter 3 of the Laws of 2013, should the assets of the POVSF or the
PSOVSF be insufficient to pay annual benefits, the POLICE QPP is required to transfer amounts sufficient to make such benefit
payments. Similarly, under Chapter 3 of the Laws of 2013, should the assets of the COVSF be insufficient to pay annual benefits,
the NYCERS QPP is required to transfer amounts sufficient to make such benefit payments. Additionally, under Chapter 583 of
the Laws of 1989, should the assets of the FFVSF or the FOVSF be insufficient to pay annual benefits, the City is required to
transfer amounts sufficient to make such benefit payments. Further, under Chapter 255 of the Laws of 2000, the NYCERS QPP is
required to make transfers to TPOVSF, TPSOVSF, HPOVSF and HPSOVSF sufficient to meet their annual benefit payments.
For Fiscal Year 2020, Excess Earnings on equity investments, inclusive of prior year’s cumulative deficiencies, exceeded zero, for
POLICE QPP and FIRE QPP, and therefore, transfers of assets from the POLICE QPP and FIRE QPP to their respective VSFs
were potentially required. As of the date of this report, the amounts of such transfers due for Fiscal Year 2020 from the POLICE
QPP to POVSF and PSOVSF are estimated to be $143 million and $141 million, respectively. As a result of the unfunded
accumulated benefit obligation limit, the amounts of such transfers due for Fiscal Year 2020 from the FIRE QPP to FFVSF and
FOVSF are estimated to be $0. For Fiscal Year 2020, there were no Excess Earnings on equity investments for NYCERS and
therefore there was no such transfer estimated to be due from the NYCERS QPP to the COVSF. Additionally, in Fiscal Year 2020,
the NYCERS QPP made required transfers of $3.3 million, $2.7 million, $1.7 million, and $2.4 million to TPOVSF, TPSOVSF,
HPOVSF, and HPSOVSF, respectively, to fund annual benefits.
For Fiscal Year 2019, Excess Earnings on equity investments, inclusive of prior year’s cumulative deficiencies, exceeded zero, and
therefore, transfers of assets from the QPPs to their respective VSFs were potentially required. As of the date of this report, the
amount of such transfer due for Fiscal Year 2019 from the NYCERS QPP to COVSF is estimated to be $75 million. The amounts
of such transfers due for Fiscal Year 2019 from the POLICE QPP to POVSF and PSOVSF are estimated to be $108 million and
$311 million, respectively. As a result of the unfunded accumulated benefit obligation limit, the amounts of such transfers due for
Fiscal Year 2019 from the FIRE QPP to FFVSF and FOVSF are estimated to be $0. Additionally, in Fiscal Year 2019, the NYCERS
QPP made required transfers of $3.4 million, $2.8 million, $1.7 million, and $2.5 million to TPOVSF, TPSOVSF, HPOVSF, and
HPSOVSF, respectively, to fund annual benefits.
TDA Programs
Contributions to the TDA Programs are made by the members only and are voluntary. Active members of the respective QPP are
required to submit a salary reduction agreement and an enrollment request to make contributions. A participant may elect to
exclude an amount of his or her compensation from current taxable income by contributing it to the TDA Programs. The maximum
amount that can be contributed is determined annually by the IRS for each calendar year. Additionally, members can elect either a
fixed or variable investment program for investment of their contributions.
No employer contributions are made to the TDA Programs. However, the TDA Programs offer a fixed return investment option as
discussed above which could increase or decrease the City’s contribution to the respective QPPs.
Net Pension Liability
The City’s net pension liabilities for each of the QPPs reported at June 30, 2020 and 2019 were measured as of those fiscal year end
dates. The total pension liabilities used to calculate those net pension liabilities were determined by actuarial valuations as of June
30, 2019 and June 30, 2018, respectively, and rolled forward to the respective fiscal year-end measurement dates. Information about
the fiduciary net position of each QPP and additions to and deductions from each QPP’s fiduciary net position has been determined
on the same basis as they are reported by the respective QPP. For this purpose, benefits and refunds are recognized when due and
payable in accordance with the terms of the respective qualified pension plan and investments are reported at fair value.
136
NOTES TO FINANCIAL STATEMENTS, Continued
Actuarial Assumptions
The total pension liabilities in the June 30, 2019 and June 30, 2018 actuarial valuations were determined using the following
actuarial assumptions, applied to all periods included in the measurement:
____________________________June
______30,
____2019
__________________________________ ____________________________June
______30,
____2018
_______________________________
Investment Rate of Return . . . . . . 7.0% per annum, net of investment expenses 7.0% per annum, net of investment expenses
(Actual Return for Variable Funds). (Actual Return for Variable Funds).
Post-Retirement Mortality . . . . . . Tables adopted by the respective Boards of Tables adopted by the respective Boards of
Trustees during Fiscal Year 2019. Trustees during Fiscal Year 2019.
Active Service: Withdrawal, Death,
Disability, Retirement . . . . . . . . . Tables adopted by the respective Boards of Tables adopted by the respective Boards of
Trustees during Fiscal Year 2019. Trustees during Fiscal Year 2019.
Salary Increases(1) . . . . . . . . . . . . In general, Merit and Promotion increases, In general, Merit and Promotion increases,
plus assumed General Wage Increases of plus assumed General Wage Increases of
3.0% per year. 3.0% per year.
Cost-of-Living Adjustments(1) . . . . 1.5% per annum for Tiers I, II, IV, and certain 1.5% per annum for Tiers I, II, IV and
Tier III and Tier VI retirees. 2.5% per annum certain Tier III and Tier VI retirees.
for certain Tier III and Tier VI retirees. 2.5% per annum for certain Tier III and
Tier VI retirees.
(1) Developed assuming a long-term Consumer Price Inflation assumption of 2.5% per year.
Pursuant to Section 96 of the New York City Charter, audits of the actuarial assumptions used to value liabilities of the five
actuarially-funded QPPs are conducted by an independent actuarial firm every two years.
In accordance with the ACNY and with appropriate practice, the Boards of Trustees of the five actuarially-funded QPPs are to
periodically review and adopt certain actuarial assumptions as proposed by the Actuary for use in the determination of Employer
Contributions, which are also generally used to determine the total pension liability, as applicable.
In October 2015 the independent actuarial auditor, Gabriel, Roeder, Smith & Company (GRS), issued a report on their NYC
Charter-mandated actuarial experience studies for the four-year and ten-year periods ended June 30, 2013 (the GRS Report).
Based, in part, on the GRS Report, on published studies of mortality improvement, and on input from the City’s outside consultants,
the Actuary proposed, and the Boards of Trustees of the NYCRS adopted, new post-retirement mortality tables including the
application of Mortality Improvement Scale MP-2015 for use in determining employer contributions beginning in Fiscal Year
2016. Scale MP-2015 replaced Mortality Improvement Scale AA.
In June 2019, Bolton, Inc. issued their actuarial experience study report for the four-year and ten-year periods ended June 30,
2017. Based, in part, on this report, the Actuary proposed and the Boards of Trustees of the NYCRS adopted changes in actuarial
assumptions including a change to Mortality Improvement Scale MP-2018 beginning in Fiscal Year 2019.
The long-term expected rate of return for each of the pension funds is 7.0% per annum. This is based upon weighted expected real
rates of return (RROR) ranging from 4.6% to 6.5% and a long-term Consumer Price Inflation assumption of 2.5% offset by
investment related expenses. The target asset allocation of each of the funds and the expected RROR for each of the asset classes
are summarized in the following tables:
137
NOTES TO FINANCIAL STATEMENTS, Continued
NYCERS
Target Long-Term
Asset Expected
_______
Asset Class ________
Allocation ________
RROR
138
NOTES TO FINANCIAL STATEMENTS, Continued
FIRE
Target Long-Term
Asset Expected
_______
Asset Class ________
Allocation ________
RROR
The discount rate used to measure the total pension liability of each QPP as of June 30, 2020 and June 30, 2019 was 7.0%. The
projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the rates
applicable to the current tier for each member and that employer contributions will be made based on rates determined by the
Actuary. Based on those assumptions, each QPP’s fiduciary net position was projected to be available to make all projected future
benefit payments of current active and non-active QPP members. Therefore, the long-term expected rate of return on QPP
investments was applied to all periods of projected benefit payments to determine the total pension liability.
139
NOTES TO FINANCIAL STATEMENTS, Continued
Changes in the City’s net pension liability for POLICE and FIRE for the Fiscal Years ended June 30, 2020 and June 30, 2019 are
as follows:
___________________________________POLICE
_________________________________________________ ______________________________________FIRE
______________________________________________
Total Plan Net Total Plan Net
Pension Fiduciary Pension Pension Fiduciary Pension
______Liability
___________________ ___Net _______Position
_______________ ______Liability
___________________ ______Liability
___________________ ___Net_______Position
_______________ ______Liability
___________________
(in millions)
Balances at June 30, 2018 . . . . . . . . . . _$54,156
______________ _$42,799
______________ _$11,357
______________ _$21,992
______________ _$14,173
______________ $____7,819
__________
Changes for the Year 2019:
Service Cost . . . . . . . . . . . . . . . . . . . . 1,499 — 1,499 485 — 485
Interest . . . . . . . . . . . . . . . . . . . . . . . . 3,782 — 3,782 1,523 — 1,523
Changes of Benefit Terms . . . . . . . . . — — — — — —
Differences b/t Expected and
Actual Experience . . . . . . . . . . . . . (819) — (819) 141 — 141
Changes of Assumptions . . . . . . . . . . (342) — (342) 572 — 572
Contributions—Employer . . . . . . . . . — 2,558 (2,558) — 1,399 (1,399)
Contributions—Employee . . . . . . . . . — 278 (278) — 108 (108)
Net Investment Income . . . . . . . . . . . — 2,862 (2,862) — 982 (982)
Benefit Payments . . . . . . . . . . . . . . . . (3,279) (3,279) — (1,446) (1,446) —
Administrative Expenses . . . . . . . . . . — (29) 29 — (10) 10
Other Changes. . . . . . . . . . . . . . . . . . . ____________— ___ ______________4 _ ____________(4) ___ ____________— ___ ______________2 _ ___________(2) ___
Net Changes . . . . . . . . . . . . . . . . . _______________ 841 2,394
_______________ (1,553)
_______________ 1,275
_______________ 1,035
_______________ ______________ 240
Balances at June 30, 2019 . . . . . . . . . . __$54,997
____________________________ __$45,193
____________________________ __$________9,804
____________________ __$23,267
____________________________ __$15,208
____________________________ __$______8,059
____________________
Changes for the Year 2020:
Service Cost . . . . . . . . . . . . . . . . . . . . $ 1,483 $ — $ 1,483 $ 573 $ — $ 573
Interest . . . . . . . . . . . . . . . . . . . . . . . . 3,833 — 3,833 1,616 — 1,616
Changes of Benefit Terms . . . . . . . . . — — — — — —
Differences b/t Expected and
Actual Experience . . . . . . . . . . . . . 442 — 442 144 — 144
Changes of Assumptions. . . . . . . . . . . — — — — — —
Contributions—Employer . . . . . . . . . — 2,459 (2,459) — 1,419 (1,419)
Contributions—Employee . . . . . . . . . — 280 (280) — 107 (107)
Net Investment Income . . . . . . . . . . . — 2,038 (2,038) — 719 (719)
Benefit Payments . . . . . . . . . . . . . . . . (3,487) (3,487) — (1,518) (1,518) —
Administrative Expenses . . . . . . . . . . — (27) 27 — (9) 9
Other Changes. . . . . . . . . . . . . . . . . . . ____________— ___ ______________6 _ ____________(6) ___ ____________— ___ ______________3 _ ___________(3)
___
Net Changes . . . . . . . . . . . . . . . . . 2,271
_______________ 1,269
_______________ 1,002
_______________ _______________ 815 _______________ 721 ___________94
___
Balances at June 30, 2020 . . . . . . . . . . __$57,268
____________________________ __$46,462
____________________________ __$10,806
____________________________ __$24,082
____________________________ __$15,929
____________________________ $ 8,153
_________________
___________
The following table presents the City’s net pension liability for POLICE and FIRE calculated using the discount rate of 7.0%, as
well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower
(6.0%) or 1-percentage-point higher (8.0%) than the current rate
_____________________________Fiscal
___________Year
_________2020
___________________________________ _____________________________Fiscal
___________Year
_________2019
___________________________________
Current Current
1% Decrease Discount Rate 1% Increase 1% Decrease Discount Rate 1% Increase
________(6.0%)
_________________ ________(7.0%)
_________________ ________(8.0%)
_________________ ________(6.0%)
_________________ ________(7.0%)
_________________ ________(8.0%)
_________________
(in millions)
POLICE . . . . . . . . . . . . . . . . . . . . . . . . . $17,294 $10,806 $5,403 $16,038 $9,804 $4,615
FIRE . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,807 8,153 5,922 10,635 8,059 5,894
140
NOTES TO FINANCIAL STATEMENTS, Continued
City Proportion of Net Pension Liability-NYCERS, TRS and BERS (Excluding TDAs)
The following table presents the City’s proportionate share of the net pension liability of NYCERS, TRS and BERS at June 30,
2020 and June 30, 2019, and the proportion percentage of the aggregate net pension liability allocated to the City:
_____________________________Fiscal
___________Year
_________2020
___________________________________ _____________________________Fiscal
___________Year
_________2019
___________________________________
_________________________ _________________________ _________________________ _________________________ _________________________ ________BERS
NYCERS TRS BERS NYCERS TRS _________________
(in millions, except for %)
City’s Proportion of the Net Pension
Liability . . . . . . . . . . . . . . . . . . . . . . . 55.98% 97.12% 99.95% 55.47% 97.22% 99.98%
City’s Proportionate Share of the Net
Pension Liability . . . . . . . . . . . . . . . . $11,799 $15,342 $277 $10,274 $14,929 $274
The City’s proportion of the respective net pension liability was based on actual required contributions of each of the participating
employers.
The following table presents the City’s proportionate share of net pension liability for NYCERS, TRS, and BERS calculated using
the discount rate of 7.0%, as well as what the City’s proportionate share of the respective net pension liability would be if it were
calculated using a discount rate that is 1-percentage-point lower (6.0%) or 1-percentage-point higher (8.0%) than the current rate:
_____________________________Fiscal
___________Year
_________2020
___________________________________ _____________________________Fiscal
___________Year
_________2019
___________________________________
Current Current
1% Decrease Discount Rate 1% Increase 1% Decrease Discount Rate 1% Increase
_QPPs
__________ ________(6.0%)
_________________ ________(7.0%)
_________________ ________(8.0%)
_________________ ________(6.0%)
_________________ ________(7.0%)
_________________ ________(8.0%)
_________________
(in millions)
NYCERS . . . . . . . . . . . . . . . . . . . . . . . . $ 17,640 $ 11,799 $ 6,870 $ 15,848 $ 10,274 $ 5,568
TRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,689 15,342 8,354 22,973 14,929 8,192
BERS . . . . . . . . . . . . . . . . . . . . . . . . . . . 942 277 (281) 928 274 (275)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
Pension expense recognized by the City for the Fiscal Years ended June 30, 2020 and June 30, 2019 related to the NYCRS are as
follows:
2020
________ 2019
________
NYCRS
__________ (in millions)
NYCERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,749 $1,736
TRS (Excluding TDA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,367 3,529
BERS (Excluding TDA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 70
POLICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,644 1,709
FIRE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___1,249
_______ ___1,143
_______
TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,092
____________________ $8,187
____________________
141
NOTES TO FINANCIAL STATEMENTS, Continued
Deferred outflows of resources and deferred inflows of resources by source reported by the City at June 30, 2020 and June 30, 2019 for each NYCRS are as follows:
Fiscal Year 2020
NYCERS
_______________________ TRS
______________________ BERS
______________________ POLICE
______________________ FIRE
______________________ TOTAL
______________________
Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred
Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of
__Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________
(in thousands)
Differences between expected and
actual experience . . . . . . . . . . . . $1,188,470 $532,226 $435,204 $2,227,162 $105,211 $117,957 $353,675 $540,059 $273,339 $ — $2,355,899 $3,417,404
Changes of assumptions . . . . . . . . . 4,971 349,492 — 598,960 — 208,142 — 206,528 362,712 — 367,683 1,363,122
Net difference between projected
and actual earnings on pension
plan investments . . . . . . . . . . . . . 560,380 — — 3,169,983 — 304,641 $ 96,024 — 35,790 — 692,194 3,474,624
Changes in proportion and
differences between City
contributions and proportionate
share of contributions
173,493
(cost-sharing plans) . . . . . . . . . . . ___________ 1,075
_________ _________ 5,793
(14,791) ___________ (301)
_________ (51)
_________ —
_________ —
_________ —
_________ —
_________ 158,401
___________ 6,817
___________
$1,927,314
Total . . . . . . . . . . . . . . . . . . . . ___________
___________ $882,793
_________
_________ $420,413
_________ $6,001,898
_________ ___________
___________ $104,910
_________
_________ $630,689
_________
_________ $449,699
_________
_________ $746,587
_________
_________ $671,841
_________
_________ $ —
_________
_________ $3,574,177
___________
___________ $8,261,967
___________
___________
142
Fiscal Year 2019
NYCERS
_______________________ TRS
______________________ BERS
______________________ POLICE
______________________ FIRE
______________________ TOTAL
______________________
Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred Deferred
Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of Outflows of Inflows of
__Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________ __Resources
__________________
(in thousands)
Differences between expected and
actual experience . . . . . . . . . . . . $859,134 $ 713,710 $571,767 $2,625,220 $134,804 $ 108,301 $ — $ 882,860 $235,994 $ — $1,801,699 $ 4,330,091
Changes of assumptions . . . . . . . . . 6,563 430,815 — 701,687 — 261,336 — 274,465 467,240 — 473,803 1,668,303
Net difference between projected
and actual earnings on pension
plan investments . . . . . . . . . . . . . — 637,518 — 4,424,038 — 467,923 — 955,524 — 296,085 — 6,781,088
Changes in proportion and
differences between City
contributions and proportionate
share of contributions
(cost-sharing plans) . . . . . . . . . . . _________ (9,626)
88,860 ___________ _________ 9,050
12,993 ___________ (23)
_________ (22)
_________ _________ —
— ___________ —
_________ —
_________ ___________ (598)
101,830 ____________
Total . . . . . . . . . . . . . . . . . . . . $954,557
_________ $1,772,417
_________ ___________
___________ $584,760
_________ $7,759,995
_________ ___________
___________ $134,781
_________
_________ $837,538
_________
_________ $ —
_________ $2,112,849
_________ ___________
___________ $703,234
_________
_________ $296,085
_________
_________ $2,377,332
___________ $12,778,884
___________ ____________
____________
NOTES TO FINANCIAL STATEMENTS, Continued
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions at June 30, 2020 will be recognized in pension expense as follows:
____NYCERS
__________________ ________TRS
______________ _______BERS
_______________ ____POLICE
__________________ _______FIRE
_______________ _____TOTAL
_________________
(in thousands)
Year ending June 30.
2021 . . . . . . . . . . . . . . . . . . . . . . . . $ (144,855) $(2,193,994) $(262,034) $(540,340) $91,355 $(3,049,868)
2022 . . . . . . . . . . . . . . . . . . . . . . . . 221,819 (1,301,691) (140,279) (157,785) 183,127 (1,194,809)
2023 . . . . . . . . . . . . . . . . . . . . . . . . 345,634 (813,945) (81,570) 100,962 227,945 (220,974)
2024 . . . . . . . . . . . . . . . . . . . . . . . . 489,208 (552,474) (38,984) 298,516 156,586 352,852
2025 . . . . . . . . . . . . . . . . . . . . . . . . 124,754 (490,756) (2,905) 1,759 12,828 (354,320)
Thereafter . . . . . . . . . . . . . . . . . . . . __________7,961 ________ ______(228,625)
___________ ____________(7) __ ____________— __ ___________— __ ______(220,671)
___________
Total . . . . . . . . . . . . . . . . . . . . . . $1,044,521
____________________________________ __$(5,581,485)
________________________________ __$(525,779)
__________________________ __$(296,888)
__________________________ __$671,841
________________________ __$(4,687,790)
________________________________
143
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-B
The pension and other postemployment benefit plan schedules in the required supplementary information are intended to show
information for ten years. Additional years’ information will be displayed as it becomes available.
A. Schedule of Changes in City’s Net Pension Liability and Related Ratios for POLICE at June 30,
__________2020
________________ __________2019
________________ __________2018
________________ __________2017
________________ __________2016
________________ __________2015
________________ __________2014
________________ __________2013
________________
1. Total Pension Liability
a. Service Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,483,109,352 $ 1,498,909,863 $ 1,386,278,934 $ 1,320,416,462 $ 1,340,614,909 $ 1,325,807,839 $ 1,301,753,171 $ 1,263,838,030
b. Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,833,636,348 3,782,996,761 3,649,115,174 3,524,331,362 3,441,398,429 3,245,225,246 3,117,317,330 2,998,478,091
c. Changes of Benefit Terms . . . . . . . . . . . . . . . . . . . . . — — 104,671,094 — — — — —
d. Differences b/t Expected and Actual Experience . . . . 441,654,144 (818,966,821) (144,119,939) (645,248,116) 233,461,664 (215,417,691) — —
e. Change of Assumptions . . . . . . . . . . . . . . . . . . . . . . . — (342,401,789) — — 794,679,950 — — —
f. Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___(3,487,402,000)
_______________________ ___(3,278,745,000)
_______________________ ___(3,193,553,000)
_______________________ ___(2,987,000,000)
_______________________ ___(2,878,451,000)
_______________________ ___(2,746,784,000)
_______________________ ___(2,682,223,000)
_______________________ ___(2,525,475,000)
_______________________
g. Net Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,270,997,844 841,793,014 1,802,392,263 1,212,499,708 2,931,703,952 1,608,831,394 1,736,847,501 1,736,841,121
2. Total Pension Liability—Beginning . . . . . . . . . . . . . . . . __54,997,431,379
________________________ __54,155,638,365
________________________ __52,353,246,102
________________________ __51,140,746,394
________________________ __48,209,042,442
________________________ __46,600,211,048
________________________ __44,549,855,738
________________________ __42,813,014,617
________________________
3. Total Pension Liability—Ending . . . . . . . . . . . . . . . . . . __57,268,429,223
________________________ __54,997,431,379
________________________ __54,155,638,365
________________________ __52,353,246,102
________________________ __51,140,746,394
________________________ __48,209,042,442
________________________ __46,286,703,239
________________________ __44,549,855,738
________________________
4. Plan Fiduciary Net Position
a. Contributions—Employer . . . . . . . . . . . . . . . . . . . . . 2,458,907,000 2,558,256,000 2,415,153,000 2,293,840,000 2,393,940,000 2,309,619,000 2,320,910,000 2,424,690,000
b. Contributions—Employee . . . . . . . . . . . . . . . . . . . . . 280,129,000 278,087,000 267,031,000 276,301,000 249,921,000 241,102,000 228,783,000 229,675,000
c. Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . 2,038,305,000 2,861,544,000 3,964,010,000 4,286,894,000 403,534,000 1,098,220,000 5,147,483,000 3,101,564,000
d. Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,487,402,000) (3,278,745,000) (3,193,553,000) (2,987,000,000) (2,878,451,000) (2,746,784,000) (2,682,223,000) (2,525,475,000)
e. Administrative Expenses . . . . . . . . . . . . . . . . . . . . . . (26,803,000) (29,005,000) (21,146,000) (18,917,000) (18,478,000) (17,903,000) (17,450,000) (17,548,000)
f. Other Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________6,541,000 _______________ ___________4,183,000 _______________ ___________3,465,000 _______________ _________10,507,000_________________ ___________6,756,000 _______________ ___________4,616,000 _______________ ___________6,911,000 _______________ ___________6,118,000 _______________
g. Net Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,269,677,000 2,394,320,000 3,434,960,000 3,861,625,000 157,222,000 888,870,000 5,004,414,000 3,219,024,000
5. Plan Fiduciary Net Position—Beginning . . . . . . . . . . . . ___45,193,179,000
_______________________ ___42,798,859,000
_______________________ ___39,363,899,000
_______________________ ___35,502,274,000
_______________________ ___35,345,052,000
_______________________ ___34,456,182,000
_______________________ ___29,451,768,000
_______________________ ___26,232,744,000
_______________________
147
6. Plan Fiduciary Net Position—Ending . . . . . . . . . . . . . . . ___46,462,856,000
_______________________ ___45,193,179,000
_______________________ ___42,798,859,000
_______________________ ___39,363,899,000
_______________________ ___35,502,274,000
_______________________ ___35,345,052,000
_______________________ ___34,456,182,000
_______________________ ___29,451,768,000
_______________________
7. POLICE Net Pension Liability . . . . . . . . . . . . . . . . . . . . __$10,805,573,223
__________________________________________________ __$________9,804,252,379
__________________________________________ __$11,356,779,365
__________________________________________________ __$12,989,347,102
__________________________________________________ __$15,638,472,394
__________________________________________________ __$12,863,990,442
__________________________________________________ _$11,830,521,239
__ _$15,098,087,738
__
_________________________________________________ _________________________________________________
8. Plan Fiduciary Net Position as a Percentage
of Total Pension Liability . . . . . . . . . . . . . . . . . . . . . . __________________________________81.1%
__________________ __________________________________82.2%
__________________ __________________________________79.0%
__________________ __________________________________75.2%
__________________ __________________________________69.4%
__________________ __________________________________73.3%
__________________ __________________________________74.4%
__________________ __________________________________66.1%
__________________
9. Covered Payroll1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,244,806,289 $ 4,047,772,414 $ 3,673,054,287 $ 3,509,985,075 $ 3,540,326,198 $ 3,512,777,844 $ 3,420,312,390 $ 3,459,871,779
10. POLICE Net Pension Liability as a Percentage
of Covered Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . ______________________________254.6%
______________________ ______________________________242.2%
______________________ ______________________________309.2%
______________________ ______________________________370.1%
______________________ ______________________________441.7%
______________________ ______________________________366.2%
______________________ ______________________________345.9%
______________________ ______________________________436.4%
______________________
1 Projected employee payroll at time 1.0 under previous roll-forward methodology through 2018. Actual employee payroll at valuation date (time = 0) beginning in 2019.
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
B. Schedule of Changes in City’s Net Pension Liability and Related Ratios for FIRE at June 30,
__________2020
________________ __________2019
________________ __________2018
________________ __________2017
________________ __________2016
________________ __________2015
________________ __________2014
________________ __________2013
________________
1. Total Pension Liability
a. Service Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 572,654,633 $ 484,827,782 $ 436,368,702 $ 432,482,302 $ 431,267,723 $ 419,575,546 $ 412,911,205 $ 400,884,665
b. Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,616,535,939 1,523,611,014 1,484,608,815 1,438,804,602 1,395,735,250 1,312,813,977 1,215,276,517 1,184,217,313
c. Changes of Benefit Terms . . . . . . . . . . . . . . . . . . . . . — — 11,602,422 — — — — —
d. Differences b/t Expected and Actual Experience . . . . 143,725,611 140,780,365 124,635,710 134,478,099 323,609,267 171,347,136 — —
e. Change of Assumptions . . . . . . . . . . . . . . . . . . . . . . . — 571,767,848 — — 405,497,988 — — —
f. Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___(1,517,723,000)
_______________________ ___(1,446,114,000)
_______________________ ___(1,379,533,000)
_______________________ ___(1,335,343,000)
_______________________ ___(1,359,095,000)
_______________________ ___(1,220,441,000)
_______________________ ___(1,171,998,000)
_______________________ ___(1,135,469,000)
_______________________
g. Net Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815,193,183 1,274,873,009 677,682,649 670,422,003 1,197,015,228 683,295,659 456,189,722 449,632,978
2. Total Pension Liability—Beginning . . . . . . . . . . . . . . . . ___23,266,785,189
_______________________ ___21,991,912,180
_______________________ ___21,314,229,531
_______________________ ___20,643,807,528
_______________________ ___19,446,792,300
_______________________ ___18,763,496,641
_______________________ ___17,524,302,616
_______________________ ___17,074,669,638
_______________________
3. Total Pension Liability—Ending . . . . . . . . . . . . . . . . . . ___24,081,978,372
_______________________ ___23,266,785,189
_______________________ ___21,991,912,180
_______________________ ___21,314,229,531
_______________________ ___20,643,807,528
_______________________ ___19,446,792,300
_______________________ ___17,980,492,338
_______________________ ___17,524,302,616
_______________________
4. Plan Fiduciary Net Position
a. Contributions—Employer . . . . . . . . . . . . . . . . . . . . . 1,419,270,000 1,398,565,000 1,200,417,000 1,061,170,000 1,054,478,000 988,784,000 969,956,000 962,173,000
b. Contribution—Employee . . . . . . . . . . . . . . . . . . . . . . 106,821,000 108,015,000 108,338,000 108,368,000 116,619,000 108,582,000 108,859,000 104,816,000
c. Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . 718,739,000 982,348,000 1,249,731,000 1,371,721,000 203,104,000 302,567,000 1,689,485,000 1,042,431,000
d. Benefit Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,517,723,000) (1,446,114,000) (1,379,533,000) (1,335,343,000) (1,359,095,000) (1,220,441,000) (1,171,998,000) (1,135,469,000)
e. Administrative Expenses . . . . . . . . . . . . . . . . . . . . . . (9,131,000) (9,861,000) (6,412,000) — — — — —
f. Other Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________2,842,000 ______________ ____________2,057,000 ______________ ____________9,411,000 ______________ __________47,284,000
________________ _________43,673,000
_________________ _________41,201,000
_________________ _________39,980,000
_________________ _________38,965,000
_________________
g. Net Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720,818,000 1,035,010,000 1,181,952,000 1,253,200,000 58,779,000 220,693,000 1,636,282,000 1,012,916,000
5. Plan Fiduciary Net Position—Beginning . . . . . . . . . . . . ___15,208,272,000
_______________________ ___14,173,262,000
_______________________ ___12,991,310,000
_______________________ ___11,738,110,000
_______________________ ___11,679,331,000
_______________________ ___11,458,638,000
_______________________ _____9,822,356,000
_____________________ _____8,809,440,000
_____________________
148
6. Plan Fiduciary Net Position—Ending . . . . . . . . . . . . . . . ___15,929,090,000
_______________________ ___15,208,272,000
_______________________ ___14,173,262,000
_______________________ ___12,991,310,000
_______________________ ___11,738,110,000
_______________________ ___11,679,331,000
_______________________ ___11,458,638,000
_______________________ _____9,822,356,000
_____________________
7. FIRE Net Pension Liability . . . . . . . . . . . . . . . . . . . . . . . __$________8,152,888,372
__________________________________________ $
____
__$________8,058,513,189
__________________________________________ __$________7,818,650,180
__________________________________________ ______8,322,919,531
__________________________________________ __$________8,905,697,528
__________________________________________ __$________7,767,461,300
__________________________________________ __$________6,521,854,338
__________________________________________ __$________7,701,946,616
__________________________________________
8. Plan Fiduciary Net Position as a Percentage
of Total Pension Liability . . . . . . . . . . . . . . . . . . . . . . __________________________________66.1%
__________________ __________________________________65.4%
__________________ __________________________________64.4%
__________________ __________________________________61.0%
__________________ __________________________________56.9%
__________________ __________________________________60.1%
__________________ __________________________________63.7%
__________________ __________________________________56.0%
__________________
9. Covered Payroll1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,336,843,002 $ 1,302,871,992 $ 1,164,528,195 $ 1,145,919,396 $ 1,129,469,957 $ 1,111,744,091 $ 1,102,396,453 $ 1,129,926,037
10. FIRE Net Pension Liability as a Percentage
of Covered Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . ______________________________609.9%
______________________ ______________________________618.5%
______________________ ______________________________671.4%
______________________ ______________________________726.3%
______________________ ______________________________788.5%
______________________ ______________________________698.7%
______________________ ______________________________591.6%
______________________ ______________________________681.6%
______________________
1 Projected employee payroll at time 1.0 under previous roll-forward methodology through 2018. Actual employee payroll at valuation date (time = 0) beginning in 2019.
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
C. Schedule of the City’s Proportionate Share of the Net Pension Liabilities of Cost-Sharing Multiple-Employer Pensions Plans at June 30,
__________2020
________________ __________2019
________________ __________2018
________________ __________2017
________________ __________2016
________________ __________2015
________________ __________2014
________________ __________2013
________________
(in millions except %)
1. NYCERS
a. City’s Proportion of the Net Pension Liability . . . . . . 55.98% 55.47% 54.44% 54.33% 54.77% 55.64% 55.54% 55.54%
b. City’s Proportion share of the Net Pension Liability . . $11,799.2 $10,274.3 $ 9,898.5 $11,281.7 $13,307.9 $11,262.0 $10,008.2 $12,815.3
c. City’s Covered Payroll . . . . . . . . . . . . . . . . . . . . . . . . $ 8,203.9 $ 7,833.4 $ 6,729.9 $ 6,556.7 $ 6,462.2 $ 6,500.5 $ 6,506.4 $ 6,322.1
d. City’s Proportion share of the Net Pension Liability
as a Percentage of it’s Covered Payroll . . . . . . . . . 143.82% 131.16% 147.08% 172.06% 205.93% 173.25% 153.83% 202.71%
e. Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability . . . . . . . . . . . . . . . . . . . 76.93% 78.84% 74.32% 74.80% 69.57% 73.13% 75.32% 67.18%
2. TRS
a. City’s Proportion of the Net Pension Liability . . . . . . 97.12% 97.22% 97.19% 97.62% 97.07% 97.27% 97.28% 97.28%
b. City’s Proportion share of the Net Pension Liability . . $15,342.1 $14,929.0 $18,184.9 $22,674.0 $25,599.9 $20,219.1 $17,331.1 $23,010.2
c. City’s Covered Payroll . . . . . . . . . . . . . . . . . . . . . . . . $10,572.4 $10,107.6 $ 8,961.5 $ 8,612.8 $ 8,039.3 $ 7,869.8 $ 7,772.8 $ 7,683.5
d. City’s Proportion share of the Net Pension Liability
as a Percentage of it’s Covered Payroll . . . . . . . . . 145.11% 147.70% 202.92% 263.26% 318.43% 256.92% 222.97% 299.48%
e. Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability . . . . . . . . . . . . . . . . . . . 78.97% 79.06% 74.45% 68.32% 62.33% 68.04% 71.79% 61.01%
3. BERS
a. City’s Proportion of the Net Pension Liability . . . . . . 99.95% 99.98% 99.97% 99.96% 99.99% 99.98% 99.99% 99.99%
b. City’s Proportion share of the Net Pension Liability . . $ 277.1 $ 274.2 $ 501.2 $ 973.4 $ 1,384.1 $ 1,006.1 $ 906.5 $ 1,315.6
149
c. City’s Covered Payroll . . . . . . . . . . . . . . . . . . . . . . . . $ 1,352.7 $ 1,263.5 $ 1,101.6 $ 1,051.6 $ 1,007.5 $ 1,016.8 $ 988.8 $ 885.5
d. City’s Proportion share of the Net Pension Liability
as a Percentage of it’s Covered Payroll . . . . . . . . . 20.48% 21.70% 45.50% 92.56% 137.38% 98.95% 91.68% 148.57%
e. Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability . . . . . . . . . . . . . . . . . . . 94.92% 94.79% 90.31% 80.81% 71.17% 75.33% 78.60% 66.95%
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
D. Schedule of City’s Contributions for All Pension Plans for the Fiscal Years ended June 30,
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ ________*2012
_________________ ________*2011
_________________
(in thousands except %)
NYCERS
Contractually required contribution . . $____2,086,530
____________ $____2,049,222
____________ _$1,838,554
______________ _$1,808,067
______________ _$1,843,323
______________ _$1,758,378
______________ _$1,729,616
______________ _$1,692,278
______________ $____3,017,004
____________ $____2,387,216
____________
Contributions in relation to the
contractually required
contributions . . . . . . . . . . . . . . . . . $____2,086,530
____________ $____2,049,222
____________ _$1,838,554
______________ _$1,808,067
______________ _$1,843,323
______________ _$1,758,378
______________ _$1,729,616
______________ _$1,692,278
______________ $____3,017,004
____________ $____2,387,216
____________
Contribution deficiency (excess) . . . . ____________________________—
____ ____________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ ____________________________—
____ ____________________________—
____
Covered payroll . . . . . . . . . . . . . . . . . $ 8,203,879 $ 7,833,362 $6,729,880 $6,556,720 $6,462,231 $6,500,475 $6,506,353 $6,322,125 $11,812,858 $11,465,975
Contributions as a percentage of
covered payroll . . . . . . . . . . . . . . . 25.433% 26.160% 27.319% 27.576% 28.524% 27.050% 26.583% 26.768% 25.540% 20.820%
TRS
Contractually required contribution . . $____3,487,400
____________ $____3,593,742
____________ _$3,779,638
______________ _$3,795,657
______________ _$3,594,301
______________ _$3,180,865
______________ _$2,917,129
______________ _$2,777,966
______________ $____2,673,078
____________ $____2,468,973
____________
Contributions in relation to the
contractually required
contributions . . . . . . . . . . . . . . . . . $____3,487,400
____________ $___3, ____593,742
_________ _$3,779,638
______________ _$3,795,657
______________ _$3,594,301
______________ _$3,180,865
______________ _$2,917,129
______________ _$2,777,966
______________ $____2,673,078
____________ $____2,468,973
____________
Contribution deficiency (excess) . . . . ____________________________—
____ ____________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ ____________________________—
____ ____________________________—
____
Covered payroll . . . . . . . . . . . . . . . . . $10,572,449 $10,107,561 $8,961,509 $8,612,809 $8,039,326 $7,869,774 $7,772,827 $7,683,465 $ 7,920,935 $ 7,935,248
Contributions as a percentage of
covered payroll . . . . . . . . . . . . . . . 32.986% 35.555% 42.176% 44.070% 44.709% 40.419% 37.530% 36.155% 33.747% 31.114%
BERS
150
Contractually required contribution . . 257,367
$________________ 269,594
$________________ ___$318,540
____________ _$____288,116
__________ _$____265,497
__________ _$____258,055
__________ _$____214,574
__________ _$____196,231
__________ __$_____213,651
_________ __$_____180,191
_________
Contributions in relation to the
contractually required
contributions . . . . . . . . . . . . . . . . . $_______ 257,367
_________ $_______ 269,594
_________ _$____318,540
__________ _$____288,116
__________ _$____265,497
__________ _$____258,055
__________ _$____214,574
__________ _$____196,231
__________ __$_____213,651
_________ __$_____180,191
_________
Contribution deficiency (excess) . . . . ____________________________—
____ ____________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ ____________________________—
____ ____________________________—
____
Covered payroll . . . . . . . . . . . . . . . . . $ 1,352,676 $ 1,263,450 $1,101,553 $1,051,567 $1,007,499 $1,016,277 $ 988,757 $ 885,491 $ 879,476 $ 880,656
Contributions as a percentage of
covered payroll . . . . . . . . . . . . . . . 19.027% 21.338% 28.917% 27.399% 26.352% 25.392% 21.701% 22.161% 24.293% 20.461%
POLICE
Contractually required contribution . . $____2,458,907
____________ $____2,558,256
____________ _$2,415,153
______________ _$2,293,840
______________ _$2,393,940
______________ _$2,309,619
______________ _$2,320,910
______________ _$2,424,690
______________ __$2,385,731
______________ __$2,083,633
______________
Contributions in relation to the
contractually required
contributions . . . . . . . . . . . . . . . . . $____2,458,907
____________ $____2,558,256
____________ _$2,415,153
______________ _$2,293,840
______________ _$2,393,940
______________ _$2,309,619
______________ _$2,320,910
______________ _$2,424,690
______________ __$2,385,731
______________ __$2,083,633
______________
Contribution deficiency (excess) . . . . ____________________________—
____ ____________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ ____________________________—
____ ____________________________—
____
Covered payroll . . . . . . . . . . . . . . . . . $ 4,244,806 $ 4,047,772 $3,673,054 $3,509,985 $3,540,326 $3,512,778 $3,420,312 $3,459,889 $3,448,784 $3,252,729
Contributions as a percentage of
covered payroll . . . . . . . . . . . . . . . 57.927% 63.202% 65.753% 65.352% 67.619% 65.749% 67.857% 70.080% 69.176% 64.058%
FIRE
Contractually required contribution . . $____1,419,270
____________ $____1,398,565
____________ _$1,200,417
______________ _$1,061,170
______________ _$1,054,478
______________ _$____988,784
__________ _$____969,956
__________ _$____962,173
__________ __$_____976,895
_________ __$_____890,706
_________
Contributions in relation to the
contractually required
contributions . . . . . . . . . . . . . . . . . $____1,419,270
____________ $___1, ____398,565
_________ _$1,200,417
______________ _$1,061,170
______________ _$1,054,478
______________ _$____988,784
__________ _$____969,956
__________ _$____962,173
__________ __$_____976,895
_________ __$_____890,706
_________
Contribution deficiency (excess) . . . . ____________________________—
____ ____________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ __________________________—
____ ____________________________—
____ ____________________________—
____
Covered payroll . . . . . . . . . . . . . . . . . $ 1,336,843 $ 1,302,872 $1,164,528 $1,145,919 1,129,470 1,111,744 1,102,396 1,129,921 1,149,423 1,057,243
Contributions as a percentage of
covered payroll . . . . . . . . . . . . . . . 106.166% 107.345% 103.082% 92.604% 93.360% 88.940% 87.986% 85.154% 84.990% 84.248%
* For City Fiscal Years 2012 and 2011, reported contributions and covered payroll amounts are those of each retirement system as a whole (i.e., the sums for all participating employers.) City-only covered payroll is not
readily available for years prior to 2013; and due to methodological changes during the periods 2005 through 2012, the City-only employer contributions are not comparable over the ten year period.
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
Notes to Schedule D:
The above actuarially determined and contractually required contributions were developed using a One-Year Lag Methodology, under which the actuarial valuation determines the employer contribution for the second following
fiscal year (e.g. Fiscal Year 2021 contributions were determined using an actuarial valuation as of June 30, 2019). The methods and assumptions used to determine the actuarially determined and contractually required contributions
are as follows:
Fiscal Year
_____________ _________2021
________________ _________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________
Valuation Dates . . . . . . . . . . . . . . . . . . June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012 June 30, 2011 June 30, 2010
(Lag) (Lag) (Lag) (Lag) (Lag) (Lag) (Lag) (Lag) (Lag) (Lag)
Actuarial cost method1 . . . . . . . . . . . . . Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization method for Unfunded
Accrued Liabilities (UAL):
Initial 2010 UAL . . . . . . . . . . . . . . . Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar Increasing Dollar
Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments
Post-2010 UALs . . . . . . . . . . . . . . . Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar
Payments Payments Payments Payments Payments Payments Payments Payments Payments Payments
Remaining amortization period:
Initial 2010 UAL . . . . . . . . . . . . . . . 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) 16 Years (Closed) 17 Years (Closed) 18 Years (Closed) 19 Years (Closed) 20 Years (Closed) 21 Years (Closed) 22 Years (Closed)
2010 ERI . . . . . . . . . . . . . . . . . . . . . 0 Year (Closed) 0 Year (Closed) 0 Year (Closed) 0 Year (Closed) 1 Year (Closed) 2 Years (Closed) 3 Years (Closed) 4 Years (Closed) 5 Years (Closed) NA
2011 (G)/L . . . . . . . . . . . . . . . . . . . . 7 Years (Closed) 8 Years (Closed) 9 Years (Closed) 10 Years (Closed) 11 Years (Closed) 12 Years (Closed) 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA
2012 (G)/L . . . . . . . . . . . . . . . . . . . . 8 Years (Closed) 9 Years (Closed) 10 Years (Closed) 11 Years (Closed) 12 Years (Closed) 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA NA
2013 (G)/L . . . . . . . . . . . . . . . . . . . . 9 Years (Closed) 10 Years (Closed) 11 Years (Closed) 12 Years (Closed) 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA NA NA
2013 Transit Refunds . . . . . . . . . . . 0 Years (Closed) 0 Years (Closed) 1 Years (Closed) 2 Years (Closed) 3 Years (Closed) 4 Years (Closed) 5 Years (Closed) NA NA NA
151
2014 (G)/L . . . . . . . . . . . . . . . . . . . . 10 Years (Closed) 11 years (Closed) 12 years (Closed) 13 years (Closed) 14 years (Closed) 15 years (Closed) NA NA NA NA
2014 Assumption Change . . . . . . . . 15 Years (Closed) 16 Years (Closed) 17 Years (Closed) 18 Years (Closed) 19 Years (Closed) 20 Years (Closed) NA NA NA NA
2015 (G)/L . . . . . . . . . . . . . . . . . . . . 11 Years (Closed) 12 Years (Closed) 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA NA NA NA NA
2016 (G)/L . . . . . . . . . . . . . . . . . . . . 12 Years (Closed) 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA NA NA NA NA NA
2017 (G)/L . . . . . . . . . . . . . . . . . . . . 13 Years (Closed) 14 Years (Closed) 15 Years (Closed) NA NA NA NA NA NA NA
2017 Assumptions Change . . . . . . . 18 Years (Closed) 19 Years (Closed) 20 Years (Closed) NA NA NA NA NA NA NA
2017 Method Change . . . . . . . . . . . 18 Years (Closed) 19 Years (Closed) 20 Years (Closed) NA NA NA NA NA NA NA
2018 (G)/L . . . . . . . . . . . . . . . . . . . . 14 Years (Closed) 15 Years (Closed) NA NA NA NA NA NA NA NA
2019 (G)/L . . . . . . . . . . . . . . . . . . . . 15 Years (Closed) NA NA NA NA NA NA NA NA NA
Actuarial Asset Valuation Method2 . . . 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving 6-year moving
average of average of average of average of average of average of average of average of average of average of
Market Value Market Value Market Value Market Value Market Value Market Value Market Value Market Value Market Value Market Value
Actuarial assumptions:
Assumed rate of return . . . . . . . . . . 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum, 7.0% per annum,
net of investment net of investment net of investment net of investment net of investment net of investment net of investment net of investment net of investment net of investment
expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0% expenses (4.0%
per annum for per annum for per annum for per annum for per annum for per annum for per annum for per annum for per annum for per annum for
benefits payable benefits payable benefits payable benefits payable benefits payable benefits payable benefits payable benefits payable benefits payable benefits payable
under the variable under the variable under the variable under the variable under the variable under the variable under the variable under the variable under the variable under the variable
annuity program annuity program annuity program annuity program annuity program annuity program annuity program annuity program annuity program annuity program
for TRS and for TRS and for TRS and for TRS and for TRS and for TRS and for TRS and for TRS and for TRS and for TRS and
BERS) BERS) BERS) BERS) BERS) BERS) BERS) BERS) BERS) BERS)
Post-retirement mortality . . . . . . . . Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted
by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of
Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during
Fiscal Year 2019 Fiscal Year 2019 Fiscal Year 2019 Fiscal Year 2016 Fiscal Year 2016 Fiscal Year 2016 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
Notes to Schedule D:
_Fiscal Year
____________ __________2021
_______________ __________2020
_______________ __________2019
_______________ __________2018
_______________ __________2017
_______________ _________2016
________________ __________2015
_______________ __________2014
_______________ __________2013
_______________ __________2012
_______________
Active service: withdrawal, death,
disability, service retirement . . . . . . Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted Tables adopted
by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of by Boards of
Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during Trustees during
Fiscal Year 2019 Fiscal Year 2019 Fiscal Year 2019 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012 Fiscal Year 2012
Salary Increases3 . . . . . . . . . . . . . . . . . In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit In general, Merit
and Promotion and Promotion and Promotion and Promotion and Promotion and Promotion and Promotion and Promotion and Promotion and Promotion
Increases plus Increases plus Increases plus Increases plus Increases plus Increases plus Increases plus Increases plus Increases plus Increases plus
assumed General assumed General assumed General assumed General assumed General assumed General assumed General assumed General assumed General assumed General
Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases Wage Increases
of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year of 3.0% per year
Cost-of-Living Adjustments3 . . . . . . . . 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum 1.5% per annum
for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA. for AutoCOLA.
2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum
for Escalation for Escalation for Escalation for Escalation for Escalation for Escalation for Escalation for Escalation for Escalation for Escalation
1 Beginning with the June 30, 2010 (Lag) actuarial valuation under the 2012 A&M, the Entry Age Normal Cost Method (EAN) of funding is utilized by the Actuary to calculate the contributions required of the Employer.
Under this method, the Actuarial Present Value (APV) of Benefits (APVB) of each individual included in the actuarial valuation is allocated on a level basis over the earnings (or service) of the individual between entry age
and assumed exit ages. The employer portion of this APV allocated to a valuation year is the Normal Cost. The portion of this APV not provided for at a valuation date by the APV of Future Normal Costs or future member
contributions is the Accrued Liability (AL). The excess, if any, of the AL over the Actuarial Value of Assets (AVA) is the Unfunded Accrued Liability (UAL). Under this method, actuarial gains (losses), as they occur,
152
reduce (increase) the UAL and are explicitly identified and amortized. Increases (decreases) in obligations due to benefit changes, actuarial assumption changes and/or actuarial method changes are also explicitly identified
and amortized.
2 Market Value Restart as of June 30, 2011. The June 30, 2010 AVA is derived as equal to the June 30, 2011 Market Value of Assets, discounted by the Actuarial Interest Rate assumption (adjusted for cash flow) to June 30,
2010. Beginning with June 30, 2014, the AVA is constrained to be no more than 20% from the Market Value of Assets.
3 Developed assuming a long-term Consumer Price Inflation assumption of 2.5% per year.
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
153
f. Other Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (175,000) (175,000) (130,323) (78,516) (331,067)
g. Net Changes in Plan Fiduciary Net Position . . . . . . $ (879,062,013) $ (86,248,041) $ 111,895,949 $ 617,572,062 $ 639,807,666
5. Plan Fiduciary Net Position – Beginning . . . . . . . . . . . . $ 4,679,551,174 $ 4,765,799,215 $ 4,653,903,266 $ 4,036,331,204 $ 3,396,523,538
6. Plan Fiduciary Net Position – Ending . . . . . . . . . . . . . . $ 3,800,489,161 $ 4,679,551,174 $ 4,765,799,215 $ 4,653,903,266 $ 4,036,331,204
7. Net OPEB Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $109,456,918,191 $107,790,058,626 $98,496,216,218 $88,422,672,221 $94,502,355,998
8. Plan Fiduciary Net Position as a Percentage of
Total OPEB Liability . . . . . . . . . . . . . . . . . . . . . . . . 3.4% 4.2% 4.6% 5.0% 4.1%
9. Covered Employee Payroll . . . . . . . . . . . . . . . . . . . . . . . $ 28,201,101,945 $ 27,760,352,747 $26,303,995,573 $25,180,497,465 $24,266,021,759
10. Net OPEB Liability as a Percentage of Covered
Employee Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388.1% 388.3% 374.5% 351.2% 389.4%
REQUIRED SUPPLEMENTARY INFORMATION (Unaudited), Continued
Notes to Schedule E
• Benefit changes: The Cadillac Tax was repealed as of December 2019.
• Assumption changes: The discount rate used to measure liabilities was updated to reflect the S&P Municipal Bond 20-Year High Grade Index yield as of June 30,
2020 as per GASB74/75 guidance. Certain per capita claims costs were updated based on recent experience.
• Methods and Assumptions: The methods and assumptions used to determine the actuarially determined contributions are as follows:
154
Long-term
Expected Rate of Return 4.0% 4.0% 4.0% 4.0% 4.0%
General Wage Increases 3.0% 3.0% 3.0% 3.0% 3.0%
Consumer Price Index 2.5% 2.5% 2.5% 2.5% 2.5%
All additional actuarial assumptions used for determining the net OPEB liability are shown starting on page 119 of the Fiscal Year 2020 GASB 74/75 Report dated September 11,
2020. The Report is available at the Office of the Comptroller, Bureau of Accountancy-Room 200 South, 1 Centre Street, New York, New York 10007 and on the website of
the New York City Office of the Actuary (www.nyc.gov/actuary).
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-C
SUPPLEMENTARY INFORMATION
158
THE CITY OF NEW YORK
NONMAJOR GOVERNMENTAL FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2019
(in thousands)
159
THE CITY OF NEW YORK
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
160
THE CITY OF NEW YORK
NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
161
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF1
THE CITY OF NEW YORK
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2020
(in thousands)
School Transitional Hudson Yards Hudson Yards Total
Construction Finance Development Infrastructure Nonmajor Capital
Authority
______________ Authority
______________ Corporation
______________ Corporation
______________ Projects Funds
_______________
ASSETS:
Cash and cash equivalents . . . . . . . . $ 138,492 $ — $ — $ — $ 138,492
Investments . . . . . . . . . . . . . . . . . . . 59,435 — — — 59,435
Restricted cash and investments . . . — 412,247 — 36,096 448,343
Due from other funds . . . . . . . . . . . . 405,466 — 122 — 405,588
Other . . . . . . . . . . . . . . . . . . . . . . . . ______308,032
____________ _______________— ___ _______________— ___ _______________— ___ ______308,032
____________
Total assets . . . . . . . . . . . . . . . . . . $ 911,425
____________________________________ $ 412,247
____________________________________ $ 122
____________________________________ $ 36,096
____________________________________ $1,359,890
____________________________________
LIABILITIES:
Accounts payable and accrued
liabilities . . . . . . . . . . . . . . . . . . $ 773,915 $ 793 $ 122 $ 6,086 $ 780,916
Due to other funds . . . . . . . . . . . . . . _______________—
___ 183,645
__________________ _______________—
___ _____________631
_____ ______184,276
____________
162
Total liabilities . . . . . . . . . . . . . . . ______773,915
____________ ______184,438
____________ _____________122
_____ __________6,717
________ ______965,192
____________
FUND BALANCES:
Spendable:
Restricted:
Capital Projects . . . . . . . . . . . . . ______137,510____________ ______227,809____________ _______________— ___ ________29,379 __________ ______394,698
____________
Total fund balances . . . . . . . . . . ______137,510____________ ______227,809____________ _______________— ___ ________29,379 __________ ______394,698
____________
Total liabilities and fund balances . . . . __$__________911,425
________________________ __$__________412,247
________________________ __$________________________122
__________ __$______________36,096
____________________ __$1,359,890
__________________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF2
THE CITY OF NEW YORK
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2019
(in thousands)
School Transitional Hudson Yards Hudson Yards Total
Construction Finance Development Infrastructure Nonmajor Capital
Authority
______________ Authority
______________ Corporation
______________ Corporation
______________ Projects Funds
_______________
ASSETS:
Cash and cash equivalents . . . . . . . . $ 46,420 $ — $ — $ — $ 46,420
Investments . . . . . . . . . . . . . . . . . . . 49,796 1 — — 49,797
Restricted cash and investments . . . — 430,551 — 47,137 477,688
Due from other funds . . . . . . . . . . . . 543,556 — 125 — 543,681
Other . . . . . . . . . . . . . . . . . . . . . . . . ______389,547
____________ _______________— ___ _______________— ___ _______________— ___ ______389,547
____________
Total assets . . . . . . . . . . . . . . . . . . $1,029,319
____________________________________ $ 430,552
____________________________________ $ 125
____________________________________ $ 47,137
____________________________________ $1,507,133
____________________________________
LIABILITIES:
Accounts payable and accrued
liabilities . . . . . . . . . . . . . . . . . . . . $ 703,852 $ 413 $ 125 $ 2,137 $ 706,527
Due to other funds . . . . . . . . . . . . . _______________—
___ 227,514
__________________ _______________—
___ _____________778
_____ ______228,292
____________
163
Total liabilities . . . . . . . . . . . . . . . ______703,852
____________ ______227,927
____________ _____________125
_____ __________2,915
________ ______934,819
____________
FUND BALANCES:
Spendable:
Restricted:
Capital Projects . . . . . . . . . . . . ______325,467
____________ ______202,625____________ _______________— ___ ________44,222 __________ ______572,314
____________
Total fund balances . . . . . . . . . . ______325,467
____________ ______202,625____________ _______________— ___ ________44,222 __________ ______572,314
____________
Total liabilities and fund balances . . . . __$1,029,319
__________________________________ __$__________430,552
________________________ __$________________________125
__________ __$______________47,137
____________________ __$1,507,133
__________________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF3
THE CITY OF NEW YORK
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
School Transitional Hudson Yards Hudson Yards Total
Construction Finance Development Infrastructure Nonmajor Capital
Authority
______________ Authority
______________ Corporation
______________ Corporation
______________ Projects Funds
_______________
REVENUES:
Investment income . . . . . . . . . . . . . . $ — $ 9,699 $ — $ 840 $ 10,539
Other revenues . . . . . . . . . . . . . . . . . ___2,794,187
_______________ _______________—
___ _______________—
___ _______________—
___ ___2,794,187
_______________
Total revenues . . . . . . . . . . . . . . . . ___2,794,187
_______________ 9,699
__________________ —
__________________ 840
__________________ 2,804,726
__________________
EXPENDITURES:
General government . . . . . . . . . . . . . — — 708 14,519 15,227
Education . . . . . . . . . . . . . . . . . . . . . 2,982,144 — — — 2,982,144
Administrative and other . . . . . . . . . _______________—
___ ________16,165
__________ _______________—
___ _______________—
___ ________16,165
__________
Total expenditures . . . . . . . . . . . . 2,982,144
__________________ 16,165
__________________ 708
__________________ 14,519
__________________ 3,013,536
__________________
Excess (deficiency) of revenues
over expenditures . . . . . . . . .
164
_____(187,957)
_____________ _________(6,466)
_________ ____________(708)
______ _______(13,679)
___________ _____(208,810)
_____________
OTHER FINANCING SOURCES (USES):
Principal amount of bonds issued . . — 3,826,260 — 545 3,826,805
Bond premium . . . . . . . . . . . . . . . . . — 460,104 — — 460,104
Transfers from (to) Capital Projects
Funds . . . . . . . . . . . . . . . . . . . . . . — (4,242,110) — — (4,242,110)
Transfers from (to) Nonmajor
Capital Projects Funds . . . . . . . . . — — 708 (1,355) (647)
Transfers from (to) Nonmajor Debt
Service Funds . . . . . . . . . . . . . . . . — (12,339) — — (12,339)
Transfers from (to) Nonmajor
Special Revenue Funds . . . . . . . . _______________— ___ ____________(265) ______ _______________—___ ____________(354)______ ____________(619) ______
Total other financing sources (uses) _______________— ___ ________31,650 __________ _____________708
_____ _________(1,164)
_________ ________31,194
__________
Net change in fund balances . . . . . . . . (187,957) 25,184 — (14,843) (177,616)
FUND BALANCES AT BEGINNING OF YEAR . . ______325,467
____________ 202,625
__________________ _______________—___ ________44,222
__________ ______572,314
____________
FUND BALANCES AT END OF YEAR . . . . . . $
______137,510
______________________________ _
_$__________227,809
________________________ _$
______________—
_____________________ $
________29,379
____________________________ $
______394,698
______________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF4
THE CITY OF NEW YORK
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
School Transitional Hudson Yards Hudson Yards Total
Construction Finance Development Infrastructure Nonmajor Capital
Authority
______________ Authority
______________ Corporation
______________ Corporation
______________ Projects Funds
_______________
REVENUES:
Investment income . . . . . . . . . . . . . . $ — $ 25,933 $ — $ 2,030 $ 27,963
Other revenues . . . . . . . . . . . . . . . . . ___2,868,689
_______________ _______________—
___ _______________22
___ _______________—
___ ___2,868,711
_______________
Total revenues . . . . . . . . . . . . . . . . ___2,868,689
_______________ 25,933
__________________ 22
__________________ 2,030
__________________ 2,896,674
__________________
EXPENDITURES:
General government . . . . . . . . . . . . . — — 498 43,510 44,008
Education . . . . . . . . . . . . . . . . . . . . . 2,825,960 — — — 2,825,960
Administrative and other . . . . . . . . . _______________—
___ ________20,137
__________ _______________—
___ _______________—
___ ________20,137
__________
Total expenditures . . . . . . . . . . . . 2,825,960
__________________ 20,137
__________________ 498
__________________ 43,510
__________________ 2,890,105
__________________
Excess (deficiency) of revenues
over expenditures . . . . . . . . .
165
________42,729
__________ __________5,796
________ ____________(476)
______ _______(41,480)
___________ __________6,569
________
OTHER FINANCING SOURCES (USES):
Principal amount of bonds issued . . — 4,975,000 — — 4,975,000
Bond premium . . . . . . . . . . . . . . . . . — 365,851 — — 365,851
Transfers from (to) Capital Projects
Funds . . . . . . . . . . . . . . . . . . . . . . — (5,814,290) — — (5,814,290)
Transfers from (to) Nonmajor Capital
Projects Funds . . . . . . . . . . . . . . . — — 476 (476) —
Transfers from (to) Nonmajor Debt
Service Funds . . . . . . . . . . . . . . . . — (23,705) — — (23,705)
Transfers from (to) Nonmajor Special
Revenue Funds . . . . . . . . . . . . . . . _______________— ___ _________(3,968)
_________ _______________—___ _________(1,945)
_________ _________(5,913) _________
Total other financing sources (uses) _______________— ___ _____(501,112)
_____________ _____________476
_____ _________(2,421)
_________ _____(503,057)
_____________
Net change in fund balances . . . . . . . . 42,729 (495,316) — (43,901) (496,488)
FUND BALANCES AT BEGINNING OF YEAR . 282,738
__________________ ______697,941
____________ _______________—___ ________88,123
__________ 1,068,802
__________________
FUND BALANCES AT END OF YEAR . . . . . . __$__________325,467
________________________ _$
_____202,625
_
_____________________________ _$
______________—
_____________________ $
________44,222
____________________________ __$__________572,314
________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF5
THE CITY OF NEW YORK
NONMAJOR DEBT SERVICE FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2020
(in thousands)
166
Due to other funds . . . . . . . . . . . . . . . . . 343,958
_________________ ______________—
___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ 343,958
_________________
Total liabilities . . . . . . . . . . . . . . . . . . ______344,424
___________ ______________—
___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ _____344,424
____________
DEFERRED INFLOWS OF RESOURCES
Personal income tax revenue . . . . . . . . . 1,112,000 1,112,000
Other deferred inflows of resources . . . . _________________ _______35,904
__________ ______________—
___ ______________—
___ ______________—
___ _______58,397
__________ _______94,301
__________
Total deferred inflows of resources . . __1,112,000
_______________ _______35,904
__________ ______________—
___ ______________—
___ ______________—
___ _______58,397
__________ __1,206,301
_______________
FUND BALANCES:
Spendable:
Restricted:
Debt Service . . . . . . . . . . . . . . . . . . . . 1,390,402 85,937 40,014 — 180,032 175,451 1,871,836
Assigned:
Debt Service . . . . . . . . . . . . . . . . . . . . ___2,566,974
______________ ______________—___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ __2,566,974
_______________
Total fund balances . . . . . . . . . . . . . ___3,957,376
______________ ________85,937
_________ _______40,014
__________ ______________—
___ _____180,032
____________ _____175,451
____________ __4,438,810
_______________
Total liabilities, deferred inflow of
resources and fund balances . . . . . . . . _$5,413,800
_________________________________ __$________121,841
________________________ __$____________40,014
____________________ $____________________________—
______ __$________180,032
________________________ __$________233,848
________________________ __$5,989,535
________________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF6
THE CITY OF NEW YORK
NONMAJOR DEBT SERVICE FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2019
(in thousands)
167
Accounts payable and accrued liabilities . $ 472 $ — $ — $ — $ — $ — $ 472
Due to other funds . . . . . . . . . . . . . . . . . ______155,738
___________ ______________—
___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ _____155,738
____________
Total liabilities . . . . . . . . . . . . . . . . . . ______156,210
___________ ______________—
___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ _____156,210
____________
DEFERRED INFLOWS OF RESOURCES
Personal income tax revenue . . . . . . . . . 965,000 — — — — — 965,000
Other deferred inflows of resources . . . . ______________—
___ _______35,904
__________ ______________—
___ ______________—
___ ______________—
___ _______60,254
__________ _______96,158
__________
Total deferred inflows of resources . . _____965,000
____________ _______35,904
__________ ______________—
___ ______________—
___ ______________—
___ _______60,254
__________ __1,061,158
_______________
FUND BALANCES:
Spendable:
Restricted:
Debt Service . . . . . . . . . . . . . . . . . . . . 1,426,441 96,521 38,103 22,337 176,993 164,117 1,924,512
Assigned:
Debt Service . . . . . . . . . . . . . . . . . . . . ___2,138,264
______________ ______________—
___ ______________—
___ ______________—
___ ______________—
___ ______________—
___ __2,138,264
_______________
Total fund balances . . . . . . . . . . . . . ___3,564,705
______________ _______96,521
__________ _______38,103
__________ _______22,337
__________ _____176,993
____________ _____164,117
____________ __4,062,776
_______________
Total liabilities, deferred inflow of
resources and fund balances . . . . . . . . _$4,685,915
________________ _$____132,425
____________ _$______38,103
__________ $_______22,337
__________ _$____176,993
____________ _$____224,371
____________ _$5,280,144
________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF7
THE CITY OF NEW YORK
NONMAJOR DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Fiscal Year Sales Tax Hudson
Transitional Educational 2005 Asset Yards Total
Finance Construction Securitization Receivable Infrastructure Nonmajor Debt
Authority
____________ TSASC, Inc.
____________ Fund
____________ Corporation
____________ Corporation
____________ Corporation
____________ Service Funds
____________
REVENUES:
Investment income . . . . . . . . . . . . . . . . . $ 46,576 $ 1,379 $ 1,017 $ 96 $ 1,858 $ 3,925 $ 54,851
District improvement bonus revenue . . . — — — — — 120,907 120,907
Personal income tax . . . . . . . . . . . . . . . . 487,607 — — — — — 487,607
NYS Local Government Assistance
Corporation Revenue . . . . . . . . . . . . . — — — — 169,620 — 169,620
Tobacco settlement . . . . . . . . . . . . . . . . . — 70,040 — — — — 70,040
Tax equivalency revenue . . . . . . . . . . . . — — — — — 129,847 129,847
Other revenues . . . . . . . . . . . . . . . . . . . . _______________—
__ ______________—
___ ______________—
___ ______________—
___ ______________—
___ _____177,884
____________ _____177,884
____________
Total revenues . . . . . . . . . . . . . . . . . . . ______534,183
___________ _______71,419
__________ _________1,017
________ ______________96
___ _____171,478
____________ _____432,563
____________ __1,210,756
_______________
EXPENDITURES:
Administrative and other . . . . . . . . . . . . 532 — — — — — 532
168
Debt Service:
Interest . . . . . . . . . . . . . . . . . . . . . . . . 2,043,179 52,628 11,253 540 80,789 132,252 2,320,641
Redemptions . . . . . . . . . . . . . . . . . . . . ___1,610,075
______________ _______29,375
__________ _________4,840
________ 21,785
_________________ _______87,650
__________ ______________—
___ __1,753,725
_______________
Total expenditures . . . . . . . . . . . . . . ___3,653,786
______________ _______82,003
__________ _______16,093
__________ _______22,325
__________ _____168,439
____________ _____132,252
____________ __4,074,898
_______________
Excess (deficiency) of revenues
over expenditures . . . . . . . . . . _(3,119,603)
________________ ______(10,584)
___________ ______(15,076)
___________ ______(22,229)
___________ __________3,039
_______ ______300,311
___________ _(2,864,142)
________________
OTHER FINANCING SOURCES (USES):
Transfers from (to) General Fund, net . . 3,346,056 — — — — — 3,346,056
Transfers from (to) Nonmajor Capital
Projects Funds . . . . . . . . . . . . . . . . . . 12,339 — — — — 354 12,693
Transfers from (to) Nonmajor Special
Revenue Funds . . . . . . . . . . . . . . . . . . (64) — 16,987 (108) — (289,331) (272,516)
Bond premium . . . . . . . . . . . . . . . . . . . . 16,203 — — — — — 16,203
Issuance of refunding debt . . . . . . . . . . . ______137,740
___________ _______________— __ _______________— __ ______________— ___ ______________— ___ ______________— ___ _____137,740
____________
Total other financing sources (uses) . . 3,512,274
_________________ _________________ — 16,987
_________________ _________________ (108) _________________ — (288,977)
_________________ __3,240,176
_______________
Net change in fund balances . . . . . . . . . . . 392,671 (10,584) 1,911 (22,337) 3,039 11,334 376,034
FUND BALANCES AT BEGINNING OF YEAR . . . . 3,564,705
_________________ ________96,521 _________ 38,103
_________________ _______22,337 __________ 176,993
_________________ 164,117
_________________ 4,062,776
_________________
FUND BALANCES AT END OF YEAR . . . . . . . . . _$3,957,376
_________________________________ __$_____________85,937
___________________ __$_____________40,014
___________________ $____________________________—
______ __$________180,032
________________________ __$________175,451
________________________ __$4,438,810
________________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF8
THE CITY OF NEW YORK
NONMAJOR DEBT SERVICE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Fiscal Year Sales Tax Hudson
Transitional Educational 2005 Asset Yards Total
Finance Construction Securitization Receivable Infrastructure Nonmajor Debt
Authority
____________ TSASC, Inc.
____________ Fund
____________ Corporation
____________ Corporation
____________ Corporation
____________ Service Funds
____________
REVENUES:
Investment income . . . . . . . . . . . . . . . . . $ 36,671 $ 2,368 $ 1,792 $ 1,271 $ 1,528 $ 4,388 $ 48,018
District improvement bonus revenue . . . — — — — — 38,638 38,638
Personal income tax . . . . . . . . . . . . . . . . 425,569 — — — — — 425,569
NYS Local Government Assistance
Corporation Revenue . . . . . . . . . . . . . — — — — 169,890 — 169,890
Tobacco settlement . . . . . . . . . . . . . . . . . — 61,196 — — — — 61,196
Tax equivalency revenue . . . . . . . . . . . . — — — — — 113,347 113,347
Other revenues . . . . . . . . . . . . . . . . . . . . _______________—
__ ______________—
___ ______________—
___ ______________—
___ ______________—
___ _____100,300
____________ _____100,300
____________
Total revenues . . . . . . . . . . . . . . . . . . . ______462,240
___________ _______63,564
__________ _________1,792
________ _________1,271
________ _____171,418
____________ _____256,673
____________ _____956,958
____________
EXPENDITURES:
Administrative and other . . . . . . . . . . . . 9,993 — 349 — — — 10,342
169
Debt Service:
Interest . . . . . . . . . . . . . . . . . . . . . . . . 1,868,243 53,369 11,987 3,392 84,982 132,250 2,154,223
Redemptions . . . . . . . . . . . . . . . . . . . . ___3,744,059
______________ _______18,355
__________ _________4,835
________ 64,360
_________________ _______83,505
__________ ______________—
___ __3,915,114
_______________
Total expenditures . . . . . . . . . . . . . . ___5,622,295
______________ _______71,724
__________ _______17,171
__________ _______67,752
__________ _____168,487
____________ _____132,250
____________ __6,079,679
_______________
Excess (deficiency) of revenues
over expenditures . . . . . . . . . . _(5,160,055)
________________ ________(8,160)
_________ ______(15,379)
___________ ______(66,481)
___________ __________2,931
_______ ______124,423
___________ _(5,122,721)
________________
OTHER FINANCING SOURCES (USES):
Transfers from (to) General Fund, net . . 3,063,955 — — — — — 3,063,955
Transfers from (to) Nonmajor Capital
Projects Funds . . . . . . . . . . . . . . . . . . 23,705 — — — — — 23,705
Transfers from (to) Nonmajor Special
Revenue Funds . . . . . . . . . . . . . . . . . . 3,623 — 19,113 (100) — (78,396) (55,760)
Principal amount of bonds issued . . . . . — — 40,350 — — — 40,350
Bond premium . . . . . . . . . . . . . . . . . . . . 232,460 — 4,974 — — — 237,434
Issuance of refunding debt . . . . . . . . . . . 2,307,015 — — — — — 2,307,015
Payments to refunded bond escrow holder ____(314,397)
_____________ _______________— __ ______(48,360)
___________ _______________— __ _______________— __ _______________— __ ____(362,757)
_____________
Total other financing sources (uses) . . ___5,316,361
______________ _______________— __ ________16,077 _________ ___________(100) ______ _______________— __ ______(78,396)
___________ __5,253,942
_______________
Net change in fund balances . . . . . . . . . . . 156,306 (8,160) 698 (66,581) 2,931 46,027 131,221
FUND BALANCES AT BEGINNING OF YEAR . . . . ___3,408,399
______________ ______104,681___________ ________37,405 _________ _______88,918 __________ _____174,062
____________ _____118,090
____________ __3,931,555
_______________
FUND BALANCES AT END OF YEAR . . . . . . . . . _$3,564,705
_________________________________ __$_____________96,521
___________________ __$_____________38,103
___________________ $______________22,337
____________________ __$________176,993
________________________ __$________164,117
________________________ __$4,062,776
________________________________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF9
THE CITY OF NEW YORK
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2020
(in thousands)
Total
Fiscal Year Sales Tax Hudson Hudson New York Nonmajor
Transitional Educational 2005 Asset Yards Yards City School Special
Finance Construction Securitization Receivable Infrastructure Development Supprot Revenue
Authority
____________ TSASC, Inc.
____________ Fund
____________ Corporation
____________ Corporation
____________ Corporation
____________ Corporation
____________ Services, Inc.
____________ Funds
____________
ASSETS:
Cash and cash equivalents . . . $ 2,688 $ 694 $ 6,558 $ 218 $ 487 $ 122,708 $ 71 $ 37,865 $ 171,289
Investments . . . . . . . . . . . . . . — — 19,768 — — 26,109 — — 45,877
Prepaid items . . . . . . . . . . . . . — — 241 10 — — 1 — 252
Accounts receivable:
Tobacco settlement revenue . — 60,096 — — — — — — 60,096
Other receivable, net . . . . . — — — — — — — 700 700
Other . . . . . . . . . . . . . . . . . . . 329
_________ —
_________ —
_________ —
_________ —
_________ 36
_________ —
_________ —
_________ 365
_________
Total assets . . . . . . . . . . . . . $ 3,017
_________
_________ $ 60,790
_________
_________ $ 26,567
_________
_________ $ 228
_________
_________ 487
$_________
_________ $ 148,853
_________
_________ 72
$_________
_________ $ 38,565
_________
_________ 278,579
_________
$_________
LIABILITIES:
Accounts payable and
170
accrued liabilities . . . . . . . . $ 4,281
_________ $ 12
_________ $ 158
_________ $ —
_________ $_________9 $ 276
_________ $ 87
_________ $ 38,565
_________ $ 43,388
_________
Total liabilities . . . . . . . . . . 4,281
_________ 12
_________ 158
_________ —
_________ _________9 276
_________ 87
_________ 38,565
_________ 43,388
_________
DEFERRED INFLOWS OF RESOURCES
Other deferred inflows of
resources . . . . . . . . . . . . . . —
_________ 60,096
_________ 7,923
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 68,019
_________
Total deferred inflows of
resources . . . . . . . . . . . . . . —
_________ 60,096
_________ 7,923
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 68,019
_________
FUND BALANCES:
Nonspendable:
Prepaid expenses . . . . . . . . — — 241 10 — — 1 — 252
Assigned:
Operations . . . . . . . . . . . . . — 682 18,245 218 478 148,577 — — 168,200
Unassigned . . . . . . . . . . . . . . _________ —
(1,264) _________ —
_________ —
_________ —
_________ —
_________ _________ —
(16) _________ (1,280)
_________
Total fund balances . . . . . . _________ 682
(1,264) _________ 18,486
_________ 228
_________ 478
_________ 148,577
_________ _________ —
(15) _________ 167,172
_________
Total liabilities, deferred
inflows of resources and
fund balances . . . . . . . . . . . $ 3,017
_________
_________ $ 60,790
_________
_________ $ 26,567
_________
_________ $ 228
_________
_________ 487
$_________
_________ $ 148,853
_________
_________ 72
_________
$_________ $ 38,565
_________
_________ 278,579
_________
$_________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF10
THE CITY OF NEW YORK
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET SCHEDULE
JUNE 30, 2019
(in thousands)
Total
Fiscal Year Sales Tax Hudson Hudson New York Nonmajor
Transitional Educational 2005 Asset Yards Yards City School Special
Finance Construction Securitization Receivable Infrastructure Development Support Revenue
Authority
____________ TSASC, Inc
____________ Fund
____________ Corporation
____________ Corporation
____________ Corporation
____________ Corporation
____________ Services, Inc.
____________ Funds
____________
ASSETS:
Cash and cash equivalents . . . $ 3,462 $ 705 $ 7,255 $ 365 $ 432 $ 203,349 $ 22 $ 35,678 $ 251,268
Investments . . . . . . . . . . . . . . 8 1 50,871 — — 1,160 — — 52,040
Prepaid items . . . . . . . . . . . . . — — 165 — — — — — 165
Accounts receivable:
Tobacco settlement revenue . — 60,096 — — — — — — 60,096
Other receivable, net . . . . . — — — 1 1 — — — 2
Other . . . . . . . . . . . . . . . . . . . 345
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 55
_________ —
_________ 400
_________
Total assets . . . . . . . . . . . . . $ 3,815
_________
_________ $ 60,802
_________
_________ $ 58,291
_________
_________ $ 366
_________
_________ 433
$_________
_________ $ 204,509
_________
_________ 77
$_________
_________ $ 35,678
_________
_________ 363,971
$_________
_________
LIABILITIES:
Accounts payable and
accrued liabilities . . . . . . $ 4,387 $ 23 $ 79 $ 15 $ 13 $ 128 $ 75 $ 32,602 $ 37,322
Unearned revenues . . . . . . . —
_________ —
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 3,076
_________ 3,076
_________
171
Total liabilities . . . . . . . . 4,387
_________ 23
_________ 79
_________ 15
_________ 13
_________ 128
_________ 75
_________ 35,678
_________ 40,398
_________
DEFERRED INFLOWS OF RESOURCES
Other deferred inflows of
resources . . . . . . . . . . . . . . —
_________ 60,096
_________ 4,114
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 64,210
___________
Total deferred inflows of
resources . . . . . . . . . . . . . . —
_________ 60,096
_________ 4,114
_________ —
_________ —
_________ —
_________ —
_________ —
_________ 64,210
_________
FUND BALANCES:
Nonspendable:
Prepaid expenses . . . . . . . . — — 166 — — — — — 166
Spendable:
Assigned:
Operations . . . . . . . . . . . — 683 53,932 351 420 204,381 2 — 259,769
Unassigned . . . . . . . . . . . . . . _________ —
(572) _________ —
_________ —
_________ —
_________ —
_________ —
_________ —
_________ (572)
_________
Total fund balances . . . . . . _________ 683
(572) _________ 54,098
_________ 351
_________ 420
_________ 204,381
_________ _________2 —
_________ 259,363
_________
Total liabilities, deferred inflows
of resources and fund balances $ 3,815
_________
_________ $ 60,802
_________
_________ $ 58,291
_________
_________ $ 366
_________
_________ 433
_________
$_________ $ 204,509
_________
_________ 77
_________
$_________ $ 35,678
_________
_________ 363,971
_________
$_________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF11
THE CITY OF NEW YORK
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Total
Sales Tax Hudson Hudson New York Nonmajor
Transitional Educational Fiscal Year Asset Yards Yards City School Special
Finance Construction 2005 Receivable Infrastructure Development Support Revenue
Authority
____________ TSASC, Inc.
____________ Fund
____________ Securitization
____________ Corporation
____________ Corporation
____________ Corporation
____________ Services, Inc.
____________ Funds
____________
REVENUES:
Investment income . . . . . . . . . $ 220 $ 8 $ 1,229 $ 4 $ 3 $ 4,841 $ — $ — $ 6,305
Personal income tax revenues . . 24,379 — — — — — — — 24,379
Tobacco settlement . . . . . . . . — 118,391 — — — — — — 118,391
NYS Local Government
Assistance Corporation
Revenue . . . . . . . . . . . . . . . — — — — 380 — — — 380
Rental income and tax
equivalency revenue . . . . . . — — 31,302 — — — — — 31,302
110,088
Other revenues . . . . . . . . . . . . _________ —
_________ 834
_________ —
_________ —
_________ 1,776
_________ —
_________ 642,147
_________ 754,845
_________
134,687
Total revenues . . . . . . . . . . _________ 118,399
_________ 33,365
_________ 4
_________ 383
_________ 6,617
_________ —
_________ 642,147
_________ 935,602
_________
EXPENDITURES:
172
Education . . . . . . . . . . . . . . . . — — 45,000 — — — — — 45,000
Administrative and other . . . . _________ 27,830 441
_________ 6,990
_________ 235
_________ 325
_________ 351,752
_________ 664
_________ 642,147
_________ 1,030,384
_________
Total expenditures . . . . . . . _________ 27,830 441
_________ 51,990
_________ 235
_________ 325
_________ 351,752
_________ 664
_________ 642,147
_________ 1,075,384
_________
Excess (deficiency) of
revenues over
expenditures . . . . . . . . _________106,857 117,958
_________ _________
(18,625) _________ 58
(231) _________ _________
(345,135) _________ —
(664) _________ (139,782)
_________
OTHER FINANCING SOURCES (USES):
Transfers from (to) General
Fund, net . . . . . . . . . . . . . . (107,878) (117,959) — — — — — — (225,837)
Transfers from (to) Nonmajor
Capital Projects Fund . . . . . 265 — — — — — 647 — 912
Transfers from (to) Nonmajor
Debt Service Fund . . . . . . . _________ 64 —
_________ _________ 108
(16,987) _________ —
_________ 289,331
_________ —
_________ —
_________ 272,516
_________
Total other financing
(107,549)
sources (uses) . . . . . . . . . _________ _________
(117,959) _________
(16,987) _________ —
108 _________ _________
289,331 _________ —
647 _________ 47,591
_________
Net change in fund balances . . . (692) (1) (35,612) (123) 58 (55,804) (17) — (92,191)
FUND BALANCES (DEFICIT) AT
BEGINNING OF YEAR . . . . . . . . . _________ (572) 683
_________ 54,098
_________ 351
_________ 420
_________ 204,381
_________ 2
_________ —
_________ 259,363
_________
FUND BALANCES (DEFICIT) AT
$ (1,264)
END OF YEAR . . . . . . . . . . . . . . _________
_________ $ 682
_________
_________ $ 18,486
_________
_________ $ 228
_________
_________ 478
$_________
_________ $ 148,577
_________
_________ $_________ $ —
(15) _________
_________ _________ 167,172
$_________
_________
Comptroller’s Report for Fiscal 2020 Part II-C—Nonmajor Governmental Funds—Schedule NGF12
THE CITY OF NEW YORK
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Total
Sales Tax Hudson Hudson New York Nonmajor
Transitional Educational Fiscal Year Asset Yards Yards City School Special
Finance Construction 2005 Receivable Infrastructure Development Support Revenue
Authority
____________ TSASC, Inc.
____________ Fund
____________ Securitization
____________ Corporation
____________ Corporation
____________ Corporation
____________ Services, Inc.
____________ Funds
____________
REVENUES:
Investment income . . . . . . . . . $ 323 $ 220 $ 1,887 $ 9 $ 10 $ 4,982 $ 1 $ — $ 7,432
Personal income tax revenues 18,295 — — — — — — — 18,295
Tobacco settlement . . . . . . . . — 103,075 — — — — — — 103,075
NYS Local Government
Assistance Corporation
Revenue . . . . . . . . . . . . . . . — — — — 110 — — — 110
Rental income and tax
equivalency revenue . . . . . . — — 28,025 — — — — — 28,025
116,185
Other revenues . . . . . . . . . . . . _________ —
_________ 1,603
_________ —
_________ —
_________ 10,074
_________ —
_________ 639,530
_________ 767,392
_________
134,803
Total revenues . . . . . . . . . . _________ 103,295
_________ 31,515
_________ _________9 120
_________ 15,056
_________ _________1 639,530
_________ 924,329
_________
173
EXPENDITURES:
Education . . . . . . . . . . . . . . . . — — 35,000 — — — — — 35,000
Administrative and other . . . . _________ 25,440 432
_________ 1,999
_________ 156
_________ 309
_________ 100,981
_________ 640
_________ 639,530
_________ 769,487
_________
Total expenditures . . . . . . . _________ 25,440 432
_________ 36,999
_________ 156
_________ 309
_________ 100,981
_________ 640
_________ 639,530
_________ 804,487
_________
Excess (deficiency) of
revenues over
expenditures . . . . . . . . _________109,363 102,863
_________ _________
(5,484) _________
(147) _________
(189) _________
(85,925) _________ —
(639) _________ 119,842
_________
OTHER FINANCING SOURCES (USES):
Transfers from (to) General
Fund, net . . . . . . . . . . . . . . (116,179) (103,037) — — — — — — (219,216)
Transfers from (to) Nonmajor
Capital Projects Fund . . . . . 3,968 — — — — 79,631 710 — 84,309
Transfers from (to) Nonmajor
Debt Service Fund . . . . . . . _________ (3,623) —
_________ _________ 100
(19,113) _________ —
_________ —
_________ —
_________ —
_________ (22,636)
_________
Total other financing
(115,834)
sources (uses) . . . . . . . . . _________ _________
(103,037) _________
(19,113) _________
100 _________
— _________ 710
79,631 _________ —
_________ (157,543)
_________
Net change in fund balances . . . . (6,471) (174) (24,597) (47) (189) (6,294) 71 — (37,701)
FUND BALANCES (DEFICIT) AT
BEGINNING OF YEAR . . . . . . . . . _________ 5,899 857
_________ 78,695
_________ 398
_________ 609
_________ 210,675
_________ _________ —
(69) _________ 297,064
_________
FUND BALANCES (DEFICIT) AT
$ (572)
END OF YEAR . . . . . . . . . . . . . . _________
_________ $ 683
_________
_________ $ 54,098
_________
_________ $ 351
_________
_________ 420
$_________
_________ $ 204,381
_________
_________ _________
$_________2 $ —
_________
_________ 259,363
_________
$_________
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-D
SUPPLEMENTARY INFORMATION
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
178
THE CITY OF NEW YORK
PENSION AND OTHER EMPLOYEE BENEFIT TRUST FUNDS
COMBINING STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
179
THE CITY OF NEW YORK
PENSION AND OTHER EMPLOYEE BENEFIT TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
180
THE CITY OF NEW YORK
PENSION AND OTHER EMPLOYEE BENEFIT TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
181
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F1
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
COMBINING STATEMENTS OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
** Investment categories include fixed return funds and variable funds of the QPPs.
182
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F2
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
COMBINING STATEMENTS OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
** Investment categories include fixed return funds and variable funds of the QPPs.
183
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F3
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
COMBINING STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
New York City Board of New York New York
Employees’ Teachers’ Education City Police City Fire
Retirement Retirement Retirement Pension Pension
_______System
_________________ ______System
_________________ _____System
________________ ________Funds
________________ _________Funds
_________________ _________Total
________________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . $ 563,893 $ 1,256,678 $ 159,710 $ 280,129 $ 106,821 $ 2,367,231
Employer contributions . . . . . . . . . 3,727,558 3,590,822 257,503 2,458,907 1,419,270 11,454,060
Other employer contributions . . . . . —
__________ 61,748
__________ —
_________ — __________
__________ — ___________
61,748
Total contributions . . . . . . . . . . . 4,291,451
__________ 4,909,248
__________ 417,213
_________ 2,739,036 1,526,091 13,883,039
__________ __________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . 910,171 1,126,267 85,058 522,881 181,270 2,825,647
Dividend income . . . . . . . . . . . . . . . 956,366 1,291,676 86,961 566,323 187,255 3,088,581
Net appreciation in
fair value of investments . . . . . . . 766,682 2,100,610 240,571 1,165,790 427,681 4,701,334
Investment expenses . . . . . . . . . . . . (245,667) __________
__________ (291,434) _________
(33,457) __________
(228,927) __________
(80,452) ___________
(879,937)
Investment income, net . . . . . . . . 2,387,552 4,227,119 379,133 2,026,067 715,754
__________ __________ _________ __________ __________ ___________ 9,735,625
Securities lending transactions:
Securities lending income . . . . . . . . 24,500 13,184 1,690 13,524 3,288 56,186
Securities lending fees . . . . . . . . . . (2,336)
__________ (1,503)
__________ (144)
_________ (1,286)
__________ (303)
__________ (5,572)
___________
Securities lending income, net . . 22,164
__________ 11,681
__________ 1,546
_________ 12,238
__________ 2,985
__________ 50,614
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 3,317
__________ (2,798)
__________ (5,030)
_________ 6,541
__________ 2,842
__________ 4,872
___________
Total additions . . . . . . . . . . . . . . . 6,704,484
__________ 9,145,250
__________ 792,862
_________ 4,783,882
__________ 2,247,672
__________ 23,674,150
___________
DEDUCTIONS:
Benefit payments and withdrawals . . 5,312,446 6,037,892 370,098 3,491,495 1,517,145 16,729,076
Administrative expenses . . . . . . . . . . 77,667 88,489 22,374 26,803 9,131 224,464
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 9,087
__________ —
__________ —
_________ — __________
__________ — ___________
9,087
Total deductions . . . . . . . . . . . . . 5,399,200
__________ 6,126,381
__________ 392,472
_________ 3,518,298 1,526,276 16,962,627
__________ __________ ___________
Net increase in net position . . . . . . . . 1,305,284 3,018,869 400,390 1,265,584 721,396 6,711,523
NET POSITION:
Restricted for benefits: . . . . . . . . . . . .
Beginning of year . . . . . . . . . . . . . . 68,940,352
__________ 93,323,606
__________ 7,119,250
_________ 44,997,307 __________
__________ 15,179,311 ___________
229,559,826
End of year . . . . . . . . . . . . . . . . . . . $70,245,636
__________
__________ $96,342,475
__________
__________ $7,519,640
_________
_________ $46,262,891 $15,900,707
__________ __________
__________ $236,271,349
__________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
184
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F4
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
COMBINING STATEMENTS OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
New York City Board of New York New York
Employees’ Teachers’ Education City Police City Fire
Retirement Retirement Retirement Pension Pension
_______System
_________________ ______System
_________________ _____System
________________ ________Funds
________________ _________Funds
_________________ _________Total
________________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . $ 547,807 $ 1,212,240 $ 148,507 $ 278,087 $ 108,015 $ 2,294,656
Employer contributions . . . . . . . . . 3,692,711 3,696,686 269,637 2,558,256 1,398,565 11,615,855
Other employer contributions . . . . . —
__________ 62,513
__________ —
_________ — __________
__________ — ___________
62,513
Total contributions . . . . . . . . . . . 4,240,518
__________ 4,971,439
__________ 418,144
_________ 2,836,343 1,506,580 13,973,024
__________ __________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . 995,267 1,181,944 88,684 588,190 189,972 3,044,057
Dividend income . . . . . . . . . . . . . . . 914,719 1,289,090 90,149 559,467 184,583 3,038,008
Net appreciation in
fair value of investments . . . . . . . 2,728,030 4,206,026 298,019 1,949,681 693,067 9,874,823
Investment expenses . . . . . . . . . . . . (240,544) __________
__________ (299,613) _________
(31,885) __________
(252,284) __________
(90,475) ___________
(914,801)
Investment income, net . . . . . . . . 4,397,472 6,377,447 444,967 2,845,054 977,147
__________ __________ _________ __________ __________ ___________ 15,042,087
Securities lending transactions:
Securities lending income . . . . . . . . 45,331 14,828 2,212 18,281 5,762 86,414
Securities lending fees . . . . . . . . . . (4,573)
__________ (1,425)
__________ (213)
_________ (1,792)
__________ (561)
__________ (8,564)
___________
Securities lending income, net . . 40,758
__________ 13,403
__________ 1,999
_________ 16,489
__________ 5,201
__________ 77,850
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 3,258
__________ 1,222
__________ (8,218)
_________ 4,183
__________ 2,057
__________ 2,502
___________
Total additions . . . . . . . . . . . . . . . 8,682,006
__________ 11,363,511
__________ 856,892
_________ 5,702,069
__________ 2,490,985
__________ 29,095,463
___________
DEDUCTIONS:
Benefit payments and withdrawals . . 5,258,806 5,865,108 361,877 3,282,070 1,445,569 16,213,430
Administrative expenses . . . . . . . . . . 82,073 88,255 17,476 29,005 9,861 226,670
Other . . . . . . . . . . . . . . . . . . . . . . . . . . 9,769
__________ —
__________ —
_________ — __________
__________ — ___________
9,769
Total deductions . . . . . . . . . . . . . 5,350,648
__________ 5,953,363
__________ 379,353
_________ 3,311,075 1,455,430 16,449,869
__________ __________ ___________
Net increase in net position . . . . . . . . 3,331,358 5,410,148 477,539 2,390,994 1,035,555 12,645,594
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . 65,608,994
__________ 87,913,458
__________ 6,641,711
_________ 42,606,313 __________
__________ 14,143,756 ___________
216,914,232
End of year . . . . . . . . . . . . . . . . . . . $68,940,352
__________
__________ $93,323,606
__________
__________ $7,119,250
_________
_________ $44,997,307 $15,179,311
__________ __________
__________ $229,559,826
__________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
185
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F5
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
Total
New York City
NYCERS Employees’
Variable Supplements Funds (VSFs)
Qualified Pension ___________________________________________________________________________________________ Retirement
_____Plan
_________(QPP)
______________ ______TPOVSF
____________________ _____TPSOVSF
_____________________ ______HPOVSF
____________________ _____HPSOVSF
_____________________ _______COVSF
___________________ ___Eliminations
_______________________ ________System
__________________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . $ 80,415 $ 84 $ 52 $ 37 $ 63 $ 4,459 $ — $ 85,110
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,120,769 — — — — — — 1,120,769
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . . 1,725,083 — — — — — — 1,725,083
Accrued interest and dividends . . . . . . . . . . . . . . . . . . . 359,762 — — — — 104 — 359,866
Transferrable earnings due from QPP to VSFs . . . . . . . _______________—
__ ___________—
__ ___________—
__ ___________—
__ ________—
__ _______8,000
______ _____(8,000)
________ _______________—
__
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____3,205,614
_____________ ___________—
__ ___________—
__ ___________—
__ ________—
__ _______8,104
______ _____(8,000)
________ ____3,205,718
_____________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . 2,572,342 — — — — 391,147 — 2,963,489
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,123,277 — — — — — — 21,123,277
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,794,066 — — — — — — 21,794,066
186
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . 11,617,115 — — — — — — 11,617,115
Collective trust funds: . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104,438 — — — — — — 1,104,438
International equity . . . . . . . . . . . . . . . . . . . . . . . . . . 11,847,317 — — — — — — 11,847,317
Collateral from securities lending transactions . . . . . . . ____6,007,306
_____________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ ____6,007,306
_____________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . ___76,065,861
______________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___391,147
__________ ___________—
__ ___76,457,008
______________
Due from QPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,661 1,346 858 1,186 — (5,051) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______137,428
__________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ _______137,428
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___79,489,318
______________ ______1,745
_______ ______1,398
_______ _________895
____ ___1,249
_______ ___403,710
__________ ___(13,051)
__________ ___79,885,264
______________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . 126,800 22 — — — — — 126,822
Payable for investment securities purchased . . . . . . . . . . . 3,091,164 — — — — — — 3,091,164
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . . 357,557 1,723 1,398 895 1,249 50,462 — 413,284
Transferrable earnings due from QPP to VSFs . . . . . . . . . 8,000 — — — — — (8,000) —
Due to VSFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,051 — — — — — (5,051) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . . 6,007,306 — — — — — — 6,007,306
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________1,052
______ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ ___________1,052
______
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____9,596,930
_____________ ______1,745
_______ ______1,398
_______ _________895
____ ___1,249
_______ _____50,462
________ ___(13,051)
__________ ____9,639,628
_____________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . . 69,892,388 — — — — — — 69,892,388
Restricted for benefits to be provided by VSFs . . . . . . . . _______________— __ ___________— __ ___________— __ ___________— __ ________— __ ___353,248
__________ ___________— __ _______353,248__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . __$69,892,388
________________________________ __$____________________—
____ __$____________________—
____ $_
_____________________—
____ __$______________—
____ __$353,248
________________________ __$____________________—
____ __$70,245,636
________________________________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F6
187
Alternative investments . . . . . . . . . . . . . . . . . . . . . . . . . 10,810,924 — — — — — — 10,810,924
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,035,869 — — — — — — 2,035,869
Collateral from securities lending transactions . . . . . . . ____6,406,505
_____________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ ____6,406,505
_____________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . ___74,555,459
______________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___303,529
__________ ___________—
__ ___74,858,988
______________
Due from QPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,520 1,221 710 1,130 — (4,581) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______128,259
__________ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ _______128,259
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___77,414,571
______________ ______1,773
_______ ______1,411
_______ _________925
____ ___1,308
_______ ___465,027
__________ _(157,992)
____________ ___77,727,023
______________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . 464,094 22 — — — — — 464,116
Payable for investment securities purchased . . . . . . . . . . . 1,406,303 — — — — — — 1,406,303
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . . 454,936 1,751 1,411 925 1,308 48,799 — 509,130
Transferrable earnings due from QPP to VSFs . . . . . . . . . 153,411 — — — — — (153,411) —
Due to VSFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,581 — — — — — (4,581) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . . 6,406,505 — — — — — — 6,406,505
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _____________617
____ ___________—
__ ___________—
__ ___________—
__ ________—
__ ___________—
__ ___________—
__ _____________617
____
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____8,890,447
_____________ ______1,773
_______ ______1,411
_______ _________925
____ ___1,308
_______ _____48,799
________ _(157,992)
____________ ____8,786,671
_____________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . . 68,524,124 — — — — — — 68,524,124
Restricted for benefits to be provided by VSFs . . . . . . . . _______________—__ ___________—__ ___________—__ ___________— __ ________—__ ___416,228
__________ ___________—__ _______416,228
__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . $68,524,124
_______________
___________________ $
___________—
_______________ _$
__________—
_______________ $_
_____________________—
____ _$
_______—
____________ _$416,228
__
_______________________ _$
__________—
_______________ $68,940,352
_______
___________________________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F7
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Total
New York City
NYCERS Employees’
Variable Supplements Funds (VSFs)
Qualified Pension ___________________________________________________________________________________________ Retirement
_____Plan
_________(QPP)
______________ ______TPOVSF
____________________ _____TPSOVSF
_____________________ ______HPOVSF
____________________ _____HPSOVSF
_____________________ _______COVSF
___________________ ___Eliminations
_______________________ ________System
__________________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . $ 563,893 $ — $ — $ — $ — $ — $ — $ 563,893
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . ___________3,727,558
_________________ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ __________3,727,558
________________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . ___________4,291,451
_________________ ________________________—
__ ________________________—
__ _______________________—
___ ________________________—
__ ________________________—
__ ________________________—
__ __________4,291,451
________________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,771 — — — — 5,400 — 910,171
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 956,366 — — — — — — 956,366
Net appreciation in fair value of investments . . . . . . . . 766,682 — — — — — — 766,682
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . _____________(245,667)
_______________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ____________(245,667)
______________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . ___________2,382,152
_________________ ________________________—
__ ________________________—
__ _______________________—
___ ________________________—
__ __________________5,400
________ ________________________—
__ __________2,387,552
________________
Securities lending transactions:
188
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . 24,500 — — — — — — 24,500
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . _________________(2,336)
___________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________(2,336)
__________
Securities lending income, net . . . . . . . . . . . . . . . . . 22,164 — — — — — —
____________________________ __________________________ __________________________ __________________________ __________________________ __________________________ __________________________ ________________22,164
__________
Payments from QPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,290 2,731 1,662 2,428 — (10,111) —
Transferrable earnings due from QPP to VSFs . . . . . . . . . — — — — — 31,704 (31,704) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________________3,317
_________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ __________________3,317
________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________6,699,084
_________________ __________________3,290
________ __________________2,731
________ __________________1,662
________ __________________2,428
________ ________________37,104
__________ ______________(41,815)
____________ __________6,704,484
________________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . 5,202,251 3,290 2,731 1,662 2,428 100,084 — 5,312,446
Payments to VSFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,111 — — — — — (10,111) —
Transferrable earnings due from QPP to VSFs . . . . . . . . . 31,704 — — — — — (31,704) —
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 77,667 — — — — — — 77,667
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________________9,087
_________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ __________________9,087
________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________5,330,820
_________________ __________________3,290
________ __________________2,731
________ __________________1,662
________ __________________2,428
________ _____________100,084
_____________ ______________(41,815)
____________ __________5,399,200
________________
Net increase (decrease) in net position . . . . . . . . . . . . . . . 1,368,264 — — — — (62,980) — 1,305,284
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _________68,524,124___________________ _______________________— ___ _______________________— ___ _______________________— ___ _______________________— ___ _____________416,228 _____________ ________________________— __ ________68,940,352__________________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 69,892,388 $ — $ — $ — $ — $ 353,248 $ —
________________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ __$______________70,245,636
____________________________________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F8
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY EMPLOYEES’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Total
New York City
NYCERS Employees’
Variable Supplements Funds (VSFs)
Qualified Pension ___________________________________________________________________________________________ Retirement
_____Plan
_________(QPP)
______________ ______TPOVSF
____________________ _____TPSOVSF
_____________________ ______HPOVSF
____________________ _____HPSOVSF
_____________________ _______COVSF
___________________ ___Eliminations
_______________________ ________System
__________________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . $ 547,807 $ — $ — $ — $ — $ — $ — $ 547,807
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . ___________3,692,711
_________________ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ _______________________—
___ __________3,692,711
________________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . ___________4,240,518
_________________ ________________________—
__ ________________________—
__ _______________________—
___ ________________________—
__ ________________________—
__ ________________________—
__ __________4,240,518
________________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 988,963 — — — — 6,304 — 995,267
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 914,719 — — — — — — 914,719
Net appreciation in fair value of investments . . . . . . . . 2,728,030 — — — — — — 2,728,030
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . _____________(240,544)
_______________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ____________(240,544)
______________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . ___________4,391,168
_________________ ________________________—
__ ________________________—
__ _______________________—
___ ________________________—
__ __________________6,304
________ ________________________—
__ __________4,397,472
________________
Securities lending transactions:
189
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . 45,331 — — — — — — 45,331
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . _________________(4,573)
___________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________(4,573)
__________
Securities lending income, net . . . . . . . . . . . . . . . . . 40,758 — — — — — —
____________________________ __________________________ __________________________ __________________________ __________________________ __________________________ __________________________ ________________40,758
__________
Payments from QPP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,446 2,799 1,722 2,522 — (10,489) —
Transferrable earnings due from QPP to VSFs . . . . . . . . . — — — — — 103,411 (103,411) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________________3,258
_________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ __________________3,258
________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________8,675,702
_________________ __________________3,446
________ __________________2,799
________ __________________1,722
________ __________________2,522
________ _____________109,715
_____________ ____________(113,900)
______________ __________8,682,006
________________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . 5,152,588 3,446 2,799 1,722 2,522 95,729 — 5,258,806
Payments to VSFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,489 — — — — — (10,489) —
Transferrable earnings due from QPP to VSFs . . . . . . . . . 103,411 — — — — — (103,411) —
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 82,073 — — — — — — 82,073
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________________9,769
_________ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ ________________________—
__ __________________9,769
________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___________5,358,330
_________________ __________________3,446
________ __________________2,799
________ __________________1,722
________ __________________2,522
________ ________________95,729
__________ ____________(113,900)
______________ __________5,350,648
________________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . . 3,317,372 — — — — 13,986 — 3,331,358
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _________65,206,752___________________ _______________________— ___ _______________________— ___ _______________________— ___ _______________________— ___ _____________402,242 _____________ ________________________— __ ________65,608,994__________________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,524,124 $ — $ — $ — $ — $ 416,228 $ —
________________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ ____________________________________________________ __$______________68,940,352
____________________________________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F9
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
TEACHERS’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
TRS Qualified Tax-Deferred Total Teachers’
Pension Annuity Retirement
Plan (QPP)
_____________ Program (TDA)
________________ Eliminations
_____________ System
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . $ 48,488 $ 7,477 $ — $ 55,965
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323,805 401,243 — 725,048
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . 1,889,299 8,378 — 1,897,677
Accrued interest and dividends . . . . . . . . . . . . . . . . . . 289,845
___________ 18,164
___________ __________________—
___ 308,009
___________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,502,949
___________ 427,785
___________ __________________—
___ 2,930,734
___________
Investments:
Fixed return funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 3,278,543 — — 3,278,543
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,598,123 — — 26,598,123
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,351,938 — — 40,351,938
Alternative investments . . . . . . . . . . . . . . . . . . . . . . 10,556,601 — — 10,556,601
Collective trust funds:
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . . 1,648 — — 1,648
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,355,769 — — 1,355,769
Collateral from securities lending transactions . . . . 1,355,516 — — 1,355,516
Variable Funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 121,266 119,693 — 240,959
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,398 198,383 — 327,781
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,449,454 9,109,320 — 14,558,774
Collateral from securities lending transactions . . . . 35,724
___________ 54,770
___________ __________________—___ 90,494
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . 89,233,980
___________ 9,482,166
___________ __________________—___ 98,716,146
___________
Investment in fixed return funds . . . . . . . . . . . . . . . . . . . — 27,653,633 (27,653,633) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,899
___________ 18,454
___________ __________(48,034)
___________ 34,319
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,849,316
___________ 37,589,515
___________ ___(27,701,667)
__________________ 101,737,164
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . 299,648 83,749 (48,034) 335,363
Payable for investment securities purchased . . . . . . . . . . 3,096,888 15,402 — 3,112,290
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . 88,957 412,069 — 501,026
Due to TDA fixed return funds . . . . . . . . . . . . . . . . . . . . 27,653,633 — (27,653,633) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . 1,391,240
___________ 54,770
___________ __________________—___ 1,446,010
___________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,530,366
___________ 565,990
___________ ___(27,701,667)
__________________ 5,394,689
___________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . 59,318,950 — — 59,318,950
Restricted for benefits to be provided by TDA Program . . —
___________ 37,023,525
___________ _____________________ — 37,023,525
___________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $59,318,950
___________
___________ $37,023,525
___________
___________ __$__________________________________—
______ $96,342,475
___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
190
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F10
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
TEACHERS’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
TRS Qualified Tax-Deferred Total Teachers’
Pension Annuity Retirement
Plan (QPP)
_____________ Program (TDA)
________________ Eliminations
_____________ System
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . $ 76,796 $ 9,533 $ — $ 86,329
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,976 403,787 — 724,763
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . 2,305,855 55,994 — 2,361,849
Accrued interest and dividends . . . . . . . . . . . . . . . . . . 290,228
___________ 16,531
___________ __________________—
___ 306,759
___________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,917,059
___________ 476,312
___________ __________________—
___ 3,393,371
___________
Investments:
Fixed return funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 1,650,439 — — 1,650,439
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,515,714 — — 25,515,714
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,598,517 — — 39,598,517
Alternative investments . . . . . . . . . . . . . . . . . . . . . . 9,883,687 — — 9,883,687
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045,200 — — 1,045,200
Collateral from securities lending transactions . . . . 1,182,863 — — 1,182,863
Variable Funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 125,115 122,176 — 247,291
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,152 176,032 — 296,184
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,915,821 9,292,810 — 15,208,631
Collateral from securities lending transactions . . . . 39,451
___________ 57,798
___________ __________________—___ 97,249
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . 85,076,959
___________ 9,648,816
___________ __________________—___ 94,725,775
___________
Investment in fixed return funds . . . . . . . . . . . . . . . . . . . — 25,602,248 (25,602,248) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,615
___________ 20,813
___________ __________(27,616)
___________ 35,812
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,113,429
___________ 35,757,722
___________ ___(25,629,864)
__________________ 98,241,287
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . 646,918 68,740 (27,616) 688,042
Payable for investment securities purchased . . . . . . . . . . 2,574,584 59,678 — 2,634,262
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . 77,154 238,111 — 315,265
Due to TDA fixed return funds . . . . . . . . . . . . . . . . . . . . 25,602,248 — (25,602,248) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . 1,222,314
___________ 57,798
___________ __________________—___ 1,280,112
___________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,123,218
___________ 424,327
___________ ___(25,629,864)
__________________ 4,917,681
___________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . 57,990,211 — — 57,990,211
Restricted for benefits to be provided by TDA Program —
___________ 35,333,395
___________ __________________— ___ 35,333,395
___________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,990,211
___________
___________ $35,333,395
___________
___________ __$__________________________________—
______ $93,323,606
___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
191
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F11
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
TEACHERS’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
TRS Qualified Tax-Deferred Total Teachers’
Pension Annuity Retirement
Plan (QPP) __
______________ Program (TDA)
________________ System __
______________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . $ 226,920 $ 1,029,758 $ 1,256,678
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . 3,590,822 — 3,590,822
Other employer contributions . . . . . . . . . . . . . . . . . . . 61,748
___________ —
___________ 61,748
___________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . 3,879,490
___________ 1,029,758
___________ 4,909,248
___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,094,140 32,127 1,126,267
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,125,180 166,496 1,291,676
Net appreciation in fair value of investments . . . . . . . 1,972,228 128,382 2,100,610
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (290,871)
___________ (563)
___________ (291,434)
___________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . 3,900,677
___________ 326,442
___________ 4,227,119
___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . 11,885 1,299 13,184
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . (1,375)
___________ (128)
___________ (1,503)
___________
Securities lending income, net . . . . . . . . . . . . . . . . . 10,510
___________ 1,171
___________ 11,681
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,798)
___________ —
___________ (2,798)
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,787,879
___________ 1,357,371
___________ 9,145,250
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . 4,591,086 1,446,806 6,037,892
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . 64,532 23,957 88,489
Interest on TDA Program fixed return funds . . . . . . . . . 1,846,173 (1,846,173) —
Actuarial rebalance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (42,651)
___________ 42,651
___________ —
___________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,459,140
___________ (332,759)
___________ 6,126,381
___________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . 1,328,739 1,690,130 3,018,869
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,990,211
___________ 35,333,395
___________ 93,323,606
___________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $59,318,950
___________
___________ $37,023,525
___________
___________ $96,342,475
___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
192
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F12
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
TEACHERS’ RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
TRS Qualified Tax-Deferred Total Teachers’
Pension Annuity Retirement
Plan (QPP) __
______________ Program (TDA)
________________ System __
______________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . $ 217,205 $ 995,035 $ 1,212,240
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . 3,696,686 — 3,696,686
Other employer contributions . . . . . . . . . . . . . . . . . . . 62,513
___________ —
___________ 62,513
___________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . 3,976,404
___________ 995,035
___________ 4,971,439
___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,148,789 33,155 1,181,944
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,112,731 176,359 1,289,090
Net appreciation in fair value of investments . . . . . . . 3,749,095 456,931 4,206,026
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (301,437)
___________ 1,824
___________ (299,613)
___________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . 5,709,178
___________ 668,269
___________ 6,377,447
___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . 13,416 1,412 14,828
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . (1,284)
___________ (141)
___________ (1,425)
___________
Securities lending income, net . . . . . . . . . . . . . . . . . 12,132
___________ 1,271
___________ 13,403
___________
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,222
___________ —
___________ 1,222
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,698,936
___________ 1,664,575
___________ 11,363,511
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . 4,487,680 1,377,428 5,865,108
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . 64,291 23,964 88,255
Interest on TDA Program fixed return funds . . . . . . . . . 1,716,679 (1,716,679) —
Actuarial rebalance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (27,449)
___________ 27,449
___________ —
___________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,241,201
___________ (287,838)
___________ 5,953,363
___________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . 3,457,735 1,952,413 5,410,148
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,532,476
___________ 33,380,982
___________ 87,913,458
___________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $57,990,211
___________
___________ $35,333,395
___________
___________ $93,323,606
___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
193
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F13
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
BOARD OF EDUCATION RETIREMENT SYSTEM
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
Total Board
BERS Qualified Tax-Deferred of Education
Pension Annuity Retirement
Plan (QPP)
______________ Program (TDA)
________________ Eliminations
___________ System
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . $ 977 $ 398 $ — $ 1,375
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,751 42,818 — 91,569
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . 116,436 514 — 116,950
Accrued interest and dividends . . . . . . . . . . . . . . . . . . 15,279 1,068 — 16,347
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,724
__________ —
__________ _________—
__ 14,724
__________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,190
__________ 44,400
__________ —
___________ 239,590
__________
Investments:
Fixed return funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 251,355 — — 251,355
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,941,029 — — 1,941,029
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,723,900 — — 2,723,900
Alternative investments . . . . . . . . . . . . . . . . . . . . . . 976,076 — — 976,076
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,229 — — 142,229
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . . 51,279 — — 51,279
International equity . . . . . . . . . . . . . . . . . . . . . . . 776,286 — — 776,286
Collateral from securities lending transactions . . . . 451,742 — — 451,742
Variable funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 484 4,886 — 5,370
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250 12,605 — 13,855
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,826 522,784 — 574,610
Collateral from securities lending transactions . . . . 345
__________ 3,480
__________ _________—
__ 3,825
__________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . 7,367,801
__________ 543,755
__________ —
___________ 7,911,556
__________
Investment in fixed return funds . . . . . . . . . . . . . . . . . . . — 1,959,392 (1,959,392) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,160
__________ —
__________ (195,228)
___________ 46,932
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,806,128
__________ 2,547,945
__________ (2,154,620)
___________ 8,199,453
__________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . 32,441 — — 32,441
Payable for investment securities purchased . . . . . . . . . . 166,434 711 — 167,145
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . 12,884 11,776 — 24,660
Due to TDA Program fixed return funds . . . . . . . . . . . . 1,959,392 — (1,959,392) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . 452,087 3,480 — 455,567
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
__________ 195,228
__________ (195,228)
___________ —
__________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,623,238
__________ 211,195
__________ (2,154,620)
___________ 679,813
__________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . 5,182,890 — — 5,182,890
Restricted for benefits to be provided by TDA Program . . —
__________ 2,336,750
__________ _________—
__ 2,336,750
__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,182,890
__________
__________ $2,336,750
__________
__________ $
_________—
___________
__ $7,519,640
__________
__________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
194
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F14
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
BOARD OF EDUCATION RETIREMENT SYSTEM
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
Total Board
BERS Qualified Tax-Deferred of Education
Pension Annuity Retirement
Plan (QPP)
______________ Program (TDA)
________________ Eliminations
___________ System
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . $ 3,694 $ 410 $ — $ 4,104
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,586 43,793 — 94,379
Investment securities sold . . . . . . . . . . . . . . . . . . . . . . 173,665 3,459 — 177,124
Accrued interest and dividends . . . . . . . . . . . . . . . . . . 15,501 953 — 16,454
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626
__________ —
__________ _________—
__ 626
__________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . 240,378
__________ 48,205
__________ —
___________ 288,583
__________
Investments:
Fixed return funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 84,687 — — 84,687
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,841,703 — — 1,841,703
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,116,377 — — 2,116,377
Alternative investments . . . . . . . . . . . . . . . . . . . . . . 892,479 — — 892,479
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,254 — — 143,254
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . . 261,858 — — 261,858
International equity . . . . . . . . . . . . . . . . . . . . . . . 1,096,779 — — 1,096,779
Collateral from securities lending transactions . . . . 411,646 — — 411,646
Variable funds:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 467 4,652 — 5,119
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,095 10,912 — 12,007
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,088 529,130 — 582,218
Collateral from securities lending transactions . . . . 359
__________ 3,583
__________ _________—
__ 3,942
__________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . 6,903,792
__________ 548,277
__________ —
___________ 7,452,069
__________
Investment in fixed return funds . . . . . . . . . . . . . . . . . . . — 1,756,459 (1,756,459) —
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,466
__________ —
__________ (209,241)
___________ 39,225
__________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,396,330
__________ 2,353,351
__________ (1,965,700)
___________ 7,783,981
__________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . 43,333 — — 43,333
Payable for investment securities purchased . . . . . . . . . . 182,667 3,654 — 186,321
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . . . 10,034 9,455 — 19,489
Due to TDA Program fixed return funds . . . . . . . . . . . . 1,756,459 — (1,756,459) —
Securities lending transactions . . . . . . . . . . . . . . . . . . . . 412,005 3,583 — 415,588
Other liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
__________ 209,241
__________ (209,241)
___________ —
__________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404,498
__________ 225,933
__________ (1,965,700)
___________ 664,731
__________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . . . 4,991,832 — — 4,991,832
Restricted for benefits to be provided by TDA Program . . —
__________ 2,127,418
__________ _________—
__ 2,127,418
__________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,991,832
__________
__________ $2,127,418
__________
__________ $
_________—
__
___________ $7,119,250
__________
__________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
195
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F15
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
BOARD OF EDUCATION RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Total Board
BERS Qualified Tax-Deferred of Education
Pension Annuity Retirement
Plan (QPP)
______________ Program (TDA)
________________ System
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 49,766 $ 109,944 $ 159,710
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,503
__________ —
__________ 257,503
__________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,269
__________ 109,944
__________ 417,213
__________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,870 3,188 85,058
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,419 7,542 86,961
Net appreciation in fair value of investments . . . . . . . . . . . . . . . . . . . . . . 235,683 4,888 240,571
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32,677)
__________ (780)
__________ (33,457)
__________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364,295
__________ 14,838
__________ 379,133
__________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,608 82 1,690
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (136)
__________ (8)
__________ (144)
__________
Securities lending income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,472
__________ 74
__________ 1,546
__________
Interest on TDA Program fixed return funds . . . . . . . . . . . . . . . . . . . . . . . . (155,749) 155,749 —
Other receipts from other retirement systems . . . . . . . . . . . . . . . . . . . . . . . (7,975)
__________ 2,945
__________ (5,030)
__________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509,312
__________ 283,550
__________ 792,862
__________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,047 74,051 370,098
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,207
__________ 167
__________ 22,374
__________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,254
__________ 74,218
__________ 392,472
__________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,058 209,332 400,390
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,991,832
__________ 2,127,418
__________ 7,119,250
__________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,182,890
__________
__________ $2,336,750
__________
__________ $7,519,640
__________
__________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
196
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F16
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
BOARD OF EDUCATION RETIREMENT SYSTEM
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Total Board
BERS Qualified Tax-Deferred of Education
Pension Annuity Retirement
Plan (QPP)
______________ Program (TDA)
________________ System
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 46,304 $ 102,203 $ 148,507
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269,637
__________ —
__________ 269,637
__________
Total contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,941
__________ 102,203
__________ 418,144
__________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,249 3,435 88,684
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,451 7,698 90,149
Net appreciation in fair value of investment . . . . . . . . . . . . . . . . . . . . . . 268,479 29,540 298,019
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (31,220)
__________ (665)
__________ (31,885)
__________
Investment income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,959
__________ 40,008
__________ 444,967
__________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,124 88 2,212
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (204)
__________ (9)
__________ (213)
__________
Securities lending income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,920
__________ 79
__________ 1,999
__________
Interest on TDA Program fixed return funds . . . . . . . . . . . . . . . . . . . . . . . . (141,695) 141,695 —
Other receipts from other retirement systems . . . . . . . . . . . . . . . . . . . . . . . 35,624
__________ (43,842)
__________ (8,218)
__________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 616,749
__________ 240,143
__________ 856,892
__________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 280,463 81,414 361,877
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,357
__________ 119
__________ 17,476
__________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,820
__________ 81,533
__________ 379,353
__________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,929 158,610 477,539
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,672,903
__________ 1,968,808
__________ 6,641,711
__________
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,991,832
__________
__________ $2,127,418
__________
__________ $7,119,250
__________
__________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
197
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F17
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY POLICE PENSION FUNDS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
POLICE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Police Pension
Plan (QPP) POVSF
_____________ _____________ PSOVSF
_______________ Eliminations
_____________ Funds
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 9,815 $ 4,213 $ 3,944 $ — $ 17,972
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,592 — — — 218,592
Investment securities sold . . . . . . . . . . . . . . . . . . . . 608,688 509 852 — 610,049
Transferrable earnings due to/from QPP to VSFs . . . — 144,452 172,561 (317,013) —
Accrued interest and dividends . . . . . . . . . . . . . . . . 1,009
__________ 43
_________ 78
__________ — ___________
___________ 1,130
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 828,289
__________ 145,004
_________ 173,491
__________ (317,013)
_____ 829,771
______ ___________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 1,169,401 7,684 71,005 — 1,248,090
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,781,708 — — — 10,781,708
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,356,881 591,182 994,288 — 17,942,351
Alternative investments . . . . . . . . . . . . . . . . . . . . . 9,485,329 — — — 9,485,329
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 869,211 669,257 1,077,371 — 2,615,839
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . 356,956 68,109 115,789 — 540,854
International equity . . . . . . . . . . . . . . . . . . . . . . . 2,872,858 467,350 852,805 — 4,193,013
Collateral from securities lending transactions . . . 3,430,138
__________ 51,839
_________ 77,814
__________ —
___________ 3,559,791
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 45,322,482
__________ 1,855,421
_________ 3,189,072
__________ —
___________ 50,366,975
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,716
__________ —
_________ —
__________ —
___________ 9,716
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,170,302
__________ 2,004,638
_________ 3,366,507
__________ (317,013)
___________ 51,224,434
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 49,637 347 69,315 — 119,299
Payable for investment securities purchased . . . . . . . 1,026,317 345 1,643 — 1,028,305
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . 54,183 78,659 121,306 — 254,148
Transferrable earnings due from/to QPP to VSFs . . . 317,013 — — (317,013) —
Securities lending transactions . . . . . . . . . . . . . . . . . . 3,430,138
__________ 51,839
_________ 77,814
__________ — ___________
___________ 3,559,791
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 4,877,288
__________ 131,190
_________ 270,078
__________ (317,013)
_____ 4,961,543
______ ___________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . 41,293,014 — — — 41,293,014
Restricted for benefits to be provided by VSFs . . . . . —
__________ 1,873,448
_________ 3,096,429
__________ — ___________
___________ 4,969,877
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $41,293,014
__________
__________ $1,873,448
_________
_________ $3,096,429
_____
__________
_____ $_____ —
___________ $46,262,891
______ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY
198
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F18
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY POLICE PENSION FUNDS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
POLICE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Police Pension
Plan (QPP) POVSF
_____________ _____________ PSOVSF
_______________ Eliminations
_____________ Funds
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 23,690 $ 2,026 $ 411 $ — $ 26,127
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,644 — — — 238,644
Investment securities sold . . . . . . . . . . . . . . . . . . . . 865,477 9,491 12,469 — 887,437
Transferrable earnings due to/from QPP to VSFs . . — 135,164 667,628 (802,792) —
Accrued interest and dividends . . . . . . . . . . . . . . . . 2,294
__________ 235
_________ 228
__________ — ___________
___________ 2,757
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 1,106,415
__________ 144,890
_________ 680,325
__________ (802,792)
_____ 1,128,838
______ ___________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 632,225 6,578 7,497 — 646,300
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,795,466 — — — 10,795,466
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,218,301 613,984 811,896 — 14,644,181
Alternative investments . . . . . . . . . . . . . . . . . . . . . 8,857,894 — — — 8,857,894
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,406,960 635,370 832,518 — 2,874,848
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . 87,942 66,139 89,563 — 243,644
International equity . . . . . . . . . . . . . . . . . . . . . . . 5,984,252 516,950 687,830 — 7,189,032
Collateral from securities lending transactions . . . 3,733,667
__________ 49,847
_________ 67,906
__________ —
___________ 3,851,420
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 44,716,707
__________ 1,888,868
_________ 2,497,210
__________ —
___________ 49,102,785
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,093
__________ —
_________ —
__________ —
___________ 7,093
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,853,905
__________ 2,035,784
_________ 3,177,946
__________ (802,792)
___________ 50,264,843
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 265,086 188 244 — 265,518
Payable for investment securities purchased . . . . . . . 863,328 9,350 12,440 — 885,118
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . 69,608 77,820 118,052 — 265,480
Transferrable earnings due from/to QPP to VSFs . . . 802,792 — — (802,792) —
Securities lending transactions . . . . . . . . . . . . . . . . . . 3,733,667
__________ 49,847
_________ 67,906
__________ — ___________
___________ 3,851,420
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 5,734,481
__________ 137,205
_________ 198,642
__________ (802,792)
_____ 5,267,536
______ ___________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . 40,119,424 — — — 40,119,424
Restricted for benefits to be provided by VSFs . . . . . —
__________ 1,898,579
_________ 2,979,304
__________ — ___________
___________ 4,877,883
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $40,119,424
__________
__________ $1,898,579
_________
_________ $2,979,304
_____
__________
_____ $_____ —
___________ $44,997,307
______ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY
199
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F19
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY POLICE PENSION FUNDS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
POLICE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Police Pension
Plan (QPP)
____________ POVSF
_____________ PSOVSF
_____________ Eliminations
____________ Funds
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 280,129 $ — $ — $ — $ 280,129
Employer contributions . . . . . . . . . . . . . . . . . . . . . 2,458,907
___________ —
____________ —
___________ — ___________
___________ 2,458,907
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 2,739,036
___________ —
____________ —
___________ — 2,739,036
___________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421,859 35,663 65,359 — 522,881
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . 497,886 27,344 41,093 — 566,323
Net appreciation (depreciation) in fair value
of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,191,629 (66,717) 40,878 — 1,165,790
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (226,384)
___________ (998)
____________ (1,545) ___________
___________ — ___________
(228,927)
Investment income (loss), net . . . . . . . . . . . . . . . 1,884,990
___________ (4,708)
____________ 145,785 — 2,026,067
___________ ___________ ___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . 12,194 533 797 — 13,524
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . (1,172)
___________ (46)
____________ (68)
___________ —
___________ (1,286)
___________
Securities lending income, net . . . . . . . . . . . . . . 11,022
___________ 487
____________ 729
___________ —
___________ 12,238
___________
Transferrable earnings due from QPP to VSFs . . . . . — 144,808 256,550 (401,358) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,488
___________ 29
____________ 24
___________ —
___________ 6,541
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,641,536
___________ 140,616
____________ 403,088
___________ (401,358)
___________ 4,783,882
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 3,039,785 165,747 285,963 — 3,491,495
Transferrable earnings due from QPP to VSFs . . . . . 401,358 — — (401,358) —
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 26,803
___________ —
____________ —
___________ — ___________
___________ 26,803
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 3,467,946
___________ 165,747
____________ 285,963
___________ (401,358) ___________
___________ 3,518,298
Net increase (decrease) in net position . . . . . . . . . . . 1,173,590 (25,131) 117,125 — 1,265,584
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 40,119,424
___________ __1,898,579
__________ 2,979,304
___________ — ___________
___________ 44,997,307
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,293,014
___________
___________ $1,873,448
__
____________
__________ $3,096,429
____
___________
_______ $ —
___________ $46,262,891
___________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
200
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F20
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY POLICE PENSION FUNDS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
POLICE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Police Pension
Plan (QPP)
____________ POVSF
_____________ PSOVSF
_____________ Eliminations
____________ Funds
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 278,087 $ — $ — $ — $ 278,087
Employer contributions . . . . . . . . . . . . . . . . . . . . . 2,558,256
___________ —
____________ —
___________ — ___________
___________ 2,558,256
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 2,836,343
___________ —
____________ —
___________ — 2,836,343
___________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 548,925 19,067 20,198 — 588,190
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,434 30,837 34,196 — 559,467
Net appreciation (depreciation) in fair value
of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,813,016 (85,444) 222,109 — 1,949,681
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (249,849)
___________ (1,122)
____________ (1,313) ___________
___________ — ___________
(252,284)
Investment income (loss), net . . . . . . . . . . . . . . . 2,606,526
___________ (36,662)
____________ 275,190 — 2,845,054
___________ ___________ ___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . 17,063 573 645 — 18,281
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . (1,679)
___________ (53)
____________ (60)
___________ —
___________ (1,792)
___________
Securities lending income, net . . . . . . . . . . . . . . 15,384
___________ 520
____________ 585
___________ —
___________ 16,489
___________
Transferrable earnings due from QPP to VSFs . . . . . — 108,000 311,000 (419,000) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,108
___________ 40
____________ 35
___________ —
___________ 4,183
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,462,361
___________ 71,898
____________ 586,810
___________ (419,000)
___________ 5,702,069
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 2,853,799 165,195 263,076 — 3,282,070
Transferrable earnings due from QPP to VSFs . . . . . 419,000 — — (419,000) —
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 29,005
___________ —
____________ —
___________ — ___________
___________ 29,005
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 3,301,804
___________ 165,195
____________ 263,076
___________ (419,000) ___________
___________ 3,311,075
Net increase (decrease) in net position . . . . . . . . . . . 2,160,557 (93,297) 323,734 — 2,390,994
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 37,958,867
___________ __1,991,876
__________ 2,655,570
___________ — ___________
___________ 42,606,313
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,119,424
___________
___________ $1,898,579
__
____________
__________ $2,979,304
____
___________
_______ $ —
___________ $44,997,307
___________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
201
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F21
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK FIRE PENSION FUNDS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2020
(in thousands)
FIRE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
________________________________ Fire Pension
Plan (QPP)
____________ FFVSF
_____________ FOVSF
_____________ Funds
_______________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 3,118 $ 1,887 $ 947 $ 5,952
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,559 — — 20,559
Investment securities sold . . . . . . . . . . . . . . . . . . . . 372,313 16 5 372,334
Accrued interest and dividends . . . . . . . . . . . . . . . . . 37,900 108 308 38,316
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . 91
___________ 147
__________ 36
_________ 274
___________
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 430,863
___________ 271
__________ 349
_________ 431,483
___________
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 741,432 2,572 1,459 745,463
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,149,527 — — 4,149,527
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,082,115 160,922 112,697 6,355,734
Alternative investments . . . . . . . . . . . . . . . . . . . . . 3,174,702 — — 3,174,702
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 205,198 182,364 129,636 517,198
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . 80,603 18,543 13,039 112,185
International equity . . . . . . . . . . . . . . . . . . . . . . . 877,623 127,362 90,792 1,095,777
Collateral from securities lending transactions . . . 914,986
___________ 15,856
__________ 10,863
_________ 941,705
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 16,226,186
___________ 507,619
__________ 358,486
_________ 17,092,291
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,970
___________ —
__________ —
_________ 2,970
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,663,137
___________ 509,777
__________ 359,782
_________ 17,532,696
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 65,828 100 65 65,993
Payable for investment securities purchased . . . . . . . 580,330 94 66 580,490
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . 15,418 19,451 8,932 43,801
Securities lending transactions . . . . . . . . . . . . . . . . . . 914,986
___________ 15,856
__________ 10,863
_________ 941,705
___________
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,576,562
___________ 35,501
__________ 19,926
_________ 1,631,989
___________
NET POSITION:
Restricted for benefits to be provided by QPP . . . . . . 15,086,575 — — 15,086,575
Restricted for benefits to be provided by VSFs . . . . . —
___________ 474,276
__________ 339,856
___
______ 814,132
___________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $15,086,575
___________
___________ $474,276
__________
__________ $339,856
___
______
___
______ $15,900,707
___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
202
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F22
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY FIRE PENSION FUNDS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
JUNE 30, 2019
(in thousands)
FIRE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Fire Pension
Plan (QPP)
____________ FFVSF
_____________ FOVSF
_____________ Eliminations _______________
____________ Funds
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 6,770 $ 1,454 $ 1,181 $ — $ 9,405
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,052 — — — 23,052
Investment securities sold . . . . . . . . . . . . . . . . . . . . 269,966 — 1,801 — 271,767
Accrued interest and dividends . . . . . . . . . . . . . . . . . 36,211 2 309 — 36,522
Transferrable earnings due from QPP to VSFs . . . — 15,000 — (15,000) —
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . 225
___________ —
___________ __________1 — ___________
________ 226
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 329,454
___________ 15,002
___________ 2,111
__________ (15,000) ___________
________ 331,567
Investments:
Short-term investments . . . . . . . . . . . . . . . . . . . . . . 447,141 3,807 2,529 — 453,477
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,890,155 — — — 3,890,155
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,590,358 167,231 122,675 — 4,880,264
Alternative investments . . . . . . . . . . . . . . . . . . . . . 2,947,833 — — — 2,947,833
Collective trust funds:
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,627 173,090 110,088 — 673,805
Domestic equity . . . . . . . . . . . . . . . . . . . . . . . . . 156,999 13,624 9,587 — 180,210
International equity . . . . . . . . . . . . . . . . . . . . . . . 2,059,022 145,185 105,202 — 2,309,409
Collateral from securities lending transactions . . . 774,084
___________ 10,296
___________ 7,770
__________ —
________ 792,150
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 15,256,219
___________ 513,233
___________ 357,851
__________ —
________ 16,127,303
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,573
___________ —
___________ —
__________ —
________ 2,573
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,595,016
___________ 529,689
___________ 361,143
__________ (15,000)
________ 16,470,848
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 167,302 125 105 — 167,532
Payable for investment securities purchased . . . . . . . 292,460 — 1,882 — 294,342
Accrued benefits payable . . . . . . . . . . . . . . . . . . . . . . 8,552 19,953 9,008 — 37,513
Transferrable earnings due from QPP to VSFs . . . . . 15,000 — — (15,000) —
Securities lending transactions . . . . . . . . . . . . . . . . . . 774,084
___________ 10,296
___________ 7,770
__________ — ___________
________ 792,150
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 1,257,398
___________ 30,374
___________ 18,765
__________ (15,000) ___________
________ 1,291,537
NET POSITION:
Restricted for benefits to be provided by QPP. . . . . . 14,337,618 — — — 14,337,618
Restricted for benefits to be provided by VSFs . . . . . —
___________ 499,315
___________ 342,378
____
______ — ___________
________ 841,693
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $14,337,618
___________
___________ $ 499,315
___________
___________ $ 342,378
____
______
____
______ $________
— $15,179,311
________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
203
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F23
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK FIRE PENSION FUNDS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
FIRE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Fire Pension
Plan (QPP)
____________ FFVSF
_____________ FOVSF
_____________ Eliminations _______________
____________ Funds
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 106,821 $ — $ — $ — $ 106,821
Employer contributions . . . . . . . . . . . . . . . . . . . . . 1,419,270
___________ —
___________ —
__________ — ___________
________ 1,419,270
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 1,526,091
___________ —
___________ —
__________ — 1,526,091
________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172,679 5,115 3,476 — 181,270
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,436 7,480 5,339 — 187,255
Net appreciation in fair value of investments . . . . . 411,582 9,012 7,087 — 427,681
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (80,078)
___________ (220)
___________ (154)
__________ — ___________
________ (80,452)
Investment income, net 678,619
___________ 21,387
___________ 15,748
__________ — ___________
________ 715,754
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . 3,047 142 99 — 3,288
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . (283)
___________ (12)
___________ (8)
__________ —
________ (303)
___________
Securities lending income, net . . . . . . . . . . . . . . 2,764
___________ 130
___________ 91
__________ —
________ 2,985
___________
Transferrable earnings due from QPP to VSFs . . . . . 15,000 (2,208) 7,365 (20,157) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,842
___________ —
___________ —
__________ —
________ 2,842
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,225,316
___________ 19,309
___________ 23,204
__________ (20,157)
________ 2,247,672
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 1,447,071 44,348 25,726 — 1,517,145
Transferrable earnings due from QPP to VSFs . . . . . 20,157 — — (20,157) —
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 9,131
___________ —
___________ —
__________ — 9,131
________ ___________
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 1,476,359
___________ 44,348
___________ 25,726
__________ (20,157) ___________
________ 1,526,276
Net increase (decrease) in net position . . . . . . . . . . . 748,957 (25,039) (2,522) — 721,396
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 14,337,618
___________ 499,315
___________ 342,378
__________ — ___________
________ 15,179,311
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,086,575
___________
___________ $ 474,276
___________
___________ $ 339,856
__________
__________ $ — ___________
________
________ $15,900,707
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
204
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F24
THE CITY OF NEW YORK
PENSION TRUST FUNDS*
NEW YORK CITY FIRE PENSION FUNDS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
FIRE Total
Qualified New York City
Pension Variable Supplements Funds (VSFs)
______________________________ Fire Pension
Plan (QPP)
____________ FFVSF
_____________ FOVSF
_____________ Eliminations _______________
____________ Funds
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 108,015 $ — $ — $ — $ 108,015
Employer contributions . . . . . . . . . . . . . . . . . . . . . 1,398,565
___________ —
___________ —
__________ — ___________
________ 1,398,565
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 1,506,580
___________ —
___________ —
__________ — 1,506,580
________ ___________
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,067 5,301 3,604 — 189,972
Dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,140 8,470 5,973 — 184,583
Net appreciation in fair value of investments . . . . . 667,697 14,347 11,023 — 693,067
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (89,976)
___________ (280)
___________ (219)
__________ — ___________
________ (90,475)
Investment income, net . . . . . . . . . . . . . . . . . . . . 928,928
___________ 27,838
___________ 20,381
__________ — 977,147
________ ___________
Securities lending transactions:
Securities lending income . . . . . . . . . . . . . . . . . . . . 5,498 155 109 — 5,762
Securities lending fees . . . . . . . . . . . . . . . . . . . . . . (537)
___________ (14)
___________ (10)
__________ —
________ (561)
___________
Securities lending income, net . . . . . . . . . . . . . . 4,961
___________ 141
___________ 99
__________ —
________ 5,201
___________
Transferrable earnings due from QPP to VSFs . . . . . 14,000 (14,000) — — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,057
___________ —
___________ —
__________ —
________ 2,057
___________
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,456,526
___________ 13,979
___________ 20,480
__________ —
________ 2,490,985
___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 1,376,090 44,744 24,735 — 1,445,569
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 9,861
___________ —
___________ —
__________ — ___________
________ 9,861
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 1,385,951
___________ 44,744
___________ 24,735
__________ — 1,455,430
________ ___________
Net increase (decrease) in net position . . . . . . . . . . . 1,070,575 (30,765) (4,255) — 1,035,555
NET POSITION:
Restricted for benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 13,267,043
___________ 530,080
___________ 346,633
__________ — ___________
________ 14,143,756
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $14,337,618
___________
___________ $ 499,315
___________
___________ $ 342,378
_____
__________
_____ $ —
________ $15,179,311
________ ___________
___________
* Includes VSFs and TDAs, which are not pension funds or retirement systems under ACNY.
205
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F25
THE CITY OF NEW YORK
OTHER EMPLOYEE BENEFIT TRUST FUNDS
DEFERRED COMPENSATION PLANS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
DECEMBER 31, 2019
(in thousands)
Defined
Contribution
Deferred Compensation Plans
___________________________________________ Plan
____________
457 Plan
____________ 401(k) Plan
_____________ NYCE IRA
_____________ 401(a) Plan
____________ Total
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 19,316 $ 1,080 $ 182 $ — $ 20,578
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,719
___________ 32,450
____________ —
__________ — ___________
________ 253,169
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 220,719
___________ 32,450
____________ —
__________ — ___________
________ 253,169
Investments:
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,387,704 2,561,729 219,991 24,739 17,194,163
Guaranteed investment contracts . . . . . . . . . . . . . . 5,102,459
___________ 1,159,942
____________ 183,864
__________ 3,047
________ 6,449,312
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 19,490,163
___________ 3,721,671
____________ 403,855
__________ 27,786
________ 23,643,475
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,663
___________ 1,338
____________ —
__________ 3
________ 3,004
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,731,861
___________ 3,756,539
____________ 404,037
__________ 27,789
________ 23,920,226
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 6,445
___________ —
____________ 527
__________ 1 ___________
________ 6,973
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 6,445
___________ —
____________ 527
__________ 1 ___________
________ 6,973
NET POSITION:
Restricted for other employee benefits . . . . . . . . . . . 19,725,416
___________ 3,756,539
____________ 403,510
__________ 27,788 ___________
________ 23,913,253
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $19,725,416
___________
___________ $3,756,539
____________
____________ $403,510
__________
__________ $27,788 ___________
________
________ $23,913,253
___________
206
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F26
THE CITY OF NEW YORK
OTHER EMPLOYEE BENEFIT TRUST FUNDS
DEFERRED COMPENSATION PLANS
COMBINING SCHEDULE OF FIDUCIARY NET POSITION
DECEMBER 31, 2018
(in thousands)
Defined
Contribution
Deferred Compensation Plans
___________________________________________ Plan
____________
457 Plan
____________ 401(k) Plan
_____________ NYCE IRA
_____________ 401(a) Plan
____________ Total
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . $ 16,203 $ 1,905 $ 123 $ — $ 18,231
Receivables:
Member loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,126
___________ 30,949
____________ —
__________ — ___________
________ 249,075
Total receivables . . . . . . . . . . . . . . . . . . . . . . . . . 218,126
___________ 30,949
____________ —
__________ — ___________
________ 249,075
Investments:
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,306,239 1,947,426 172,975 19,683 13,446,323
Guaranteed investment contracts . . . . . . . . . . . . . . 4,863,238
___________ 1,032,085
____________ 166,302
__________ 2,929
________ 6,064,554
___________
Total investments . . . . . . . . . . . . . . . . . . . . . . . . 16,169,477
___________ 2,979,511
____________ 339,277
__________ 22,612
________ 19,510,877
___________
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152
___________ 1,893
____________ —
__________ 6
________ 4,051
___________
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,405,958
___________ 3,014,258
____________ 339,400
__________ 22,618
________ 19,782,234
___________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . 4,614
___________ 1,642
____________ 354
__________ 1 ___________
________ 6,611
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 4,614
___________ 1,642
____________ 354
__________ 1 ___________
________ 6,611
NET POSITION:
Restricted for other employee benefits . . . . . . . . . . . 16,401,344
___________ 3,012,616
____________ 339,046
__________ 22,617 ___________
________ 19,775,623
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . $16,401,344
___________
___________ $3,012,616
____________
____________ $339,046
__________
__________ $22,617 ___________
________
________ $19,775,623
___________
207
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F27
THE CITY OF NEW YORK
OTHER EMPLOYEE BENEFIT TRUST FUNDS
DEFERRED COMPENSATION PLANS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED DECEMBER 31, 2019
(in thousands)
Defined
Contribution
Deferred Compensation Plans
___________________________________________ Plan
____________
457 Plan
____________ 401(k) Plan
_____________ NYCE IRA
_____________ 401(a) Plan
____________ Total
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 737,934
___________ $ 316,746
____________ $ 37,433
__________ $ 23 ___________
________ $ 1,092,136
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 737,934
___________ 316,746
____________ 37,433
__________ 23 ___________
________ 1,092,136
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146,760 30,266 4,680 74 181,780
Net appreciation in fair value of investments . . . . . 3,178,535 526,407 46,467 5,688 3,757,097
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (29,636)
___________ (5,660)
____________ (670)
__________ (39) ___________
________ (36,005)
Investment income, net . . . . . . . . . . . . . . . . . . . . 3,295,659
___________ 551,013
____________ 50,477
__________ 5,723 ___________
________ 3,902,872
Total additions . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,033,593
___________ 867,759
____________ 87,910
__________ 5,746 4,995,008
________ ___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 694,220 121,529 23,232 568 839,549
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 15,301
___________ 2,307
____________ 214
__________ 7 ___________
________ 17,829
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 709,521
___________ 123,836
____________ 23,446
__________ 575 857,378
________ ___________
Net increase in net position . . . . . . . . . . . . . . . . . . . . . . 3,324,072 743,923 64,464 5,171 4,137,630
NET POSITION:
Restricted for other employee benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 16,401,344
___________ 3,012,616
____________ 339,046
__________ 22,617 ___________
________ 19,775,623
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,725,416
___________
___________ $3,756,539
____________
____________ $403,510
__________
__________ $27,788
________ $23,913,253
________ ___________
___________
208
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F28
THE CITY OF NEW YORK
OTHER EMPLOYEE BENEFIT TRUST FUNDS
DEFERRED COMPENSATION PLANS
COMBINING SCHEDULE OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED DECEMBER 31, 2018
(in thousands)
Defined
Contribution
Deferred Compensation Plans
___________________________________________ Plan
____________
457 Plan
____________ 401(k) Plan
_____________ NYCE IRA
_____________ 401(a) Plan
____________ Total
_____________
ADDITIONS:
Contributions:
Member contributions . . . . . . . . . . . . . . . . . . . . . . . $ 710,703
___________ $ 302,721
____________ $ 36,721
__________ $ 23 ___________
________ $ 1,050,168
Total contributions . . . . . . . . . . . . . . . . . . . . . . . 710,703
___________ 302,721
____________ 36,721
__________ 23 ___________
________ 1,050,168
Investment income:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,078 24,277 3,832 64 154,251
Net depreciation in fair value of investments . . . . . (798,519) (147,026) (12,561) (1,347) (959,453)
Investment expenses . . . . . . . . . . . . . . . . . . . . . . . . (29,427)
___________ (5,406)
____________ (669)
__________ (39) ___________
________ (35,541)
Investment (loss), net . . . . . . . . . . . . . . . . . . . . . (701,868)
___________ (128,155)
____________ (9,398)
__________ (1,322) ___________
________ (840,743)
Total additions (deductions) . . . . . . . . . . . . . . . . 8,835
___________ 174,566
____________ 27,323
__________ (1,299) 209,425
________ ___________
DEDUCTIONS:
Benefit payments and withdrawals . . . . . . . . . . . . . . 625,702 104,001 15,741 296 745,740
Administrative expenses . . . . . . . . . . . . . . . . . . . . . . 14,236
___________ 2,235
____________ 209
__________ 4 ___________
________ 16,684
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . 639,938
___________ 106,236
____________ 15,950
__________ 300 762,424
________ ___________
Net increase (decrease) in net position . . . . . . . . . . . . . (631,103) 68,330 11,373 (1,599) (552,999)
NET POSITION:
Restricted for other employee benefits:
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . 17,032,447
___________ 2,944,286
____________ 327,673
__________ 24,216 ___________
________ 20,328,622
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,401,344
___________
___________ $3,012,616
____________
____________ $339,046
__________
__________ $22,617
________ $19,775,623
________ ___________
___________
209
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F29
THE CITY OF NEW YORK
CUSTODIAL FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Balance Balance
July 1, 2019
_____________ Additions
_____________ Deductions
_______________ June 30, 2020
_____________
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,277,813
___________
___________ $1,787,666
___________
___________ $2,104,536
____________
____________ $___________
960,943
___________
LIABILITIES:
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,277,813
___________
___________ $1,787,666
___________
___________ $2,104,536
____________
____________ $___________
960,943
___________
210
Comptroller’s Report for Fiscal 2020 Part II-D—Fiduciary Funds—Schedule F30
THE CITY OF NEW YORK
CUSTODIAL FUND
SCHEDULE OF CHANGES IN ASSETS AND LIABILITIES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Restated
___________________________________________________________________
Balance Balance
July 1, 2018
_____________ Additions
_____________ Deductions
_______________ June 30, 2019
_____________
ASSETS:
Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,146,811
___________
___________ $___________
870,092
___________ $3,739,090
____________
____________ $1,277,813
___________
___________
LIABILITIES:
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,146,811
___________
___________ $___________
870,092
___________ $3,739,090
____________
____________ $1,277,813
___________
___________
211
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-E
SUPPLEMENTARY INFORMATION
216
Part II-E—Component Units
___________—
___ ________—
__ ____________—
__ ___________—
__ __________—
__ __________—
___ _______11,849
__________
____________—
__ ________—
__ ____________—
__ ___________—
__ __________—
__ __________—
___ _______11,849
__________
— — 4,364 — — — 97,712
— — — — — — 1,572,288
— — — 5,660 — — 5,660
—
______________ —
__________ 11,611
______________ ______9,256
_______ __________—
__ __________—
___ 201,810
_________________
_____________2_ ________22
__ _____53,859
_________ ____29,111
_________ ____6,960
________ ____________1_ __2,139,382
_______________
— — 24,167 — — — 48,111
— — — — — — 1,483
— — 9,563 28,982 — — 42,129
— — — — 25,615 42,848 68,463
_____________5_ 2,311
__________ 28,248
______________ 20,361
_____________ ____1,792
________ __________— ___ 132,304
_________________
__$________________________5__ $2,326
____________________ _$120,615
___________________________ $________82,665
__________________ $27,407
________________________ __$42,848
________________________ $__________733,555
________________________
217
Comptroller’s Report for Fiscal 2020
THE CITY OF NEW YORK
NONMAJOR COMPONENT UNITS
COMBINING STATEMENT OF NET POSITION
June 30, 2019
(in thousands)
Brooklyn New York City New York
Navy Yard Industrial City Business Build NYC
Development Development Assistance Resource
Corporation
_____________ Agency
_____________ Corporation
_____________ Corporation
_____________
ASSETS:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,824 $ 2,611 $ 3,192 $ 2,353
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 20,934 — 8,410
Lease receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,662,936 — —
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,393 210 — 14
Due from Primary Government . . . . . . . . . . . . . . . . . . . . . . . — — — —
Restricted cash, cash equivalents and investments . . . . . . . . . 156,888 120,330 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,525 — — —
Capital assets:
Land and construction work-in-progress . . . . . . . . . . . . . . — — — —
Buildings and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . 788,735 — — —
Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . __(230,302)
_____________ _______________—
__ _________—
__ __________—
__
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____741,063
___________ 1,807,021
_________________ 3,192
___________ 10,777
____________
DEFERRED OUTFLOWS OF RESOURCES:
Other deferred outflows of resources . . . . . . . . . . . . . . . . . _____________—
__ _______10,173
__________ ________—
___ _________—
___
Total deferred outflows of resources . . . . . . . . . . . . . . . . —
_______________ 10,173
_________________ —
___________ —
____________
LIABILITIES:
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . 12,188 1,390 5 36
Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,396 544 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 150,837 — 186
Derivative instruments-interest rate swaps . . . . . . . . . . . . . . . — 10,173 — —
Noncurrent liabilities:
Due within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,647 28,463 — —
Bonds & notes payable
(net of amount due within one year) . . . . . . . . . . . . . . . . — 1,603,967 — —
Net pension liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — —
Other (net of amount due within one year) . . . . . . . . . . . . ____268,081
___________ ______________—
___ ________—
___ _________—
___
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____334,312
___________ 1,795,374
_________________ __________5_ 222
____________
NET POSITION:
Net investment in capital assets . . . . . . . . . . . . . . . . . . . . . . . 300,384 — — —
Restricted for:
Capital projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,789 — — —
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,376 — — —
Donor/statutory restrictions . . . . . . . . . . . . . . . . . . . . . . . . — — 2,960 —
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — —
Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______79,202
_________ ________21,820
_________ _______227
____ ___10,555
_________
Total net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $____406,751
___________ $ 21,820
_________________ _$___3,187
_______ $10,555
____________
218
Part II-E—Component Units
____________—
__ ________—
__ ____________—
__ ___________—
__ _________—
___ __________—
___ _______10,173
__________
—
______________ —
__________ —
______________ —
_____________ _________—
___ —
_____________ 10,173
_________________
— — — — — — 37,110
— — — — — — 1,603,967
— — — 6,938 — — 6,938
____________—
__ ________—
__ _______9,089
_______ ______6,558
_______ _________—
___ __________—
___ _____283,728
____________
_____________2_ 45
__________ _____34,291
_________ 27,787
_____________ 3,247
____________ —
_____________ __2,195,285
_______________
— — 21,867 — — — 46,656
— — — — — — 2,376
— — 8,666 26,364 — — 37,990
— — — — 14,651 42,073 56,724
_____________5_ ___1,624
_______ _____40,989
_________ ____16,727
_________ ____1,073
________ __________— ___ _____172,222
____________
__$________________________5__ $1,624
____________________ __$116,860
__________________________ $________80,894
__________________ $15,724
________________________ $42,073
__________________________ $__________699,493
________________________
219
Comptroller’s Report for Fiscal 2020
THE CITY OF NEW YORK
NONMAJOR COMPONENT UNITS
COMBINING STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2020
(in thousands)
Brooklyn New York City New York
Navy Yard Industrial City Business Build NYC
Development Development Assistance Resource
Corporation
_____________ Agency
_____________ Corporation
_____________ Corporation
_____________
EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$____86,659
_________ _$100,442
_____________ ____$557
______ ___$3,120
_________
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68,360 6,408 — 1,214
Operating grants and contributions . . . . . . . . . . . . . . . . . . . . 548 — 1,180 —
Capital grants, contributions and other . . . . . . . . . . . . . . . . . 34,861
______________ ____________—
__ ________—
__ —
____________
Total program revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . ___103,769
___________ _______6,408
_______ ___1,180
_______ _____1,214
_______
Net (expenses) program revenues . . . . . . . . . . . . . . . . . . . . . _____17,110
_________ ___(94,034)
___________ ______623
____ (1,906)
____________
GENERAL REVENUES:
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229 337 13 157
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . . . . . . — — — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________— __ _____91,847
_________ ________— __ __________— __
Total general revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,229
______________ _____92,184
_________ __________ 13 ____________ 157
Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . 18,339 (1,850) 636 (1,749)
Net position - beginning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___406,751
___________ _____21,820
_________ ___3,187
_______ ___10,555
_________
Net position - ending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$425,090
___________________________ $ 19,970
____________________________ _$3,823
___________________ $________8,806
________________
220
Part II-E—Component Units
2 1,164 — — — — 77,148
— — 141,868 142,446 77,412 — 363,454
________—
___ _______—
___ ____21,766
__________ ____28,653
__________ __________—__ __________—
__ _____85,280
_________
___________2 ___1,164
_______ ___163,634
___________ ___171,099
___________ ___77,412
_________ __________—
__ ___525,882
___________
________—
___ _____687
_____ _____(3,904)
_________ _____(7,054)
_________ ___10,616
_________ ________(22)
____ ___(77,884)
___________
221
Comptroller’s Report for Fiscal 2020
THE CITY OF NEW YORK
NONMAJOR COMPONENT UNITS
COMBINING STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2019
(in thousands)
Brooklyn New York City New York
Navy Yard Industrial City Business Build NYC
Development Development Assistance Resource
Corporation
_____________ Agency
_____________ Corporation
_____________ Corporation
_____________
EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$____87,161
_________ _$___112,486
___________ $_____698
_____ $____2,357
________
PROGRAM REVENUES:
Charges for services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,571 2,835 — 2,820
Operating grants and contributions . . . . . . . . . . . . . . . . . . . . 1,144 — 1,374 —
Capital grants, contributions and other . . . . . . . . . . . . . . . . . 53,064
______________ _____________—
__ _______—
___ —
____________
Total program revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . ___113,779
___________ ________2,835
_______ __1,374
________ ____2,820
________
Net (expenses) program revenues . . . . . . . . . . . . . . . . . . . . . _____26,618
_________ __(109,651)
_____________ _____676
_____ _______463
_____
GENERAL REVENUES:
Investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,655 548 1 234
Unrestricted Federal and State aid . . . . . . . . . . . . . . . . . . . . . — — — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________— __ ______93,815_________ _______— ___ _________— ___
Total general revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,655
______________ ______94,363_________ _________1_ ____________ 234
Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . 28,273 (15,288) 677 697
Net position - beginning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ___378,478
___________ ______37,108_________ __2,510
________ ____9,858
________
Net position - ending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _$406,751
___________________________ $ 21,820
______________________________ $3,187
____________________ $10,555
________________________
222
Part II-E—Component Units
2 632 — — — — 65,860
— — 137,661 130,763 29,251 41,673 341,866
________—
___ _______—___ ____15,432
__________ ____31,680
__________ __________—
__ __________—__ ___100,176
___________
___________2 ______632
____ ___153,093
___________ ___162,443
___________ ___29,251
_________ ___41,673
_________ ___507,902
___________
________—
___ _____352
_____ _____(3,488)
_________ _____(6,741)
_________ ________(27)
____ __41,673
__________ ___(50,125)
___________
223
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part II-F
This part of the Comprehensive Annual Financial Report presents detailed information on the:
General Fund
GENERAL FUND
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G1
Summary of Federal, State and Other Aid Receivables at June 30, 2020
Receivable
Balance
_Receivables
____________________by
______Fiscal
__________Year
_______ ______June
_________30,
______2020
____________
FISCAL YEAR 2020:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,697,816,862
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,410,859,164
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________416,698,093
___________________
Total Fiscal Year 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _____9,525,374,119
______________________
FISCAL YEAR 2019:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574,840,869
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,290,213,583
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________196,320,617
___________________
Total Fiscal Year 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,061,375,069
___________________________
FISCAL YEAR 2018:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,090,075
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 331,335,600
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________2,296,140
_______________
Total Fiscal Year 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________660,721,815
___________________
FISCAL YEAR 2017:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,386,496
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,909,472
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________5,071,479
_______________
Total Fiscal Year 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,367,447
___________________________
FISCAL YEAR 2016:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,226,764
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,825,930
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________5,520,010
_______________
Total Fiscal Year 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________110,572,704
___________________
FISCAL YEAR 2015:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,655,626
State Grants and Contracts-Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,370,181
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________1,219,464
_______________
Total Fiscal Year 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________21,245,271
_________________
FISCAL YEAR 2014:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,469,395
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,112
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________2,029,153
_______________
Total Fiscal Year 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________29,535,660
_________________
FISCAL YEAR 2013:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,066,014
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,987,690
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _______________283,419
____________
Total Fiscal Year 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________14,337,123
_________________
FISCAL YEAR 2012:
Federal Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,681,853
State Grants and Contracts—Categorical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755,379
Non-Governmental Grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . _________________27,979 __________
Total Fiscal Year 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________2,465,211 _______________
Total Summary of Federal, State and Other Aid Receivables at June 30, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . __$12,974,994,419
____________________________________________________
228
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G2
Revenues vs. Budget by Category
Better (Worse)
__________________________________Budget
___________________________________________ Actual Than Modified
__________Adopted
_______________________ __________Modified
_______________________ ___________Revenue
______________________ ___________Budget
______________________
TAXES:
Real Estate Taxes (Net of Refunds) . . . . . . . . . . . . $29,785,032,000 $29,695,501,000 $29,815,934,908 $ 120,433,908
Sales and Use Taxes:
General Sales . . . . . . . . . . . . . . . . . . . . . . . . . 8,267,000,000 7,371,900,000 7,385,023,929 13,123,929
Cigarette . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,000,000 27,000,000 25,745,701 (1,254,299)
Commercial Motor Vehicle . . . . . . . . . . . . . . 70,071,000 62,671,000 63,736,563 1,065,563
Mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . . 958,000,000 949,000,000 974,514,057 25,514,057
Auto Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 28,000,000 27,952,137 (47,863)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________________________—
__ _______________________—
___ ___________1,137,754
_______________ ___________1,137,754
_______________
Total Sales and Use Taxes . . . . . . . . . . . 9,359,071,000
__________________________ 8,438,571,000
__________________________ 8,478,110,141
__________________________ _________39,539,141
_________________
Income Taxes (Net of Refunds):
Personal Income . . . . . . . . . . . . . . . . . . . . . . ___13,367,000,000
_______________________ ___13,299,750,000
_______________________ ___13,591,179,024
_______________________ _______291,429,024
___________________
Other Income Taxes (Net of Refunds):
General Corporation . . . . . . . . . . . . . . . . . . . 3,722,000,000 4,609,198,000 5,170,058,310 560,860,310
Financial Corporation . . . . . . . . . . . . . . . . . . — 397,000,000 82,902,210 (314,097,790)
Unincorporated Business Income . . . . . . . . . 2,141,000,000 1,814,100,000 2,053,212,342 239,112,342
Personal Income (Non-Resident City
Employees) . . . . . . . . . . . . . . . . . . . . . . . . 172,000,000 180,000,000 184,945,935 4,945,935
Utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________397,000,000
__________________ ________359,000,000
__________________ ________370,877,190
__________________ 11,877,190
__________________________
Total Other Income Taxes . . . . . . . . . . . _____6,432,000,000
_____________________ _____7,359,298,000
_____________________ _____7,861,995,987
_____________________ _______502,697,987
___________________
Other Taxes:
Payment in Lieu of Taxes . . . . . . . . . . . . . . . 444,400,000 739,000,000 736,618,092 (2,381,908)
Hotel Room Occupancy . . . . . . . . . . . . . . . . 627,000,000 485,200,000 481,739,437 (3,460,563)
Commercial Rent . . . . . . . . . . . . . . . . . . . . . . 870,000,000 888,105,000 942,888,523 54,783,523
Horse Race Admissions . . . . . . . . . . . . . . . . . 50,000 50,000 24,677 (25,323)
Conveyance of Real Property . . . . . . . . . . . . 1,486,000,000 1,133,300,000 1,140,135,691 6,835,691
Beer and Liquor Excise . . . . . . . . . . . . . . . . . 25,000,000 25,000,000 23,786,531 (1,213,469)
Taxi Medallion Transfer . . . . . . . . . . . . . . . . 800,000 400,000 532,414 132,414
Surcharge on Liquor Licenses . . . . . . . . . . . . 6,000,000 6,500,000 5,713,895 (786,105)
Refunds of Other Taxes . . . . . . . . . . . . . . . . . (37,000,000) (65,000,000) (72,945,046) (7,945,046)
Off-Track Betting Surtax . . . . . . . . . . . . . . . . 1,220,000 500,000 619,443 119,443
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . __________________________ __________________________ ______________251,391
140,000 300,000 ____________ _______________(48,609)
___________
Total Other Taxes . . . . . . . . . . . . . . . . . . _____3,423,610,000
_____________________ _____3,213,355,000
_____________________ _____3,259,365,048
_____________________ _________46,010,048
_________________
Penalties and Interest on Delinquent Taxes
Penalties and Interest on Real Estate Taxes . 59,000,000 72,000,000 90,931,438 18,931,438
Tax Audit Revenue . . . . . . . . . . . . . . . . . . . . 998,653,000 — — —
Refunds on Penalties and Interest on
Other Taxes . . . . . . . . . . . . . . . . . . . . . . . . __________(3,000,000)
________________ __________(8,000,000)
________________ __________(7,844,668)
________________ ______________155,332
____________
Total Penalties and Interest on
Delinquent Taxes . . . . . . . . . . . . . . . . _____1,054,653,000
_____________________ __________64,000,000
________________ __________83,086,770
________________ _________19,086,770
_________________
Total Other Taxes and Penalties and
Interest on Delinquent Taxes . . . . . . . _____4,478,263,000
_____________________ _____3,277,355,000
_____________________ _____3,342,451,818
_____________________ _________65,096,818
_________________
Total Taxes . . . . . . . . . . . . . . . . . . . . . . . ___63,421,366,000
_______________________ ___62,070,475,000
_______________________ ___63,089,671,878
_______________________ ____1,019,196,878
______________________
(Continued)
229
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G2 (Cont.)
Revenues vs. Budget by Category
Better (Worse)
__________________________________Budget
___________________________________________ Actual Than Modified
__________Adopted
_______________________ __________Modified
_______________________ ___________Revenue
______________________ ___________Budget
______________________
FEDERAL GRANTS AND CONTRACTS—CATEGORICAL:
General Government . . . . . . . . . . . . . . . . . . . $ 526,189,585 $ 3,808,620,309 $ 3,324,971,405 $ (483,648,904)
Public Safety and Judicial . . . . . . . . . . . . . . . 90,122,515 336,921,004 334,375,624 (2,545,380)
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,106,141,686 1,733,526,866 1,672,437,915 (61,088,951)
Social Services . . . . . . . . . . . . . . . . . . . . . . . 3,421,254,571 3,724,220,269 3,012,759,964 (711,460,305)
Environmental Protection . . . . . . . . . . . . . . . 1,328,607 35,195,232 35,582,121 386,889
Transportation Services . . . . . . . . . . . . . . . . . 71,223,161 120,605,131 104,223,373 (16,381,758)
Parks, Recreation and Cultural Activities . . . — 504,964 (5,114,263) (5,619,227)
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513,059,857 585,516,613 565,659,679 (19,856,934)
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________306,109,226
__________________ ________382,699,760
__________________ ________349,840,664
__________________ ________(32,859,096)
__________________
Total Federal Grants and
Contracts—Categorical . . . . . . . . . . . _____7,035,429,208
_____________________ ___10,727,810,148
_______________________ _____9,394,736,482
_____________________ ___(1,333,073,666)
_______________________
STATE GRANTS AND CONTRACTS—CATEGORICAL:
General Government . . . . . . . . . . . . . . . . . . . 975,091,823 1,060,449,405 1,004,457,264 (55,992,141)
Public Safety and Judicial . . . . . . . . . . . . . . . 79,595,701 129,733,926 126,551,213 (3,182,713)
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,394,799,115 11,509,904,984 11,493,497,352 (16,407,632)
Social Services . . . . . . . . . . . . . . . . . . . . . . . 1,874,985,317 2,056,605,347 1,795,716,980 (260,888,367)
Environmental Protection . . . . . . . . . . . . . . . 5,323,904 2,963,371 3,431,355 467,984
Transportation Services . . . . . . . . . . . . . . . . . 214,271,353 233,315,634 234,477,170 1,161,536
Parks, Recreation and Cultural Activities . . . 502,111 1,104,675 1,101,300 (3,375)
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,075,000 1,075,000 813,468 (261,532)
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,860,901 535,859,218 428,007,824 (107,851,394)
City University . . . . . . . . . . . . . . . . . . . . . . . ________288,060,200
__________________ ________286,726,867
__________________ ________245,899,457
__________________ ________(40,827,410)
__________________
Total State Grants and
Contracts—Categorical . . . . . . . . . . . ___15,337,565,425
_______________________ ___15,817,738,427
_______________________ ___15,333,953,383
_______________________ ______(483,785,044)
____________________
NON-GOVERNMENTAL GRANTS:
General Government . . . . . . . . . . . . . . . . . . . 540,855,878 548,926,417 510,663,288 (38,263,129)
Public Safety and Judicial . . . . . . . . . . . . . . . 227,524,656 258,790,909 217,719,119 (41,071,790)
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,367,020 144,336,608 144,310,276 (26,332)
Social Services . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,925,489 3,311,996 (613,493)
Environmental Protection . . . . . . . . . . . . . . . 750,000 7,272,393 7,998,625 726,232
Transportation Services . . . . . . . . . . . . . . . . . 2,071,437 6,482,388 5,122,761 (1,359,627)
Parks, Recreation and Cultural Activities . . . 2,890,346 14,324,290 14,226,771 (97,519)
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 665,607 2,856,929 (962,645) (3,819,574)
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,647,849 50,220,007 48,755,019 (1,464,988)
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 134,867 134,865 (2)
City University . . . . . . . . . . . . . . . . . . . . . . . __________13,015,763
________________ __________17,490,886
________________ __________18,041,842
________________ ______________550,956
____________
Total Non-Governmental
Grants—Categorical . . . . . . . . . . . . . ________927,788,556
__________________ _____1,054,761,183
_____________________ ________969,321,917
__________________ ________(85,439,266)
__________________
Provision for Disallowances of Federal,
State and Other Aid: . . . . . . . . . . . . . . . . . . . _________(15,000,000)
_________________ ________(15,000,000)
__________________ __________(5,082,251)
________________ ___________9,917,749
_______________
Total Federal, State, and Other
Categorical Aid (Net) . . . . . . . . . . . . ___23,285,783,189
_______________________ ___27,585,309,758
_______________________ ___25,692,929,531
_______________________ ___(1,892,380,227)
_______________________
(Continued)
230
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G2 (Cont.)
Revenues vs. Budget by Category
Better (Worse)
__________________________________Budget
___________________________________________ Actual Than Modified
__________Adopted
_______________________ __________Modified
_______________________ ___________Revenue
______________________ ___________Budget
______________________
UNRESTRICTED FEDERAL AND STATE AID:
Intergovernmental Aid . . . . . . . . . . . . . . . . . . _$_______________________—
__ _$_______252,892,709
__________________ _$_________10,860,574
________________ _$_____(242,032,135)
____________________
Total Unrestricted Federal and State Aid . . —
__________________________ 252,892,709
__________________________ 10,860,574
__________________________ (242,032,135)
__________________________
CHARGES FOR SERVICES:
General Government Charges . . . . . . . . . . . . 1,018,171,198 969,738,898 951,448,932 (18,289,966)
Water and Sewer . . . . . . . . . . . . . . . . . . . . . . 1,515,978,000 1,694,283,000 1,614,829,274 (79,453,726)
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 30,729,252 30,729,252
Rental Income . . . . . . . . . . . . . . . . . . . . . . . . ________254,491,000
__________________ ________260,266,000
__________________ ________258,430,098
__________________ __________(1,835,902)
________________
Total Charges for Services . . . . . . . . . . . _____2,788,640,198
_____________________ _____2,924,287,898
_____________________ _____2,855,437,556
_____________________ (68,850,342)
__________________________
INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . ________234,880,000
__________________ ________138,025,000
__________________ ________136,599,204
__________________ __________(1,425,796)
________________
OTHER REVENUES:
LICENSES, PERMITS, PRIVILEGES AND FRANCHISES:
Licenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,844,000 74,203,000 74,659,587 456,587
Permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302,053,000 298,983,000 297,110,396 (1,872,604)
Privileges and Franchises . . . . . . . . . . . . . . . ________382,262,000
__________________ ________327,569,000
__________________ ________327,638,221
__________________ ________________69,221
__________
Total Licenses, Permits, Privileges,
and Franchises . . . . . . . . . . . . . . . . . . ________758,159,000
__________________ ________700,755,000
__________________ ________699,408,204
__________________ __________(1,346,796)
________________
FINES AND FORFEITURES:
Fines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014,346,000 1,071,161,000 1,077,292,362 6,131,362
Forfeitures . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________1,102,000
______________ ____________2,073,000
______________ ___________1,872,530
_______________ _____________(200,470)
_____________
Total Fines and Forfeitures . . . . . . . . . . _____1,015,448,000
_____________________ _____1,073,234,000
_____________________ _____1,079,164,892
_____________________ ___________5,930,892
_______________
MISCELLANEOUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . ________217,809,008
__________________ ________780,386,629
__________________ _____1,054,078,480
_____________________ _______273,691,851
___________________
Total Other Revenues . . . . . . . . . . . . . . _____1,991,416,008
_____________________ _____2,554,375,629
_____________________ _____2,832,651,576
_____________________ _______278,275,947
___________________
Total Revenues . . . . . . . . . . . . . . . . . . . ___91,722,085,395
_______________________ ___95,525,365,994
_______________________ 94,618,150,319
__________________________ (907,215,675)
__________________________
OTHER FINANCING SOURCES:
Pollution Remediation—Bond Sales . . . . . . . — 136,064,210 136,064,210 —
Transfer from General Debt Service Fund . . 78,383,983 78,444,929 78,090,028 (354,901)
Transfer from Nonmajor Debt Service Fund . . ________236,004,819
__________________ ________233,535,297
__________________ ________225,837,789
__________________ __________(7,697,508)________________
Total Other Financing Sources . . . . . . . 314,388,802
__________________________ ________448,044,436
__________________ ________439,992,027
__________________ (8,052,409)
__________________________
Total Revenues vs. Budget by Category . . __$____92,036,474,197
______________________________________________ __$95,973,410,430
__________________________________________________ __$95,058,142,346
__________________________________________________ __$__________(915,268,084)
________________________________________
231
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G3
Revenues vs. Budget by Agency
002 MAYORALTY
00001 Real Estate Taxes—Fiscal 2020—
1st Quarter . . . . . . . . . . . . . . . . . . . $12,691,563,000 $12,691,563,000 $13,104,767,960 $11,956,419,207
00002 Real Estate Taxes—Fiscal 2020—
2nd Quarter . . . . . . . . . . . . . . . . . . 2,079,020,000 2,090,020,000 2,010,301,481 1,984,931,439
00003 Real Estate Taxes—Fiscal 2020—
3rd Quarter . . . . . . . . . . . . . . . . . . . 12,589,584,000 12,694,584,000 12,418,343,915 11,792,200,998
00004 Real Estate Taxes—Fiscal 2020—
4th Quarter . . . . . . . . . . . . . . . . . . . 2,224,865,000 2,080,865,000 1,998,810,511 1,947,648,338
00005 Real Estate Taxes—Fiscal 2019 . . . . — — 265,665,561 204,621,240
00006 Real Estate Taxes—Fiscal 2018 . . . . — — 57,764,651 41,678,097
00007 Real Estate Taxes—Fiscal 2017 . . . . — — 24,426,198 21,891,230
00008 Real Estate Taxes—Fiscal 2016 . . . . — — 11,737,104 9,627,643
00009 Real Estate Taxes—Fiscal 2015 . . . . — — 3,903,907 6,622,197
00010 Real Estate Taxes—Fiscal 2014
and Prior . . . . . . . . . . . . . . . . . . . . . — — 10,111,992 11,352,485
00021 Real Estate Tax Refunds . . . . . . . . . . (400,000,000) (405,000,000) (349,129,857) (377,366,023)
00023 Co-op/Condo Abatement—
Adjustment . . . . . . . . . . . . . . . . . . . — — — 2,638
00024 Real Estate Tax Refunds—
Recoupment . . . . . . . . . . . . . . . . . . — — 5,733 9,678
00026 State Aid School Tax Relief . . . . . . . 170,000,000 165,469,000 165,469,060 181,323,445
00033 Interest on Tax Receivable . . . . . . . . . 37,000,000 42,000,000 56,095,433 52,415,660
00034 Real Property Tax Liens Sales . . . . . . 110,000,000 98,000,000 101,340,571 58,567,861
00036 Defective Lien Refunds . . . . . . . . . . . — — (4,602,091) 2,184,000
00048 Prior Year Real Estate Tax Accrual . . — — (120,916,847) (77,895,988)
00049 Accrued Real Estate Tax Revenue . . . 320,000,000 280,000,000 117,935,059 120,916,847
00050 General Sales Tax . . . . . . . . . . . . . . . 8,267,000,000 7,371,900,000 7,372,007,499 7,810,042,429
00070 Cigarette Tax . . . . . . . . . . . . . . . . . . . 34,000,000 27,000,000 25,499,947 29,438,351
00073 Commercial Motor Vehicle Tax . . . . 70,071,000 62,671,000 62,591,085 84,431,785
00074 Other Tobacco Product Tax . . . . . . . . — — 1,137,754 1,346,226
00077 Mortgage Tax . . . . . . . . . . . . . . . . . . . 958,000,000 949,000,000 974,514,057 1,096,555,782
00079 Auto Use Tax . . . . . . . . . . . . . . . . . . . 30,000,000 28,000,000 27,952,137 29,924,640
00090 Personal Income Tax
(Net of Refunds) . . . . . . . . . . . . . . 13,367,000,000 13,299,750,000 13,550,912,377 13,344,436,019
00093 General Corporation Tax
(Net of Refunds) . . . . . . . . . . . . . . 3,722,000,000 4,609,198,000 4,547,126,341 4,269,363,886
00095 Financial Corporation Tax
(Net of Refunds) . . . . . . . . . . . . . . — 397,000,000 (37,774,501) (69,692,857)
00099 Unincorporated Business Income Tax
(Net of Refunds) . . . . . . . . . . . . . . 2,141,000,000 1,814,100,000 1,939,470,841 2,029,160,107
00102 Personal Income Tax (Nonresident
City Employees) . . . . . . . . . . . . . . 172,000,000 180,000,000 184,945,935 178,398,747
00103 Utility Tax . . . . . . . . . . . . . . . . . . . . . 397,000,000 359,000,000 356,395,299 369,192,427
00110 Payment in Lieu of Taxes . . . . . . . . . 444,400,000 739,000,000 734,536,842 488,804,466
00112 Hotel Room Occupancy Tax . . . . . . . 627,000,000 485,200,000 467,538,255 625,386,471
00113 Commercial Rent Tax . . . . . . . . . . . . 870,000,000 888,105,000 863,915,860 907,066,081
00114 Refunds of All Other Taxes . . . . . . . . (37,000,000) (65,000,000) (72,945,046) (50,478,442)
00115 Horse Race Admissions Tax . . . . . . . 50,000 50,000 24,677 41,595
00117 Medical Marijuana Excise Tax . . . . . 140,000 300,000 251,390 190,572
(Continued)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G3 (Cont.)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G3 (Cont.)
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267
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G3 (Cont.)
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268
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G4
Expenditures and Transfers vs. Budget by Agency
Actual Better (Worse)
_______________________________Budget
___________________________________________ Expenditures Than Modified
___________Adopted
______________________ __________Modified
_______________________ _____and
_______Transfers
_____________________ ___________Budget
______________________
GENERAL GOVERNMENT:
002 Mayoralty . . . . . . . . . . . . . . . . . . . . . . . $ 148,534,960 $ 150,434,824 $ 147,448,090 $ 2,986,734
003 Board of Elections . . . . . . . . . . . . . . . . . 246,028,810 227,631,691 222,053,182 5,578,509
004 Campaign Finance Board . . . . . . . . . . . 28,074,630 24,574,630 20,049,756 4,524,874
008 Office of the Actuary . . . . . . . . . . . . . . . 7,337,874 7,041,511 6,883,924 157,587
010 Borough President—Manhattan . . . . . . 5,284,978 5,090,709 4,846,981 243,728
011 Borough President—Bronx . . . . . . . . . . 6,282,711 5,897,277 5,153,745 743,532
012 Borough President—Brooklyn . . . . . . . 7,240,311 7,535,701 6,633,207 902,494
013 Borough President—Queens . . . . . . . . . 5,821,751 5,931,982 5,687,205 244,777
014 Borough President—Staten Island . . . . 4,757,434 4,612,341 4,464,923 147,418
015 Office of the Comptroller . . . . . . . . . . . 99,482,045 99,750,757 88,778,594 10,972,163
021 Office of Administrative Tax Appeals . . 5,607,501 5,598,844 5,455,984 142,860
025 Law Department . . . . . . . . . . . . . . . . . . 249,122,481 265,903,319 263,807,583 2,095,736
030 Department of City Planning . . . . . . . . . 51,318,387 44,043,962 42,819,977 1,223,985
032 Department of Investigation . . . . . . . . . 45,318,718 49,667,988 47,103,226 2,564,762
063 Department of Veterans’ Services . . . . . 5,361,344 5,926,467 4,975,126 951,341
101 Public Advocate . . . . . . . . . . . . . . . . . . . 4,529,267 4,391,087 4,341,099 49,988
102 City Council . . . . . . . . . . . . . . . . . . . . . 87,634,816 85,034,816 80,140,820 4,893,996
103 City Clerk . . . . . . . . . . . . . . . . . . . . . . . 5,832,237 5,657,786 5,506,511 151,275
127 Financial Information Services Agency . 114,946,717 110,681,142 108,159,816 2,521,326
131 Office of Payroll Administration . . . . . . 15,783,955 15,815,187 15,363,690 451,497
132 Independent Budget Office . . . . . . . . . . 5,947,967 5,090,978 4,556,049 534,929
133 Equal Employment Practices
Commission . . . . . . . . . . . . . . . . . . . . 1,219,802 1,167,802 1,132,060 35,742
134 Civil Service Commission . . . . . . . . . . . 1,193,601 1,059,220 957,982 101,238
136 Landmarks Preservation Commission . . 7,035,241 6,485,878 6,443,033 42,845
226 Commission on Human Rights . . . . . . . 14,157,148 12,809,055 12,151,775 657,280
260 Department of Youth and Community
Development . . . . . . . . . . . . . . . . . . . 798,444,051 808,803,811 783,648,904 25,154,907
312 Conflicts of Interest Board . . . . . . . . . . 2,703,587 2,558,291 2,530,686 27,605
313 Office of Collective Bargaining . . . . . . . 2,433,944 2,305,963 2,248,334 57,629
341 Manhattan Community Board #1 . . . . . 301,384 465,495 303,604 161,891
342 Manhattan Community Board #2 . . . . . 372,013 427,612 338,438 89,174
343 Manhattan Community Board #3 . . . . . 439,192 433,938 417,543 16,395
344 Manhattan Community Board #4 . . . . . 442,139 458,139 385,590 72,549
345 Manhattan Community Board #5 . . . . . 386,258 402,258 332,344 69,914
346 Manhattan Community Board #6 . . . . . 469,134 576,190 454,916 121,274
347 Manhattan Community Board #7 . . . . . 396,703 392,844 334,762 58,082
348 Manhattan Community Board #8 . . . . . 471,018 467,018 385,518 81,500
349 Manhattan Community Board #9 . . . . . 434,140 431,986 309,172 122,814
350 Manhattan Community Board #10 . . . . 416,499 415,454 355,307 60,147
351 Manhattan Community Board #11 . . . . 389,453 374,689 300,085 74,604
352 Manhattan Community Board #12 . . . . 454,820 450,820 406,984 43,836
381 Bronx Community Board #1 . . . . . . . . . 362,334 358,334 356,004 2,330
382 Bronx Community Board #2 . . . . . . . . . 353,956 349,956 269,641 80,315
383 Bronx Community Board #3 . . . . . . . . . 360,298 357,744 337,254 20,490
384 Bronx Community Board #4 . . . . . . . . . 309,386 305,386 283,134 22,252
385 Bronx Community Board #5 . . . . . . . . . 296,884 293,567 191,750 101,817
386 Bronx Community Board #6 . . . . . . . . . 296,884 292,884 252,787 40,097
387 Bronx Community Board #7 . . . . . . . . . 357,537 353,436 334,495 18,941
(Continued)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G4 (Cont.)
Expenditures and Transfers vs. Budget by Agency
Actual Better (Worse)
_______________________________Budget
___________________________________________ Expenditures Than Modified
___________Adopted
______________________ __________Modified
_______________________ _____and
_______Transfers
_____________________ ___________Budget
______________________
(Continued)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G4 (Cont.)
Expenditures and Transfers vs. Budget by Agency
Actual Better (Worse)
_______________________________Budget
___________________________________________ Expenditures Than Modified
___________Adopted
______________________ __________Modified
_______________________ _____and
_______Transfers
_____________________ ___________Budget
______________________
(Continued)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G4 (Cont.)
Expenditures and Transfers vs. Budget by Agency
Actual Better (Worse)
_______________________________Budget
___________________________________________ Expenditures Than Modified
___________Adopted
______________________ __________Modified
_______________________ _____and
_______Transfers
_____________________ ___________Budget
______________________
SOCIAL SERVICES:
068 Administration for Children’s Services . $ 2,690,075,150 $ 2,736,041,361 $ 2,448,715,553 $ 287,325,808
069 Department of Social Services . . . . . . . 10,246,927,344 10,567,813,855 10,408,734,036 159,079,819
071 Department of Homeless Services . . . . 2,118,628,157 2,369,290,343 2,352,590,526 16,699,817
125 Department for the Aging . . . . . . . . . . . ________418,624,097
__________________ ________441,020,076
__________________ ________421,015,135
__________________ ________20,004,941
________________
Total Social Services . . . . . . . . . . . . . . . ___15,474,254,748
_______________________ 16,114,165,635
__________________________ 15,631,055,250
__________________________ 483,110,385
________________________
ENVIRONMENTAL PROTECTION:
826 Department of Environmental Protection 1,299,673,801 1,378,424,701 1,298,507,012 79,917,689
827 Department of Sanitation . . . . . . . . . . . _____1,757,089,820
_____________________ _____2,077,302,677
_____________________ _____2,081,062,281
_____________________ ________(3,759,604)
________________
Total Environmental Protection . . . . . . . _____3,056,763,621
_____________________ 3,455,727,378
__________________________ 3,379,569,293
__________________________ 76,158,085
________________________
TRANSPORTATION SERVICES:
841 Department of Transportation . . . . . . . . 836,631,273 871,471,332 853,910,391 17,560,941
Miscellaneous—Payments to the
Transit Authority . . . . . . . . . . . . . . . . 1,023,613,951 1,078,368,446 1,077,949,782 418,664
Miscellaneous—Payments to Private
Bus Companies . . . . . . . . . . . . . . . . . ____________1,512,315
______________ ___________________8,346
_______ ___________________8,346
_______ ______________________—
__
Total Transportation Services . . . . . . . . _____1,861,757,539
_____________________ 1,949,848,124
__________________________ 1,931,868,519
__________________________ 17,979,605
________________________
PARKS, RECREATION AND CULTURAL ACTIVITIES:
126 Department of Cultural Affairs . . . . . . . 211,837,369 208,817,882 203,754,494 5,063,388
846 Department of Parks and Recreation . . . ________472,554,441 __________________ ________462,372,940
__________________ ________453,993,646
__________________ __________8,379,294
______________
Total Parks, Recreation and
Cultural Activities . . . . . . . . . . . . . . . ________684,391,810
__________________ ________671,190,822
__________________ ________657,748,140
__________________ ________13,442,682
________________
HOUSING:
806 Housing Preservation and Development 994,216,664 1,153,419,614 1,102,463,198 50,956,416
810 Department of Buildings . . . . . . . . . . . . 208,445,214 188,043,462 187,494,445 549,017
Miscellaneous—Payments to the
Housing Authority . . . . . . . . . . . . . . . ____________1,530,424
______________ ____________1,317,467
______________ ____________1,317,467
______________ ______________________—
__
Total Housing . . . . . . . . . . . . . . . . . . . . _____1,204,192,302
_____________________ 1,342,780,543
__________________________ 1,291,275,110
__________________________ 51,505,433
________________________
HEALTH:
816 Department of Health and Mental
Hygiene . . . . . . . . . . . . . . . . . . . . . . . 1,719,093,434 1,904,819,083 1,814,493,158 90,325,925
819 New York City Health and Hospitals
Corporation . . . . . . . . . . . . . . . . . . . . ________721,411,232
__________________ ________953,151,882
__________________ ________705,441,415
__________________ ______247,710,467
__________________
Total Health . . . . . . . . . . . . . . . . . . . . . . _____2,440,504,666
_____________________ 2,857,970,965
__________________________ 2,519,934,573
__________________________ 338,036,392
________________________
LIBRARIES:
035 New York Research Libraries . . . . . . . . 31,015,958 31,043,364 31,021,163 22,201
037 New York Public Library . . . . . . . . . . . . 154,638,432 156,180,543 156,095,392 85,151
038 Brooklyn Public Library . . . . . . . . . . . . 116,568,156 117,443,212 117,465,698 (22,486)
039 Queens Borough Public Library . . . . . . ________122,020,931 __________________ ________122,657,460
__________________ ________122,602,122
__________________ _______________55,338
_________
Total Libraries . . . . . . . . . . . . . . . . . . . . ________424,243,477
__________________ 427,324,579
__________________________ 427,184,375
__________________________ 140,204
________________________
(Continued)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G4 (Cont.)
Expenditures and Transfers vs. Budget by Agency
Actual Better (Worse)
_______________________________Budget
___________________________________________ Expenditures Than Modified
___________Adopted
______________________ __________Modified
_______________________ _____and
_______Transfers
_____________________ ___________Budget
______________________
PENSIONS:
095 Pension Contributions . . . . . . . . . . . . . . $_____9,850,843,032
_____________________ $_____9,673,567,678
_____________________ $_____9,671,637,645
_____________________ _$_________1,930,033
______________
Judgments and Claims . . . . . . . . . . . . . . . . . . . . . . ________711,889,219
__________________ ________732,521,219
__________________ ________708,969,870
__________________ 23,551,349
________________________
Fringe Benefits and Other Benefit Payments . . . . _____6,554,474,891
_____________________ _____5,491,626,450
_____________________ _____5,476,721,838
_____________________ ________14,904,612
________________
Lease Payments . . . . . . . . . . . . . . . . . . . . . . . . . . ________126,033,282
__________________ ________101,332,880
__________________ ________100,582,877
__________________ _____________750,003
___________
OTHER:
098 Miscellaneous . . . . . . . . . . . . . . . . . . . . _____3,551,570,350
_____________________ _____1,028,072,946
_____________________ _____1,700,596,729
_____________________ _____(672,523,783)
___________________
Total Expenditures . . . . . . . . . . . . . . . . . ___88,126,627,565
_______________________ 88,679,616,971
__________________________ 87,849,439,997
__________________________ ______830,176,974
__________________
TRANSFERS:
General Debt Service Fund:
099 Debt Service . . . . . . . . . . . . . . . . . . . . . 2,390,793,179 3,417,528,131 3,391,468,172 26,059,959
Miscellaneous—Transitional Finance Authority :
Building Aid Revenue Bonds . . . . . . . . 827,839,105 814,727,599 796,519,538 18,208,061
Future Tax Secured . . . . . . . . . . . . . . . . ________691,214,348
__________________ _____3,061,537,729
_____________________ _____3,061,522,938
_____________________ _______________14,791
_________
Total Transfers . . . . . . . . . . . . . . . . . . . . 3,909,846,632
__________________________ _____7,293,793,459
_____________________ _____7,249,510,648
_____________________ 44,282,811
________________________
Total Expenditures and Transfers vs.
Budget by Agency . . . . . . . . . . . . . . . $______92,036,474,197
______________________________________________ $______95,973,410,430
______________________________________________ $______95,098,950,645
______________________________________________ __$__________874,459,785
____________________________________
273
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G5
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G5 (Cont.)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G5 (Cont.)
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Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
PERSONAL SERVICES:
Full-Time Salaried—
001 Full Year Positions . . . . . . . . . . . . . . . $ 7,838,222,064 $ 8,041,931,209 $ 7,684,111,489 $ 7,318,267,087
004 Full-Time Uniformed Personnel . . . . 5,381,906,088 5,552,940,451 5,311,473,812 5,339,786,487
005 Full-Time Pedagogical Personnel . . . 10,600,973,045 10,612,493,834 10,515,562,882 10,244,532,728
095 Payroll Refunds . . . . . . . . . . . . . . . . . ________________________—
___ _________________29,022
__________ _________(32,095,110)
__________________ _________(25,314,346)
__________________
Total Full-Time Salaried . . . . . . . . . . 23,821,101,197
___________________________ 24,207,394,516
___________________________ 23,479,053,073 22,877,271,956
___________________________ ___________________________
Other Salaried—
021 Part-Time Positions . . . . . . . . . . . . . . 29,104,379 28,905,341 27,454,070 27,054,982
022 Seasonal Positions . . . . . . . . . . . . . . . ________103,739,821
___________________ ________109,870,862
___________________ __________91,146,264
_________________ __________96,514,686
_________________
Total Other Salaried . . . . . . . . . . . . . . ________132,844,200
___________________ ________138,776,203
___________________ 118,600,334
___________________________ 123,569,668
___________________________
Unsalaried—
031 Hourly Positions . . . . . . . . . . . . . . . . 1,139,905,345 1,147,717,259 1,184,332,910 1,160,222,949
032 Daily . . . . . . . . . . . . . . . . . . . . . . . . . — 12,732 — —
035 Custodial Allowances . . . . . . . . . . . . 123,306,514 120,634,558 106,960,699 99,993,844
039 Health Club Reimbursement . . . . . . . _________________________—
__ _______________774,701
____________ _______________772,736
____________ ____________1,033,677
_______________
Total Unsalaried . . . . . . . . . . . . . . . . . 1,263,211,859
___________________________ 1,269,139,250
___________________________ 1,292,066,345
___________________________ 1,261,250,470
___________________________
Additional Gross Pay—
040 Educational and License Differential 3,168,567 3,300,206 6,681,248 5,357,373
041 Assignment Differential . . . . . . . . . . . 169,767,934 184,577,804 195,458,673 192,337,287
042 Longevity Differential . . . . . . . . . . . . 423,468,898 431,625,314 477,700,291 477,463,675
043 Shift Differential . . . . . . . . . . . . . . . . 253,484,523 266,592,787 272,134,808 264,876,978
045 Holiday Pay . . . . . . . . . . . . . . . . . . . . 229,413,699 241,961,799 259,461,499 261,428,501
046 Terminal Leave . . . . . . . . . . . . . . . . . 25,869,517 62,687,363 97,882,993 90,184,324
047 Overtime . . . . . . . . . . . . . . . . . . . . . . 354,203,531 461,450,944 602,049,644 645,144,630
048 Overtime-Uniformed Forces . . . . . . . 1,024,306,504 1,257,311,764 1,241,593,395 1,137,411,059
049 Backpay . . . . . . . . . . . . . . . . . . . . . . . 11,721,716 12,736,238 98,789,366 93,773,436
050 Payments to Beneficiaries of
Deceased Employees . . . . . . . . . . . 1,097,836 1,353,905 604,182 360,377
052 Severance Payments . . . . . . . . . . . . . . 197,701 58,600 11,600,000 —
054 Salary Review Adjustments . . . . . . . . 417,266 417,266 — —
055 Salary Adjustments-Labor Reserve . . 1,800,716,291 1,450,668,734 1,455,184,497 1,173,990,847
057 Bonus Payments . . . . . . . . . . . . . . . . . 64,985 64,985 7,644,041 6,363,902
058 Non-Pensionable Preparation Period . . 21,923,000 21,923,000 12,475,076 16,815,138
059 Payment of Deferred Wages . . . . . . . — — (2,401) —
060 Interest on Deferred Wages / Late
Wage Adjustments . . . . . . . . . . . . . — — — (6)
061 Supper Money . . . . . . . . . . . . . . . . . . 1,527,161 1,809,494 3,715,601 4,075,503
073 Voluntary Vacation Work . . . . . . . . . . — — 6,108,604 —
091 Payments Per Session . . . . . . . . . . . . ________363,283,462
___________________ ________359,717,736
___________________ ________313,295,769
___________________ ________438,609,360
___________________
Total Additional Gross Pay . . . . . . . . _____4,684,632,591
______________________ _____4,758,257,939
______________________ _____5,062,377,286
______________________ _____4,808,192,384
______________________
Amounts to be Scheduled—
051 Salary Adjustments . . . . . . . . . . . . . . 4,523,644 4,417,090 — (6,242,440)
053 Other Than Salary Adjustments . . . . . ____________4,983,038
_______________ ____________4,063,548
_______________ _________________61,618
__________ ___________________8,807
________
Total Amounts to be Scheduled . . . . . 9,506,682
___________________________ 8,480,638
___________________________ _________________61,618
__________ (6,233,633)
___________________________
Miscellaneous Expense—
090 Unrecoverable Payroll Expense . . . . . ________________________—___ _________________35,000
__________ _________________34,157
__________ _______________________709
____
Total Miscellaneous Expense . . . . . . . _________________________—__ _________________35,000
__________ _________________34,157
__________ 709
___________________________
(Continued)
309
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
PERSONAL SERVICES: (cont.)
Fringe Benefits—-Pensions:
070 Actuarial Pension Costs . . . . . . . . . . . $ 35,944,667 $ 34,113,233 $ 34,013,233 $ 33,391,687
071 Non-Actuarial Pension Costs . . . . . . . 50,000 50,000 — —
072 New York City Employees’ Retirement
System Contingent Reserve Fund . . 2,075,111,606 2,083,332,285 2,083,234,189 2,046,203,597
075 Supplemental Pension Fund . . . . . . . 300,000 300,000 153,909 182,591
076 Cultural Institutions Pension Fund . . 23,306,388 25,306,388 24,757,759 23,342,881
077 Teachers’ Retirement System Pension
Fund Reserve No. 2 . . . . . . . . . . . . 47,358,157 46,140,141 46,140,141 46,344,383
079 Teachers’ Retirement System
Contingent Reserve Fund . . . . . . . . 3,576,893,132 3,441,239,116 3,441,239,116 3,547,397,502
080 Teachers’ Insurance Annuity
Association—College Retirement
Equities Fund . . . . . . . . . . . . . . . . . 44,314,595 31,614,595 30,529,282 29,290,481
082 Police Actuarial Pension Fund . . . . . . 2,458,913,259 2,458,907,408 2,458,907,408 2,558,256,001
083 Fire Actuarial Pension Fund . . . . . . . 1,417,440,517 1,419,269,763 1,419,269,763 1,398,565,399
084 Department of Education Retirement
System . . . . . . . . . . . . . . . . . . . . . . 260,435,805 245,646,817 245,646,817 257,905,187
094 Additional Pension Accrual . . . . . . . . __________23,043,872
_________________ _________________________—
__ _________________________—
__ _________________________—
__
Total Fringe Benefits—Pensions . . . . 9,963,111,998
___________________________ 9,785,919,746
___________________________ 9,783,891,617
___________________________ 9,940,879,709
___________________________
Fringe Benefits—-Other:
062 Health Insurance Plan City Employees . 7,120,522,735 5,929,481,319 5,921,964,345 6,206,173,585
063 Disability Benefits Insurance . . . . . . . 615,975 615,975 — 123,805
064 Allowance for Uniforms . . . . . . . . . . 71,457,878 79,028,765 83,014,473 79,869,696
065 Social Security Contributions . . . . . . 2,225,664,565 2,236,212,721 2,214,225,425 2,147,848,859
066 Unemployment Insurance . . . . . . . . . 37,547,730 47,586,040 46,471,697 26,168,608
067 Supplemental Employee Welfare
Benefits . . . . . . . . . . . . . . . . . . . . . 1,334,042,891 1,268,689,170 1,247,721,652 1,180,423,702
068 Faculty Welfare Benefits . . . . . . . . . . 12,003,070 12,143,070 12,588,618 12,733,716
081 Contribution Annuity . . . . . . . . . . . . . 120,137,704 118,236,569 120,568,413 114,453,003
085 Awards / Expenses—Workers’
Compensation . . . . . . . . . . . . . . . . . 368,788,508 436,803,523 435,501,681 408,305,422
086 Workers’ Compensation—Other . . . . 42,400,000 29,663,434 29,663,180 35,419,701
089 Fringe Benefits—Other . . . . . . . . . . . __________10,382,781
_________________ __________51,715,822
_________________ _______________173,289
____________ _______________289,979
____________
Total Fringe Benefits—Other . . . . . . 11,343,563,837
___________________________ 10,210,176,408
___________________________ 10,111,892,773
___________________________ 10,211,810,076
___________________________
Total Fringe Benefits . . . . . . . . . . . . . ___21,306,675,835
________________________ ___19,996,096,154
________________________ ___19,895,784,390
________________________ ___20,152,689,785
________________________
Total Personal Services . . . . . . . . . . . 51,217,972,364
___________________________ 50,378,179,700
___________________________ 49,847,977,203
___________________________ 49,216,741,339
___________________________
OTHER THAN PERSONAL SERVICES:
Supplies and Materials—
100 Supplies and Materials—General . . . 969,051,885 914,048,340 670,898,088 706,023,419
101 Printing Supplies . . . . . . . . . . . . . . . . 4,467,595 4,153,766 3,177,704 3,821,849
105 Automotive Supplies and Materials . . 64,192,728 81,039,368 79,005,488 82,398,070
106 Motor Vehicle Fuel . . . . . . . . . . . . . . 80,146,864 66,670,874 62,794,831 80,209,927
107 Medical, Surgical and Laboratory
Supplies . . . . . . . . . . . . . . . . . . . . . 27,029,926 610,610,265 609,159,030 25,601,020
109 Fuel Oil . . . . . . . . . . . . . . . . . . . . . . . 84,334,448 56,337,245 52,239,536 75,803,169
110 Food and Forage Supplies . . . . . . . . . 328,317,889 556,123,426 536,352,175 238,205,555
(Continued)
310
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
OTHER THAN PERSONAL SERVICES: (cont.)
111 Audio Visual Supplies—BOE Only . . $ — $ — $ 550,001 $ —
117 Postage . . . . . . . . . . . . . . . . . . . . . . . . 35,159,775 46,650,749 44,185,160 38,609,491
130 Instructional Supplies . . . . . . . . . . . . 1,237,146 1,228,396 — —
132 Expenditures Relative to
Commissaries . . . . . . . . . . . . . . . . . 8,411,000 8,419,835 6,313,232 7,718,421
133 Expenditures Relative to
Manufacturing Industries . . . . . . . . 1,292,305 926,805 783,276 225,305
169 Maintenance Supplies . . . . . . . . . . . . 30,044,119 50,363,771 44,921,931 46,699,974
170 Cleaning Supplies . . . . . . . . . . . . . . . 885,027 2,827,514 2,420,933 1,019,050
199 Data Processing Supplies . . . . . . . . . . __________88,606,545
_________________ ________100,470,894
___________________ __________86,535,892
_________________ __________93,559,499
_________________
Total Supplies and Materials . . . . . . . _____1,723,177,252
______________________ _____2,499,871,248
______________________ _____2,199,337,277
______________________ _____1,399,894,749
______________________
Property and Equipment—
300 Equipment—General . . . . . . . . . . . . . 168,086,297 272,198,992 240,974,116 209,198,639
302 Telecommunications Equipment . . . . 2,189,343 21,180,895 21,827,240 5,824,665
304 Motor Vehicle Equipment . . . . . . . . . 924,115 72,090 — 172,905
305 Motor Vehicles . . . . . . . . . . . . . . . . . . 51,609,878 37,217,043 33,205,243 73,290,984
307 Medical, Surgical and Laboratory
Equipment . . . . . . . . . . . . . . . . . . . 4,335,038 27,193,679 26,925,993 3,227,122
314 Office Furniture . . . . . . . . . . . . . . . . . 9,211,881 13,960,419 11,151,792 17,389,657
315 Office Equipment . . . . . . . . . . . . . . . . 3,843,614 3,482,739 2,543,929 3,958,075
319 Security Equipment . . . . . . . . . . . . . . 3,743,984 3,985,060 3,367,784 3,911,029
330 Instructional Equipment . . . . . . . . . . . 142,091 173,942 39,060 89,324
332 Purchases of Data Processing
Equipment . . . . . . . . . . . . . . . . . . . 24,430,738 39,022,090 37,144,262 35,955,580
337 Books—Other . . . . . . . . . . . . . . . . . . 123,985,856 132,151,961 87,078,224 102,918,659
338 Library Books . . . . . . . . . . . . . . . . . . __________34,091,756
_________________ __________35,542,034
_________________ __________26,438,596
_________________ __________31,021,057
_________________
Total Property and Equipment . . . . . . 426,594,591
___________________________ 586,180,944
___________________________ 490,696,239
___________________________ 486,957,696
___________________________
Other Services and Charges—
400 Other Services and Charges—
General . . . . . . . . . . . . . . . . . . . . . . 578,015,781 809,164,071 793,405,448 676,200,236
402 Telephone and Other
Communications . . . . . . . . . . . . . . 144,339,233 258,969,066 231,613,441 215,424,533
403 Office Services . . . . . . . . . . . . . . . . . . 6,310,856 11,974,932 7,507,948 7,238,570
404 Traveling Expenses . . . . . . . . . . . . . . 6,995 4,686 4,231 3,731
406 Professional Services—Contractual . . . — 10,380 5,419 9,998
407 Maintenance and Repairs—
Motor Vehicle Equipment . . . . . . . . . 407,853 35,623 14,652 7,072
408 Maintenance Repairs—General . . . . . — 12,041 12,041 —
412 Rentals—Miscellaneous Equipment . . 28,614,850 44,019,694 36,502,997 40,929,254
413 Rentals—Data Processing Equipment . . 1,557,074 1,787,422 1,940,534 2,372,019
414 Rentals—Land, Buildings and
Structures . . . . . . . . . . . . . . . . . . . . 1,235,636,073 1,279,567,500 1,238,994,396 1,171,160,586
415 Printing Contracts . . . . . . . . . . . . . . . 90,720 288,228 266,982 255,983
417 Advertising . . . . . . . . . . . . . . . . . . . . 36,054,130 84,568,367 76,503,458 56,253,714
419 Security Services . . . . . . . . . . . . . . . . — 6,000 5,048 4,595
423 Heat, Light and Power . . . . . . . . . . . . 752,060,699 686,025,333 654,883,222 740,817,350
424 Cleaning Services . . . . . . . . . . . . . . . — 500 28 13,706
427 Data Processing Services . . . . . . . . . . 2,031,769 7,515,636 6,520,663 5,203,099
(Continued)
311
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
OTHER THAN PERSONAL SERVICES: (cont.)
431 Leasing of Miscellaneous Equipment . . $ 5,608,909 $ 7,102,944 $ 3,550,966 $ 1,257,052
432 Leasing of Data Processing
Equipment . . . . . . . . . . . . . . . . . . . 897,249 1,037,643 926,080 926,617
451 Non Overnight Travel Expenditures—
General . . . . . . . . . . . . . . . . . . . . . . . . 27,485,981 29,086,965 16,087,178 28,986,094
452 Non Overnight Travel Expenditures—
Special . . . . . . . . . . . . . . . . . . . . . . 1,956,611 2,227,157 1,541,006 2,096,515
453 Overnight Travel Expenditures—
General . . . . . . . . . . . . . . . . . . . . . . 6,110,011 8,947,082 8,111,743 8,789,933
454 Overnight Travel Expenditures—
Special . . . . . . . . . . . . . . . . . . . . . . 4,823,741 6,881,123 5,761,526 5,984,638
456 Higher Education—Student
Assistance . . . . . . . . . . . . . . . . . . . . 967,055 1,300,210 1,270,459 1,045,158
460 Special Expenditures . . . . . . . . . . . . . 39,167,669 149,859,931 147,601,030 176,968,828
465 Obligatory County Expenditures . . . . 134,501,495 134,198,858 131,907,378 149,000,185
470 Payments to State Division of Youth . 31,360,737 14,259,202 (91,382,813) 14,720,000
473 Snow Removal Services . . . . . . . . . . 2,974,663 1,106,903 797,361 1,639,186
488 Bank Charges—Public Assistance
Accounts . . . . . . . . . . . . . . . . . . . . . — 75 75 —
490 Special Services . . . . . . . . . . . . . . . . . 18,248 223,393 65,708 113,732
493 Financial Assistance—College
Students . . . . . . . . . . . . . . . . . . . . . 29,707,787 44,817,238 40,631,567 42,876,924
494 Payments for Students Attending
Community Colleges Outside
the City . . . . . . . . . . . . . . . . . . . . . . 35,965,000 22,465,000 17,055,298 17,753,772
496 Allowances to Participants . . . . . . . . . 858,278 1,265,874 1,206,609 327,504
497 State Building Aid . . . . . . . . . . . . . . . — 814,727,599 796,519,538 —
499 Other Expenditures—General . . . . . . _____1,922,165,891______________________ ________212,833,142
___________________ ________140,590,618
___________________ ________868,808,753
___________________
Total Other Services and Charges . . . _____5,029,695,358
______________________ 4,636,289,818
___________________________ 4,270,421,835
___________________________ _____4,237,189,337
______________________
Social Services—
500 Social Services—General . . . . . . . . . 800,069 2,450,947 787,599 1,015,977
504 Direct Foster Care of Children . . . . . 108,406,369 122,070,722 118,774,772 113,664,218
505 Subsidized Adoption . . . . . . . . . . . . . 270,420,116 262,517,669 217,008,401 225,194,143
509 Non-Grant Charges . . . . . . . . . . . . . . 192,829,313 380,183,821 348,285,539 332,793,172
510 Homeless Family Services . . . . . . . . . 103,150,325 105,390,292 97,203,111 93,109,963
511 AIDS Services . . . . . . . . . . . . . . . . . . 14,713,288 44,856,692 43,687,851 46,004,314
512 Employment Services . . . . . . . . . . . . 48,975,923 34,061,085 26,663,368 31,282,633
513 Home Energy Assistance Program . . — 36,396,284 33,653,004 33,873,563
514 Aid to Dependent Children . . . . . . . . 804,456,483 779,253,238 723,390,104 773,590,750
515 Payments for Tuberculosis Treatment . . 67,257 67,257 54,751 (26,742)
516 Payments for Home Relief . . . . . . . . . 838,163,109 814,720,115 729,177,348 757,071,090
518 Medical Assistance . . . . . . . . . . . . . . 5,798,687,426 6,120,042,426 6,216,892,869 6,024,126,520
519 Children’s Voluntary Agency
Medicaid . . . . . . . . . . . . . . . . . . . . . 25,161,870 21,161,870 19,637,402 20,799,942
532 Mental Health Services—New York City
Health and Hospitals Corporation . . . 1,812,411 344,000 — —
543 Special Educational Facilities for the
Institutionalized and Foster Care . . 47,719,264 39,361,196 30,000,000 33,091,637
(Continued)
312
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
(Continued)
313
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
OTHER THAN PERSONAL SERVICES: (cont.)
658 Veterinary Services—Contractual . . . $ 17,884,964 $ 18,383,338 $ 17,950,559 $ 17,406,771
659 Homeless Individual Services—
Contractual . . . . . . . . . . . . . . . . . . . 685,348,457 966,642,592 966,535,379 793,601,152
660 Economic Development—
Contractual . . . . . . . . . . . . . . . . . . . 54,501,500 131,853,496 124,212,935 48,387,963
662 Employment Services—Contractual . 150,164,130 158,741,553 142,864,868 160,591,670
665 Legal Aid Society—Contractual . . . . 115,420,254 152,070,931 156,203,747 125,457,864
667 Payments to Cultural Institutions—
Contractual . . . . . . . . . . . . . . . . . . . 73,102,180 102,443,819 99,141,838 84,582,099
668 Bus Transportation for Reimbursable
Programs—Contractual . . . . . . . . . 40,111 41,149 — —
669 Transportation of Pupils—
Contractual . . . . . . . . . . . . . . . . . . . 1,244,894,318 1,301,945,885 1,310,889,206 1,373,434,094
670 Payments to Contract Schools and
Corporate Schools for Handicapped
Children—Contractual . . . . . . . . . . 1,640,504,384 1,667,475,896 1,713,025,268 1,489,882,742
671 Training Program for City
Employees—Contractual . . . . . . . . 29,344,379 34,570,321 21,411,433 31,893,268
672 Charter Schools . . . . . . . . . . . . . . . . . 2,292,407,890 2,409,098,382 2,408,644,538 2,109,984,428
676 Maintenance and Operation of
Infrastructure—Contractual . . . . . . 1,104,844,151 1,098,453,483 1,063,044,118 1,057,602,069
678 Payments to Delegate Agencies—
Contractual . . . . . . . . . . . . . . . . . . . 697,482,101 776,654,573 746,430,458 657,861,679
681 Professional Services—Accounting,
Auditing and Actuarial Services—
Contractual . . . . . . . . . . . . . . . . . . . 27,531,405 26,990,620 26,104,572 30,402,384
682 Professional Services—Legal
Services—Contractual . . . . . . . . . . 161,784,396 215,501,284 226,898,632 187,860,615
683 Professional Services Engineering
and Architectural Services—
Contractual . . . . . . . . . . . . . . . . . . . 53,143,434 44,526,880 38,255,442 45,361,537
684 Professional Services—Computer
Services—Contractual . . . . . . . . . . 165,331,931 300,411,207 281,527,773 225,112,462
685 Professional Services—Direct
Educational Services to Students—
Contractual . . . . . . . . . . . . . . . . . . . 870,813,067 866,192,816 875,222,329 858,415,625
686 Professional Services—Other—
Contractual . . . . . . . . . . . . . . . . . . . 354,483,590 684,644,148 650,388,011 454,480,499
688 Bank Charges—Public Assistance
Accounts—Contractual . . . . . . . . . 298,767 226,492 12,189 328,489
689 Professional Services—Curriculum
and Professional Development—
Contractual . . . . . . . . . . . . . . . . . . . 139,948,302 141,363,450 110,707,261 142,753,858
695 Educational and Recreational
Expenditures for Youth Programs—
Contractual . . . . . . . . . . . . . . . . . . . ________545,733,379
___________________ ________575,084,077
___________________ ________554,509,599
___________________ ________537,570,463
___________________
Total Contractual Services . . . . . . . . . ___17,315,986,801
________________________ 19,066,565,284
___________________________ 18,415,862,912
___________________________ 17,138,816,555
___________________________
(Continued)
314
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
OTHER THAN PERSONAL SERVICES: (cont.)
Fixed and Miscellaneous Charges—
700 Fixed Charges—General . . . . . . . . . . $ 199,365,158 $ 166,726,451 $ 158,419,157 $ 185,119,276
701 Taxes and Licenses . . . . . . . . . . . . . . 167,955,433 168,344,001 167,835,673 166,997,605
702 Payments to Staten Island Rapid
Transit Operating Authority . . . . . . 44,500,000 41,650,000 41,650,000 50,032,000
703 Advance to State of New York for
CUNY Senior College
Expenditures . . . . . . . . . . . . . . . . . . 67,275,000 67,275,000 32,275,000 32,275,000
704 Payments for Surety Bonds and
Insurance Premiums . . . . . . . . . . . . 14,428,541 36,525,202 62,718,683 22,894,133
706 Prompt Payments Interest . . . . . . . . . 1,500 63,425 60,991 424,467
707 Crime Prevention Injury Award . . . . . 150,000 150,000 31,994 34,902
708 Awards to Widows or Other
Dependents of the NYC Uniformed
Forces Killed in the Performance
of Duty . . . . . . . . . . . . . . . . . . . . . . 620,000 1,020,000 778,994 340,713
709 Awards to Beneficiaries of City
Employees Other Than Uniformed
Forces Killed in the Performance
of Duty . . . . . . . . . . . . . . . . . . . . . . 25,000 — — —
713 MTA Payroll Tax . . . . . . . . . . . . . . . . 60,280,445 56,299,478 55,929,775 53,763,499
714 Payments to New York City Health
and Hospitals Corporation . . . . . . . 806,076,437 1,087,281,289 827,027,259 1,032,538,421
715 Payments to Cultural Institutions . . . . 79,757,580 86,819,798 86,614,653 84,655,875
716 Payments to Libraries . . . . . . . . . . . . 404,187,385 411,933,937 411,719,670 382,261,172
718 Payments for Special Schooling—
Handicapped Children . . . . . . . . . . 23,137,130 23,137,130 17,800,021 19,044,285
719 Judgments and Claims . . . . . . . . . . . . 712,572,322 733,835,213 708,337,645 705,655,462
724 Job Training Partnership Act—Wages . . 60,926,437 134,358,406 131,152,334 125,694,232
725 Job Training Partnership Act—
Fringe Benefits . . . . . . . . . . . . . . . . 1,777,835 10,485,810 10,377,753 10,157,944
730 Tuition Payments for Out-of-City
Foster Care . . . . . . . . . . . . . . . . . . . 8,027,745 8,027,745 16,456,709 7,517,906
731 Health Service Charges for
Out-of-City Care . . . . . . . . . . . . . . 2,390,161 2,390,161 6,450,842 1,503,492
732 Miscellaneous Awards . . . . . . . . . . . . 5,486,123 569,420 455,485 6,686,663
735 Payments for Cultural
Programs/Services . . . . . . . . . . . . . 423,139 678,146 533,785 319,853
736 Payments for Water/ Sewer Usage . . . 120,425,600 120,562,835 119,018,523 117,380,970
739 Pollution Remediation Cost . . . . . . . . — 137,153,746 137,153,746 146,495,456
740 Payments To Property Owners . . . . . . — 19,943,559 19,949,094 47,913,422
741 Payments To Contractors . . . . . . . . . . — 18,185,663 18,185,662 42,869,225
745 IRT Relief/LIRR Grade Crossings /
Roosevelt Island . . . . . . . . . . . . . . . 319,972 118,063 118,063 144,616
758 Federal Section 8 Rent Subsidy . . . . . 473,254,750 522,098,830 512,652,667 495,146,725
760 Reduced Fares for the Elderly . . . . . . 15,517,600 1,717,600 1,717,600 15,517,600
762 Subsidy to Private Bus Companies . . 1,412,315 — — —
763 Payments to the MTA for
Maintenance of Stations . . . . . . . . . 99,647,312 97,460,592 97,460,592 96,006,177
767 TA Operating Assistance—18B . . . . . 158,672,000 158,672,000 158,672,000 158,672,000
(Continued)
315
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G6 (Cont.)
Expenditures and Transfers by Object
________________________________Budget
__________________________________________ ______________Expenditures
________________________and
_______Transfers
_____________________________
__________Adopted
_______________________ __________Modified
_______________________ _____________2020
____________________ _____________2019
____________________
OTHER THAN PERSONAL SERVICES: (cont.)
770 Payments to New York City Housing
Authority . . . . . . . . . . . . . . . . . . . . $ 162,437,204 $ 273,001,961 $ 272,481,752 $ 224,487,022
771 Payments to Military and Other Units . . 760 38,591 38,590 31,824
772 New York City Transit Authority—
Reduced Fares for Schoolchildren . 45,135,001 135,001 143,563 90,038,151
773 Private Bus Companies—Reduced
Fares for Schoolchildren . . . . . . . . 15,450,338 11,892,309 (221,806) 10,628,551
776 Payments to Metropolitan
Transportation Authority . . . . . . . . 441,861,431 550,710,102 550,710,102 731,025,087
780 Campaign Finances . . . . . . . . . . . . . . 1,000,000 1,000,000 (2,500,000) 9,000,000
782 Unallocated Contingency Reserve . . . 1,150,000,000 20,000,000 — —
790 Transfers to Other Funds . . . . . . . . . . 100,000 — — —
791 Tuition Payments to Other School
Districts . . . . . . . . . . . . . . . . . . . . . 3,826,050 3,826,050 6,226,050 6,226,050
793 Payments to Fashion Institute of
Technology . . . . . . . . . . . . . . . . . . . 57,825,781 60,174,860 60,174,858 58,443,414
794 Training Program for City Employees . . 376,934 130,409 52,670 175,303
796 Sales Tax Revenues Allocated
to OSDC . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000 3,597,177 4,849,227
797 Sales Tax Revenues Allocated to FCB . . 4,000,000 4,000,000 2,738,123 3,627,230
799 Restricted Fund Activity . . . . . . . . . . ________________________—
___ ________________________—
___ ________719,007,685
___________________ _________________________—
__
Total Fixed and Miscellaneous
Charges . . . . . . . . . . . . . . . . . . . . . . _____5,415,626,419
______________________ _____5,043,392,783
______________________ _____5,414,003,134
______________________ _____5,146,594,950
______________________
Transfers for Debt Service—
810 Interest on Bonds—General . . . . . . . 1,643,280,045 5,799,005,745 5,776,336,375 5,595,265,753
850 Redemption of General Obligation
Bonds—General . . . . . . . . . . . . . . . 1,342,998,891 622,845,000 622,845,000 621,456,000
870 Blended Component Units . . . . . . . . . ________126,033,282
___________________ ________101,332,880
___________________ ________100,582,877
___________________ __________96,489,036
_________________
Total Transfers for Debt Service . . . . _____3,112,312,218
______________________ _____6,523,183,625
______________________ _____6,499,764,252
______________________ _____6,313,210,789
______________________
Total Other Than Personal Services . . ___41,283,348,092
________________________ ___47,124,693,455
________________________ ___45,900,880,387
________________________ ___43,214,348,740
________________________
Schedule Adjustments to
Appropriation Amounts . . . . . . . . . ________270,554,171
___________________ _______(869,466,199)
____________________ _________________________—
__ _________________________—
__
92,771,874,627 96,633,406,956 95,748,857,590 92,431,090,079
Transfer to Capital Fund for
Interfund Agreements . . . . . . . . . . . _______(735,400,430) ____________________ _______(659,996,526) ____________________ _______(649,906,945) ____________________ _______(651,871,090) ____________________
Total Expenditures and Transfers
by Object . . . . . . . . . . . . . . . . . . . . __$____92,036,474,197
________________________________________________ __$____95,973,410,430
________________________________________________ __$____95,098,950,645
________________________________________________ __$91,779,218,989
____________________________________________________
316
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7
Revenue and Expenditures—Restricted Fund by Agency
317
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
318
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
(Continued)
319
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
320
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
(Continued)
321
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
(Continued)
322
Comptroller’s Report for Fiscal 2020 Part II-F—General Fund—Schedule G7 (Cont.)
Revenue and Expenditures—Restricted Fund by Agency
323
[This page intentionally left blank]
OTHER SUPPLEMENTARY INFORMATION
_______Federal
_____________________ ____________State
_______________ _________Other
__________________ __________Total
________________
GENERAL GOVERNMENT:
801 Department of Small Business Services . . $ 14,788,228 $ 592,286 $ — $ 15,380,514
856 Department of Citywide Administrative
Services . . . . . . . . . . . . . . . . . . . . . . . —
____________ 9,219,631
______________ —
______________ 9,219,631
_____________
Total General Government . . . . . . . . . . 14,788,228
____________ 9,811,917
______________ —
______________ 24,600,145
_____________
PUBLIC SAFETY AND JUDICIAL:
057 Fire Department . . . . . . . . . . . . . . . . . . . 2,982,966 — — 2,982,966
072 Department of Corrections . . . . . . . . . . 3,756,080
____________ —
______________ —
______________ 3,756,080
_____________
Total Public Safety and Judicial . . . . . . 6,739,046
____________ —
______________ —
______________ 6,739,046
_____________
EDUCATION:
040 Department of Education . . . . . . . . . . . 75,651,884
____________ 10,586,222
______________ —
______________ 86,238,106
_____________
SOCIAL SERVICES:
068 Administration for Children’s Services . . 558,394 1,757,920 — 2,316,314
096 Human Resources Administration . . . . . 5,363,129
____________ 3,148,622
______________ —
______________ 8,511,751
_____________
Total Social Services . . . . . . . . . . . . . . . 5,921,523
____________ 4,906,542
______________ —
______________ 10,828,065
_____________
ENVIRONMENTAL PROTECTION:
826 Department of Environmental
Protection . . . . . . . . . . . . . . . . . . . . . 3,931,379 — 8,841,921 12,773,300
827 Department of Sanitation . . . . . . . . . . . 2,719,013
____________ —
______________ —
______________ 2,719,013
_____________
Total Environmental Protection . . . . . . . 6,650,392
____________ —
______________ 8,841,921
______________ 15,492,313
_____________
TRANSPORTATION SERVICES:
841 Department of Transportation . . . . . . . . 232,432,449
____________ 68,354,783
______________ 25,172,308
______________ 325,959,540
_____________
PARKS, RECREATION AND CULTURAL ACTIVITIES:
126 Department of Cultural Affairs . . . . . . . 3,924,263 — 683,785 4,608,048
846 Department of Parks and Recreation . . . 14,904,528
____________ 4,699,179
______________ 1,766,628
______________ 21,370,335
_____________
Total Parks, Recreation and Cultural
Activities . . . . . . . . . . . . . . . . . . . . . . 18,828,791
____________ 4,699,179
______________ 2,450,413
______________ 25,978,383
_____________
HOUSING:
806 Department of Housing
Preservation and Development . . . . . . . 35,547,144
____________ —
______________ —
______________ 35,547,144
_____________
HEALTH:
816 Department of Health and Mental
Hygiene . . . . . . . . . . . . . . . . . . . . . . . — 263,315 — 263,315
819 New York City Health and Hospitals
Corporation . . . . . . . . . . . . . . . . . . . 141,514,769
____________ —
______________ —
______________ 141,514,769
_____________
Total Health . . . . . . . . . . . . . . . . . . . . . . 141,514,769
____________ 263,315
______________ —
______________ 141,778,084
_____________
LIBRARIES:
039 Queens Borough Public Library . . . . . . —
____________ —
______________ 1,678,505
______________ 1,678,505
_____________
Total Aid Revenues By Agency . . . . . . . $538,074,226
____________
____________ $ 98,621,958
______________
______________ $ 38,143,147
______________
______________ $674,839,331
_____________
_____________
328
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Projects Fund—Schedule CP2
Expenditures by Agency
GENERAL GOVERNMENT:
801 Department of Small Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 276,864,042
856 Department of Citywide Administrative Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449,428,385
858 Department of Information Technology and Telecommunications . . . . . . . . . . . . . . . . . . . . . . . . . . 74,779,787
______________
Total General Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801,072,214
______________
PUBLIC SAFETY AND JUDICIAL:
056 Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,882,256
057 Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,151,334
072 Department of Correction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441,797
______________
Total Public Safety and Judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,475,387
______________
EDUCATION:
040 Department of Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,853,275,322
______________
CITY UNIVERSITY:
042 City University of New York:
Senior Colleges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,098,741
Community Colleges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,047,008
______________
Total City University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,145,749
______________
SOCIAL SERVICES:
068 Administration for Children’s Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,219,839
071 Department of Homeless Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,670,351
096 Human Resources Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,060,188
125 Department for the Aging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,339,470
______________
Total Social Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,289,848
______________
ENVIRONMENTAL PROTECTION:
826 Department of Environmental Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,845,932,787
827 Department of Sanitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,387,874
______________
Total Environmental Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,048,320,661
______________
TRANSPORTATION SERVICES:
841 Department of Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,340,847,798
998 Transit Authority . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,116,364
______________
Total Transportation Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,435,964,162
______________
PARKS, RECREATION AND CULTURAL ACTIVITIES:
126 Department of Cultural Affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,039,941
846 Department of Parks and Recreation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503,459,491
______________
Total Parks, Recreation and Cultural Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 666,499,432
______________
HOUSING:
806 Department of Housing Preservation and Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 904,214,805
______________
HEALTH:
816 Department of Health and Mental Hygiene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,539,163
819 New York City Health and Hospitals Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 363,424,127
______________
Total Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401,963,290
______________
LIBRARIES:
035 Research Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318,544
037 New York Public Library . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,434,202
038 Brooklyn Public Library . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,185,698
039 Queens Borough Public Library . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,632,222
______________
Total Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,570,666
______________
Total Expenditures by Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $______________
9,773,791,536
______________
329
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Projects Fund—Schedule CP3
Expenditures and Commitments vs. Authorizations by Agency Through Fiscal Year 2020
Outstanding
Amount Total Contract
Authorized Project and Order Unencumbered
____for
______Expenditures
_________________________ ______Expenditures
___________________________ ____Commitments
___________________________ ___________Balance
______________________
(in thousands)
GENERAL GOVERNMENT:
801 Department of Small Business Services . . $ 8,486,457 $ 6,672,659 $ 304,076 $ 1,509,722
802 Department of Ports, International Trade
and Commerce . . . . . . . . . . . . . . . . . 431,830 431,758 — 72
856 Department of Citywide Administrative
Services . . . . . . . . . . . . . . . . . . . . . . . 18,180,398 13,901,066 778,885 3,500,447
858 Department of Information Technology
and Telecommunications . . . . . . . . . . 3,390,388 3,194,806 40,369 155,213
866 Department of Consumer Affairs . . . . . 1,142
____________ 1,142
____________ —
____________ —
____________
Total General Government . . . . . . . . . . 30,490,215
____________ 24,201,431
____________ 1,123,330
____________ 5,165,454
____________
PUBLIC SAFETY AND JUDICIAL:
056 Police Department . . . . . . . . . . . . . . . . . 4,862,435 3,988,663 285,198 588,574
057 Fire Department . . . . . . . . . . . . . . . . . . . 3,349,566 2,787,075 172,228 390,263
072 Department of Correction . . . . . . . . . . . 5,759,271 3,817,082 227,328 1,714,861
130 Department of Juvenile Justice . . . . . . . 105,384
____________ 105,060
____________ 90
____________ 234
____________
Total Public Safety and Judicial . . . . . . 14,076,656
____________ 10,697,880
____________ 684,844
____________ 2,693,932
____________
EDUCATION:
040 Department of Education . . . . . . . . . . . 64,416,798
____________ 54,824,957
____________ 5,924,492
____________ 3,667,349
____________
CITY UNIVERSITY:
042 City University of New York
Senior Colleges . . . . . . . . . . . . . . . . . 435,272 262,794 7,788 164,690
Community Colleges . . . . . . . . . . . . . 1,357,043
____________ 958,604
____________ 157,171
____________ 241,268
____________
Total City University . . . . . . . . . . . . . . . 1,792,315
____________ 1,221,398
____________ 164,959
____________ 405,958
____________
SOCIAL SERVICES:
068 Administration for Children’s Services . . 650,124 366,417 41,572 242,135
071 Department of Homeless Services . . . . 824,704 558,148 77,472 189,084
096 Human Resources Administration . . . . . 1,521,604 1,397,981 21,417 102,206
125 Department for the Aging . . . . . . . . . . . 128,093
____________ 100,873
____________ 5,660
____________ 21,560
____________
Total Social Services . . . . . . . . . . . . . . . 3,124,525
____________ 2,423,419
____________ 146,121
____________ 554,985
____________
ENVIRONMENTAL PROTECTION:
826 Department of Environmental
Protection . . . . . . . . . . . . . . . . . . . . . 62,298,685 52,170,972 6,107,599 4,020,114
827 Department of Sanitation . . . . . . . . . . . 8,687,929
____________ 7,872,492
____________ 506,632
____________ 308,805
____________
Total Environmental Protection . . . . . 70,986,614
____________ 60,043,464
____________ 6,614,231
____________ 4,328,919
____________
TRANSPORTATION SERVICES:
841 Department of Transportation . . . . . . . . 34,302,436 26,866,291 3,359,049 4,077,096
998 Transit Authority . . . . . . . . . . . . . . . . . . 13,319,825
____________ 11,525,539
____________ 276,872
____________ 1,517,414
____________
Total Transportation Services . . . . . . . . 47,622,261
____________ 38,391,830
____________ 3,635,921
____________ 5,594,510
____________
PARKS, RECREATION AND CULTURAL ACTIVITIES:
126 Department of Cultural Affairs . . . . . . . 5,521,497 4,166,618 298,002 1,056,877
846 Department of Parks and Recreation . . . 13,337,501
____________ 10,331,002
____________ 940,930
____________ 2,065,569
____________
Total Parks, Recreation and
Cultural Activities . . . . . . . . . . . . . . . 18,858,998
____________ 14,497,620
____________ 1,238,932
____________ 3,122,446
____________
HOUSING:
806 Department of Housing Preservation
and Development . . . . . . . . . . . . . . . . 22,027,074
____________ 18,166,144
____________ 611,844
____________ 3,249,086
____________
(Continued)
330
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Projects Fund—Schedule CP3 (Cont.)
Expenditures and Commitments vs. Authorizations by Agency Through Fiscal Year 2020
Outstanding
Amount Total Contract
Authorized Project and Order Unencumbered
____for
______Expenditures
_________________________ ______Expenditures
___________________________ ____Commitments
___________________________ ___________Balance
______________________
(in thousands)
HEALTH:
816 Department of Health and Mental
Hygiene . . . . . . . . . . . . . . . . . . . . . . . $ 1,466,132 $ 1,116,726 $ 84,114 $ 265,292
819 New York City Health and Hospitals
Corporation . . . . . . . . . . . . . . . . . . . . 7,209,790
____________ 6,004,278
____________ 624,510
____________ 581,002
____________
Total Health . . . . . . . . . . . . . . . . . . . . . . 8,675,922
____________ 7,121,004
____________ 708,624
____________ 846,294
____________
LIBRARIES:
035 Research Libraries . . . . . . . . . . . . . . . . . 186,327 149,926 31,744 4,657
037 New York Public Library . . . . . . . . . . . . 955,916 600,790 115,981 239,145
038 Brooklyn Public Library . . . . . . . . . . . . 584,560 307,287 50,632 226,641
039 Queens Borough Public Library . . . . . . 699,075
____________ 397,129
____________ 42,343
____________ 259,603
____________
Total Libraries . . . . . . . . . . . . . . . . . . . . 2,425,878
____________ 1,455,132
____________ 240,700
____________ 730,046
____________
Total Expenditures and Commitments
vs. Authorizations by Agency
Through Fiscal Year 2020 . . . . . . . . . $284,497,256
____________
____________ $233,044,279
____________
____________ $21,093,998
____________
____________ $30,358,979
____________
____________
331
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Projects Fund—Schedule CP4
Expenditures by Purpose
GENERAL GOVERNMENT:
Department of Small Business Services:
Industrial Parks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,675,066
Commercial Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,188,976
_____________
276,864,042
_____________
Department of Citywide Administrative Services:
Municipal Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,083,942
Public Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,402,574
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,641
Courts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,732,228
_____________
449,428,385
_____________
Department of Information Technology and Telecommunications . . . . . . . . . . . . . 74,779,787
_____________
Total General Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 801,072,214
PUBLIC SAFETY AND JUDICIAL:
Police Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,882,256
Fire Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,151,334
Department of Correction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441,797
_____________
367,475,387
_____________
Total Public Safety and Judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367,475,387
EDUCATION:
Department of Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,853,275,322
_____________
2,853,275,322
CITY UNIVERSITY:
City University of New York:
Senior Colleges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,098,741
Community Colleges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,047,008
_____________
52,145,749
_____________
Total City University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,145,749
SOCIAL SERVICES:
Administration for Children’s Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,219,839
Department of Homeless Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,670,351
Human Resources Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,060,188
Department for the Aging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,339,470
_____________
107,289,848
_____________
Total Social Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,289,848
ENVIRONMENTAL PROTECTION:
Department of Environmental Protection
Water Supply and Distribution:
Water Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,025,227
Water Mains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531,418,154
_____________
726,443,381
_____________
Sewage Collection and Treatment:
Sewers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,990,290
Water Pollution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512,275,006
_____________
1,066,265,296
_____________
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,224,110
_____________
(Continued)
332
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Projects Fund—Schedule CP4 (Cont.)
Expenditures by Purpose
333
[This page intentionally left blank]
OTHER SUPPLEMENTARY INFORMATION
CAPITAL ASSETS
USED IN THE OPERATION
OF
GOVERNMENTAL FUNDS
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Assets—Schedule CA1
Capital Assets Used in the Operation of Governmental Funds by Source
2020
___________ 2019
___________
(in thousands)
GOVERNMENTAL FUND CAPITAL ASSETS:
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,435,468 $ 2,391,247
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,722,850 36,320,806
Equipment (including software) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,380,321 3,250,227
Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,601,832 15,677,679
Construction work-in-progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,761,114
___________ 3,200,078
___________
Total governmental funds capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,901,585
___________
___________ $60,840,037
___________
___________
INVESTMENTS IN GOVERNMENTAL FUNDS CAPITAL ASSETS BY SOURCE:
Capital Projects Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $62,901,585
___________
___________ $60,840,037
___________
___________
336
Comptroller’s Report for Fiscal 2020 Part II-F—Capital Assets—Schedule CA2
Capital Assets Used in the Operation of Governmental Funds by Function
Equipment
(including
Land
____________ Buildings
_____________ software)
_____________ Infrastructure
____________ Total
____________
(in thousands)
General Government . . . . . . . . . . . . . . . . . . . . . . . $ 289,868 $ 6,606,234 $ 3,388,863 $ 1,680,531 $ 11,965,496
Public Safety and Judicial . . . . . . . . . . . . . . . . . . . 33,914 4,828,018 2,462,020 243,400 7,567,352
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448,963 49,354,550 947,031 — 50,750,544
City University Community Colleges . . . . . . . . . . 24,887 190,165 46,036 — 261,088
Social Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,599 1,236,128 451,984 — 1,697,711
Environmental Protection . . . . . . . . . . . . . . . . . . . . 1,053,107 2,048,315 2,062,802 158,489 5,322,713
Transportation Services . . . . . . . . . . . . . . . . . . . . . 91,356 952,098 1,855,480 20,121,948 23,020,882
Parks, Recreation and Cultural Activities . . . . . . . 403,548 3,105,657 309,603 5,681,479 9,500,287
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,859 81,076 27,333 — 167,268
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,653 1,289,706 174,905 — 1,467,264
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,714 __________
_________ 671,673 90,584 __________
__________ — ___________
780,971
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,435,468 70,363,620 11,816,641 27,885,847 112,501,576
Less: accumulated depreciation
and amortization . . . . . . . . . . . . . . . . . . . . . . . . . — __________
_________ 33,640,770 8,436,320 __________
__________ 11,284,015 ___________
53,361,105
$2,435,468
_________ $36,722,850
_________ __________
__________ $__________
3,380,321 $16,601,832
__________ __________
__________ 59,140,471
Construction work-in-progress . . . . . . . . . . . . . . . . 3,761,114
___________
Total Capital Assets Used in the
Operation of Governmental Funds
by Function . . . . . . . . . . . . . . . . . . . . . . . . . . . $___________
62,901,585
___________
Schedule CA3
Schedule of Changes by Function
Capital Assets Capital Assets
July 1, 2019
_____________ Additions
____________ Deletions
_____________ June 30, 2020
_____________
(in thousands)
General Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,554,687 $ 507,205 $ 96,396 $ 11,965,496
Public Safety and Judicial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,337,343 292,756 62,747 7,567,352
Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,455,222 2,390,874 95,552 50,750,544
City University Community Colleges . . . . . . . . . . . . . . . . . . . . . . . . 261,088 — — 261,088
Social Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,630,389 81,029 13,707 1,697,711
Environmental Protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,208,977 115,796 2,060 5,322,713
Transportation Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,499,038 1,795,680 273,836 23,020,882
Parks, Recreation and Cultural Activities . . . . . . . . . . . . . . . . . . . . . 9,059,722 623,229 182,664 9,500,287
Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,590 6,678 — 167,268
Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,455,134 14,938 2,808 1,467,264
Libraries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 734,315 46,656 — 780,971
Construction work-in-progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200,078
___________ 3,360,453
_________ 2,799,417
_________ 3,761,114
___________
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,556,583 9,235,294 3,529,187 116,262,690
Less: accumulated depreciation and amortization . . . . . . . . . . . . . . . 49,716,546
___________ 4,293,199
_________ 648,640
_________ 53,361,105
___________
Total Schedule of Changes by Function . . . . . . . . . . . . . . . . . . . $___________
60,840,037
___________ $4,942,095
_________
_________ $2,880,547
_________
_________ $___________
62,901,585
___________
337
[This page intentionally left blank]
The City of New York
Comprehensive
Annual Financial Report
of the
Comptroller
Part III
STATISTICAL SECTION
This part of the Comprehensive Annual Financial Report presents detailed information as a context
for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the City’s overall financial health. The following are the
categories of the various schedules that are included in this Section:
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City’s financial report relates to the services the City provides and the
activities it performs.
STATISTICAL SECTION
SCHEDULES OF FINANCIAL
TRENDS INFORMATION
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Net Position by Category—Ten Year Trend
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ ________2011
______________
(in thousands)
Primary Government:
Net investment in capital
assets . . . . . . . . . . . . . . . . . . $ (13,010,987) $ (13,309,400) $ (12,933,134) $ (11,950,710)$ (12,144,417) $ (13,828,805) $ (7,495,896) $ (9,343,601) $ (10,794,379) $ (9,996,793)
Restricted for:
Capital projects . . . . . . . . . . 544,174 679,851 1,250,818 621,208 455,219 1,203,356 1,838,454 2,506,625 2,720,782 1,254,669
Debt service . . . . . . . . . . . . . 2,048,198 2,096,088 1,736,962 2,200,679 3,809,462 4,074,031 2,581,673 4,759,292 3,914,888 5,402,836
Operations . . . . . . . . . . . . . . 2,997,194 3,156,450 325,343 268,378 264,440 — — — — —
Unrestricted (deficit) . . . . . . . . (197,538,799) (193,598,448) (187,208,884) (184,707,499) (185,074,803) (174,530,495) (188,027,418) (192,666,950) (121,574,500) (114,515,731)
____________ ____________ _____________ ____________ ____________ ____________ ____________ ____________ ___________ ___________
Total Net Position by
Category . . . . . . . . . . . . . . . . . . $(204,960,220)
____________ ____________
____________ $(200,975,459) __
____________ $(196,828,895)
______________ ____________
__________ $(193,567,944)$(192,690,099)
____________ ____________ ____________
____________ $(183,081,913) ____________
____________ $(191,103,187) ____________
____________ $(194,744,634) ___________
____________ $(125,733,209) ____
___________ $(117,855,019)
___________
_______
343
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Changes in Net Position—Ten Year Trend
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Primary Government:
Expenses:
General government . . . . . . . $6,840,460 $ 6,547,234 $ 6,525,142 $ 5,360,092 $ 5,259,894 $ 5,479,762 $ 4,324,146 $ 4,262,092 $ 4,144,136 $ 3,791,462
Public safety and judicial . . . 19,768,697 21,347,661 19,465,581 18,961,329 19,681,206 13,840,502 13,614,413 17,095,181 17,077,117 18,815,201
Education . . . . . . . . . . . . . . . . 36,607,460 34,679,981 30,367,019 28,839,477 29,295,515 22,915,670 21,805,586 24,842,776 24,957,704 25,604,277
City University . . . . . . . . . . . 1,275,426 1,318,594 1,261,467 1,252,444 1,342,333 1,094,172 1,065,176 968,571 954,590 947,402
Social services . . . . . . . . . . . . 16,690,111 16,923,646 16,143,790 15,402,193 14,969,178 14,514,037 14,248,276 14,308,076 14,181,836 12,896,220
Environmental protection . . . 4,715,122 4,502,959 4,248,059 3,570,278 3,709,540 3,188,665 4,022,369 4,029,470 3,456,151 3,744,521
Transportation services . . . . . 2,763,111 3,221,709 2,788,532 2,542,300 2,784,695 2,460,777 2,419,644 2,508,152 2,536,846 2,073,164
Parks, recreation, and cultural
activities . . . . . . . . . . . . . . . 1,257,151 1,428,692 1,339,580 1,265,383 1,149,928 1,249,560 1,771,837 1,062,436 1,086,246 1,119,677
Housing . . . . . . . . . . . . . . . . . 2,597,792 3,069,371 2,765,381 2,394,963 2,006,924 1,574,233 1,446,617 1,323,243 1,327,674 1,317,725
Health (including payments to
NYC Health + Hospitals) . . 3,474,850 3,601,500 3,317,969 2,874,032 3,277,736 2,186,493 2,364,475 2,607,625 2,419,857 2,484,876
Libraries . . . . . . . . . . . . . . . . 412,829 486,749 428,635 420,994 457,653 350,475 292,568 337,315 243,470 343,395
Debt service interest . . . . . . . 3,154,438 3,159,364 3,035,387 2,958,883 2,932,656 2,929,046 3,025,056 2,955,121 2,929,182 2,911,817
Business-type activities . . . . . _____________
349,013 _____________
279,159 _____________
288,106 _____________
322,203 _____________
241,366 _____________
— _____________
— _____________
— _____________ —
— _____________
344
99,906,460
Total expenses . . . . . . . . . . . . . . ____ 100,566,619 91,974,648 86,164,571 87,108,624 71,783,392 70,400,163 76,300,058 75,314,809 76,049,737
_________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________ _____________
Program Revenues:
Charges for Services:
General government . . . . . . 1,061,978 1,463,684 821,484 905,738 928,917 2,139,192 1,076,840 982,295 1,122,481 943,558
Public safety and judicial . . 636,361 318,957 306,084 332,938 311,520 318,318 626,199 284,274 279,128 268,677
Education . . . . . . . . . . . . . . 87,527 91,239 53,709 148,009 75,555 77,577 88,811 69,497 68,102 68,252
City University . . . . . . . . . . 347,633 379,033 387,227 404,758 394,974 383,012 363,538 336,975 313,901 277,685
Social services . . . . . . . . . . 76,796 73,637 65,552 66,693 61,592 55,827 54,353 51,367 45,090 31,812
Environmental protection . . 1,659,965 1,529,637 1,452,249 1,445,740 1,343,526 1,483,453 1,537,538 1,405,631 1,418,324 1,365,139
Transportation services . . . 1,142,198 1,201,069 1,105,725 1,039,443 1,069,257 1,046,642 982,304 860,047 923,112 874,345
Parks, recreation, and
cultural activities . . . . . . 83,550 82,363 116,584 95,604 96,456 93,490 96,117 92,415 89,631 63,891
Housing . . . . . . . . . . . . . . . 522,491 494,979 464,388 424,844 416,901 416,119 344,939 325,669 276,014 263,617
Health (including payments to
NYC Health + Hospital) . . 110,759 66,303 63,213 55,842 87,303 64,634 71,614 75,803 90,487 79,054
Business-type activities . . . _____________ 5,142 _____________
5,983 _____________
5,566 _____________
4,242 _____________
4,245 _____________
— _____________
— _____________
— _____________ —
— _____________
Total Charges for Services 5,734,400 5,706,884 4,841,781 4,923,851 4,790,246 6,078,264 5,242,253 4,483,973 4,626,270 4,236,030
Total Operating Grants
and Contributions . . . . 25,835,690 23,854,664 23,621,255 23,494,131 20,997,658 19,437,743 18,395,238 20,063,707 18,768,706 19,951,270
Total Capital Grants and
Contributions . . . . . . . _____________
698,894 _____________
844,003 _____________
586,994 _____________
524,508 _____________
773,929 _____________
973,430 _____________
695,650 _____________
849,828 _____________ 538,015
594,313 _____________
Total program revenues . . . . . . . ____ 32,268,984 30,405,551
_________ ____ 29,050,030
_________ ____ 28,942,490
_________ ____ 26,561,833
_________ ____ 26,489,437
_________ ____ 24,333,141
_________ ____ 25,397,508
_________ ____ 23,989,289
_________ ____ 24,725,315
_________ _____________
Primary Government Net
Expenses . . . . . . . . . . . . . . . . __(67,637,476) (70,161,068)
___________ __ (62,924,618)
___________ __ (57,222,081)
___________ __ (60,546,791)
___________ __ (45,293,955)
___________ __ (46,067,022)
___________ __ (50,902,550)
___________ __ (51,325,520)
___________ ____ (51,324,422)
_________ _____________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Changes in Net Position—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Revenues:
Taxes (Net of Refunds):
Real estate taxes . . . . . . . . . $ 29,617,805 $28,080,534 $26,301,276 $24,586,758 $23,171,276 $21,447,965 $20,033,049 $19,070,857 $18,177,170 $17,064,641
Sales and use taxes . . . . . . . 8,442,740 9,110,700 8,665,755 8,307,525 8,534,604 8,071,466 7,604,836 7,065,331 6,618,107 6,120,215
Personal income tax . . . . . . 13,738,179 13,479,944 13,598,315 11,256,809 11,565,473 11,559,669 10,364,714 9,506,798 8,722,002 8,095,972
Income taxes, other . . . . . . 7,225,996 7,307,265 6,547,595 7,875,921 6,760,614 7,965,041 7,364,845 7,363,633 6,079,881 7,313,299
Other taxes:
Commercial Rent . . . . . . 942,889 995,346 919,094 921,374 836,816 787,035 771,186 721,213 671,722 634,221
Conveyance of
Real Property . . . . . . . 1,140,136 1,563,388 1,426,869 1,418,683 1,788,182 1,772,193 1,530,167 1,096,431 917,653 798,977
Hotel Room Occupancy . . 481,739 634,023 606,728 582,481 568,069 559,846 541,293 512,342 486,525 436,218
Payment in Lieu of Taxes . 756,471 577,915 432,145 387,004 328,872 304,585 270,131 265,164 261,128 276,082
Other . . . . . . . . . . . . . . . . (11,108) 42,536 35,212 36,808 19,005 55,382 49,058 67,870 48,309 64,126
Investment income . . . . . . . 295,461 426,691 273,670 226,517 194,704 161,351 79,261 102,612 117,608 133,758
Unrestricted Federal and
345
State aid . . . . . . . . . . . . . 258,951 401,514 251,810 311,125 258,215 252,194 251,474 452,122 730,310 470,117
Gain on in-substance
defeasance . . . . . . . . . . . — — 730 — — — — — — —
Other . . . . . . . . . . . . . . . . . 763,456 596,955 604,468
______________ ____________ ____________ 433,231 636,225
____________ ____________ 1,403,787
____________ 848,455
____________ 554,404
_____________ 980,491
_____ _______ 329,218
_____________
Total general revenues . . . . . . . . ___63,652,715 63,216,811
___________ ____________ ___59,663,667
_________ 56,344,236
___ 54,662,055
_________ ___ _________ 54,340,514
____
_________ 49,708,469
____________ 46,778,777
___ __________ 43,810,906
____ _ _______ 41,736,844
_____________
Change in net position (deficit) . . $___(3,984,761)
_______
___________ $ (6,944,257)
_______ ___
____________ $
_________ ___(3,260,951)
_________
____________ $
___ (877,845)
____________ $(5,884,736)
_________ ___ _________
____________ 9,046,559
____
_________
$____
_________ $
___3,641,447
_________
____________ $ (4,123,773)
___ _________
______________ (7,514,614)
$____ _______
______ _______ (9,587,578)
$____
______ ______
__________
General Fund-Nonspendable(1) . . $
__________
— __________
$ 488,216 __________
$ 483,133 $__________
478,029 __________
$ 472,819 __________
$ 467,621 __________
$ 462,519 __________
$ 457,467 __________ $ 447,272
$ 452,284 __________
All Other Governmental Funds
Nonspendable for:
Prepaid Expenditures . . . . 252 166 151 295 612 619 611 620 577 570
Restricted for:
General fund . . . . . . . . . . . 2,751,862 2,797,693 — — — — — — — —
Capital projects . . . . . . . . . 478,211 661,015 1,205,782 592,608 416,919 1,203,356 1,838,454 2,506,625 2,720,782 1,254,669
Debt Service . . . . . . . . . . . . 2,048,198 2,096,088 1,716,006 2,200,679 2,416,350 2,531,399 2,423,346 2,579,294 2,619,487 2,940,692
Committed for:
General fund . . . . . . . . . . . 493,239 — — — — — — — — —
Debt Service . . . . . . . . . . . 1,101,120 1,555,515 1,667,454 1,343,899 1,393,112 1,542,632 158,327 2,179,998 1,295,401 2,462,144
Assigned for:
Nonmajor Debt Service
Fund . . . . . . . . . . . . . . . . 2,566,974 2,138,264 2,470,386 2,000,208 1,899,644 1,667,966 1,362,270 — — —
Nonmajor Special Revenue
Fund . . . . . . . . . . . . . . . . 168,200 259,769 296,983 87,688 52,273 15,347 143,218 140,086 138,612 91,519
346
Arbitrage Rebate Payment . . — — — — — — — — 16,365 24,964
Unassigned for:
Capital Projects Fund . . . . (2,598,345) (3,807,625) (2,421,721) (2,633,887) (3,107,906) (2,531,515) (3,459,177) (3,414,621) (3,118,919) (3,143,921)
Nonmajor Special Revenue
Fund. . . . . . . . . . . . . . . . __________
(1,280) __________
(572) __________
(70) __________
(12) __________
— __________
139,011 __________
1,924 __________
(1,805) __________ (64)
— __________
Total all other Governmental
Funds . . . . . . . . . . . . . . . . . . __________
7,008,431 __________
5,700,313 __________
4,934,971 __________
3,591,478 __________
3,071,004 __________
4,568,815 __________
2,468,973 __________
3,990,197 __________ 3,630,573
3,672,305 __________
Total Fund Balances (Deficit) . . __________
$ 7,008,431 __________
$ 6,188,529 __________
$ 5,418,104 $__________
4,069,507 __________
$ 3,543,823 __________
$ 5,036,436 __________
$ 2,931,492 __________
$ 4,447,664 __________ $ 4,077,845
$ 4,124,589 __________
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Revenues:
Real estate taxes . . . . . . . . . . $ 29,815,935 $27,884,735 $26,407,630 $24,679,411 $23,180,583 $21,517,932 $20,202,022 $18,969,610 $18,157,722 $17,086,484
Sales and use taxes . . . . . . . . 8,478,110 9,082,780 8,650,472 8,296,436 8,540,154 8,050,932 7,603,986 7,032,259 6,512,107 6,190,215
Personal income tax . . . . . . . 13,591,179 13,376,944 13,411,315 11,257,809 11,392,473 11,294,669 10,173,614 9,814,898 8,557,002 8,165,972
Income taxes, other . . . . . . . . 7,861,996 7,416,265 7,328,895 7,120,621 6,947,614 7,602,041 7,214,845 7,248,633 6,498,881 6,705,299
Other taxes . . . . . . . . . . . . . . . 3,342,452 3,732,776 3,305,636 3,308,127 3,559,825 3,475,767 3,180,945 2,656,383 2,385,674 2,201,835
Federal, State and other
categorical aid . . . . . . . . . . 26,445,858 24,304,512 24,087,787 24,059,747 21,966,162 20,485,605 19,145,040 21,159,400 19,868,600 20,745,380
Unrestricted Federal and
State aid . . . . . . . . . . . . . . . 180,861 320,539 170,000 229,058 176,168 170,408 170,000 170,000 194,547 208,623
Charges for services . . . . . . . 2,855,437 2,801,290 2,711,697 2,711,428 2,624,357 2,745,137 2,786,460 2,571,764 2,538,469 2,344,682
Tobacco settlement . . . . . . . . 188,431 164,271 173,437 160,161 365,783 181,094 211,616 187,051 187,168 183,531
Investment income . . . . . . . . . 213,264 316,069 170,777 84,571 95,293 142,995 119,460 89,278 117,813 105,547
Interest on mortgages, net . . . — — — — — — 605 775 976 2,096
5,262,097
Other revenues . . . . . . . . . . . . _______ 5,641,616
____ _______ 4,151,200
____ _______ 3,929,975
____ _______ 3,492,583
____ _______ 5,978,750
____ _______ 4,662,173
____ _______ 4,059,518
____ _______ 5,152,282
____ _______ 4,720,509
____ ___________
347
98,235,620
Total revenues . . . . . . . . . . _______ 95,041,797 90,568,846 85,837,344 82,340,995 81,645,330 75,470,766 73,959,569 70,171,241 68,660,173
____ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Expenditures:
General government . . . . . . . 3,961,873 4,385,253 4,356,702 4,035,883 3,711,176 3,386,214 3,606,908 3,514,957 3,216,709 3,302,864
Public safety and judicial . . . 11,158,380 10,656,228 10,418,804 10,058,916 9,652,787 9,129,695 9,023,331 8,972,925 8,613,048 8,668,216
Education . . . . . . . . . . . . . . . . 31,749,103 29,488,517 26,565,598 25,425,864 24,589,281 23,024,615 20,754,960 21,046,804 21,089,708 20,928,096
City University . . . . . . . . . . . 1,168,668 1,175,805 1,154,550 1,130,220 1,012,769 974,258 887,622 859,535 837,853 819,408
Social services . . . . . . . . . . . . 15,738,345 16,000,160 15,482,377 14,596,895 13,860,954 14,052,464 13,536,580 13,490,218 13,311,116 11,845,951
Environmental protection . . . 5,427,890 5,322,341 4,992,871 4,701,101 4,271,112 4,160,176 4,364,146 5,199,876 4,974,241 5,397,833
Transportation services . . . . . 3,367,832 3,680,240 3,273,228 2,984,072 2,970,615 2,527,388 2,488,614 2,638,589 2,618,898 2,176,070
Parks, recreation and
cultural activities . . . . . . . . 1,324,248 1,263,020 1,154,193 1,266,255 1,121,456 1,131,656 1,056,093 1,203,891 1,066,828 1,317,125
Housing . . . . . . . . . . . . . . . . . 2,195,490 2,911,083 2,629,027 2,170,594 1,775,966 1,446,407 1,256,718 1,170,118 1,159,805 1,118,070
Health (including payments to
NYC Health + Hospitals) . . 2,921,898 2,990,429 2,649,826 2,399,522 2,816,533 1,876,122 1,863,412 2,185,235 1,818,498 1,932,878
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Changes in Fund Balances—Governmental Funds—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Libraries . . . . . . . . . . . . . . . . $ 562,755 $ 506,207 $ 418,942 $ 417,059 $ 400,420 $ 359,147 $ 276,247 $ 341,912 $ 240,497 $ 362,729
Pensions . . . . . . . . . . . . . . . . . 9,671,638 9,828,626 9,513,308 9,280,651 9,170,963 8,489,857 8,141,099 8,054,284 7,830,440 6,842,573
Judgments and claims . . . . . . 708,970 705,751 730,382 750,349 719,968 679,605 732,222 524,483 582,869 664,073
Fringe benefits and other
benefit payments . . . . . . . . 5,476,722 5,742,655 5,717,327 5,909,908 5,511,572 5,862,664 5,841,923 3,829,655 3,879,655 3,846,135
Administrative and other . . . . 2,806,833 1,516,888 1,155,846 840,377 331,603 1,854,687 2,206,147 513,306 494,347 165,438
Debt Service:
Interest . . . . . . . . . . . . . . . . 3,895,740 3,752,417 3,540,458 3,437,125 3,354,909 3,251,959 3,241,987 3,111,664 3,052,362 2,908,387
Redemptions . . . . . . . . . . . 4,041,780 6,026,960 5,470,099 3,542,085 3,268,945 5,750,685 3,295,271 3,108,856 4,620,451 2,470,288
Lease payments . . . . . . . . . _______ 100,583
____ 96,489
_______ 129,727
____ _______ 30,360
____ _______ 199,253
____ _______ 148,847
____ _______ 152,613
____ _______ 151,420
____ _______ 137,659
____ _______ 145,336
____ ___________
Total expenditures . . . . . _______ 106,278,748
____ 106,049,069
_______ 99,353,265
____ _______ 92,977,236
____ _______ 88,740,282
____ _______ 88,106,446
____ _______ 82,725,893
____ _______ 79,917,728
____ _______ 79,544,984
____ _______ 74,911,470
____ ___________
Deficiency of revenues
over expenditures . . . . . . _______ (8,043,128)
____ (11,007,272)
_______ (8,784,419)
____ _______ (7,139,892)
____ _______ (6,399,287)
____ _______ (6,461,116)
____ _______ (7,255,127)
____ _______ (5,958,159)
____ _______ (9,373,743)
____ _______ (6,251,297)
____ ___________
Other Financing Sources (Uses):
Transfers from General Fund . . 6,433,597 6,276,999 6,741,981 5,838,848 5,672,430 6,965,395 3,201,115 5,203,219 3,413,130 4,585,836
348
Transfers from (to) Nonmajor
Capital Project Funds . . . . . 4,255,068 5,922,304 4,046,861 4,726,803 4,840,147 5,767,616 3,522,599 3,901,487 3,185,336 4,022,408
Transfer from Nonmajor
Special Revenue Funds . . . (273,135) (61,673) (154,524) (943) 19,564 121,258 36,020 103,343 72,619 102,631
Principal amount of bonds
issued . . . . . . . . . . . . . . . . . 7,606,805 6,215,350 7,415,000 6,681,000 4,559,154 7,570,809 5,171,646 5,474,749 7,245,053 6,640,953
Bond premium . . . . . . . . . . . . 1,258,858 956,385 1,295,802 1,356,796 907,433 1,278,429 622,151 1,398,561 1,121,909 315,466
Capitalized leases . . . . . . . . . 114,813 80,800 225,772 94,331 47,998 126,544 75,467 28,262 28,746 139,026
Issuance of refunding debt . . 1,641,680 4,131,260 3,586,800 4,528,490 2,751,110 2,565,455 3,186,670 4,897,795 4,406,280 2,652,380
Transfers from Capital Projects
Fund . . . . . . . . . . . . . . . . . . (4,242,110) (5,814,290) (4,035,778) (4,721,999) (4,836,353) (5,765,533) (3,518,579) (3,895,842) (3,176,386) (3,979,583)
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Changes in Fund Balances—Governmental Funds—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Transfers to General Debt
Service Fund, net . . . . . . . . . . $ (3,313,378) $ (3,432,260) $(4,021,101) $ (3,500,830) $ (3,619,487) $ (4,979,173) $ (1,477,135) $ (5,049,784) $ (2,265,764) $ (3,483,767)
Transfers from (to) Nonmajor
Debt Service Funds, net . . . . (2,860,042) (2,891,080) (2,577,439) (2,341,879) (2,076,301) (2,109,563) (1,764,020) (262,423) (1,228,935) (1,247,525)
Payments to refunded bond
escrow holder . . . . . . . . . . . . ________ (1,759,126) (2,403,791)
____ _________ (2,390,358)
____ _______ ____ (4,995,041)
_______ ( 3,238,604)
____ _______ (2,975,177)
____ _______ (3,316,979)
____ _______ (5,518,133)
____ _______ (3,381,501)
____ _______ (2,976,451)
____ ___________
Total other financing sources . . ________ 8,863,030 8,980,004 10,133,016
____ _____________ ___________ 7,665,576 5,027,091 8,566,060 5,738,955 6,281,234 9,420,487 6,771,374
___________ ___________ ___________ ___________ ___________ ___________ ___________
Net changes in fund balances
$ 819,902$
(deficit) . . . . . . . . . . . . . . . . . ________
________ ____ (2,027,268)
____ _________
_____________ $ 1,348,597
____ _______
_______ ____
____ $ 525,684
_______
___________ (1,372,196)
____ $_______
___________ $ 2,104,944
____ _______
___________ (1,516,172)
____ $_______
___________ $ 323,075
____ _______
___________ $ 46,744
____ _______
___________ $ 520,077
____ _______
___________
____
Total Debt Service as a percent
of Net Outlay:
Debt Service:
Interest . . . . . . . . . . . . . . . . . . $ 3,895,740 $ 3,752,417 $ 3,540,458 $ 3,437,125 $ 3,354,909 $ 3,251,959 $ 3,241,987 $ 3,111,664 $ 3,052,362 $ 2,908,387
Redemptions . . . . . . . . . . . . . 4,041,780 6,026,960 5,470,099 3,542,085 3,268,945 5,750,685 3,295,271 3,108,856 4,620,451 2,470,288
100,583 96,489 129,727 30,360 199,253 148,847 152,613 151,420 137,659 145,336
349
Lease payments . . . . . . . . . . . ________ ____ _____________ _______ ____ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Debt Service . . . . . . . ________ $ 8,038,103
____________ $ 9,875,866
____ _________
_____________ $ 9,140,284
____ _______ ____
___________ $ 7,009,570
____
___________
_______ $ 6,823,107
____
___________
_______ $ 9,151,491
____
___________
_______ $ 6,689,871
____
___________
_______ $ 6,371,940
____
___________
_______ $ 7,810,472
____
___________
_______ $ 5,524,011
____
___________
_______
Total Expenditures
(Governmental Funds) . . . . $106,278,748 $106,049,069 $99,353,265 $92,977,236 $ 88,740,282 $88,106,446 $82,725,893 $79,917,728 $79,544,984 $74,911,470
Less Capital Outlays
(Capital Fund
Expenditures) . . . . . . . . . ________ 6,434,460 6,834,327
____ _________ 5,835,895
____ _______ ____ 6,075,034
_______ 5,193,139
____ _______ 5,528,102
____ _______ 5,289,193
____ _______ 5,559,669
____ _______ 5,005,942
____ _______ 5,452,333
____ ___________
Net Outlay . . . . . . . . . . . . . ________$99,844,288
____ $ 99,214,742
_____________ $93,517,370
_______
____________ _____________ ___________
____ $86,902,202
___________ $83,547,143
___________ $82,578,344
___________ $77,436,700
___________ $74,358,059
___________ $74,539,042
___________ $69,459,137
_______
___________ ___________ ___________ ___________ ___________ ___________ ___________
____
Total Debt Service as a percent
of Net Outlay . . . . . . . . . . . . . 8.05% 9.95% 9.77% 8.07% 8.17% 11.08% 8.64% 8.57% 10.48% 7.95%
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Taxes (Net of Refunds):
Real Estate Taxes . . . . . . . . . . $29,815,935 $27,884,735 $26,407,630 $24,679,412 $23,180,583 $21,517,932 $20,202,022 $18,969,610 $18,157,722 $17,086,484
Sales and Use Taxes
(Net of Refunds):
General Sales . . . . . . . . . . . . . 7,385,024 7,839,527 7,460,490 7,034,094 7,166,843 6,755,971 6,508,814 6,149,880 5,826,046 5,610,243
Cigarette. . . . . . . . . . . . . . . . . 25,746 29,938 36,483 37,212 44,849 49,897 55,123 61,071 67,561 69,795
Commercial Motor Vehicle . . 63,736 85,488 73,707 76,667 64,897 60,757 50,299 48,247 53,675 47,720
Mortgage . . . . . . . . . . . . . . . . 974,514 1,096,556 1,049,474 1,117,760 1,233,736 1,154,627 960,852 742,086 536,737 434,418
Stock Transfer . . . . . . . . . . . . — — — — — — — 28,225 — —
Auto Use . . . . . . . . . . . . . . . . 27,952 29,925 30,317 30,703 29,829 29,680 28,898 2,750 28,088 28,039
Other . . . . . . . . . . . . . . . . . . . 1,138
_______ 1,346
____ ___________ ___________ ___________
— ___________
— ___________
— ___________
— ___________
— ___________ —
— ___________
Total Sales and Use Taxes . 8,478,110 9,082,780 8,650,471 8,296,436 8,540,154 8,050,932 7,603,986 7,032,259 6,512,107 6,190,215
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Personal Income Taxes
(Net of Refunds) . . . . . . . . . . 13,591,179
_______ 13,376,944
____ _______ 13,411,315
____ _______ 11,257,809
____ _______ 11,392,473
____ _______ 11,294,669
____ _______ 10,173,614
____ _______ 9,814,898
____ _______ 8,557,002
____ _______ 8,165,972
____ ___________
Income Taxes, Other
350
(Net of Refunds):
General Corporation . . . . . . . 5,170,058 4,728,619 4,101,887 4,045,398 3,631,441 3,335,917 3,367,328 3,348,349 2,845,794 2,898,760
Financial Corporation . . . . . . 82,902 (1,283) 394,858 435,658 689,535 1,658,179 1,352,349 1,467,473 1,421,401 1,519,450
Unincorporated Business . . . . 2,053,213 2,123,980 2,269,384 2,079,048 2,111,644 2,064,596 1,954,138 1,894,021 1,688,318 1,733,426
Personal Income—
(Non-Resident City
Employees) . . . . . . . . . . . . 184,946 178,399 173,118 161,775 153,793 145,436 130,688 128,664 123,792 120,192
Utility . . . . . . . . . . . . . . . . . . 370,877 386,550 389,648 398,742 361,201 397,914 410,342 410,126 419,576 433,471
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Income Taxes, Other . 7,861,996
_______ 7,416,265
____ _______ 7,328,895
____ _______ 7,120,621
____ _______ 6,947,614
____ _______ 7,602,042
____ _______ 7,214,845
____ _______ 7,248,633
____ _______ 6,498,881
____ _______ 6,705,299
____ ___________
Other Taxes:
Payments in Lieu of Taxes . . . 736,618 491,292 376,546 351,438 320,634 304,585 270,131 265,164 261,128 276,082
Hotel Room Occupancy . . . . 481,739 634,022 606,728 582,481 568,069 559,846 541,293 512,342 485,258 431,980
Commercial Rents . . . . . . . . . 942,889 995,346 919,094 921,373 836,816 787,035 771,186 721,213 673,326 630,670
Horse Race Admissions . . . . . 25 42 36 43 42 38 20 22 22 20
Conveyance of Real Property . 1,140,136 1,563,388 1,426,869 1,418,683 1,788,182 1,772,193 1,530,167 1,096,432 917,652 798,977
Beer and Liquor Excise . . . . . 23,787 25,795 24,400 25,814 25,350 24,585 22,604 24,038 22,733 23,617
Taxi Medallion Transfer . . . . 532 1,035 502 1,539 1,437 3,401 5,735 9,757 8,003 11,009
Off-Track Betting Surtax . . . . 619 729 631 928 913 1,028 1,241 1,405 1,128 1,272
Surcharge on Liquor Licenses . 5,714 7,121 7,173 6,347 6,504 6,176 6,309 5,772 5,759 5,487
Refunds of Other Taxes . . . . . (72,945) (50,478) (112,843) (53,703) (45,447) (33,654) (28,608) (33,985) (31,422) (23,366)
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Revenues and Other Financing Sources—Ten Year Trend (Cont.)
Fiscal Year
2020 2019 2018 2017 2016
_________________________ _________________________ _________________________ _________________________ _________________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
$
Other . . . . . . . . . . . . . . . . . . _______ 251
____ $
___________ $
191 ___________
136 $___________ $
48 ___________ $
— _______ ____ $
— _______ ____ $
— _______ ____ $
— _______ ____ $
— _______ —
____
Total Other Taxes . . . . . . . . _______ 3,259,365
____ 3,668,483 3,249,272 3,254,991 3,502,500 3,425,233 3,120,078 2,602,160 2,343,587 2,155,748
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Penalties and Interest on Delinquent Taxes:
Penalties and Interest on Real
Estate Taxes . . . . . . . . . . . . 90,932 81,816 59,526 58,812 62,312 56,594 64,231 54,569 42,494 46,857
Refunds—Penalties and Interest
on Other Taxes . . . . . . . . . . (7,845) (17,523) (3,162) (5,676) (4,987) (6,061) (3,364) (346) (407) (771)
Total Penalties and Interest
on Delinquent Taxes . . . . . _______ 83,087
____ 64,293
_______ 56,364
____ _______ 53,136
____ _______ 57,325
____ _______ 50,533
____ _______ 60,867
____ _______ 54,223
____ _______ 42,087
____ _______ 46,086
____ ___________
63,089,672
Total Taxes . . . . . . . . . . . . . _______ ____ 61,493,500 59,103,947 54,662,405 53,620,649 51,941,341 48,375,412 45,721,783 42,111,386 40,349,804
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Federal Grants and
Contracts—Categorical:
General Government . . . . . . . 3,324,971 712,692 1,225,029 1,284,309 929,766 697,636 487,580 843,974 411,744 461,414
Public Safety and Judicial . . . 334,376 386,161 341,350 320,868 359,385 374,406 404,044 488,961 291,806 299,543
Education . . . . . . . . . . . . . . . . 1,672,438 1,875,662 1,785,725 1,708,568 1,698,350 1,676,898 1,672,473 1,872,591 1,860,509 2,761,498
351
Social Services. . . . . . . . . . . . 3,012,760 3,619,906 3,437,321 3,531,602 3,296,021 3,140,540 3,274,678 3,392,702 3,362,564 3,290,895
Environmental Protection . . . 35,582 3,651 4,782 1,335 1,554 6,502 28,267 694,502 26,945 7,833
Transportation Services . . . . . 104,223 74,337 100,661 56,063 61,657 86,336 86,934 133,872 87,728 102,798
Parks, Recreation and
Cultural Activities . . . . . . . (5,114) 424 928 (5,832) (6,993) 1,342 10,278 63,031 13,046 1,442
Housing . . . . . . . . . . . . . . . . . 565,660 543,204 523,393 521,755 501,775 478,273 472,450 506,463 522,728 483,787
Health . . . . . . . . . . . . . . . . . . 349,841 305,851 348,442 311,032 353,139 320,211 332,299 422,472 420,758 304,615
Libraries . . . . . . . . . . . . . . . . — — — — — — — 156 — —
City University . . . . . . . . . . . ___________ — ___________
— ___________ (1,630)
— _______ ____ ___________ 1,892
444 _______ (1,941)
____ _______ 2,306
____ ___________ ___________ 32,836
— _______ ____
Total Federal Grants . . . . . . _______ 9,394,737
____ 7,521,888
_______ 7,767,631
____ _______ 7,728,070
____ _______ 7,195,098
____ _______ 6,784,036
____ _______ 6,767,062
____ _______ 8,421,030
____ _______ 6,997,828
____ _______ 7,746,661
____ ___________
State Grants and
Contracts—Categorical:
General Government . . . . . . . 1,004,457 923,324 944,486 705,576 798,438 671,196 642,319 480,178 351,598 518,005
Public Safety and Judicial . . . 126,551 125,169 124,955 125,739 118,435 84,679 79,452 71,952 70,658 130,013
Education . . . . . . . . . . . . . . . . 11,493,497 11,185,252 10,709,714 10,250,072 9,612,191 9,131,458 7,907,175 7,933,480 8,011,639 8,110,198
Social Services . . . . . . . . . . . 1,795,717 1,739,804 1,652,486 1,751,993 1,533,403 1,450,044 1,452,253 1,546,463 1,568,400 1,780,57
Environmental Protection . . . 3,431 1,966 10,882 649 506 877 162 1,859 4,941 10,215
Transportation Services . . . . . 234,477 205,732 219,065 332,716 163,311 165,084 158,183 150,030 167,427 152,532
Parks, Recreation and
Cultural Activities . . . . . . . 1,101 1,280 1,394 1,083 875 2,250 1,362 1,895 1,296 1,064
Housing . . . . . . . . . . . . . . . . . 814 988 795 784 867 683 649 2,820 3,708 1,718
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Revenues and Other Financing Sources—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Health . . . . . . . . . . . . . . . . . . $ 428,008 $ 523,468 $ 534,843 $ 573,166 $ 534,486 $ 363,987 $ 453,532 $ 494,823 $ 535,597 $ 397,240
City University . . . . . . . . . . . 245,900 263,317 254,513 248,267 239,245 226,761 221,004 200,461 178,590 153,802
General Debt Service Fund . . ___________
— ___________
— ___________
— ___________
— ___________
— ___________
— ___________ 143,000
— _______ 219,921
____ _______ —
____ ___________
Total State Grants . . . . . . . . 15,333,953 14,970,300 14,453,133 13,990,045 13,001,757 12,097,019 10,916,091 11,026,961 11,113,775 11,255,365
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Non-Governmental Grants:
General Government . . . . . . . 510,663 693,885 547,890 594,600 322,643 270,342 296,578 426,223 455,264 505,560
Public Safety and Judicial . . . 217,719 226,278 225,917 214,833 212,186 190,415 222,536 283,613 314,376 301,750
Education . . . . . . . . . . . . . . . . 144,310 179,971 193,276 175,892 125,011 151,461 153,342 121,244 80,973 106,145
Social Services . . . . . . . . . . . 3,312 3,985 1,351 3,131 3,039 3,000 44 206 6 199
Environmental Protection . . . 7,999 12,731 7,451 12,207 6,506 17,714 23,331 11,088 24,667 20,952
Transportation Services . . . . . 5,123 2,686 3,923 4,774 1,890 2,026 1,916 1,339 1,256 1,853
Parks, Recreation and
Cultural Activities . . . . . . . 14,227 16,882 12,965 13,186 16,056 14,839 14,270 11,683 11,900 14,354
Housing . . . . . . . . . . . . . . . . . (963) 13,561 29,162 15,816 2,304 6,812 13,014 5,450 31,079 9,293
Health . . . . . . . . . . . . . . . . . . 48,755 30,405 65,869 20,373 2,773 1,144 (3,059) 1,668 9,588 284,969
352
Libraries . . . . . . . . . . . . . . . . 135 — — — — — — — — —
City University . . . . . . . . . . . 18,042
_______ 19,693
____ _______ 17,243
____ _______ 13,891
____ _______ 9,100
____ _______ 8,906
____ _______ 8,669
____ _______ 8,411
____ _______ 9,605
____ _______ 9,820
____ ___________
Total Non-Governmental
Grants. . . . . . . . . . . . . . . 969,322
_______ 1,200,077
____ _______ 1,105,047
____ _______ 1,068,703
____ _______ 701,508
____ _______ 666,659
____ _______ 730,641
____ _______ 870,925
____ _______ 938,714
____ _______ 1,254,895
____ ___________
Provision for Disallowances
of Federal, State and
Other Aid . . . . . . . . . . . . . . . (5,082)
_______ 112,543
____ _______ 139,428
____ _______ 557,638
____ ___________ ___________ (109,972)
(772) _______ (18,556)
____ _______ (59,202)
____ _______ 166,018
____ _______ (111,659)
____ ___________
Unrestricted Federal and
State Aid:
Intergovernmental Aid . . . . . . 10,861
_______ 150,539
____ ___________ ___________ 59,058
— _______ 6,168
____ ___________ ___________
409 ___________
— ___________ 25,000
— _______ 38,997
____ ___________
Total Unrestricted Federal
and State Aid . . . . . . . . . 10,861
_______ 150,539
____ ___________ ___________ 59,058
— _______ 6,168
____ ___________ ___________
409 ___________
— ___________ 25,000
— _______ 38,997
____ ___________
Charges for Services:
General Government Charges 951,449 1,030,694 1,026,587 1,032,731 1,000,531 973,756 950,834 871,676 850,005 776,041
Water and Sewer . . . . . . . . . . 1,614,829 1,469,601 1,389,954 1,385,446 1,297,294 1,439,415 1,490,550 1,361,055 1,373,038 1,294,533
Housing . . . . . . . . . . . . . . . . . 30,729 27,854 34,652 40,384 47,413 48,131 33,635 42,280 24,201 20,705
Rental Income . . . . . . . . . . . . 258,430
_______ 273,141
____ _______ 260,504
____ _______ 252,867
____ _______ 279,119
____ _______ 283,835
____ _______ 311,441
____ _______ 296,753
____ _______ 291,225
____ _______ 253,403
____ ___________
Total Charges for Services . 2,855,437 2,801,290 2,711,697 2,711,428 2,624,357 2,745,137 2,786,460 2,571,764 2,538,469 2,344,682
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Revenues and Other Financing Sources—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Investment Income . . . . . . . . . $ 136,599
_______ $ 225,904
____ _______ $ 125,353
____ _______ 73,125
____ $_______ $ 78,791
____ _______ $ 29,889
____ _______ $ 15,985
____ _______ $ 16,196
____ _______ $ 16,221
____ _______ $ 20,786
____ ___________
Licenses, Permits, Privileges
and Franchises:
Licenses . . . . . . . . . . . . . . . . . 74,660 85,140 91,433 102,915 90,592 81,458 80,082 64,696 64,116 57,027
Permits . . . . . . . . . . . . . . . . . . 297,110 356,561 310,314 288,628 285,909 277,378 233,044 204,191 190,358 160,422
Privileges and Franchises . . . 327,638
_______ 360,650
____ _______ 373,795
____ _______ 378,638
____ _______ 352,041
____ _______ 344,172
____ _______ 334,707
____ _______ 323,703
____ _______ 328,780
____ _______ 307,221
____ ___________
Total Licenses, Permits,
Privileges and Franchises 699,408
_______ 802,351
____ _______ 775,542
____ _______ 770,181
____ _______ 728,542
____ _______ 703,008
____ _______ 647,833
____ _______ 592,590
____ _______ 583,254
____ _______ 524,670
____ ___________
Fines and Forfeitures:
Fines . . . . . . . . . . . . . . . . . . . 1,077,292 1,107,441 1,025,910 983,551 992,714 957,006 890,356 811,355 854,677 816,664
Forfeitures . . . . . . . . . . . . . . . 1,873 1,287 1,547 1,305 1,859 2,279 1,826 3,372 3,885 3,431
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Fines and Forfeitures . 1,079,165
_______ 1,108,728
____ _______ 1,027,457
____ _______ 984,856
____ _______ 994,573
____ _______ 959,285
____ _______ 892,182
____ _______ 814,727
____ _______ 858,562
____ _______ 820,095
____ ___________
Miscellaneous . . . . . . . . . . . . . . 1,054,078 956,681 270,345 424,218 448,835 1,665,640 1,146,660 545,253 1,133,029 562,542
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Pollution Remediation—
353
Bond Sales . . . . . . . . . . . . . 136,064
_______ 140,310
____ _______ 149,891
____ _______ 139,513
____ _______ 159,154
____ _______ 241,126
____ _______ 293,586
____ _______ 191,547
____ _______ 201,830
____ _______ 267,801
____ ___________
Transfer from General Debt
Service Fund . . . . . . . . . . . 78,090
_______ 80,976
____ _______ 81,810
____ _______ 82,067
____ _______ 82,047
____ _______ 81,786
____ _______ 81,474
____ _______ 86,115
____ _______ 88,133
____ _______ 67,503
____ ___________
Transfer from Nonmajor Debt
Service Fund . . . . . . . . . . . 225,838
_______ 219,215
____ _______ 225,114
____ _______ 217,051
____ _______ 345,777
____ _______ 229,949
____ _______ 245,700
____ _______ 229,538
____ _______ 209,446
____ _______ 177,755
____ ___________
Total Revenues. . . . . . . . . . $95,058,142 $91,784,302
____ _______
___________
_______ ___________ $87,936,395
____ _______
___________ $83,468,358
____ _______
___________ $79,986,484
____ _______
___________ $78,035,312
____ _______
___________ $72,880,530
____ _______
___________ $71,029,227
____ _______
___________ $66,981,665
____ _______
___________ $65,319,897
____ ___________
___________
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government:
002 Mayoralty . . . . . . . . . . . . $147,448 $128,461 $112,523 $107,701 $ 96,323 $ 88,998 $ 84,168 $ 81,031 $ 81,183 $ 81,860
003 Board of Elections . . . . . 222,053 172,006 129,285 121,497 116,078 106,686 116,081 107,472 109,839 102,823
004 Campaign Finance
Board . . . . . . . . . . . . . 20,050 25,395 32,989 13,173 7,886 10,647 53,530 9,618 9,645 11,279
008 Office of the Actuary . . . 6,884 6,562 7,114 6,658 6,694 6,246 5,568 5,703 5,547 4,981
010 Borough President—
Manhattan . . . . . . . . . . 4,847 5,031 4,801 4,763 4,660 4,400 4,066 4,428 4,541 4,353
011 Borough President—
Bronx . . . . . . . . . . . . . 5,154 4,987 4,902 4,971 5,063 5,283 4,901 4,982 4,863 4,861
012 Borough President—
Brooklyn . . . . . . . . . . . 6,633 6,424 6,242 6,099 6,369 5,851 5,089 5,187 5,140 5,374
013 Borough President—
Queens . . . . . . . . . . . . 5,687 5,467 5,752 5,172 5,092 4,754 4,977 4,584 4,586 4,699
014 Borough President—
354
Staten Island . . . . . . . . 4,465 4,342 4,484 4,224 4,048 3,776 4,130 3,904 3,859 3,770
015 Office of the
Comptroller . . . . . . . . . 88,779 90,657 83,020 82,457 77,413 75,634 70,270 61,238 59,205 54,371
021 Office of Administrative
Tax Appeals . . . . . . . . 5,456 4,972 4,819 4,619 4,258 4,261 4,162 4,247 3,850 3,712
025 Law Department . . . . . . . 263,806 240,735 214,954 205,868 182,403 165,619 151,085 133,663 124,941 121,789
030 Department of City
Planning . . . . . . . . . . . 42,820 40,058 36,054 36,212 31,170 24,621 20,395 20,928 22,831 23,589
032 Department of
Investigation . . . . . . . . 47,103 43,339 35,789 40,622 33,795 31,465 25,099 30,594 15,341 16,296
063 Department of
Veterans Service . . . . . 4,975 4,098 3,573 2,468 — — — — — —
101 Public Advocate . . . . . . . 4,341 3,022 3,579 3,525 3,311 2,747 2,322 2,241 2,236 2,212
102 City Council . . . . . . . . . . 80,141 78,367 63,950 62,151 59,779 56,876 51,540 51,590 51,891 51,038
103 City Clerk . . . . . . . . . . . . 5,507 5,577 5,305 5,914 5,548 5,587 4,752 4,407 4,411 4,445
127 Financial Information
Services Agency . . . . . 108,160 104,004 104,113 98,031 90,519 82,571 81,626 77,346 74,509 46,845
131 Office of Payroll
Administration . . . . . . 15,364 16,098 16,523 15,841 15,663 14,678 13,713 11,033 (17,782) 56,997
132 Independent Budget
Office . . . . . . . . . . . . . 4,556 4,353 4,101 4,123 3,991 3,944 3,998 3,889 3,693 3,397
133 Equal Employment
Practices Commission . . 1,132 1,145 881 870 764 701 464 419 627 722
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government: (cont.)
134 Civil Service
Commission . . . . . . . . $ 958 $ 1,024 $ 1,055 $ 1,035 $ 780 $ 735 $ 799 $ 767 $ 651 $ 482
136 Landmarks Preservation
Commission . . . . . . . . 6,443 6,221 5,826 5,476 5,251 4,782 4,743 4,448 4,273 4,479
138 Districting
Commission . . . . . . . . — — — — — — 14 1,381 — —
226 Commission on
Human Rights . . . . . . . 12,152 13,254 12,689 10,357 8,750 5,722 5,538 5,936 6,033 6,136
260 Department of Youth
and Community
Development . . . . . . . . 783,649 697,619 620,742 549,821 508,135 419,394 368,054 307,731 299,967 318,832
312 Conflicts of Interest Board 2,531 2,679 2,521 2,429 2,380 2,193 2,054 2,032 1,960 1,981
313 Office of Collective
Bargaining . . . . . . . . . 2,248 2,298 2,407 2,220 2,198 1,754 2,101 2,106 2,071 2,013
355
341 Manhattan Community
Board # 1 . . . . . . . . . . 304 288 268 274 281 267 240 229 220 232
342 Manhattan Community
Board # 2 . . . . . . . . . . 338 333 300 346 286 282 271 269 273 316
343 Manhattan Community
Board # 3 . . . . . . . . . . 418 420 375 374 374 358 352 335 334 330
344 Manhattan Community
Board # 4 . . . . . . . . . . 386 422 302 305 292 278 283 281 275 245
345 Manhattan Community
Board # 5 . . . . . . . . . . 332 387 323 313 323 264 254 254 253 243
346 Manhattan Community
Board # 6 . . . . . . . . . . 455 407 230 291 257 320 364 308 246 291
347 Manhattan Community
Board # 7 . . . . . . . . . . 335 377 327 305 309 307 295 316 297 212
348 Manhattan Community
Board # 8 . . . . . . . . . . 386 445 379 372 353 336 312 344 335 285
349 Manhattan Community
Board # 9 . . . . . . . . . . 309 323 277 272 259 249 229 225 235 235
350 Manhattan Community
Board # 10 . . . . . . . . . 355 282 317 303 308 293 188 214 222 250
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government: (cont.)
351 Manhattan Community
Board # 11 . . . . . . . . . $ 300 $ 302 $ 312 $ 269 $ 287 $ 251 $ 269 $ 268 $ 264 $ 255
352 Manhattan Community
Board # 12 . . . . . . . . . 407 394 385 581 316 204 199 192 206 195
381 Bronx Community
Board # 1 . . . . . . . . . . 356 346 290 283 276 276 252 258 255 235
382 Bronx Community
Board # 2 . . . . . . . . . . 270 304 302 226 226 252 246 237 244 243
383 Bronx Community
Board # 3 . . . . . . . . . . 337 329 290 286 276 265 255 259 250 245
384 Bronx Community
Board # 4 . . . . . . . . . . 283 284 230 240 201 211 196 231 207 199
385 Bronx Community
Board # 5 . . . . . . . . . . 192 202 174 157 226 247 211 216 207 206
356
386 Bronx Community
Board # 6 . . . . . . . . . . 253 260 204 222 231 207 201 202 203 197
387 Bronx Community
Board # 7 . . . . . . . . . . 334 332 246 235 263 256 225 203 258 244
388 Bronx Community
Board # 8 . . . . . . . . . . 287 277 179 242 241 243 258 255 254 247
389 Bronx Community
Board # 9 . . . . . . . . . . 386 318 299 283 289 259 232 222 225 168
390 Bronx Community
Board # 10 . . . . . . . . . 312 332 297 296 284 279 276 270 269 259
391 Bronx Community
Board # 11 . . . . . . . . . 339 319 282 281 276 263 254 248 245 236
392 Bronx Community
Board # 12 . . . . . . . . . 296 292 238 225 220 209 206 206 207 208
431 Queens Community
Board # 1 . . . . . . . . . . 266 314 264 242 206 202 115 172 174 208
432 Queens Community
Board # 2 . . . . . . . . . . 354 357 313 310 300 284 260 271 266 275
433 Queens Community
Board # 3 . . . . . . . . . . 332 334 321 307 287 267 285 265 259 279
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government: (cont.)
434 Queens Community
Board # 4 . . . . . . . . . . $ 332 $ 318 $ 281 $ 272 $ 253 $ 247 $ 225 $ 225 $ 244 $ 250
435 Queens Community
Board # 5 . . . . . . . . . . 313 304 270 267 256 252 242 231 238 235
436 Queens Community
Board # 6 . . . . . . . . . . 324 315 290 284 272 264 213 265 243 263
437 Queens Community
Board # 7 . . . . . . . . . . 351 341 263 316 304 288 282 262 275 277
438 Queens Community
Board # 8 . . . . . . . . . . 343 370 308 305 296 275 270 261 272 268
439 Queens Community
Board # 9 . . . . . . . . . . 229 221 217 178 212 180 205 201 206 194
440 Queens Community
Board # 10 . . . . . . . . . 306 327 277 268 262 240 237 240 242 229
357
441 Queens Community
Board # 11 . . . . . . . . . 332 354 287 296 288 277 250 252 255 242
442 Queens Community
Board # 12 . . . . . . . . . 331 318 289 261 249 252 240 223 220 208
443 Queens Community
Board # 13 . . . . . . . . . 331 332 276 271 235 228 209 238 247 240
444 Queens Community
Board # 14 . . . . . . . . . 301 289 248 246 244 235 226 222 227 217
471 Brooklyn Community
Board # 1 . . . . . . . . . . 351 355 308 306 303 279 270 272 273 264
472 Brooklyn Community
Board # 2 . . . . . . . . . . 292 331 278 270 248 249 252 246 240 243
473 Brooklyn Community
Board # 3 . . . . . . . . . . 298 333 255 254 258 252 230 235 215 185
474 Brooklyn Community
Board # 4 . . . . . . . . . . 311 299 262 263 273 210 157 253 256 308
475 Brooklyn Community
Board # 5 . . . . . . . . . . 256 242 216 155 227 205 196 196 204 180
476 Brooklyn Community
Board # 6 . . . . . . . . . . 256 289 166 231 228 233 238 190 201 197
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government: (cont.)
477 Brooklyn Community
Board # 7 . . . . . . . . . . $ 285 $ 288 $ 244 $ 232 $ 233 $ 217 $ 207 $ 207 $ 206 $ 207
478 Brooklyn Community
Board # 8 . . . . . . . . . . 297 337 286 282 276 257 239 252 247 240
479 Brooklyn Community
Board # 9 . . . . . . . . . . 267 246 228 215 171 231 218 201 181 180
480 Brooklyn Community
Board # 10 . . . . . . . . . 362 374 310 288 296 306 281 283 271 280
481 Brooklyn Community
Board # 11 . . . . . . . . . 271 311 278 267 271 254 238 234 231 231
482 Brooklyn Community
Board # 12 . . . . . . . . . 374 343 247 314 313 290 271 279 265 264
483 Brooklyn Community
Board # 13 . . . . . . . . . 310 300 241 264 250 248 251 233 244 229
358
484 Brooklyn Community
Board # 14 . . . . . . . . . 366 361 318 311 289 279 277 277 275 263
485 Brooklyn Community
Board # 15 . . . . . . . . . 187 204 168 167 177 150 155 163 171 155
486 Brooklyn Community
Board # 16 . . . . . . . . . 242 247 220 222 220 193 238 243 247 235
487 Brooklyn Community
Board # 17 . . . . . . . . . 331 364 315 298 323 307 221 188 282 315
488 Brooklyn Community
Board # 18 . . . . . . . . . 256 284 233 233 230 213 199 203 205 188
491 Staten Island Community
Board # 1 . . . . . . . . . . 306 311 261 270 278 255 243 237 240 235
492 Staten Island Community
Board # 2 . . . . . . . . . . 197 192 236 233 230 224 212 189 207 192
493 Staten Island Community
Board # 3 . . . . . . . . . . 329 348 309 306 318 308 291 269 258 256
801 Department of Small
Business Services . . . . 330,634 211,452 239,362 206,726 262,920 231,811 196,019 143,950 132,976 142,319
820 Office of Administrative
Trials and Hearings . . . 44,679 47,079 44,367 38,999 36,105 34,362 31,303 30,560 30,433 23,322
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government: (cont.)
829 Business Integrity
Commission . . . . . . . . $ 8,809 $ 8,769 $ 8,783 $ 9,559 $ 8,084 $ 8,065 $ 7,259 $ 6,992 $ 6,764 $ 6,851
836 Department of Finance . . 304,173 292,333 272,285 260,609 250,766 235,023 233,046 216,498 214,069 212,432
850 Department of Design
and Construction . . . . . 213,767 145,538 410,624 371,350 275,223 48,367 15,274 36,502 20,334 11,023
856 Department of Citywide
Administrative Services 1,090,319 477,144 454,963 429,272 414,923 390,745 385,553 434,174 356,873 349,381
858 Department of Information
Technology and
Telecommunications . . 578,226 467,280 472,818 459,895 387,123 321,260 317,194 283,414 283,237 278,568
860 Department of Records
and Information
Services . . . . . . . . . . . . 9,487 9,575 7,782 7,516 7,519 6,023 5,334 5,154 4,882 5,022
866 Department of
Consumer Affairs . . . . 39,579 40,291 37,688 33,941 34,100 34,191 29,820 25,362 24,088 19,906
359
Miscellaneous—
Technology
Development
Corporation . . . . . . . . __________ — —
__________ —
__________ 4,212
__________ 4,199
__________ 3,740
__________ 3,489
__________ 1,797
__________ —
__________ —
__________
Total General Government _______ 4,541,574
___ 3,436,484
__________ 3,494,774
__________ 3,246,561
__________ 2,985,013
__________ 2,468,539
__________ 2,333,741
__________ 2,151,528
__________ 1,977,838
__________ 2,006,168
__________
Public Safety and Judicial:
017 Department of Emergency
Management.. . . . . . . . 256,762 58,066 58,174 46,725 35,008 34,343 33,889 41,305 23,298 33,592
054 Civilian Complaint
Review Board . . . . . . . 19,628 18,409 16,403 15,174 14,073 12,683 11,202 10,608 8,739 9,622
056 Police Department . . . . . 5,785,046 5,668,823 5,480,432 5,312,163 5,075,081 4,896,334 4,669,342 4,658,350 4,631,506 4,557,699
057 Fire Department . . . . . . . 2,169,812 2,107,344 2,081,992 2,032,550 1,971,977 1,886,892 1,874,870 1,828,717 1,753,049 1,719,718
072 Department of
Correction . . . . . . . . . . 1,278,907 1,350,148 1,394,671 1,359,734 1,292,469 1,153,693 1,097,816 1,078,061 1,073,738 1,039,763
073 Board of Correction . . . . 2,557 2,594 2,315 1,838 1,493 1,522 1,640 1,031 900 929
130 Department of
Juvenile Justice . . . . . . — — — — — — — — (216) 203,007
156 NYC Taxi and
Limousine Commission 52,913 47,886 45,731 45,749 47,925 52,401 46,331 36,743 31,702 30,174
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
360
941 Public Administrator—
New York County . . . . 1,199 2,601 2,522 1,614 1,600 1,504 1,397 1,335 1,184 1,126
942 Public Administrator—
Bronx County . . . . . . . 686 685 511 625 616 603 532 538 481 389
943 Public Administrator—
Kings County . . . . . . . 849 889 857 772 686 641 604 531 472 553
944 Public Administrator—
Queens County . . . . . . 591 578 544 519 503 484 471 449 421 425
945 Public Administrator—
Richmond County . . . . 570 621 527 517 559 477 450 441 376 375
Miscellaneous—
Contributions Legal Aid 381,821 335,657 294,161 289,275 275,149 261,410 255,685 249,944 242,063 219,402
Miscellaneous—Criminal
Justice Programs . . . . . 217,841 169,119 136,515 87,346 145,325 66,140 59,604 49,377 46,962 46,495
Miscellaneous—Other . . ________ 64,895 71,697 32,128 30,648 29,066 33,312 26,918 34,381 35,912 27,381
___ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Public Safety and
10,790,905
Judicial . . . . . . . . . . ________ 10,358,049
___ ________ 10,023,512
___ ________ 9,694,083
___ ________ 9,325,708
___ ________ 8,826,839
___ ________ 8,472,362
___ ________ 8,384,598
___ ________ 8,239,603
___ ________ 8,281,130
___ ___________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Education:
040 Department of Education $27,903,295
________ $26,905,467
___ ________ $25,026,392
___ ________ $23,317,602
___ ________ $21,973,688
___ ________ $20,457,511
___ ________ $18,672,173
___ ________ $19,128,734
___ ________ $19,129,084
___ ________ $18,862,234
___ ___________
City University:
042 City University of
New York—
Community Colleges . . 1,094,249 1,092,299 1,066,722 1,047,504 938,725 886,839 836,163 785,535 734,455 714,197
Hunter Campus Schools . 22,273 21,819 20,523 19,613 17,050 17,211 16,757 16,356 16,021 15,895
Educational Aid . . . . . . . ___________
— ___________
— ___________
— ___________
— ___________
— ___________
— ___________
— ___________
— ___________ 6,000
— ________ ___
Total City University . . 1,116,522 1,114,118 1,087,245 1,067,117 955,775 904,050 852,920 801,891 750,476 736,092
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Social Services:
068 Administration for
Children’s Services . . . 2,448,716 3,079,745 2,900,818 2,850,356 2,770,940 2,665,483 2,710,193 2,719,072 2,797,252 2,656,215
069 Department of
Social Services . . . . . . 10,408,734 10,188,335 9,853,247 9,501,095 9,345,924 9,745,753 9,474,918 9,478,836 9,373,482 8,048,750
071 Department of Homeless
361
Services . . . . . . . . . . . . 2,352,590 2,182,752 2,090,987 1,803,283 1,389,801 1,156,543 1,028,992 977,189 842,409 821,050
125 Department for the Aging . 421,015
________ 381,914
___ ________ 362,668
___ ________ 330,405
___ ________ 294,203
___ ________ 275,744
___ ________ 258,510
___ ________ 258,207
___ ________ 245,950
___ ________ 259,966
___ ___________
Total Social Services . . 15,631,055 15,832,746 15,207,720 14,485,139 13,800,868 13,843,523 13,472,613 13,433,304 13,259,093 11,785,981
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Environmental Protection:
826 Department of
Environmental
Protection . . . . . . . . . . 1,298,507 1,346,282 1,314,561 1,336,577 1,081,754 1,072,757 1,117,245 1,643,135 976,718 949,665
827 Department of Sanitation 2,081,062
________ 1,741,457
___ ________ 1,700,907
___ ________ 1,586,841
___ ________ 1,487,475
___ ________ 1,467,577
___ ________ 1,405,046
___ ________ 1,360,158
___ ________ 1,269,492
___ ________ 1,390,290
___ ___________
Total Environmental
Protection . . . . . . . . 3,379,569
________ 3,087,739
___ ________ 3,015,468
___ ________ 2,923,418
___ ________ 2,569,229
___ ________ 2,540,334
___ ________ 2,522,291
___ ________ 3,003,293
___ ________ 2,246,210
___ ________ 2,339,955
___ ___________
Transportation Services:
841 Department of
Transportation . . . . . . . 853,910 768,961 721,879 724,637 720,249 691,914 657,882 638,521 641,588 674,767
Miscellaneous—
Payments to the Transit
Authority . . . . . . . . . . . 1,077,950 1,298,892 1,035,258 1,028,965 985,350 963,007 890,724 842,598 798,442 480,472
Miscellaneous—
Payments to Private
Bus Companies . . . . . . ___________
8 ___________
21 ___________
34 ___________ 2,331
35 ___________ ___________ 1,717
52 ________ 3,245
___ ________ 3,670
___ ________ 4,882
___ ___________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Transportation Services: (cont.)
Total Transportation
Services . . . . . . . . . $1,931,868
__________ $2,067,874
__________ $1,757,171
__________ $1,753,637
__________ $1,707,930
__________ $1,654,973
__________ $1,550,323
__________ $1,484,364
__________ $1,443,700
__________ $1,160,121
__________
Parks, Recreation, and
Cultural Activities:
126 Department of
Cultural Affairs . . . . . 203,754 198,855 184,923 175,290 156,814 157,476 153,137 143,426 145,682 142,308
846 Department of
Parks and Recreation . . 453,994
__________ 447,625
__________ 437,055
__________ 423,486
__________ 377,041
__________ 397,935
__________ 325,786
__________ 337,092
__________ 286,259
__________ 308,876
__________
Total Parks, Recreation,
and Cultural
Activities . . . . . . . . 657,748
__________ 646,480
__________ 621,978
__________ 598,776
__________ 533,855
__________ 555,411
__________ 478,923
__________ 480,518
__________ 431,941
__________ 451,184
__________
Housing:
806 Housing Preservation and
Development . . . . . . . 1,102,463 1,057,105 975,325 1,002,886 824,613 699,009 670,660 651,885 714,364 687,017
362
810 Department of Buildings 187,494 171,769 158,641 149,656 134,556 107,765 98,185 102,224 94,578 98,556
Miscellaneous—
Payments to the
Housing Authority . . . . 1,318
__________ 1,448
__________ 83,419
__________ 67,591
__________ 64,044
__________ 79,083
__________ 60,109
__________ 2,040
__________ 2,103
__________ 2,098
__________
Total Housing . . . . . . 1,291,275
__________ 1,230,322
__________ 1,217,385
__________ 1,220,133
__________ 1,023,213
__________ 885,857
__________ 828,954
__________ 756,149
__________ 811,045
__________ 787,671
__________
Health:
816 Department of Health
and Mental Hygiene . . 1,814,494 1,747,449 1,658,536 1,595,395 1,425,182 1,470,119 1,394,753 1,480,287 1,528,519 1,582,048
819 New York City Health and
Hospitals Corporation . 705,441
__________ 908,909
__________ 742,636
__________ 637,893
__________ 1,241,329
__________ 238,259
__________ 227,027
__________ 375,844
__________ 79,515
__________ 84,894
__________
Total Health . . . . . . . . 2,519,935
__________ 2,656,358
__________ 2,401,172
__________ 2,233,288
__________ 2,666,511
__________ 1,708,378
__________ 1,621,780
__________ 1,856,131
__________ 1,608,034
__________ 1,666,942
__________
Libraries:
035 New York Research
Libraries . . . . . . . . . . 31,021 28,458 28,075 27,783 26,737 24,265 18,617 22,277 15,339 22,023
037 New York Public
Library . . . . . . . . . . . . 156,095 145,511 138,967 136,159 132,892 119,378 88,955 111,231 73,409 110,821
038 Brooklyn Public Library . . 117,466 109,823 103,895 102,177 99,324 89,514 65,315 82,739 55,426 82,011
039 Queens Borough
Public Library . . . . . . 122,602
__________ 114,204
__________ 106,939
__________ 103,752
__________ 100,595
__________ 89,235
__________ 65,687
__________ 82,379
__________ 55,190
__________ 81,135
__________
Total Libraries . . . . . . 427,184
__________ 397,996
__________ 377,876
__________ 369,871
__________ 359,548
__________ 322,392
__________ 238,574
__________ 298,626
__________ 199,364
__________ 295,990
__________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
General Fund Expenditures and Other Financing Uses—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
Pensions:
095 Pension Contributions . . $9,671,638
________ $9,828,626
___ ________ $ 9,513,308
___ ________ $ 9,280,651
___ ________ $ 9,170,963
___ ________ $ 8,489,857
___ ________ $ 8,141,099
___ ________ $ 8,054,284
___ ________ $ 7,830,440
___ ________ $ 6,842,573
___ ___________
Judgments and Claims . . . . . . . 708,970 705,751 730,382 750,349 719,968 679,605 732,222 524,483 582,868 664,073
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Fringe Benefits and Other
Benefit Payments . . . . . . . . . . 5,476,722
________ 5,742,655
___ ________ 5,717,327
___ ________ 5,909,908
___ ________ 5,511,572
___ ________ 5,862,664
___ ________ 5,841,923
___ ________ 3,829,655
___ ________ 3,879,655
___ ________ 3,846,135
___ ___________
Lease Payments . . . . . . . . . . . . . 100,583 96,489 129,727 30,360 199,253 148,847 152,613 151,420 137,659 145,336
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Other:
098 Miscellaneous . . . . . . . . . 1,700,596
________ 651,011
___ ________ 379,538
___ ________ 147,036
___ ________ 197,649
___ ________ 848,095
___ ________ 1,793,367
___ ________ 159,741
___ ________ 122,069
___ ________ (82,948)
___ ___________
Total Expenditures . . . . . . . . . . 87,849,439 84,758,165 80,700,975 77,027,929 73,700,743 70,196,875 67,705,878 64,498,719 62,649,079 59,788,637
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Transfers:
General Debt Service Fund:
099 Debt Service . . . . . . . . . . 3,391,468
________ 3,513,236
___ ________ 4,102,912
___ ________ 3,582,899
___ ________ 3,701,534
___ ________ 5,060,959
___ ________ 1,564,829
___ ________ 5,141,650
___ ________ 2,360,504
___ ________ 3,556,440
___ ___________
Nonmajor Debt Service Funds:
099 Debt Service—Hudson
363
Yards Infrastructure
Corporation . . . . . . . . . — — 84,332 70,546 58,655 76,610 76,684 32,648 262,622 68,604
Miscellaneous—Transitional
Finance Authority:
Building Aid Revenue
Bonds . . . . . . . . . . . . . 796,520 744,410 687,362 575,747 605,954 638,095 1,886,776 344,576 1,087,584 1,206,050
Future Tax Secured . . . . . 3,061,523 2,763,408 2,355,710 2,206,026 1,914,400 2,057,670 1,641,311 1,006,451 616,864 695,044
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Transfers to
Nonmajor Debt
Service Funds . . . . . . . 3,858,043
________ 3,507,818
___ ________ 3,127,404
___ ________ 2,852,319
___ ________ 2,579,009
___ ________ 2,772,375
___ ________ 3,604,771
___ ________ 1,383,675
___ ________ 1,967,070
___ ________ 1,969,698
___ ___________
Total Transfers . . . . . . . . . . . . . 7,249,511 7,021,054 7,230,316 6,435,218 6,280,543 7,833,334 5,169,600 6,525,325 4,327,574 5,526,138
___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________
Total Expenditures and Other
Financing Uses . . . . . . . . . . . $95,098,950
________ $91,779,219
___ ________ $87,931,291
___ ________ $83,463,147
___ ________ $79,981,286
___ ________ $78,030,209
___ ________ $72,875,478
___ ________ $71,024,044
___ ________ $66,976,653
___ ________ $65,314,775
___ ___________
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Government:
Department of Small Business
Services . . . . . . . . . . . . . . . $ 15,380 $ 17,744 $ 22,628 $ 14,524 $ 5,580 $ 42,423 $ 24,063 $ 40,421 $ 35,020 $ 60,096
Department of Citywide
Administrative Services . . . 9,220
__________ 13,302
_________ 3
_________ 97
_________ 500
_________ 3,558
_________ —
_________ 20,650
__________ 4,464
__________ 7,202
_________
Total General Government 24,600
__________ 31,046
_________ 22,631
_________ 14,621
_________ 6,080
_________ 45,981
_________ 24,063
_________ 61,071
__________ 39,484
__________ 67,298
_________
Public Safety and Judicial:
Police Department . . . . . . . . . — 1,513 1,731 636 9,164 3,672 1,867 — — —
Fire Department . . . . . . . . . . . 2,983 2,674 — — 3,645 14,486 4,501 703 228 10,040
Department of Correction . . . 3,756
__________ 4,987
_________ 2,079
_________ 1,302
_________ 860
_________ —
_________ 2
_________ 83
__________ —
__________ —
_________
Total Public Safety and
Judicial . . . . . . . . . . . . . . 6,739
__________ 9,174
_________ 3,810
_________ 1,938
_________ 13,669
_________ 18,158
_________ 6,370
_________ 786
__________ 228
__________ 10,040
_________
Education:
Department of Education . . . 86,238
__________ 38,746
_________ 17,163
_________ 144,948
_________ 191,000
_________ 78,900
_________ 9,813
_________ —
__________ —
__________ —
_________
364
City University:
City University of New York
Community Colleges . . . . . —
__________ —
_________ —
_________ —
_________ 484
_________ 592
_________ 297
_________ 239
__________ 693
__________ 5,155
_________
Social Services:
Administration for Children’s
Services . . . . . . . . . . . . . . . 2,316 600 4,331 6,549 1,257 21,978 — — — —
Human Resources
Administration . . . . . . . . . . 8,512
__________ 4,019
_________ 3,785
_________ 15,253
_________ 5,969
_________ 45,871
_________ 6,986
_________ 15,939
__________ 2,423
__________ 2,788
_________
Total Social Services . . . . . 10,828
__________ 4,619
_________ 8,116
_________ 21,802
_________ 7,226
_________ 67,849
_________ 6,986
_________ 15,939
__________ 2,423
__________ 2,788
_________
Environmental Protection:
Department of Environmental
Protection . . . . . . . . . . . . . . 12,773 11,201 6,199 3,890 5,281 65,461 192,124 42,701 55,951 31,041
Department of Sanitation . . . 2,719
__________ 1,253
_________ 5,546
_________ —
_________ 4,464
_________ 450
_________ 1,369
_________ 4,050
__________ 112
__________ 1,336
_________
Total Environmental
Protection . . . . . . . . . . . . 15,492
__________ 12,454
_________ 11,745
_________ 3,890
_________ 9,745
_________ 65,911
_________ 193,493
_________ 46,751
__________ 56,063
__________ 32,377
_________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital Projects Fund Aid Revenues—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ ________2011
______________
(in thousands)
Transportation Services:
Department of Transportation 325,960
$__________ 278,253
$__________ 334,899
$__________ 337,998
$__________ 512,612
$__________ 354,962
$__________ 252,904
$__________ __________
$ 390,038 ___ 311,493
$ ________ 298,208
$__________
Parks, Recreation and
Cultural Activities:
Department of Parks and
Recreation . . . . . . . . . . . 21,370 12,605 33,203 65,195 172,197 226,549 20,088 216,442 20,450 2,874
Department of Cultural
Affairs . . . . . . . . . . . . . . . 4,608
__________ 2,039
__________ 10,966
__________ 2,359
__________ 1,625
__________ 5,984
__________ 12,811
__________ __________ 7,094
4,437 ___________ 2,638
__________
Total Parks, Recreation and
Cultural Activities . . . . 25,978
__________ 14,644
__________ 44,169
__________ 67,554
__________ 173,822
__________ 232,533
__________ 32,899
__________ __________ 27,544
220,879 ___________ 5,512
__________
Housing:
Department of Housing
Preservation and
Development . . . . . . . . . . . 35,547
__________ 15,596
__________ 67,475
__________ 32,056
__________ 43,611
__________ 27,019
__________ 90,269
__________ __________ 111,174
75,676 ___________ 109,686
__________
Health:
365
Department of Health and
Mental Hygiene . . . . . . . . . 263 1,881 1,783 1,749 1,102 4,812 — — 13,056 —
New York City Health and
Hospitals Corporation . . . . 141,515
__________ 12,314
__________ 28,007
__________ —
__________ 18,033
__________ 69,204
__________ 50,883
__________ __________ —
— ___________ —
__________
Total Health . . . . . . . . . . . . 141,778
__________ 14,195
__________ 29,790
__________ 1,749
__________ 19,135
__________ 74,016
__________ 50,883
__________ — 13,056
__________ ___________ —
__________
Libraries:
Research Library . . . . . . . . . . — — 1 — — — — — — —
New York Public Library . . . . — — — 32 45 156 351 195 884 1,326
Brooklyn Public Library . . . . — — — — 92 — — 174 347 226
Queens Borough Public
Library . . . . . . . . . . . . . . . . 1,679
__________ —
__________ 940
__________ 6,636
__________ 9,002
__________ —
__________ —
__________ __________ 742
1,823 ___________ —
__________
Total Libraries . . . . . . . . . . 1,679
__________ —
__________ 941
__________ 6,668
__________ 9,139
__________ 156
__________ 351
__________ 2,192 1,973
__________ ___________ 1,552
__________
Total Capital Projects Fund Aid
Revenues . . . . . . . . . . . . . . . . $__ 674,839
__________
________ $__ 418,727
__________
________ $__ 540,739
__________
________ $__ 633,224
__________
________ $__ 986,523
__________
________ $__ 966,077
__________
________ $__ 668,328
__________
________ __________
$ 813,571 ___
__________ ___ 564,131
$ ________
________ $__ 532,616
__________
________
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _______2011
______________
(in thousands)
General Government:
Department of Small
Business Services. . . . . . . . $ 276,864 $ 436,487 $ 304,703 $ 285,565 $ 173,418 $ 181,114 $ 255,806 $ 251,598 $ 235,510 $ 231,961
Department of Citywide
Administrative Services . . . 449,428 386,560 415,912 358,740 284,900 386,389 435,921 485,326 453,670 476,725
Department of Information
Technology and
Telecommunications . . . . . 74,780
________ 81,714
___ ____________ 102,222
___________ 95,872
___________ 206,501
___________ 222,164
___________ 389,997
___________ 281,550
___________ 213,493
___________ 241,585
___________
Total General Government 801,072 904,761
___________ ____________ 822,837
___________ 740,177
___________ 664,819
___________ 789,667
___________ 1,081,724
___________ 1,018,474
___________ 902,673
___________ 950,271
___________
Public Safety and Judicial:
Police Department . . . . . . . . . 251,882 198,679 222,836 160,271 168,345 172,965 301,331 344,075 250,141 225,324
Fire Department . . . . . . . . . . . 79,151 69,417 124,633 104,125 77,894 80,101 118,364 109,075 77,596 112,530
Department of Correction . . . 36,442 30,083 47,823 100,437 80,840 49,790 131,186 134,697 44,691 47,159
Department of Juvenile Justice . ___________ —
— ____________ —
___________ —
___________ —
___________ —
___________ 88
___________ ________480
___ 1,017
________
___ 2,074
________
___
Total Public Safety and
Judicial . . . . . . . . . . . . 367,475
________ 298,179
___ _________
___ 395,292
________
___ 364,833
________
___ 327,079
________
___ 302,856
________
___ 550,969
________
___ 588,327
________
___ 373,445
________
___ 387,087
________
___
Education:
366
Department of Education . . . 2,853,275
___________ ___2,829,691
_________ 2,352,609
___________ 2,706,201
___________ 2,475,122
___________ 2,631,088
___________ 2,106,964
___________ 1,803,435
___________ 1,877,005
___________ 2,015,322
___________
City University of New York:
Senior Colleges . . . . . . . . . . . 16,099 20,195 24,898 12,429 19,059 26,161 2,659 2,031 1,726 1,614
Community Colleges . . . . . . . 36,047
________ 41,492
___ ____________ 42,407
___________ 50,674
___________ 37,935
___________ 44,047
___________ 32,043
___________ 55,613
___________ 85,651
___________ 81,702
___________
Total Education . . . . . . . 2,905,421
___________ ___2,891,378
_________ 2,419,914
___________ 2,769,304
___________ 2,532,116
___________ 2,701,296
___________ 2,141,666
___________ 1,861,079
___________ 1,964,382
___________ 2,098,638
___________
Social Services:
Administration for Children’s
Services . . . . . . . . . . . . . . . 26,220 84,014 53,602 14,194 13,362 15,390 15,333 12,691 9,722 7,126
Department of Homeless
Services . . . . . . . . . . . . . . . 30,670 28,411 21,188 11,864 14,680 20,990 22,545 19,016 22,449 36,206
Human Resources
Administration . . . . . . . . . . 44,060 53,706 197,598 78,297 28,939 162,326 22,943 22,081 16,301 16,021
Department for the Aging . . . 6,340
________ 1,283
___ ____________ 2,269
___________ 7,401
___________ 3,105
___________ 10,235
___________ 3,146
___________ 3,126
___________ 3,551
___________ ________617
___
Total Social Services . . . 107,290 167,414
___________ ____________ 274,657
___________ 111,756
___________ 60,086
___________ 208,941
___________ 63,967
___________ 56,914
___________ 52,023
___________ 59,970
___________
Environmental Protection:
Department of Sanitation . . . 202,388 242,846 289,520 323,734 323,649 246,354 264,052 352,635 322,432 233,743
Department of Environmental
Protection . . . . . . . . . . . . . . 1,845,933
___________ ___1,991,756
_________ 1,687,883
___________ 1,453,949
___________ 1,378,234
___________ 1,373,488
___________ 1,577,803
___________ 1,843,947
___________ 2,405,599
___________ 2,824,135
___________
Total Environmental
Protection . . . . . . . . . . 2,048,321
___________ ___2,234,602
_________ 1,977,403
___________ 1,777,683
___________ 1,701,883
___________ 1,619,842
___________ 1,841,855
___________ 2,196,582
___________ 2,728,031
___________ 3,057,878
___________
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital Projects Fund Expenditures—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _______2011
______________
(in thousands)
Transportation Services:
Transit Authority . . . . . . . . . . $ 95,116 $ 311,372 $ 54,664 $ 91,228 $ 230,522 $ 114,743 $ 36,174 $ 123,156 $ 130,981 $ 65,362
Department of Transportation . . 1,340,848
___________ ___1,300,994
_________ 1,461,393
___________ 1,139,207
___________ 1,032,163
___________ 757,672
________
___ 902,117
________
___ 1,031,069
___________ 1,044,217
___________ 950,586
________
___
Total Transportation
Services . . . . . . . . . . . . 1,435,964
___________ ___1,612,366
_________ 1,516,057
___________ 1,230,435
___________ 1,262,685
___________ 872,415
________
___ 938,291
________
___ 1,154,225
___________ 1,175,198
___________ 1,015,948
___________
Parks, Recreation and
Cultural Activities:
Department of Cultural
Affairs . . . . . . . . . . . . . . . . 163,040 144,379 143,807 124,198 116,184 189,243 153,247 166,682 218,539 319,525
Department of Parks and
Recreation. . . . . . . . . . . . . . 503,460
________ 472,161
___ _________
___ 388,408
________
___ 543,281
________
___ 471,417
________
___ 387,002
________
___ 423,923
________
___ 556,689
________
___ 416,349
________
___ 546,416
________
___
Total Parks, Recreation
and Cultural Activities . . 666,500
________ 616,540
___ _________
___ 532,215
________
___ 667,479
________
___ 587,601
________
___ 576,245
________
___ 577,170
________
___ 723,372
________
___ 634,888
________
___ 865,941
________
___
Housing:
Department of Housing
Preservation and
Development . . . . . . . . . . . 904,215
________
___ ___1,680,761
_________ 1,411,642
___________ 950,461
________
___ 752,753
________
___ 560,550
________
___ 427,764
________
___ 413,969
________
___ 348,760
________
___ 330,339
________
___
367
Health:
NYC Health and Hospitals
Corporation. . . . . . . . . . . . . 363,424 306,220 217,342 130,096 103,789 136,117 196,990 286,066 168,665 127,797
Department of Health and
Mental Hygiene . . . . . . . . . 38,539
________ 27,851
___ ____________ 31,312
___________ 36,138
___________ 46,233
___________ 31,627
___________ 44,642
___________ 43,038
___________ 41,799
___________ 138,139
________
___
Total Health . . . . . . . . . . 401,963 334,071
___________ ____________ 248,654
___________ 166,234
___________ 150,022
___________ 167,744
___________ 241,632
___________ 329,104
___________ 210,464
___________ 265,936
________
___
Libraries:
Research Libraries. . . . . . . . . 319 164 743 781 355 1,063 864 1,233 983 7,260
New York Public Library . . . . 77,434 67,731 11,117 12,019 12,916 15,112 10,131 18,819 12,398 21,705
Brooklyn Public Library . . . . 35,186 16,045 8,609 8,337 6,860 5,801 5,113 5,776 11,353 12,090
Queens Borough Public
Library . . . . . . . . . . . . . . . . 22,632
________ 24,271
___ ____________ 20,597
________
___ 26,051
________
___ 20,741
________
___ 14,779
________
___ 21,565
________
___ 17,458
________
___ 16,398
________
___ 25,684
________
___
Total Libraries . . . . . . . . 135,571 108,211
___________ ____________ 41,066
________
___ 47,188
________
___ 40,872
________
___ 36,755
________
___ 37,673
________
___ 43,286
________
___ 41,132
________
___ 66,739
________
___
Total Capital Projects
Fund Expenditures . . . $9,773,792
___
___ ___ $10,848,283
________
_____ _________
___ ___
_________ $9,639,737
___
___ ___
________
_____ $8,825,550
___
___ ___
________
_____ $8,079,916
___
___ ___
________
_____ $7,836,311
___
___ ___
________
_____ $7,902,711
___
___ ___
________
_____ $8,385,332
___
___ ___
________
_____ $8,430,996
___
___ ___
________
_____ $9,098,747
___
___ ___
________
_____
368
Cash Provided by Operations . . (2,039)
________ (1,831)
________ (991)
________ (2,982)
________ 1,032
________ 1,001
________ 2,253
________ 922
________ 2,055
________ (386)
________
Other Sources of Cash:
Proceeds from Sale of City
Bonds . . . . . . . . . . . . . . . . . 4,096 1,136 3,404 2,339 — 841 2,068 1,610 2,688 1,912
Transfers from Nonmajor
Capital Projects Fund . . . . . 4,242 5,814 4,036 4,722 4,836 5,766 3,519 3,896 3,176 3,980
Capitalized Leases . . . . . . . . . 115 81 226 94 48 127 76 28 29 139
Decrease (Increase) in Amounts
Restricted Pending
Expenditures . . . . . . . . . . . ________5 48
________ (23)
________ 15
________ 622
________ (136)
________ 44
________ 54
________ (229)
________ 585
________
Total Other Sources of Cash . . . 8,458
________ 7,079
________ 7,643
________ 7,170
________ 5,506
________ 6,598
________ 5,707
________ 5,588
________ 5,664
________ 6,616
________
Other Uses of Cash:
Federal and State Financed
Capital Disbursements . . . . (858) (1,293) (610) (1,356) (1,330) (1,652) (909) (1,723) (1,678) (1,252)
Less Reimbursements . . . . . . 675 419 541 633 987 966 668 814 564 533
City Financed Disbursements
for Capital Construction . . (8,916) (9,555) (9,031) (7,468) (6,750) (6,184) (6,994) (6,662) (6,753) (7,847)
Decrease (Increase) in
Other, Net . . . . . . . . . . . . . . 3,585
________ 4,419
________ 3,434
________ 3,910
________ 26
________ (1,556)
________ 1,364
________ 1,147
________ 1,421
________ 1,470
________
Total Other Uses of Cash . . . . . (5,514)
________ (6,010)
________ (5,666)
________ (4,281)
________ (7,067)
________ (8,426)
________ (5,871)
________ (6,424)
________ (6,446)
________ (7,096)
________
Net (Decrease) Increase in Cash . . 905 (762) 986 (93) (529) (827) 2,089 86 1,273 (866)
Cash, Beginning of the Year . . . 6,611
________ 7,373
________ 6,387
________ 6,480
________ 7,009
________ 7,836
________ 5,747
________ 5,661
________ 4,388
________ 5,254
________
Cash, End of the Year . . . . . . . . $ 7,516
________
________ $ 6,611
________
________ $ 7,373
________
________ $ 6,387
________
________ $ 6,480
________
________ $ 7,009
________
________ $ 7,836
________
________ $ 5,747
________
________ $ 5,661
________
________ $ 4,388
________
________
(1) See Note A2 of the Basic Financial Statements.
Source: Comprehensive Annual Financial Reports of the Comptroller.
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STATISTICAL SECTION
SCHEDULES OF REVENUE
CAPACITY INFORMATION
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Assessed Value and Estimated Actual Value of Taxable Property—Ten Year Trend
Notes:
Assessment values are based on a percentage of the property’s Market Value. The Department of Finance assigns market values
to all properties in New York City. Market Value is the worth of the property as determined by the Department of Finance based
on the property’s tax class and the New York State Law requirements for determining market value.
SOURCES: Resolutions of the City Council and The Annual Report of The New York City Property Tax Fiscal Year 2020.
372
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Property Tax Rates—Ten Year Trend
General
Obligation
Fiscal Basic Debt Total
Year
__________ Rate
___________ Service
_____________ Direct
____________
2011 $12.69 $0.64 $12.86
2012 12.10 0.76 12.86
2013 11.00 1.85 12.85
2014 11.97 0.87 12.84
2015 10.72 2.05 12.77
2016 11.59 1.23 12.82
2017 11.69 1.17 12.86
2018 11.80 1.22 13.02
2019 12.15 0.93 13.08
2020 12.11 1.02 13.12
373
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Assessed Valuation and Tax Rate by Class—Ten Year Trend
___________________________Fiscal
___________Year
_________2020
_________________________________ ___________________________Fiscal
___________Year
_________2019
_________________________________
Assessed Percentage Direct Assessed Percentage Direct
Value of Taxable Tax Value of Taxable Tax
Type of Property
__________________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________
Class One
One Family Dwellings . . . . . . . . . . . . . . . . . . $ 9,429.8 3.4% $ 9,021.9 3.4%
Two Family Dwellings . . . . . . . . . . . . . . . . . . 7,715.8 2.8 7,396.0 2.8
Three Family Dwellings . . . . . . . . . . . . . . . . . 2,590.8 0.9 2,484.3 0.9
Condominiums . . . . . . . . . . . . . . . . . . . . . . . . 396.7 0.1 370.4 0.1
Vacant Land . . . . . . . . . . . . . . . . . . . . . . . . . . 112.2 — 110.3 0.0
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________
797.6 0.3
_____
__ 763.9
____________ 0.3
_____
__
21,042.9
____________ 7.5
_____
__ $21.17 20,146.8
____________ 7.5
_____
__ $20.90
Class Two
Rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,102.4 16.4 43,915.1 16.4
Cooperatives . . . . . . . . . . . . . . . . . . . . . . . . . . 26,802.1 9.6 25,656.9 9.6
Condominiums . . . . . . . . . . . . . . . . . . . . . . . . 19,495.6 6.9 17,140.8 6.4
Condops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,523.2 0.9 2,402.4 0.9
Conrentals . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,959.1 0.7 1,737.6 0.6
Four-Ten Family Rentals . . . . . . . . . . . . . . . . 8,274.4 2.9 7,788.9 2.9
Two-Ten Family Cooperatives . . . . . . . . . . . . 838.2 0.3 789.7 0.3
Two-Ten Family Condominiums . . . . . . . . . . 1,115.6 0.4 1,023.8 0.4
Two-Ten Family Condops . . . . . . . . . . . . . . . ____________ 35.4 _____—
__ 35.9
____________ 0.0
_____
__
107,146.0
____________ 38.1
_______ 12.47 100,491.1
____________ 37.5
_____
__ 12.61
Class Three
Special Franchise . . . . . . . . . . . . . . . . . . . . . . 13,379.8 4.8 12,447.2 4.6
Locally Assessed . . . . . . . . . . . . . . . . . . . . . . 3,269.5 1.2 2,778.3 1.0
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________
— _____—
__ —
____________ _____—
__
16,649.3
____________ 6.0
_______ 12.54 15,225.5
____________ 5.6
_______ 12.09
Class Four
Office Buildings . . . . . . . . . . . . . . . . . . . . . . . 62,539.3 22.3 60,775.4 22.7
Store Buildings . . . . . . . . . . . . . . . . . . . . . . . . 19,158.0 6.7 18,355.9 6.9
Loft Buildings . . . . . . . . . . . . . . . . . . . . . . . . 1,795.5 0.6 1,703.8 0.6
Utility Property . . . . . . . . . . . . . . . . . . . . . . . 3,421.3 1.2 3,451.6 1.3
Hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,035.7 3.6 10,011.4 3.7
Factories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,181.5 0.8 2,034.9 0.8
Garages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,319.9 1.2 3,189.9 1.2
Warehouses . . . . . . . . . . . . . . . . . . . . . . . . . . 3,950.6 1.4 3,603.1 1.3
Vacant Land . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338.6 0.5 1,336.7 0.5
Health and Educational . . . . . . . . . . . . . . . . . 2,684.8 1.0 2,635.7 1.1
Theaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557.2 0.2 500.6 0.2
Cultural and Recreational . . . . . . . . . . . . . . . . 602.6 0.2 665.9 0.2
Condo Office Buildings . . . . . . . . . . . . . . . . . 11,227.0 4.0 11,033.6 4.1
Condo Store Buildings . . . . . . . . . . . . . . . . . . 6,502.8 2.3 6,127.9 2.3
Condo Warehouse/Industrial . . . . . . . . . . . . . 74.7 — 55.5 0.0
Self Storage . . . . . . . . . . . . . . . . . . . . . . . . . . 921.8 0.3 814.4 0.3
Condo Non-Business Storage . . . . . . . . . . . . 56.1 — 53.0 0.0
Condo Parking . . . . . . . . . . . . . . . . . . . . . . . . 833.6 0.3 747.1 0.3
Condo Cultural/Medical/Education . . . . . . . . 211.1 0.1 162.4 0.1
Condo Hotels . . . . . . . . . . . . . . . . . . . . . . . . . 3,440.3 1.2 3,350.3 1.3
Condo Terraces/Gardens/Cabanas . . . . . . . . . 1.7 — 1.5 0.0
Condo-Other Commercials . . . . . . . . . . . . . . 332.2 0.1 156.7 0.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______
1,023.9
______ 0.4
_____
__ 1,074.0
______
______ 0.4
_____
__
136,210.2
____________ 48.4
_____
__ 10.54 131,841.3
______
______ 49.4
_____
__ 10.51
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______
$281,048.4
____________
______ 100.0%
_____
__
_____
__ $13.12(1) $267,704.7
______
______
______
______ 100.0%
_____
__
_____
__ $13.08(1)
(1) Represents the weighted average of the four classes of real property.
(2) Property tax rate based on every $100 assessed valuation.
Note: Property in New York City is reassessed once a year. The City assesses property at approximately 40 percent of Market
Value for commercial and industrial property and 20 percent of Market Value for residential property.
Sources: Resolutions of the City Council and The Annual Report, The New York City Property Tax Fiscal Year 2020.
(Continued)
374
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Assessed Valuation and Tax Rate by Class—Ten Year Trend (Cont.)
___________________________Fiscal
___________Year
_________2018
_________________________________ ___________________________Fiscal
___________Year
_________2017
_________________________________ ___________________________Fiscal
___________Year
_________2016
_________________________________
Assessed Percentage Direct Assessed Percentage Direct Assessed Percentage Direct
Value of Taxable Tax Value of Taxable Tax Value of Taxable Tax
(in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________
(1) Represents the weighted average of the four classes of real property.
(2) Property tax rate based on every $100 assessed valuation.
(Continued)
375
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Assessed Valuation and Tax Rate by Class—Ten Year Trend (Cont.)
(3)
___________________________Fiscal
___________Year
_________2015
_________________________________ __________________________Fiscal
__________Year
_________2014
___________________________________
Assessed Percentage Direct Assessed Percentage Direct
Value of Taxable Tax Value of Taxable Tax
Type of Property
__________________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________
Class One
One Family Dwellings . . . . . . . . . . . . . . . . . . $ 7,572.8 3.7% $ 7,270.9 3.8%
Two Family Dwellings . . . . . . . . . . . . . . . . . . 6,195.2 3.1 5,946.1 3.1
Three Family Dwellings . . . . . . . . . . . . . . . . . 2,067.3 1.0 1,983.5 1.0
Condominiums . . . . . . . . . . . . . . . . . . . . . . . . 287.9 0.1 259.6 0.1
Vacant Land . . . . . . . . . . . . . . . . . . . . . . . . . . 141.0 0.1 143.1 0.1
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________
651.2 0.3
_______ 625.8
____________ 0.3
_______
16,915.4
____________ 8.3
_______ $19.16 16,229.0
____________ 8.4
_______ $19.19
Class Two
Rentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,467.0 15.5 29,067.3 15.3
Cooperatives . . . . . . . . . . . . . . . . . . . . . . . . . . 18,882.4 9.3 17,922.6 9.4
Condominiums . . . . . . . . . . . . . . . . . . . . . . . . 10,347.7 5.1 9,504.8 5.0
Condops . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,826.6 0.9 438.2 0.2
Conrentals . . . . . . . . . . . . . . . . . . . . . . . . . . . 654.6 0.3 1,767.2 0.9
Four-Ten Family Rentals . . . . . . . . . . . . . . . . 6,102.2 3.0 5,746.8 3.0
Two-Ten Family Cooperatives . . . . . . . . . . . . 634.2 0.3 592.1 0.3
Two-Ten Family Condominiums . . . . . . . . . . 574.6 0.3 504.0 0.3
Two-Ten Family Condops . . . . . . . . . . . . . . . ____________ 25.2 0.0
_______ 21.7
____________ 0.2
_______
70,514.5
____________ 34.7
_______ 12.86 65,564.7
____________ 34.6
_______ 13.15
Class Three
Special Franchise . . . . . . . . . . . . . . . . . . . . . . 9,907.0 4.9 9,752.9 5.1
Locally Assessed . . . . . . . . . . . . . . . . . . . . . . 2,447.7 1.3 2,491.2 1.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ____________
0.4 0.0
_______ 0.4
____________ 0.0
_______
12,355.1
____________ 6.2
_______ 11.13 12,244.5
____________ 6.4
_______ 11.90
Class Four
Office Buildings . . . . . . . . . . . . . . . . . . . . . . . 48,131.9 23.7 44,917.3 23.6
Store Buildings . . . . . . . . . . . . . . . . . . . . . . . . 13,310.3 6.6 12,265.7 6.4
Loft Buildings . . . . . . . . . . . . . . . . . . . . . . . . 2,067.9 1.0 3,183.4 1.7
Utility Property . . . . . . . . . . . . . . . . . . . . . . . 2,823.3 1.4 2,678.2 1.4
Hotels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,173.5 4.0 6,805.0 3.6
Factories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,739,5 0.9 1,663.5 0.9
Commercial Condominiums . . . . . . . . . . . . . — — — —
Garages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,871.7 1.4 2,762.5 1.5
Warehouses . . . . . . . . . . . . . . . . . . . . . . . . . . 2,665.1 1.3 2,529.7 1.3
Vacant Land . . . . . . . . . . . . . . . . . . . . . . . . . . 1,713.6 0.8 1,675.3 0.9
Health and Educational . . . . . . . . . . . . . . . . . 2,321.5 0.1 2,094.8 1.1
Theaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347.5 0.2 316.1 0.2
Cultural and Recreational . . . . . . . . . . . . . . . . 566.2 0.3 522.3 0.3
Condo Office Buildings . . . . . . . . . . . . . . . . . 8,152.2 4.0 3,813.3 2.0
Condo Store Buildings . . . . . . . . . . . . . . . . . . 3,464.5 1.7 2,409.4 1.3
Condo Warehouse/Industrial . . . . . . . . . . . . . 98.5 0.0 22.0 0.0
Self Storage . . . . . . . . . . . . . . . . . . . . . . . . . . 485.5 0.2 424.2 0.2
Condo Non-Business Storage . . . . . . . . . . . . 37.4 0.0 20.6 0.0
Condo Parking . . . . . . . . . . . . . . . . . . . . . . . . 513.9 0.4 378.7 0.2
Condo Cultural/Medical/Education . . . . . . . . 106.3 0.1 55.6 0.0
Condo Hotels . . . . . . . . . . . . . . . . . . . . . . . . . 2,219.4 1.1 1,452.4 0.8
Condo Terraces/Gardens/Cabanas . . . . . . . . . 1.6 0.0 0.5 0.0
Condo—Other Commercials . . . . . . . . . . . . . 33.2 0.0 5,039.5 2.6
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______
1,232.9
______ 0.6
_____
__ 1,128.8
______
______ 0.6
_____
__
103,077.4
____________ 50.8
_____
__ 10.68 96,158.8
______
______ 50.6
_____
__ 10.32
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ______
$202,862.4
____________
______ 100.0%
_____
__
_____
__ $12.77(1) $190,197.0
______
______
______
______ 100.0%
_____
__
_____
__ $12.84(1)
(1) Represents the weighted average of the four classes of real property.
(2) Property tax rate based on every $100 assessed valuation.
(3) In fiscal year 2014 The Annual Report, the New York City Property Tax Fiscal Year 2014, reported various classifications of
Condos as class four real property for the first time.
Note: Property in New York City is reassessed once a year. The City assesses property at approximately 40 percent of Market
Value for commercial and industrial property and 20 percent of Market Value for residential property.
(Continued)
376
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Assessed Valuation and Tax Rate by Class—Ten Year Trend (Cont.)
___________________________Fiscal
___________Year
_________2013
_________________________________ ___________________________Fiscal
___________Year
_________2012
_________________________________ ___________________________Fiscal
___________Year
_________2011
_________________________________
Assessed Percentage Direct Assessed Percentage Direct Assessed Percentage Direct
Value of Taxable Tax Value of Taxable Tax Value of Taxable Tax
(in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________ (in millions)
_______________ Real Estate
_______________ Rate(2)
_______________
(1) Represents the weighted average of the four classes of real property.
(2) Property tax rate based on every $100 assessed valuation.
377
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Collections, Cancellations, Abatements and Other Discounts as a
Percent of Tax Levy—Ten Year Trend
Percent of Levy through June 30, 2020
______________________________________________________________________
Uncollected
Fiscal Tax Levy Abatements Balance
Year
______ (in millions)(2)
___________ Collections
__________ Cancellations
____________ and Discounts(1)
________________ June 30, 2020
_______________
2011 $18,323.7 92.9% 3.8% 4.1% 2.1%
2012 19,284.5 93.3 3.7 3.9 1.7
2013 20,133.1 93.0 3.6 4.2 1.5
2014 21,285.2 92.8 3.3 3.8 1.4
2015 22,591.5 93.4 3.9 3.4 1.5
2016 24,145.0 94.8 2.2 3.2 1.4
2017 25,794.0 94.1 1.5 2.8 1.2
2018 27,726.0 93.0 2.6 3.7 1.2
2019 29,575.0 88.9 1.9 4.1 1.2
2020 31,630.0 92.3 2.2 4.0 1.8
(1) Abatements and Discounts include SCRIE Abatements (Senior citizen rent increase exemption), J-51 Abatements, Section 626 Abatements and other
minor discounts offered by the City to property owners.
(2) The Tax Levy amounts are the amount from the City Council Resolution. In 2003 an 18% surcharge was imposed and is included in each year following.
NOTES: Total uncollected balance at June 30, 2020 less allowance for uncollectible amounts equals net realizable amount (real
estate taxes receivable).
Levy may total over 100 percent due to imposed charges that include ICIP deferred charges (Industrial and Commercial
Incentive Program), rebilling charges and other additional charges imposed by The Department of Finance (DOF). This
information is included in the FAIRTAX LEVY report.
378
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Largest Real Estate Taxpayers
Current Fiscal Year Ended June 30, 2020 and Nine Years Ago
2020
______________________________ 2011
______________________________
Taxable Percentage of Taxable Percentage of
Assessed Total Taxable Assessed Total Taxable
Taxpayer
_______ Value
________________ Assessed Value
___________ Value
_______________ Assessed Value
___________
Consolidated Edison * . . . . . . . . . . . . . . . . $15,980,135,431 6.23% $9,583,491,711 6.49%
Verizon* . . . . . . . . . . . . . . . . . . . . . . . . . . . 778,110,451 0.30 994,767,591 0.67
Met Life Building . . . . . . . . . . . . . . . . . . . . 571,783,298 0.22 360,486,000 0.24
General Motors Building . . . . . . . . . . . . . . 812,360,599 0.32 358,060,000 0.24
McGraw-Hill Building . . . . . . . . . . . . . . . . 481,252,120 0.19 346,950,000 0.24
Rockefeller Center . . . . . . . . . . . . . . . . . . . 488,300,000 0.19 — —
Stuyvesant Town . . . . . . . . . . . . . . . . . . . . . 684,909,840 0.27 303,050,000 0.21
Alliance Bernstein Building . . . . . . . . . . . . 484,000,000 0.19 — —
245 Park Avenue . . . . . . . . . . . . . . . . . . . . . 474,262,620 0.18 — —
Solow Building . . . . . . . . . . . . . . . . . . . . . . 511,389,900 0.20 310,950,000 0.21
International Building . . . . . . . . . . . . . . . . . — — 323,459,997 0.22
Credit Lyonnais . . . . . . . . . . . . . . . . . . . . . . — — 277,939,998 0.19
Sperry Rand Building . . . . . . . . . . . . . . . . . —
_______________ —
____ 273,700,000
_______________ 0.19
____
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21,266,504,259
_______________
_______________ 8.29%
____
____ $13,132,855,297
_______________
_______________ 8.90%
____
____
___________
* Including Special Franchises:
2011—Consolidated Edison $6,608,908,208
2011—Verizon 462,346,113
2020—Consolidated Edison $11,923,735,924
2020—Verizon 347,074,430
SOURCE: The City of New York, Department of Finance, Bureau of Real Property Assessment.
NOTE: The amounts displayed represent the ten largest real estate taxpayers for each of the fiscal years presented.
379
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Personal Income Tax Revenues—Ten Year Trend
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
General Fund . . . . . . . . . . . . . . . $13,079,193 $12,933,080 $13,229,905 $10,960,558 $11,212,183 $10,738,465 $ 8,532,303 $8,808,447 $7,979,202 $7,470,928
Debt Service Funds . . . . . . . . . . ___________
511,986 ___________
443,864 ___________
181,410 __________
297,251 __________
180,290 __________ 1,641,311
556,204 __________ 1,006,451
__________ 577,800
__________ 695,044
__________
Total Personal Income
Tax Revenues . . . . . . . . . . . $13,591,179
_________ $13,376,944
___________
__ _________ $13,411,315
___________
__ ___________ $11,257,809
___________ __________ $11,392,473
__________ __________ $11,294,669
__________ __________ $10,173,614
__________ __________
__________ $9,814,898
__________
__________ $8,557,002
__________
__________ $8,165,972
__________
__________
380
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Uncollected Parking Violations Fines—Ten Year Trend
Fiscal Year
__________2020
_______________ __________2019
_______________ __________2018
_______________ __________2017
_______________ __________2016
_______________ __________2015
_______________ __________2014
_______________ __________2013
_______________ __________2012
_______________ __________2011
_______________
(in millions)
Beginning Balance—July 1st . . $ 637 $ 611 $ 601 $ 591 $ 620 $ 632 $ 612 $ 614 $ 611 $ 591
Add:
Summonses Issued (a) . . . . . . . 966
__________ 984
__________ 994
__________ 901
__________ 911
__________ 910
__________ 874
__________ 735
__________ 838
__________ 904
__________
1,603
__________ 1,595
__________ 1,595
__________ 1,492
__________ 1,531
__________ 1,542
__________ 1,486
__________ 1,349
__________ 1,449
__________ 1,495
__________
Deduct:
Collections. . . . . . . . . . . . . . . 753 735 703 658 689 684 627 542 610 605
Write-offs, Adjustments and
Dispositions (b) . . . . . . . . . . 163
__________ 223
__________ 281
__________ 233
__________ 251
__________ 238
__________ 227
__________ 195
__________ 225
__________ 279
__________
916
__________ 958
__________ 984
__________ 891
__________ 940
__________ 922
__________ 854
__________ 737
__________ 835
__________ 884
__________
Ending Balance—June 30th . . . 687 637 611 601 591 620 632 612 614 611
Less:
Allowance for Uncollectible
Amounts (c) . . . . . . . . . . . . . 399
________
__ 374
________
__ 363
________
__ 363
________
__ 365
________
__ 393
________
__ 404
________
__ 395
________
__ 380
________
__ 352
________
__
Summonses Uncollected—
381
June 30th . . . . . . . . . . . . . . . . $__ 288
______
__
________
__ $__ 263
______
__
________
__ $__ 248
______
__
________
__ $__ 238
______
__
________
__ $__ 226
______
__
________
__ __
__ 227
______
__
$ ______
__ __
__ 228
______
__
$ ______
__ $__ 217
______
__
________
__ $__ 234
______
__
________
__ $__ 259
______
__
________
__
(a) The summonses issued by various City agencies for parking violations are adjudicated and collected by the Parking Violations Bureau (PVB) of the City’s Department of Finance.
(b) Proposed “write-offs” are in accordance with a write-off policy implemented by PVB for summonses determined to be legally uncollectible/unprocessable or for which all prescribed collection efforts are
unsuccessful.
(c) The Allowance for Uncollectible Amounts is calculated as follows: summonses which are over three years old are fully (100%) reserved and 35% of summonses less than three years old are reserved.
NOTE: Data does not include interest reflected on the books of PVB.
SOURCE: The City of New York, Department of Finance, Parking Violations Bureau.
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Environmental Control Board Fines and Receivables—Ten Year Trend
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in millions)
Beginning Balance—July 1st . . $ 1,428 $ 1,462 $ 1,516 $ 1,576 $ 1,557 N/A N/A N/A N/A N/A
Add:
Summonses Docketed . . . . . . 269 255 213 191 194 N/A N/A N/A N/A N/A
Penalties and Interest
Accumulation . . . . . . . . . . . ________50
__ ________98
__ 101
__________ 109
__________ 109
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________
1,747
__________ 1,815
__________ 1,830
__________ 1,876
__________ 1,860
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________
Deduct:
Collections . . . . . . . . . . . . . . . 72 86 67 92 61 N/A N/A N/A N/A N/A
Adjustments and Write-offs . 331
__________ 301
__________ 301
__________ 268
__________ 223
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________
403
__________ 387
__________ 368
__________ 360
__________ 284
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________ N/A
__________
Ending Balance—June 30th . . . 1,344 1,428 1,462 1,516 1,576 N/A N/A N/A N/A N/A
Less:
Allowance for Uncollectible
Amounts(a) . . . . . . . . . . . . . 328
________
__ 681
________
__ 834
________
__ 719
________
__ 608
________
__ N/A
________
__ N/A
________
__ N/A
________
__ N/A
________
__ N/A
________
__
382
Amount Uncollected—
June 30th(b) . . . . . . . . . . . . . . . $__ 1,016
______
__
________
__ $__ 747
______
__
________
__ $__ 628
______
__
________
__ $__ 797
______
__
________
__ $__ 968
______
__
________
__ N/A
______
__
________
__ __ N/A
______
__
________
__ __ N/A
______
__
________
__ __ N/A
______
__
________
__ __ N/A
______
__
________
__ __
Background:
There are over twenty City agencies that issue notices of violation (NOVs) that are adjudicated by the Office of Administrative Trials and Hearings (OATH). Upon issuance,
NOVs are stored in a system maintained by OATH which oversees the Environmental Control Board (ECB) as part of its Hearings Division. Respondents to such NOVs can
address these summonses either by paying or disputing them at OATH/ECB. OATH is an independent administrative tribunal that provides hearings on notices of violation
issued by City agencies. As part of the City’s administrative law court, OATH/ECB’s function is to provide due process in cases that originate from the City’s numerous
enforcement agencies in a forum that is in fact and in appearance truly neutral and unbiased. In 2016, most recent available data, approximately 60% of violations were paid
in full and 9% were dismissed for various reasons. OATH files judgments for the unpaid remaining balances and then transfers them to NYC Department of Finance (DOF)
for collection.
(a) The Reduction of Accounts Receivable, based on DOF analysis, is considered uncollectible and is calculated as follows: 100% of all fines which have remained unpaid for three years or more and which were
either (1) issued to individuals (as opposed to corporate entities); or (2) for which collections has already been sought by two private collection agencies.
(b) Total Outstanding represents the calculated amount due to the City for summonses issued, however the individual as per the process outlined in the background above, has the option to dispute the fine assessed
with OATH; and as a result not legally bound to submit payment at this time.
NOTE: Collections for previous years, FY 15($50 million), FY 14($42 million), FY 13($47 million), FY 12($48 million), FY 11 ($29 million)
N/A: Not Available.
SOURCE: The City of New York, Department of Finance, Treasury and Payment Services.
[This page intentionally left blank]
STATISTICAL SECTION
SCHEDULES OF DEBT
CAPACITY INFORMATION
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Ratios of Outstanding Debt by Type—Ten Year Trend(1)
Total Outstanding Debt
___________________________________________________________________________________________________________________________________________________
2011 $41,785 $23,820 $1,260 $98 $2,117 $282 $2,000 $281 $34 $71,677 $1,226 $72,903 $1,895 $ 74,798 $16.36 $ 9,041
2012 42,286 26,268 1,253 95 2,054 270 3,000 274 36 75,536 2,004 77,540 1,818 79,358 16.55 9,508
2013 41,592 29,202 1,245 93 1,985 260 3,000 268 34 77,679 2,956 80,635 1,739 82,374 16.73 9,811
2014 41,665 31,038 1,228 90 1,975 231 3,000 266 46 79,539 3,162 82,701 1,701 84,402 16.29 10,008
2015 40,460 33,850 1,222 87 2,035 198 3,000 264 34 81,150 3,825 84,975 1,639 86,614 15.99 10,234
2016 38,073 37,358 1,145 84 1,961 175 3,000 240 32 82,068 4,173 86,241 1,571 87,812 15.47 10,368
2017 37,891 40,696 1,089 80 1,884 132 2,751 236 37 84,796 4,827 89,623 1,549 91,172 14.78 10,806
2018 38,628 43,355 1,071 77 1,805 86 2,724 231 32 88,009 5,378 93,387 1,659 95,046 14.74 11,328
2019 37,519 46,624 1,053 62 1,721 22 2,724 218 46 89,989 5,541 95,530 1,553 97,083 15.06 11,645
2020 38,784 48,978 1,023 60 1,634 — 2,724 213 62 93,478 5,976 99,454 1,547 101,001 15.67 12,115
386
New York population
In fiscal year 2019, the City adopted GASB 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements.
Direct Borrowing and Direct Placement within Bonds and notes payable:
General Tax Lien
Fiscal Obligation TSASC IDA STAR FSC Collateralized
Year
______ _______ TFA
Bonds _______ Debt
______ Bonds Debt
____ ______ Debt
____ HYIC
______ ECF
____ Bonds
_____ Total
_________
(dollars in millions)
387
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Legal Debt Margin(1) Information—Ten Year Trend
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
(in thousands)
388
Legal debt margin(1) . . . . . . . . $____ ______________
__________ ____
______________
__________ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
__ __
______
_________
_________
Total net debt applicable to the
debt limit as a percentage of
debt limit(1) . . . . . . . . . . . . . . 68.12% 72.41% 72.35% 73.38% 73.03% 73.29% 73.20% 73.10% 70.07% 70.80%
Notes:
(1) The Legal Debt Margin and the Net Debt Applicable to the Debt Limit as a Percentage of the Debt Limit are recalculated on July 1, the first day of each City fiscal year, based on the new assessed value in
accordance with the new year’s enacted tax fixing resolution. For fiscal year 2021, beginning July 1, 2020, the Legal Debt Margin and the Net Debt Applicable to the Debt Limit as a Percentage of the Debt Limit
are 45,813,177 and 62.76%, respectively.
(2) A five-year average of full valuations of taxable real estate from the Resolutions of the Council Fixing the Tax Rates for the fiscal year beginning on July 1, 2019 and ending on June 30, 2020.
(3) The Constitution of the State of New York limits the general debt-incurring power of The City of New York to ten percent of the five-year average of full valuations of taxable real estate.
(4) Includes adjustments for Business Improvement Districts, Original Issue Discount, and cash on hand for defeasance.
(5) To provide for the City’s capital program, State legislation was enacted which created the Transitional Finance Authority (TFA). TFA debt above 13.5 billion (Excludes TFA Building Aid Revenue bonds and
Recovery Bonds) is subject to the general debt limit of the City.
(6) Obligations for water supply and certain obligations for rapid transit are excluded pursuant to the State Constitution and in accordance with provisions of the State Local Finance Law. Resources of the General
Debt Service Fund applicable to non-excluded debt and debt service appropriations for the redemption of such debt are deducted from the non-excluded funded debt to arrive at the funded debt within the debt
limit.
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Pledged-Revenue Coverage
New York City Transitional Finance Authority
389
Building Aid Revenue Bonds Debt Service
____________________________________________
Coverage on
Fiscal BARBs Investment Total Operating Total to be Total
Year
______ Revenue(1)
____________ Other(2)
____________ Earnings(3)
__________ Revenue
________ Interest
_________ Principal
________ Total
_________ Expenses
__________ Covered
__________ Revenue
__________
(in thousands)
2011 $ 894,478 $ — $ (822) $ 893,656 $207,838 $ 65,455 $273,293 $320 $273,613 3.27
2012 906,746 — 1,277 908,023 237,420 71,190 308,610 319 308,929 2.94
2013 965,701 — 2,466 968,167 291,842 4,545 296,387 348 296,735 3.26
2014 1,002,708 — 862 1,003,570 308,438 102,695 411,133 322 411,455 2.44
2015 1,039,395 76,825 1,467 1,117,687 303,982 125,660 429,642 362 430,004 2.60
2016 1,094,110 — 4,712 1,098,822 354,097 132,005 486,102 380 486,482 2.26
2017 1,140,203 — 598 1,140,801 392,792 162,120 554,912 316 555,228 2.05
2018 1,211,249 — 5,242 1,216,491 385,757 184,145 569,902 384 570,286 2.13
2019 1,266,977 — 7,192 1,274,169 350,484 119,835 470,319 345 470,664 2.71
2020 1,318,607 — 9,127 1,327,734 405,008 61,315 466,323 329 466,652 2.85
(1) Building Aid Equivalent Payments.
(2) Grant from City.
(3) Net of fair market value adjustment.
Source: New York City Transitional Finance Authority
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Pledged-Revenue Coverage (Cont.)
TSASC, Inc.
Debt Service
____________________________________________
Fiscal TSR Investment Total Total to be Coverage on
Year
______ Revenue(1)&(2)
_______________ Earnings
_____________ Revenue
_____________ Interest
________ Principal(3)
___________ Total
___________ Covered
______________ Total Revenue
_____________
(in thousands)
2011 $ 68,641 $ 680 $ 69,321 $63,474 $ 5,015 $ 68,489 $ 68,489 1.01
2012 70,001 1,870 71,871 63,236 7,540 70,776 70,776 1.02
2013 69,957 — 69,957 62,878 7,310 70,188 70,188 1.00
2014 79,144 941 80,085 62,530 17,070 79,600 79,600 1.01
2015 67,729 498 68,227 61,720 6,335 68,055 68,055 1.00
2016 136,803 1,271 138,074 61,419 77,510 138,929 138,929 0.99
2017 59,900 532 60,432 51,749 13,530 65,279 65,279 0.93
2018 64,865 1,439 66,304 53,948 18,625 72,573 72,573 0.91
2019 61,437 2,368 63,805 53,369 18,355 71,724 71,724 0.89
2020 70,040 1,379 71,419 52,628 29,375 82,003 82,003 0.87
(1) Tobacco settlement revenues (TSR).
(2) A portion of the TSR’s received in a fiscal year are reserved for the subsequent fiscal year’s December debt service payment.
(3) Principal reflects scheduled maturity amount plus additional amortization from the excess of TSRs and interest earnings over payment of interest and operating expenses. To the extent that TSRs are not
sufficient to pay scheduled principal maturity amounts, TSASC must draw on funds in its Liquidity Reserve Account to make payment.
Source: TSASC, Inc.
Sales Tax Asset Receivable Corporation
390
Debt Service
______________________________________________
Fiscal LGAC Investment Total Operating Total to be Coverage on
Year
______ Revenue(1)
_____________ Earnings
____________ Revenue
_____________ Interest
__________ Principal(2)
___________ Total
___________ Expenses
__________ Covered
___________ Total Revenue(3)
_____________
(in thousands)
2011 $170,000 $3,837 $173,837 $108,042 $61,445 $169,487 $373 $169,860 1.02
2012 170,000 1,164 171,164 105,326 62,800 168,126 325 168,451 1.02
2013 170,000 306 170,306 102,445 68,240 170,685 347 171,032 1.00
2014 170,000 326 170,326 99,263 10,885 110,148 370 110,518 1.54
2015 170,000 226 170,226 104,263 10,880 115,143 426 115,569 1.47
2016 170,000 — 170,000 94,677 73,935 168,612 272 168,884 1.01
2017 170,000 405 170,405 91,675 76,895 168,570 248 168,818 1.01
2018 170,000 452 170,452 88,774 79,755 168,529 249 168,778 1.01
2019 170,000 1,538 171,538 84,982 83,505 168,487 309 168,796 1.02
2020 170,000 1,861 171,861 80,789 87,650 168,439 325 168,764 1.02
(1) New York State Local Government Assistance Corporation (LGAC).
(2) Principal includes defeasances.
(3) Debt service payments are funded from excess prior years’ revenues and from current year revenues.
Source: Sales Tax Asset Receivable Corporation
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Pledged-Revenue Coverage (Cont.)
Hudson Yards Infrastructure Corporation
Debt Service
_________________________________________
Coverage
Fiscal DIB TEP ISP Investment Total Operating Total to be on Total
Year Revenue(3) PILOMRT (4) PILOT(5) Other(6) Earnings Revenue Interest Principal Total Expenses Covered Revenue(7,8)
_________ ____________
Revenue(1) _____________
Revenue(2) _____________ _____________ ___________ ____________ ____________ ____________ ___________ ___________ ___________ ___________ ___________ ____________
(in thousands)
2011 $ 4,635 $ 25,937 $42,667 $ — $ — $ — $ 2,629 $ 75,868 $ 88,223 $ — $ 88,223 $ 837 $ 89,060 0.85
2012 2,951 27,679 79,347 — — 155,595(6) 1,375 266,947 105,065 — 105,065 9,519(9) 114,584 2.33
2013 3,261 32,647 — 11,097 — — 1,819 48,824 143,848 — 143,848 458 144,306 0.34
2014 10,827 38,553 38,130 13,873 — — 1,159 102,542 143,848 — 143,848 435 144,283 0.71
2015 193,652 48,563 28,047 — 4,036 — 898 275,196 132,814 — 132,814 514 133,328 2.06
2016 45,183 58,656 — 22,496 4,969 — 2,005 133,309 145,879 — 145,879 503 146,382 0.91
2017 20,705 70,545 — 31,384 10,947 — 2,068 135,649 148,463 — 148,463 1,322 149,785 0.91
2018 75,099 84,332 — 17,782 31,710 — 4,005 212,928 102,837 — 102,837 704 103,541 2.06
2019 38,638 113,347 — 70,532 31,008 8,824(9) 11,400 273,749 132,250 — 132,250 981 133,231 2.05
2020 120,907 129,847 — 57,130 120,754 1,776 9,606 440,020 132,252 — 132,252 1,752 134,004 3.28
HYIC issued its first bonds on December 21, 2006
(1) District Improvement Bonuses (DIB)
(2) Property Tax Equivalency Payments (TEP)
(3) Interest Support Payments (ISP)
(4) Payments in Lieu of the Mortgage Recording Tax (PILOMRT)
(5) Payments in Lieu of Real Estate Taxes (PILOT)
(6) Grant from City
391
(7) ISPs are to be made by the City under the terms of Support and Development Agreement, which obligates the City to pay HYIC, subject to annual appropriation, an ISP amount equal to the difference between
the amount of funds available to HYIC to pay interest on its current outstanding bonds and the amount of interest due on such bonds.
(8) Debt service payments are funded from excess prior years’ revenues and from current year revenues.
(9) In December 2011, HYIC was obligated to make an arbitrage rebate payment to United States Treasury for $8.8M. In February 2019, the $8.8M payment was refunded back to HYIC.
Source: Hudson Yards Infrastructure Corporation
New York City Educational Construction Fund(*)
Debt Service
_________________________________________
Fiscal Rental Investment Other Total Operating Total to be Coverage on
Year
________ Revenue
___________ Earnings
____________ Income
___________ Revenue
____________ Interest
___________ Principal
______________ Total
____________ Expenses
_____________ covered
__________ Total Revenue
_______________
(in thousands)
2011 $19,517 $ 1,072 $ — $20,589 $ 7,579 $6,075 $13,654 $5,453 $19,107 1.08
2012 19,441 1,161 — 20,602 8,763 6,390 15,153 6,006 21,159 0.97
2013 14,844 777 — 15,621 4,466 6,075 10,541 1,214 11,755 1.33
2014 13,087 557 7,000 20,644 13,245 1,890 15,135 1,557 16,692 1.24
2015 17,609 579 — 18,187 13,189 1,965 15,154 1,838 16,992 1.07
2016 21,108 839 — 21,947 12,595 2,055 14,650 1,498 16,148 1.36
2017 23,298 1,105 10,021 34,424 12,097 4,525 16,622 1,523 18,145 1.90
2018 26,968 1,263 18,760 46,991 11,931 4,680 16,611 1,549 18,160 2.59
2019 28,025 3,569 1,603 33,197 11,067 4,835 15,902 1,510 17,412 1.91
2020 31,302 1,911 834 34,047 10,519 4,840 15,359 1,625 16,984 2.00
(*) Interest of $8,919,000 was capitalized during FY2013 construction for year 2011 and 2010 bonds.
In FY2014 ECF received $7 million in income for option for E. 57th development to extend lease beyond 99 years.
Operating Expenses exclude Post Employment Benefits accrual. To be consistent, FY2018 expenses were adjusted to also exclude Post Employment Benefit accrual.
Principal in FY2016 does not include the redemption amount of the 2005 bonds on October 1, 2015.
In FY2017 and FY2018, ECF received participation payments from E. 57th Street condo sales by the developer of $10 million and $18.7 million, respectively.
Principal in FY2019 does not include redemption amount of the 2007 bonds in October 2018.
Source: New York City Educational Construction Fund
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital and Operating Leases
Annual Future
Landlord
_________ Expires
_______ Purpose
________ Obligation
______________ Obligation
______________
(in thousands)
4 World Trade Center LLC . . . . . . . . . . . . . . . . . . 2030 Office Space $ 36,949 $ 387,097
Feinberg & Feinberg ETAL . . . . . . . . . . . . . . . . . 2038 Office Space 15,780 374,319
HR Gotham Tower LP . . . . . . . . . . . . . . . . . . . . . 2030 Office Space 32,328 371,430
Downtown NYC Owner, LLC . . . . . . . . . . . . . . . 2039 Office Space 7,182 310,749
930 Flushing Holdings W LLC . . . . . . . . . . . . . . 2036 Office Space 12,014 243,828
Intergate.Manhattan LLC . . . . . . . . . . . . . . . . . . . 2039 Office Space 7,470 196,526
100 Church Fee Owner, LLC . . . . . . . . . . . . . . . . 2034 Office Space 12,441 194,857
Resnick 255 Greenwich LLC . . . . . . . . . . . . . . . . 2035 Office Space 11,034 190,960
Intergate.Manhattan LLC . . . . . . . . . . . . . . . . . . . 2038 Office Space 8,523 176,716
Brooklyn Renaissance Plaza LLC . . . . . . . . . . . . 2028 Office Space 18,973 169,177
Vanderbilt Associates Owner LP . . . . . . . . . . . . . 2032 Office Space 12,667 165,917
New Water Street Corp. . . . . . . . . . . . . . . . . . . . . 2028 Office Space 15,131 163,210
250 Livingston Owner LLC . . . . . . . . . . . . . . . . . 2030 Office Space 3,594 163,019
450 Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . 2028 Office Space 15,710 139,973
95 Evergreen Building Investors III, LLC . . . . . . 2037 Office Space 6,861 136,177
Intergate.Manhattan LLC . . . . . . . . . . . . . . . . . . . 2039 Office Space 4,505 98,315
ABN 2 Realty LLC . . . . . . . . . . . . . . . . . . . . . . . 2034 Office Space 6,008 91,172
FC Flatbush Associates II, LLC . . . . . . . . . . . . . . 2028 Office Space 10,261 89,783
Broadway 26 Waterview LLC . . . . . . . . . . . . . . . 2041 School 3,619 85,429
110 William Property Investors III, LLC . . . . . . . 2040 Office Space 2,149 84,544
BVK 55 West 125th Street, LLC. . . . . . . . . . . . . 2039 Office Space 3,359 79,607
Rocklyn Ecclesiastical Corp. . . . . . . . . . . . . . . . . 2035 School 4,153 75,616
Laguardia Corporate Center Associates, LLC . . . 2029 Office Space 7,292 73,098
100 Church Fee Owner, LLC . . . . . . . . . . . . . . . . 2034 Office Space 4,750 71,910
Factory Lessor LLC . . . . . . . . . . . . . . . . . . . . . . . 2040 Office Space —_
_________ 71,523_
_____________
25 Largest Leases Based on Future Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,753 4,204,952
871 Remaining Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
____ 704,621
__________ 6,469,433_
_____________
896 Total Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
____
____ $967,374
_________
___________ $10,674,385__
_____________
_____________
392
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Leased City-Owned Property
Minimum Aggregate
Year of Annual Rental Future Minimum
Lessee
______ Expiration
__________ Fiscal Year 2020
_______________ Annual Rents
_______________ Facility
_____________
(in thousands)
Port Authority of NY and NJ . . . . . . . . . . . . . . . . . 2050 $153,738 $4,688,999 Airport
The Carnegie Hall Corporation . . . . . . . . . . . . . . . 2086 8,549 568,527 Concert Hall
Waterside Housing Redevelopment Co . . . . . . . . . 2069 11,243 72,227 Urban Renewal
Emerald Green Group, LLC . . . . . . . . . . . . . . . . . . 2034 739 36,518 Recreation Facility
Brooklyn Renaissance Plaza, LLC . . . . . . . . . . . . . 2028 2,711 24,175 Recreation Facility
Fram Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2048 716 21,958 Commerce
Felice Realty Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 2040 974 19,961 Office Building
Central Park Boathouse, LLC . . . . . . . . . . . . . . . . . 2031 1,407 18,513 Recreation Facility
Susan Realty Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 2040 900 18,445 Office Building
North Waterside Redevelop Co . . . . . . . . . . . . . . . 2069 3,305 15,042 Urban Renewal
BT Foster LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2040 727 14,913 Office Building
East Broadway Mall . . . . . . . . . . . . . . . . . . . . . . . . 2035 746 12,877 Mall
Laura Realty Co . . . . . . . . . . . . . . . . . . . . . . . . . . . 2040 483 9,901 Office Building
Alley Pond Driving Range, Inc . . . . . . . . . . . . . . . 2025 1,233 6,817 Recreation Facility
Answer Vending, Inc . . . . . . . . . . . . . . . . . . . . . . . 2020 1,252 6,233 Educational Facility
Trump Ferry Point, LLC . . . . . . . . . . . . . . . . . . . . . 2035 303 5,747 Recreation Facility
E Harlem Arts & Education Local Develop . . . . . . 2034 319 5,349 Recreation Facility
Forest Golf Corporation . . . . . . . . . . . . . . . . . . . . . 2023 1,650 5,250 Recreation Facility
Statue Cruises, LLC . . . . . . . . . . . . . . . . . . . . . . . . 2025 850 5,023 Recreation Facility
Wollman Rink Operations, LLC . . . . . . . . . . . . . . . 2030 304 4,227 Recreation Facility
American Golf Corporation . . . . . . . . . . . . . . . . . . 2031 335 4,096 Recreation Facility
The Golf Center of Staten Island, Inc . . . . . . . . . . . 2027 525 4,044 Recreation Facility
NY Tennis AT Mill Pond, LLC . . . . . . . . . . . . . . . 2028 440 3,740 Recreation Facility
Douglaston Golf, LLC . . . . . . . . . . . . . . . . . . . . . . 2027 475 3,700 Recreation Facility
City Ice Sports, Inc . . . . . . . . . . . . . . . . . . . . . . . . . 2024 1,000
__________ 3,667
____________ Recreation Facility
25 Largest Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,924 5,579,949
399 Remaining Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___ 37,970
__________ 113,133
____________
424 Total Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
___
___ $232,894
__________
__________ $5,693,082
____________
____________
393
STATISTICAL SECTION
SCHEDULES OF DEMOGRAPHIC
AND ECONOMIC INFORMATION
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Population—Ten Year Trend
2010-2019*
Percentage Percentage
Change from City of Change from
Year
_____ United States
_________________ Prior Period
______________ New York
______________ Prior Period
______________
2010 ............................. 309,321,666 0.84% 8,190,209 0.73%
2011 ............................. 311,556,874 0.72 8,272,948 1.01
2012 ............................. 313,830,990 0.73 8,346,693 0.89
2013 ............................. 315,993,715 0.69 8,396,091 0.59
2014 ............................. 318,301,008 0.73 8,433,806 0.45
2015 ............................. 320,635,163 0.73 8,463,049 0.35
2016 ............................. 322,941,311 0.72 8,469,153 0.07
2017 ............................. 324,985,539 0.63 8,437,478 (0.37)
2018 ............................. 326,687,501 0.52 8,390,081 (0.56)
2019 ............................. 328,239,523 0.48 8,336,817 (0.63)
POPULATION OF NEW YORK CITY BY BOROUGH
2019
___________ 2010
___________ 2000
___________ 1990
___________ 1980
___________ 1970
___________
Bronx . . . . . . . . . . . . . . . 1,418,207 1,387,298 1,333,854 1,203,789 1,168,972 1,471,701
Brooklyn . . . . . . . . . . . . 2,559,903 2,509,828 2,465,812 2,300,664 2,230,936 2,602,012
Manhattan . . . . . . . . . . . 1,628,706 1,588,767 1,540,373 1,487,536 1,428,285 1,539,233
Queens . . . . . . . . . . . . . . 2,253,858 2,234,701 2,229,895 1,951,598 1,891,325 1,987,174
Staten Island . . . . . . . . . 476,143
_________ 469,615
_________ 445,414
_________ 378,977
_________ 352,121
_________ 295,443
_________
Total . . . . . . . . . . . . . . . 8,336,817
_________
_________ 8,190,209
_________
_________ 8,015,348
_________
_________ 7,322,564
_________
_________ 7,071,639
_________
_________ 7,895,563
_________
_________
Percentage Increase
(Decrease) from
Prior Decade . . . . . . . 1.8% 2.2% 9.5% 3.5% (10.4%) 1.5%
Source: U.S. Department of Commerce, Bureau of Economic Analysis. US Census Bureau and American Fact Finder
2010-2019*
Personal Income
________________________________________________________ Per Capita Personal Income
_______________________________________________
(in thousands)
New York New York
City as a City as a
City of Percentage of City of Percentage of
Year
_____ United States
_________________ New York
______________ United States
____________ United States
____________ New York
__________ United States
____________
2010 . . . . . . . . . . . . . . . . . . . . $12,541,995,000 $426,084,388 3% $40,547 $52,025 128%
2011 . . . . . . . . . . . . . . . . . . . . 13,315,478,000 457,213,067 3 42,739 55,266 129
2012 . . . . . . . . . . . . . . . . . . . . 13,998,383,000 479,431,121 3 44,605 57,438 129
2013 . . . . . . . . . . . . . . . . . . . . 14,175,503,000 492,440,294 3 44,860 58,652 131
2014 . . . . . . . . . . . . . . . . . . . . 14,982,715,000 518,196,024 3 47,071 61,441 131
2015 . . . . . . . . . . . . . . . . . . . . 15,709,242,000 541,646,222 3 48,994 64,002 131
2016 . . . . . . . . . . . . . . . . . . . . 16,111,636,000 567,585,145 4 49,890 67,019 134
2017 . . . . . . . . . . . . . . . . . . . . 16,870,106,000 616,944,771 4 51,910 73,124 141
2018 . . . . . . . . . . . . . . . . . . . . 17,813,035,000 644,661,757 4 54,526 76,837 141
2019 . . . . . . . . . . . . . . . . . . . . 18,599,062,000 N/A N/A 56,663 N/A N/A
Source: U.S. Department of Commerce, Bureau of Economic Analysis. and U.S. Census Bureau, American Fact Finder
*Amounts as of November 2019
N/A: Not Available.
396
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Nonagricultural Wage and Salary Employment—Ten Year Trend
2011-2020
(Average Annual Employment in thousands)
(b)
________2020
_________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
Private Employment:
Services(a) . . . . . . . . . . . . . . . . 2,434 2,721 2,633 2,556 2,478 2,402 2,311 2,216 2,139 2,066
Wholesale Trade . . . . . . . . . . 127 139 141 142 143 144 143 141 140 139
Retail Trade . . . . . . . . . . . . . . 298 346 350 351 350 352 350 340 328 315
Manufacturing . . . . . . . . . . . . 59 67 70 73 76 78 77 76 76 76
Financial Activities . . . . . . . . 463 482 475 468 465 458 448 436 438 438
Transportation, Warehousing
and Utilities . . . . . . . . . . . . 126 148 143 139 135 132 126 123 122 122
Construction . . . . . . . . . . . . . 128
_____ 160
_____ 159
_____ 153
_____ 147
_____ 139
_____ 129
_____ 122
_____ 116
_____ 112
_____
Total Private Employment . . . . . 3,635 4,063 3,971 3,882 3,794 3,705 3,584 3,454 3,359 3,268
Government . . . . . . . . . . . . . . . . 580
_____ 588
_____ 585
_____ 585
_____ 584
_____ 580
_____ 573
_____ 571
_____ 571
_____ 573
_____
Total . . . . . . . . . . . . . . 4,215
_____
_____ 4,651
_____
_____ 4,556
_____
_____ 4,467
_____
_____ 4,378
_____
_____ 4,285
_____
_____ 4,157
_____
_____ 4,025
_____
_____ 3,930
_____
_____ 3,841
_____
_____
Percentage Increase (Decrease)
397
from Prior Year . . . . . . . . . . . (9.4%)(b) 2.1% 2.0% 2.0% 2.2% 3.1% 3.3% 2.4% 2.3% 2.4%
2011-2020
Average Annual Recipients
Public
Year_
____ Assistance
__________ SSI(a)
________
(in thousands)
2011 .................................... 356 423,707
2012 .................................... 353 425,991
2013 .................................... 357 425,034
2014 .................................... 337 402,529
2015 .................................... 360 398,856
2016 .................................... 370 394,680
2017 .................................... 364 388,629
2018 .................................... 356 381,373
2019 .................................... 332 374,695
2020 .................................... 378 N/A
398
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Employment Status of the Resident Population—Ten Year Trend
2010-2019
(a) Unemployed persons are all civilians who had no employment during the survey week, were available for work, except for temporary illness, and had
made efforts to find employment some time during the prior four weeks. This includes persons who were waiting to be recalled to a job from which they
were laid off or were waiting to report to a new job within 30 days.
Note: Employment and unemployment information is not seasonally adjusted.
Sources: U.S. Department of Labor, Bureau of Labor Statistics, and Office of the Comptroller, Fiscal and Budget Studies.
399
STATISTICAL SECTION
SCHEDULES OF
OPERATING INFORMATION
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Number of Full Time City Employees—Ten Year Trend
Fiscal Year
2020
_______ 2019
_______ 2018
_______ 2017
_______ 2016
_______ 2015
_______ 2014
_______ 2013
_______ 2012
_______ 2011
_______
Responsibility Area:
General Government . . . . . . . 16,080 15,708 15,202 14,985 14,277 13,250 12,702 12,372 12,225 12,100
Public Safety and Judicial:
Police:
Civilian . . . . . . . . . . . . . . 15,519 15,306 15,251 14,802 14,353 14,535 14,512 14,204 14,238 14,527
Uniformed . . . . . . . . . . . 35,910 36,461 36,643 36,254 35,990 34,618 34,440 34,802 34,510 33,777
Fire:
Civilian.. . . . . . . . . . . . . . 6,366 6,093 5,905 6,289 5,813 5,438 5,152 5,242 5,055 5,019
Uniformed . . . . . . . . . . . 11,047 11,244 11,244 11,090 10,945 10,777 10,318 10,180 10,260 10,646
Correction:
Civilian. . . . . . . . . . . . . . 1,741 1,749 1,770 1,729 1,569 1,418 1,353 1,358 1,413 1,375
Uniformed. . . . . . . . . . . . 9,237 10,189 10,653 10,862 9,832 8,756 8,922 8,991 8,540 8,456
Other.. . . . . . . . . . . . . . . . . 6,994 6,795 6,577 6,364 6,060 5,968 5,833 5,774 5,629 6,194
Education:
Pedagogical . . . . . . . . . . . . 121,077 120,398 119,900 118,671 115,799 112,272 109,901 108,416 107,625 108,343
402
Non-Pedagogical.. . . . . . . . 13,607 13,218 12,799 12,528 12,248 11,693 11,411 11,202 11,091 11,067
City University:
Pedagogical . . . . . . . . . . . . 4,545 4,599 4,549 4,449 4,232 4,023 3,849 3,598 3,362 3,180
Non-Pedagogical.. . . . . . . . 1,743 1,834 1,880 1,904 1,917 1,916 1,905 1,852 1,723 1,674
Social Services . . . . . . . . . . . 21,802 22,369 22,228 22,224 21,914 21,657 21,472 21,910 22,174 21,530
Environmental Protection:
Sanitation:
Civilian . . . . . . . . . . . . . . 2,107 2,127 2,120 2,137 2,104 2,005 1,890 1,880 1,854 1,939
Uniformed . . . . . . . . . . . 7,755 7,893 7,558 7,544 7,465 7,381 7,185 7,121 6,991 6,954
Other . . . . . . . . . . . . . . . . . 5,891 5,920 5,832 5,748 5,720 5,558 5,547 5,567 5,564 5,653
Transportation Services. . . . .. 5,120 4,941 4,842 4,773 4,633 4,452 4,408 4,379 4,405 4,488
Parks, Recreation and Cultural
Activities.. . . . . . . . . . . . . . 4,287 4,116 4,147 4,177 4,094 3,908 3,686 3,493 3,138 3,399
Housing . . . . . . . . . . . . . . . . . 4,088 3,973 3,838 3,749 3,529 3,199 3,001 3,038 3,156 3,296
Health . . . . . . . . . . . . . . . . . . 5,530
_______ 5,509
_______ 5,432
_______ 5,176
_______ 4,508
_______ 4,349
_______ 4,280
_______ 4,395
_______ 4,470
_______ 4,691
_______
Total . . . . . . . . . . . . . . . . . . 300,446
_______
_______ 300,442
_______
_______ 298,370
_______
_______ 295,455
_______
_______ 287,002
_______
_______ 277,173
_______
_______ 271,767
_______
_______ 269,774
_______
_______ 267,423
_______
_______ 268,308
_______
_______
Percentage Increase (Decrease)
From Prior Year . . . . . . . . . . . 0.0% 0.7% 1.0% 2.9% 3.5% 2.0% 0.7% 0.9% (0.3%) (2.1%)
Sources: Financial Management Systems (FMS), Mayor’s Office of Management and Budget, and Mayor’s Office of Operations
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Operating Indicators by Function/Program—Ten Year Trend
Fiscal Year
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
_________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________ _________________________
GENERAL GOVERNMENT:
Law Department
Cases commenced citywide . 7,468 8,598 8,219 8,141 9,695 9,922 9,045 9,528 9,695 9,030
PUBLIC SAFETY AND JUDICIAL:
Police Department (PD)
Felony crime . . . . . . . . . . . . . 94,790 93,631 95,868 98,991 105,614 103,872 110,023 110,099 109,299 105,496
Felony crime per 100,000
population . . . . . . . . . . . . . 1,137 1,114 1,111 1,159 1,235 1,223 1,309 1,321 1,302 1,257
Traffic fatalities . . . . . . . . . . . 211 218 209 211 236 249 284 261 291 236
Total moving violations
summonses (thousands) . . . 749 1,027 1,075 1,062 1,032 1,005 1,052 999 1,015 1,189
Fire Department (FD)
Incidents responded to by fire units
(thousands). . . . . . . . . . . . . 541 619 603 585 580 549 504 493 488 493
Medical incidents (thousands) 281 316 287 281 276 250 223 219 219 216
403
911 Contacts to EMS (thousands) 1,589 1,592 1,566 1,517 1,488 1,433 1,361 1,351 1,317 1,404
Incidents responded to by
ambulances (thousands) . . . 1,522 1,524 1,499 1,448 1,442 1,396 1,323 1,311 1,279 1,263
Total average tours of duty per day 1,209 1,158 1,167 1,145 1,105 1,057 1,025 993 989 956
Department of Correction (DOC)
Average daily jail
population . . . . . . . . . . . . . 5,841 7,938 8,896 9,500 9,790 10,240 11,408 11,827 12,287 12,790
Ratio of inmates to uniformed staff 0.63 0.78 0.84 0.87 1.00 1.17 1.28 1.32 1.44 1.51
EDUCATION:
Department of Education (DOE)
Student enrollment:
Pre-K (Half Day and
Full Day) . . . . . . . . . . . . 86,908 73,380 70,995 72,035 71,847 66,209 55,734 N/A N/A N/A
Elementary and intermediate 613,924 628,771 641,645 650,725 654,698 657,181 660,398 715,459 717,286 715,279
High school . . . . . . . . . . . . 301,368 304,799 309,166 313,407 312,756 314,676 316,442 320,689 324,263 328,690
Special education . . . . . . . . 305,429 301,860 297,314 292,065 283,017 270,722 250,500 225,300 221,700 220,289
City University of New York (CUNY)
Student Enrollment:
Full-time . . . . . . . . . . . . . . 54,687 57,804 59,027 58,705 59,651 59,432 57,937 56,762 57,747 55,293
Part-time . . . . . . . . . . . . . . 37,028 37,269 36,924 38,160 39,394 40,526 39,814 39,738 39,965 35,971
Degrees Granted . . . . . . . . 15,924 15,790 15,250 14,280 14,334 13,721 11,541 11,871 11,500 11,340
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Operating Indicators by Function/Program—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
SOCIAL SERVICES:
Human Resources
Administration (HRA)
Persons receiving food stamps
(thousands) . . . . . . . . . . . . . 1,642.3 1,523.5 1,607.5 1,676.3 1,693.2 1,706.7 1,755.8 1,873.5 1,834.2 1,830.9
Cash assistance (CA) recipients 405.1 364.4 383.1 401.2 409.3 402.1 385.8 408.6 400.4 408.9
Non-CA recipients . . . . . . . 987.2 908.2 964.8 1,012.3 1,020.7 1,039.0 1,098.7 1,189.0 1,159.4 1,159.1
SSI recipients . . . . . . . . . . . 250.0 250.9 259.6 262.8 263.1 265.6 271.3 275.9 274.4 262.9
Office Of Child Support
Enforcement
New support orders obtained . 8,948 12,758 14,832 18,645 19,579 20,351 20,286 17,981 14,988 14,236
Total cases with active orders 248,488 261,073 269,761 282,013 282,451 283,114 285,173 287,426 287,832 281,796
Administration for Children’s
Services (ACS)
Reports of abuse or neglect:
404
Reports . . . . . . . . . . . . . . . . 56,034 66,222 68,498 67,719 62,743 61,290 61,856 59,681 63,253 65,731
Children . . . . . . . . . . . . . . . 72,687 96,990 100,645 99,325 92,020 88,932 89,498 80,272 86,517 90,262
Children in foster care (average). 7,827 8,322 8,732 8,960 9,926 11,098 11,760 13,112 14,013 14,843
Children adopted . . . . . . . . . . 404 740 899 899 1,052 1,004 1,101 1,310 1,295 1,186
Average enrollment in EarlyLearn
contracted programs . . . . . . . 23,841 27,781 29,656 30,117 30,671 30,079 30,422 30,096 N/A N/A
Department of Homeless
Services (DHS)
Homeless population(1) . . . . . 55,913 58,044 58,767 58,283 57,798 56,236 53,638 48,799 42,040 36,553
Families entering the DHS
shelter services system for
the first time(2) . . . . . . . . . . 5,817 6,952 6,555 6,947 7,266 6,168 5,732 5,059 5,244 7,771
Average number of families in
shelters per day . . . . . . . . . 14,174 14,925 15,094 15,279 14,301 13,929 12,515 11,563 9,895 9,480
Average number of single adults
in shelters per day . . . . . . . 16,934 16,094 14,847 13,626 12,727 11,330 10,116 9,536 8,622 8,387
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Operating Indicators by Function/Program—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
ENVIRONMENTAL PROTECTION:
Department of Environmental
Protection (DEP)
Water main breaks. . . . . . . . . 371 460 520 424 395 562 513 403 370 481
Department of Environmental
Protection (DEP) (cont.)
Water supply complaints . . . . 35,283 45,444 50,690 45,150 45,476 41,617 35,960 37,298 42,076 55,964
Environmental complaints(3) . 55,766 72,163 70,956 69,124 73,497 64,312 54,894 45,244 44,755 41,343
Department of Sanitation (DOS)
Complaints received . . . . . . . 39,330 48,844 41,500 35,530 31,976 26,032 23,333 19,439 23,482 23,250
Tons of refuse collected
(thousands) . . . . . . . . . . . . . 2,945 2,998 2,953 2,974 3,013 2,944 2,968 3,038 3,035 3,032
Tons recycled per day . . . . . . 2,802 2,783 2,676 2,565 2,373 2,197 2,088 2,058 2,065 3,944
Total number of violation notices
issued by Environmental
405
Control Board . . . . . . . . . . 315,477 372,818 390,611 456,373 458,050 402,251 358,064 259,909 334,435 349,714
TRANSPORTATION SERVICES:
Department of Transportation
(DOT)
Number of red light cameras . 211 211 211 211 211 190 190 160 190 100
Potholes repaired . . . . . . . . . . 173,328 228,339 279,241 260,082 303,218 460,493 449,528 241,572 200,666 305,001
Pothole work orders(4) . . . . . . 38,151 42,960 51,833 49,687 50,085 60,809 54,667 87,706 61,249 56,399
PARKS, RECREATION AND
CULTURAL ACTIVITIES:
Department of Parks and
Recreation (DPR)
Comfort stations . . . . . . . . . . 684 683 677 678 679 667 680 679 639 639
Tennis courts . . . . . . . . . . . . . 663 676 674 692 692 695 695 695 565 565
Permits sold . . . . . . . . . . . . . . 21,556 20,340 21,311 15,012 14,921 15,891 16,099 15,186 14,879 15,757
Attendance at ice skating rinks 481,433 582,978 562,976 581,842 564,696 548,677 595,887 530,299 528,511 527,313
Ball fields . . . . . . . . . . . . . . . 762 762 767 781 777 782 790 726 614 614
Swimming pools . . . . . . . . . . 65 65 67 67 67 67 67 67 67 66
Pools attendance (CY) . . . . . . 204,899 1,621,048 1,601,869 1,492,451 1,759,235 1,790,628 1,434,011 1,450,145 1,725,257 1,728,318
Recreation centers total
attendance . . . . . . . . . . . . . 1,947,377 3,003,599 3,202,200 3,402,621 4,277,349 3,422,683 3,398,432 3,016,412 3,098,023 3,163,028
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Operating Indicators by Function/Program—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
HOUSING:
Department of Housing
Preservation and
Development (HPD)
Total housing starts under
Housing New York (units)(5) 30,023 25,299 32,116 24,293 23,287 20,326 8,990 15,382 16,501 15,735
Total housing completions (New
Housing Marketplace Plan and
Housing New York (units)(6) 15,391 18,200 25,093 17,736 18,442 8,984 9,370 9,337 12,288 14,106
Buildings sold . . . . . . . . . . . . 14 18 17 12 4 23 24 19 14 13
Occupied buildings . . . . . . . . 180 200 199 209 66 63 216 219 292 280
Buildings under management 226 253 248 265 127 130 159 177 173 189
Inspections completed . . . . . . 571,622 737,216 706,664 698,948 692,943 664,960 675,760 661,206 697,736 678,038
Violations issued . . . . . . . . . . 474,619 604,068 522,199 481,085 440,849 408,874 392,456 386,804 468,644 462,721
HEALTH:
406
Department of Health and
Mental Hygiene (DOH)
New HIV diagnoses
(calendar year)
preliminary(7) . . . . . . . . . . . . 1,533 1,742 1,953 2,076 2,449 2,813 2,913 3,175 2,129 2,483
Tuberculosis new cases–
calendar year . . . . . . . . . . . 566 559 613 565 575 585 656 651 689 711
Tuberculosis clinic visits . . . . 37,477 35,946 34,665 34,140 31,216 35,362 40,533 46,783 56,340 64,743
Sexual transmitted disease (STD)
reportable cases citiwide . . 97,189 109,106 102,693 98,912 88,955 80,881 75,301 76,123 80,885 79,974
Immunizations given at
immunization walk-in clinics 57,091 69,797 63,565 65,374 67,230 62,263 104,282 114,858 124,944 131,869
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Operating Indicators by Function/Program—Ten Year Trend (Cont.)
Fiscal Year
_________2020
________________ _________2019
________________ _________2018
________________ _________2017
________________ _________2016
________________ _________2015
________________ _________2014
________________ _________2013
________________ _________2012
________________ _________2011
________________
LIBRARIES:
Public Libraries
Attendance (thousands) . . . . . 23,885 35,142 36,236 36,908 33,800 34,000 37,224 39,591 42,916 42,845
Circulation (thousands) . . . . . 32,429 45,786 50,130 51,009 50,747 52,088 56,212 60,880 66,489 68,797
Computers for public use
(thousands) . . . . . . . . . . . . . 14,229 14,817 15,218 15,926 8,247 7,929 7,520 7,308 6,843 6,363
(1) Based on the average daily census for June taken by DHS.
(2) DHS converted to a new data system CARES, in fiscal year 2012 resulting in a variance of entrant data for December 2011 and January 2012 which affects fiscal year 2012 totals.
(3) Includes noise complaints.
(4) Pothole orders may include multiple potholes.
(5) The New Housing Marketplace Plan was discontinued during fiscal year 2014 and replaced with Housing New York Plan.
(6) The Housing New York Plan commenced during fiscal year 2014. Prior to fiscal year 2014 the statistics only indicated The New Housing Marketplace Plan that was discontinued during fiscal year 2014.
(7) Beginning fiscal year 2013 DOHMH discontinued reporting Aids New Adult cases Diagnosed (CY) and replaced it with a new more useful indicator New HIV diagnoses (CY) preliminary.
N/A: Not Applicable.
Source: Unless otherwise indicated, all data is from the Mayor’s Management Report (MMR) and from various City agencies.
407
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital Assets Statistics by Function/Program—Ten Year Trend
Fiscal Year
______2020
_____________ ______2019
_____________ ______2018
_____________ ______2017
_____________ ______2016
_____________ ______2015
_____________ ______2014
_____________ ______2013
_____________ ______2012
_____________ ______2011
_____________
General Government:
Terminals/Markets . . . . . . . . . 54 54 56 54 56 57 57 57 63 72
Piers/Bulkheads . . . . . . . . . . . 188 188 187 188 187 189 190 197 195 199
Public Office Buildings . . . . . 29 33 34 33 34 33 32 32 28 27
Public Safety and Judicial:
Police Precincts . . . . . . . . . . . 77 77 77 77 77 77 77 78 77 77
Police Buildings Non-Precinct 192 192 191 189 188 39 39 39 38 37
Court Buildings . . . . . . . . . . . 24 23 23 23 23 23 23 23 23 23
Fire Houses . . . . . . . . . . . . . . 257 257 255 255 254 255 254 253 252 251
Fire Vehicles(1) . . . . . . . . . . . . 2,622 2,590 2,641 2,616 2,512 2,400 2,264 2,185 2,218 2,147
Correctional/Detention
Centers . . . . . . . . . . . . . . . . 9 11 12 14 14 14 14 14 14 14
Education:
Primary Schools . . . . . . . . . . 932 939 953 954 1,012 955 955 949 962 944
Intermediate/Junior
High Schools . . . . . . . . . . . 208 208 211 206 207 207 206 204 205 205
408
High Schools . . . . . . . . . . . . . 222 224 234 226 227 223 223 221 223 228
Leased Spaces—sq ft (000)—
Dept of Education . . . . . . . 2,870 2,648 2,549 2,656 2,591 2,198 2,699 2,550 2,488 2,488
Community Colleges . . . . . . . 7 7 7 7 7 7 7 7 7 6
Environmental Protection:
Transfer Stations . . . . . . . . . . 61 61 61 60 60 60 59 61 61 61
Vehicle Maintenance/Storage
Facilities . . . . . . . . . . . . . . . 62 62 62 62 64 64 64 64 64 64
Piers/Bulkheads . . . . . . . . . . . 24 27 32 27 32 32 32 33 33 33
Collection Trucks . . . . . . . . . 2,256 2,245 2,503 2,408 2,412 2,239 2,154 2,084 2,055 2,025
Other Vehicles . . . . . . . . . . . . 2,438 2,476 2,507 2,280 2,216 2,182 2,082 2,059 2,064 2,048
Transportation:
Waterway Bridges . . . . . . . . . 108 108 107 106 104 103 103 102 102 102
Highway Bridges . . . . . . . . . . 682 682 682 683 680 681 681 681 680 680
Piers/Bulkheads . . . . . . . . . . . 24 26 26 26 26 24 24 23 23 23
Signalized Intersections . . . . . 13,385 13,263 13,159 13,060 12,959 12,853 12,778 12,697 12,597 12,454
Street Lights(2) . . . . . . . . . . . . 325,643 323,498 323,195 321,807 349,239 348,027 343,911 343,007 342,287 341,567
Lane Miles Resurfaced(3) . . . . 1,092 1,324 1,321 1,321 1,239 1,020 1,006 811 1,007 1,003
(Continued)
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital Assets Statistics by Function/Program—Ten Year Trend (Cont.)
Fiscal Year
_____2020
____________ _____2019
____________ _____2018
____________ _____2017
____________ _____2016
____________ _____2015
____________ _____2014
____________ _____2013
____________ _____2012
____________ _____2011
____________
(1) The Fire Vehicles for FY 2018 were corrected from 2,616 to 2,641
(2) The Street Lights for FY 2017 were corrected from 396,572 to 321,807 and FY 2018 from 414,938 to 323,195 due to re-evaluation of items included in Street Lighting Inventory
(3) The Lane Miles Resurfaced for FY 2018 were corrected from 1,300 to 1,321
Sources: Various City Agencies.
409
Comptroller’s Report for Fiscal 2020 Part III—Statistical Information
Capital Assets—Depreciation/Amortization and Replacement Cost Data
2020 Accumulated Replacement
Depreciation/ Depreciation/ Net Book Replacement Cost
(1)
_________Cost
_______________ __Amortization
______________________ __Amortization
______________________ ________Value
________________ ________Cost
________________ __Depreciation
______________________
(in thousands)
BUILDINGS:
General Government . . . . . . . . . . . . . $ 6,606,234 $ 209,426 $ 2,820,534 $ 3,785,700 $ 11,690,787 $ 7,087,869
Public Safety and Judical . . . . . . . . . . 4,828,018 132,190 2,615,023 2,212,995 8,299,066 5,529,977
Education . . . . . . . . . . . . . . . . . . . . . . 49,354,550 1,768,252 23,628,177 25,726,373 91,256,500 58,713,254
City University . . . . . . . . . . . . . . . . . . 190,165 4,398 167,568 22,597 1,034,744 991,213
Social Services . . . . . . . . . . . . . . . . . . 1,236,128 37,051 552,748 683,380 1,443,581 845,080
Environmental Protection . . . . . . . . . . 2,048,315 50,679 934,007 1,114,308 3,122,147 1,701,390
Transportation Services . . . . . . . . . . . 952,098 17,716 450,996 501,102 2,916,629 2,195,308
Parks, Recreation and Cultural
Activities . . . . . . . . . . . . . . . . . . . . . 3,105,657 64,622 1,478,455 1,627,202 6,304,367 4,062,108
Housing . . . . . . . . . . . . . . . . . . . . . . . 81,076 1,641 43,111 37,965 122,033 67,449
Health . . . . . . . . . . . . . . . . . . . . . . . . . 1,289,706 26,817 656,000 633,706 820,194 551,713
Libraries . . . . . . . . . . . . . . . . . . . . . . . 671,673
_______________ 13,181 _____________
____________ 294,151 _____________
377,522 _______________
1,678,778 _______________
1,156,609
Total buildings . . . . . . . . . . . . . . . 70,363,620
_______________
_______________ 2,325,973 _____________
____________
____________ 33,640,770 _____________
_____________ 36,722,850 _______________
_____________ 128,688,826 _______________
_______________ 82,901,970
_______________
EQUIPMENT:
General Government . . . . . . . . . . . . . 3,388,863 237,001 2,515,775 873,088 3,574,192 2,826,212
Public Safety and Judicial . . . . . . . . . 2,462,020 175,742 1,513,374 948,646 2,650,398 1,808,491
Education . . . . . . . . . . . . . . . . . . . . . . 947,031 107,376 663,626 283,405 1,056,645 801,208
City University . . . . . . . . . . . . . . . . . . 46,036 7 41,301 4,735 89,194 85,714
Social Services . . . . . . . . . . . . . . . . . . 451,984 32,241 286,236 165,748 469,485 323,836
Environmental Protection . . . . . . . . . . 2,062,802 139,419 1,647,699 415,103 2,361,199 2,029,915
Transportation Services . . . . . . . . . . . 1,855,480 31,920 1,360,533 494,947 9,190,528 8,718,397
Parks, Recreation and Cultural
Activities . . . . . . . . . . . . . . . . . . . . . . 309,603 13,271 230,908 78,695 376,546 304,763
Housing . . . . . . . . . . . . . . . . . . . . . . . 27,333 3,136 12,907 14,426 27,149 13,822
Health . . . . . . . . . . . . . . . . . . . . . . . . . 174,905 13,438 103,417 71,488 177,628 82,797
Libraries . . . . . . . . . . . . . . . . . . . . . . . _______________
90,584 4,527 _____________
____________ 60,544 _____________
30,040 _______________
101,773 _______________
74,365
Total equipment . . . . . . . . . . . . . _______________
11,816,641
_______________ 758,078
____________ 8,436,320
____________ _____________ 3,380,321
_____________ _____________ 20,074,737
_____________ _______________ 17,069,520
_______________ _______________
_______________
INFRASTRUCTURE:
General Government . . . . . . . . . . . . . 1,680,531 67,418 746,639 933,892 1,983,207 1,001,260
Public Safety and Judicial . . . . . . . . . 243,400 8,179 224,250 19,150 351,416 324,407
Environmental Protection . . . . . . . . . . 158,489 5,293 102,339 56,150 212,956 145,023
Transportation Services . . . . . . . . . . . 20,121,948 777,338 7,230,434 12,891,514 22,213,611 9,522,246
Parks, Recreation and Cultural
Activities . . . . . . . . . . . . . . . . . . . . . _______________
5,681,479 350,920 _____________
____________ 2,980,353 _____________
2,701,126 _______________
5,884,854 _______________
3,613,435
Total infrastructure . . . . . . . . . . . _______________
27,885,847
_______________ 1,209,148 _____________
____________
____________ 11,284,015 _____________
_____________ 16,601,832 _______________
_____________ 30,646,044 _______________
_______________ 14,606,371
_______________
Total buildings, equipment
and infrastructure . . . . . . . . . . . . . . $110,066,108
_______________
_______________ $4,293,199
____________ $53,361,105 _____________
____________ _____________
_____________ $56,705,003 $179,409,607
_____________ $114,577,861
_______________ _______________
_______________ _______________
Note: Capital assets do not include certain City-owned assets that are leased to other entities (including the New York City Transit
Authority, NYC Health + Hospitals and the System). Replacement cost and replacement cost depreciation are based upon
replacement cost indices and do not represent actual replacement cost appraisals.
(1) Replacement Cost is estimated based on Consumer Price Index (CPI).
410
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SCOTT M. STRINGER,
Comptroller
JACQUELINE THOMPSON, CGFM, CIA, CFE, Deputy Comptroller for Accountancy
BUREAU OF ACCOUNTANCY
BUREAU CHIEF
Katrina Stauffer
DIVISION CHIEFS
Carmen Chan Marina Verba, CPA
Berta Lara Natasha Walker
Veronika Musheyeva
STAFF
Angelyne Acevedo Leah Gadol Cynthia Murray
Seson Adams Ninoshka Garrick Daniel Nettey
Corey Adisano Saundra Henigan May Ng
Gilles Anglade Brian Henry Luz Garcia-Patrick
Camille Arezzo Stella Hong Reinaldo Perez
Rosa Armaza Cindy Huie Nicholas Phillips
Margaret Armstrong Olga Ilyayeva Mariza Sanchez
Natalya Bachayev Shatema Jackson-Ciaravino Murrium Shahid
Yvonne Beaubrun Blossom Johns Joan Stapleton
Kwai Chun Chan Robin Knox Ivy Soto
Minyu Chen Lisa Landin-Petersen Belma Tan
Grace Cheng Christine Li, CPA Gary Tumarkin
Katherine Chu-Chin Josephine Li-Min Negron Ivette Vargas
Antonia Decena-Camagan Yan Su Li (Jamie) Alla Vayner
Lunick Derose Alva Luo Christopher Wong
Christopher Dye Marina Maksumova Jeffrey Wong
Miriam Edwards Claire Mayers Jennifer Yang
Asha Fernandez Stephen Messing Karen Yang
Jessie Flores Ali Mohammed Jing Yi
413
REPORT OF THE COMPTROLLER FOR FISCAL 2020