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STATE OF NEW YORK COMPREHENSIVE ANNUAL FINANCIAL REPORT For Fiscal Year Ended March 31, 2003 Prepared by the Office of the State Comptroller Alan G. Hevesi _______________________________________________________________________________________________ 2 • STATE OF NEW YORK Contents INTRODUCTORY SECTION Letter from the Comptroller . 7 Financial Overview . 9 Certificate of Achievement . 12 New York State Organization Chart . 13 Selected State Officials . 13 FINANCIAL SECTION Independent Auditors’ Report . 16 MANAGEMENT’S DISCUSSION AND ANALYSIS . 19 BASIC FINANCIAL STATEMENTS Statement of Net Assets . 31 Statement of Activities . 32 Balance Sheet—Governmental Funds . 34 Reconciliation of the Balance Sheet— Governmental Funds to the Statement of Net Assets . 35 Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit)—Governmental Funds . 36 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances—Governmental Funds to the Statement of Activities . 37 Statement of Net Assets—Enterprise Funds . 38 Statement of Revenues, Expenses and Changes in Fund Net Assets— Enterprise Funds . 39 Statement of Cash Flows—Enterprise Funds . 40 Statement of Fiduciary Net Assets—Fiduciary Funds . 42 Statement of Changes in Fiduciary Net Assets—Fiduciary Funds . 43 Combining Statement of Net Assets—Discretely Presented Component Units . 44 Combining Statement of Activities—Discretely Presented Component Units . 46 Notes to the Basic Financial Statements . 49 REQUIRED SUPPLEMENTARY INFORMATION Budgetary Basis—Financial Plan and Actual—Combined Schedule of Cash Receipts and Disbursements—Major Funds— General Fund and Federal Special Revenue Fund . 84 Notes to Required Supplementary Information Budgetary Basis Reporting . 86 Infrastructure Assets Using the Modified Approach . 87 OTHER SUPPLEMENTARY INFORMATION General Fund Narrative . 91 Combining Schedule of Balance Sheet Accounts . 92 Combining Schedule of Revenues, Expenditures and Changes in Fund Balance (Deficits) Accounts . 94 Federal Special Revenue Fund Narrative . 97 Combining Schedule of Balance Sheet Accounts . 98 Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Accounts . 100 _______________________________________________________________________________________________ STATE OF NEW YORK • 3 Other Governmental Funds Combining Balance Sheet . 104 Combining Statement of Revenues, Expenditures and Changes in Fund Balances . 105 Special Revenue Funds Narrative . 107 Combining Balance Sheet—Other Governmental Funds . 108 Combining Statement of Revenues, Expenditures and Changes in Fund Balances—Other Governmental Funds . 110 Combining Schedule of Cash Receipts and Disbursements— Budgetary Basis—Financial Plan and Actual— Other Governmental Funds . 112 Debt Service Funds Narrative . 115 Combining Balance Sheet—Other Governmental Funds . 116 Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficit)—Other Governmental Funds . 118 Combining Schedule of Cash Receipts and Disbursements— Budgetary Basis—Financial Plan and Actual— Other Governmental Funds . 120 Capital Projects Funds Narrative . 123 Combining Balance Sheet—Other Governmental Funds . 124 Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits)—Other Governmental Funds . 126 Combining Schedule of Cash Receipts and Disbursements— Budgetary Basis—Financial Plan and Actual— Other Governmental Funds . 128 Fiduciary Funds Narrative . 133 Combining Statement of Fiduciary Net Assets—Private Purpose Trusts . 134 Combining Statement of Changes in Fiduciary Net Assets— Private Purpose Trusts . 135 Combining Statement of Fiduciary Net Assets—Agency Funds . 136 STATISTICAL SECTION Schedule of Revenues, Expenditures and Other Financing Sources (Uses)—All Governmental Funds—Last Ten Fiscal Years . 140 Schedule of Collections of Principal State Taxes—Last Ten Fiscal Years . 142 Schedule of State-Related Debt Per Capita—Last Ten Fiscal Years . 142 Schedule of Ratio of Annual Debt Service Expenditures for General Obligation Debt to Total General Governmental Expenditures— Last Ten Fiscal Years . 143 Schedule of Demographic Statistics—Last Ten Fiscal Years . 143 Schedule of City Populations Within New York State . 144 Schedule of Ten Largest Industrial & Commercial Employers . 144 Schedule of Nonagricultural Employment by Categories . 144 Schedule of Miscellaneous Statistics . 145 Revenue and Other Financing Sources by Type as Percent of Total— Combined Governmental Funds—Last Ten Fiscal Years . 146 Expenditures and Other Financing Uses by Type as Percent of Total— Combined Governmental Funds—Last Ten Fiscal Years . 148 State Supported Long-Term Debt by Type—Principal and Interest— Last Ten Fiscal Years . 150 Introductory Section ALAN G. HEVESI State Comptroller ALAN G. HEVESI 110 STATE STREET COMPTROLLER ALBANY, NEW YORK 12236 STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER July 18, 2003 To the Citizens, Governor and Members of the Legislature of the State of New York: am pleased to present this year’s Comprehensive Annual Financial Report for New I York State. This report explains how the State’s financial position and operations affect taxpayers and it details many of the factors by which the State’s fiscal health is measured. The report represents an important step forward in providing greater disclosure to taxpayers. For the first time, it reflects the State’s implementation of the Governmental Accounting Standards Board Statement No. 34, reflecting a significant change in government financial statements by adding a Management Discussion and Analysis (MD&A), as well as information pertaining to all costs and all assets and liabilities of the State to more clearly portray the State’s fiscal health. The report focuses on the fundamental fiscal issues that will determine the State’s financial future. This year’s budget continued the State’s reliance on debt, non-recurring resources and other fiscal gimmicks. As a result, lawmakers will again face difficult budgetary challenges next year when it becomes clear that many of the solutions they adopted were only temporary. This past year, New York faced extraordinary fiscal challenges as a result of the economic downturn, the failure to exercise budgetary restraint during more prosperous times, the failure to act quickly when the State’s finances began to show signs of difficulty, the collapse of the stock market through 2002 and the devastation, both in human and financial terms, of 9-11. These factors, however, are symptomatic of greater problems: a structural deficit, late budgets, surpluses of recent years that were squandered, increased and enormous debt which grew exponentially with the securitization of tobacco settlement dollars, and available reserves that sunk to dangerously low levels. This report reflects a General Fund accumulated deficit of $3.3 billion, the first such deficit since 1997. As we struggle to emerge from a recession, we must change our approach to problem solving. Now, more than ever, fiscal discipline is needed to ensure budget balance and to provide a healthy environment in which our economy can grow. We must limit debt to the most necessary uses to protect future generations of taxpayers and to attract businesses. And we need a comprehensive economic development plan that will provide opportunities for all New Yorkers. New York’s potential is unparalleled in the nation and in the world. By developing stronger fiscal practices that prepare our State for the future, we can build a brighter future for generations to come. Signed, Alan G. Hevesi _______________________________________________________________________________________________ STATE OF NEW YORK • 9 FINANCIAL OVERVIEW This report has been prepared in accordance with generally accepted accounting principles (GAAP) for governments as promulgated by the Governmental Accounting Standards Board. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, included within the Comprehensive Annual Financial Report rests with the Office of the State Comptroller. The basic financial statements contained in this report have been audited by KPMG, LLP. Their audit was conducted in accordance with generally accepted governmental auditing standards and their auditor report precedes the basic financial statements. The unqualified auditor report attests that the State’s financial information is fairly presented, in all material respects, in accordance with GAAP. In addition, the Office of the State Comptroller was honored for the fourteenth consecutive year to receive the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for the State’s 2002 Financial Report. This prestigious award represents the highest form of recognition in the area of governmental financial reporting and reflects a commitment to clearly communicate the State’s financial results and position to the taxpayers through public disclosure. This year’s financial statements are presented using an entirely new financial reporting model promulgated by the Governmental Accounting Standards Board. The new financial reporting model has redefined the old financial report- ing model by changing its focus to major funds, rather than fund types, requiring a new section called the Management Discussion and Analysis (MD&A), and including new government-wide financial statements which will include all revenues and all costs of providing services each year.