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17.I

New York City (NYC)
Fiscal Data
Terms and Concepts

 
 


 
  The General Fund  
  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 as well as advance payments of certain subsidies that reduce the amount of the General Fund surplus for financial reporting purposes.  
     
  The General Fund had operating surpluses of $2.467 billion and $ 3.747billion before certain expenditures and transfers for fiscal years 2012 and 2011, respectively. After these certain expenditures and transfers, the General Fund reported an operating surplus of $5 million in both fiscal years 2012 and 2011. The expenditures and transfers were made by the City Government after the adoption of its fiscal year budgets.  
     
  Fiscal Data  
  The term "fiscal data" refers to the annual revenues collected and expenditures incurred by the Government and the resulting surplus or deficit. Revenues are collected by the NYC Government through taxation, federal and state aid, investment income, etc. Expenditures are incurred on education, infrastructure, public safety, health services, etc.  
     
  The NYC Government's Fiscal Year commences on July 1st and ends on June 30th. The task of accounting for fiscal data is undertaken by the Office of the Comptroller General of NYC in accordance with Generally Accepted Government Auditing Standards.  
     
  Primary Government  
  The Primary Government includes the NYC Department of Education and the CUNY community colleges, other organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the financial statements to be misleading or incomplete.  
     
  Component Units  
  Component Units are legally separate from the primary government. However, these component units all provide services exclusively to the City. Also, the City appoints a majority of these organizations' boards and hence is able to impose its will on them.  
     
  NYC Capital Projects Fund  
  The NYC Capital Projects Fund accounts for the financing of the City's capital investments. Capital-related expenditures are first paid from the General Fund, which is reimbursed for these expenditures by the NYC Capital Projects Fund.  
     
  NYC Debt Service Fund  
  The NYC Debt Service Fund, administered by the State Comptroller, is the Fund into which payments of real estate taxes and other revenues are deposited in advance of debt service payment dates. The General Debt Service Fund receives transfers (discretionary and other) from the General Fund from which it pays the City's debt service requirements. Debt service on all City notes and bonds is paid from this fund.  
     
  Non-Major Governmental Funds   
  The Non-Major Governmental Funds are legally separate from the primary government of NYC. These Funds provide services exclusively to the City. The Non-Major Governmental Funds are:  
 
  • Municipal Assistance Corporation for the City of New York
  • NYC Transitional Finance Authority
  • NYC Samurai Funding Corporation
  • TSASC, Inc.
  • NYC Educational Construction Fund
  • City University Construction Fund
  • NYC School Construction Authority
 
  Discretely Presented Component Units  
 

The Discretely Presented Component Units, comprising Major and Non-major Component Units are legally separate from the primary government and are reported as discretely presented component units because the City appoints a majority of these organizations' boards, is able to impose its will on them, or a financial benefit/burden. The following entities are presented discretely in the City's financial statements as major component units:

 
 
  • NYC Health and Hospitals Corporation
  • NYC Off-Track Betting Corporation
  • NYC Housing Development Corporation
  • NYC Housing Authority
  • NYC Economic Development Corporation
  • NYC Water and Sewer System
 
  NYC Industrial Development Agency  
  The NYC Industrial Development Agency (IDA) was established in 1974 to actively promote, retain, attract, encourage, and develop an economically sound commerce and industry base to prevent unemployment and economic deterioration in the City.  
     
  NYC Business Relocation Assistance Corporation  
     
  The NYC Business Relocation Assistance Corporation (BRAC) was incorporated in 1981 for the purpose of providing relocation assistance to qualifying commercial and manufacturing firms moving within the City of New York.  
  The BRAC is funded by the fees it charges to owners/developers of certain residential projects which cause the relocation of commercial and manufacturing businesses previously located at those sites. The ability of BRAC to charge such fees ended as of Jan 1, 1998 per the Zoning Resolution and hence the BRAC will continue to operate only untill the accumulated net assets are exhausted.  
     
  Brooklyn Navy Yard Development Corporation  
  The Brooklyn Navy Yard Development Corporation (BNYDC) was incorporated in 1966 to provide economic rehabilitation in Brooklyn, to revitalize the economy, and create job opportunities. In 1971, BNYDC leased the Brooklyn Navy Yard from the City for the purpose of rehabilitating it and attracting new businesses and industry to the area.  
     
  Jay Street Development Corporation  
  The Jay Street Development Corporation (JSDC), incorporated in 2000, is a local development corporation. JSDC has undertaken the task of the design, construction, and furnishing of a courthouse (Courts Facility) in Brooklyn that has been leased by the City of New York.  
     
  NYC Health and Hospitals Corporation  
  The NYC Health and Hospitals Corporation (HHC), incorporated in 1970, mainly provides, on behalf of the City, comprehensive medical and mental health services to City residents regardless of their ability to pay.  
  HHC has assumed responsibility for the operation of the City's municipal hospital system. It also operates Metroplus Health Plan Inc., HHC Capital Corporation and the HHC Foundation. The HHC is funded by the City of New York.  
     
  NYC Off-Track Betting Corporation  
  The NYC Off-Track Betting Corporation (OTB), was incorporated in 1970 to operate a system of off-track betting in the City. OTB earns revenues on its betting operations ranging between 15% and 31% of wagers handled and a 5% surcharge on winnings. Pursuant to State law, OTB distributes portions of the surcharge to other localities in the State and to the racing industry for the financing of capital acquisitions. All remaining revenue is distributed to the City.  
     
  NYC Housing Development Corporation  
  The NYC Housing Development Corporation (HDC) was incorporated in 1971 to encourage private housing development by providing low interest mortgage loans. HDC provides mortgage loans funded by issuance of HDC bonds and notes. It comprises the Housing Assistance Corporation, the Housing New York Corporation and the New York City Residential Mortgage Insurance Corporation. HDC generates its own revenues through program fees, servicing fees, investment income, interest charged to mortgages and has been self-sustaining.  
     
  NYC Housing Authority  
 

The NYC Housing Authority (HA), chartered in 1934, develops, constructs, manages, and maintains low cost housing for eligible low income families in the City. It also maintains a leased housing program which provides housing assistance payments to families. HA is funded by the Federal Government, NY State and NYC.

 
     
  NYC Economic Development Corporation  
  The NYC Economic Development Corporation, incorporated in 1966, administers certain economic development programs relating to attraction, retention, and expansion of commerce and industry in the City. These programs include encouragement of construction, acquisition, rehabilitation, and improvement of business enterprises within the City, and monetary aid to qualifying business enterprises as a means of helping to create and retain employment therein.  
     
  Water and Sewer System  
  The Water and Sewer System (NYW) provides for water supply and distribution, and sewage collection, treatment, and disposal for the City. The Water Authority issues debt to finance the cost of capital improvements to the water distribution and sewage collection system. The Water Board levies charges for the use of the water distribution and sewage collection system to generate cashflows sufficient to service its debt obligations and to place NYW on a self-sustaining basis.  
     
  Capital Assets  
  NYC's Capital Assets includes land, buildings, equipment, highways, bridges, traffic signals, street reconstruction, and parks. The stated amounts are net of accumulated depreciation. The stated amounts represent the balances as at the fiscal year ends and not the capital assets investment figures for the years.  
     
  Fiduciary Funds  
  Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds resources are not available to support the City's own programs. The fiduciary funds include the Pension and Other Employee Benefit Trust Funds and the Agency Funds. The Pension and Other Employee Benefit Trust Funds include:  
 
  • NYC Employees' Retirement System
  • NYC Teachers' Retirement System-Qualified Pension Plan
  • NYC Board of Education Retirement System-Qualified Pension Plan
  • NYC Police Pension Fund
  • NYC Fire Pension Fund
  • NY Police Department Police Officers'Variable Supplements Fund
  • NY Police Department Police Superior Officers'Variable Supplements Fund
  • NY Fire Department Firefighters'Variable Supplements Fund
  • NY Fire Department Fire Officers'Variable Supplements Fund
  • Transit Police Officers'Variable Supplements Fund
  • Transit Police Superior Officers'Variable Supplements Fund
  • Housing Police Officers'Variable Supplements Fund
  • Housing Police Superior Officers'Variable Supplements Fund
  • Correction Officers'Variable Supplements Fund
  • Deferred Compensation Plan for Employees of The City of NY (DCP/457 Plan)
  • Deferred Compensation Plan for Employees of The City of NY (DCP/401(k) Plan)
 
  The Agency Funds account for miscellaneous assets held by the City for other funds, governmental units, and individuals. The Agency Funds are custodial in nature and do not involve measurement of results of operations. 
     
  NYC Employees' Retirement System (NYCERS)  
  The NYC Employees' Retirement System (NYCERS) is a cost-sharing, multiple-employer public employee retirement system, for employees of the City not covered by one of the other pension systems and employees of certain component units of the City and certain other government units.  
     
  NYC Teachers' Retirement System  
  The NYC Teachers' Retirement System (TRS) is a cost-sharing, multiple-employer public employee retirement system, for teachers in the public schools of the City and Charter Schools and certain other specified school and college employees.  
     
  NYC Board of Education Retirement System-Qualified Pension Plan  
  The NYC Board of Education Retirement System (BERS) is a cost-sharing, multiple employer public employee retirement system, for nonpedagogical employees of the Department of Education and Charter Schools and certain employees of the School Construction Authority.  
     
  NYC Police Pension Fund  
  The NYC Police Pension Fund is a single-employer public employee retirement system, for full-time uniformed employees of the Police Department.  
     
  NYC Fire Pension Fund  
  The NYC Fire Pension Fund is a single-employer public employee retirement system, for full-time uniformed employees of the Fire Department.  
     
     
 

Return to Fiscal Data Section

 
     
     
 

Source:
Comprehensive Annual Financial Reports of the Comptroller

 

 

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