AnnualInformationStatementState of New YorkMay 11, 2012
ANNUAL INFORMATION STATEMENTSTATE OF NEW YORK
DATED: MAY 11, 2012
TABLE OF CONTENTS
INTRODUCTION
.........................................................................................................................................1Usage Notice ...............................................................................................................................................3
BUDGETARY AND ACCOUNTING BACKGROUND
...........................................................................4The State Budget Process ............................................................................................................................4Significant Budgetary/Accounting Practices ...............................................................................................5
FINANCIAL PLAN INFORMATION
........................................................................................................6Fiscal Year 2012 (Ending March 31, 2012) Summary Results ...................................................................6Fiscal Year 2013 (Ending March 31, 2013) Summary Outlook ..................................................................6Financial Plan Overview .............................................................................................................................7Annual Spending Growth .......................................................................................................................... 12Fiscal Year 2013 Enacted Budget Gap-Closing Plan ................................................................................ 14Other Matters Affecting the Enacted Budget Financial Plan .................................................................... 18
FINANCIAL PLAN PROJECTIONS FYS 2013 THROUGH 2016
....................................................... 26Introduction ............................................................................................................................................... 26Summary ................................................................................................................................................... 26Preliminary FY 2012 Results and FY 2013 Forecast Overview ............................................................... 29Receipts ..................................................................................................................................................... 29Disbursements ........................................................................................................................................... 38
PRIOR FISCAL YEARS
............................................................................................................................ 70Cash-Basis Results for Prior Fiscal Years ................................................................................................. 73GAAP-Basis Results for Prior Fiscal Years .............................................................................................. 86
ECONOMICS AND DEMOGRAPHICS
.................................................................................................. 87The U.S. Economy .................................................................................................................................... 87The New York Economy ........................................................................................................................... 88Economic and Demographic Trends ......................................................................................................... 91
DEBT AND OTHER FINANCING ACTIVITIES
................................................................................... 93State Debt and Other Financings ............................................................................................................... 93Borrowing Plan ....................................................................................................................................... 103State-Related Debt Service Requirements ............................................................................................... 106Limitations on State-Supported Debt ...................................................................................................... 106State Bond Caps and Debt Outstanding .................................................................................................. 109
STATE GOVERNMENT EMPLOYMENT
........................................................................................... 110
STATE RETIREMENT SYSTEMS
........................................................................................................ 112
AUTHORITIES AND LOCALITIES
...................................................................................................... 118
LITIGATION AND ARBITRATION
..................................................................................................... 123
EXHIBIT A - SELECTED STATE GOVERNMENT SUMMARY
..................................................... 132
EXHIBIT B - STATE-RELATED BOND AUTHORIZATIONS
......................................................... 136
EXHIBIT C - GAAP-BASIS FINANCIAL PLAN
................................................................................. 138
EXHIBIT D - PRINCIPAL STATE TAXES AND FEES
...................................................................... 139
EXHIBIT E - GLOSSARY OF FINANCIAL TERMS
.......................................................................... 146
EXHIBIT F - GLOSSARY OF ACRONYMS
......................................................................................... 151
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