4D NYS Financial, Economic


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4D NYS Financial, Economic

  1. 1. NYS Financial, Economic, and Demographic Reporting Suzette Baker, CPA, CGFM Assistant Director Jennifer Hallanan Associate Accountant Maria Moran, CPA Associate Accountant Sandi Trzcinski, CGAP, APM Senior Accountant
  2. 2. Overview <ul><li>General Background </li></ul><ul><li>State’s GAAP Financial Statements </li></ul><ul><li>State’s Financial Condition </li></ul><ul><li>Agency Financial Reporting Package </li></ul><ul><li>Current GASB Statements </li></ul><ul><li>Summary/Questions/Comments </li></ul>
  3. 3. General Background <ul><li>Financial Reporting </li></ul><ul><li>Comprehensive Annual Financial Report </li></ul><ul><li>Financial Condition Report </li></ul><ul><li>Interim GAAP Financial Statements </li></ul><ul><li>Chapter 551 Functional Reporting </li></ul><ul><li>Five Year Comparative Financial Statements </li></ul><ul><li>Schedule of Expenditures of Federal Awards </li></ul><ul><li>Citizens’ Guide and Citizen-Centric Report </li></ul><ul><li>Certification of Tax Revenues </li></ul><ul><li>LGAC & Oil Spill Fund Financial Statements </li></ul><ul><li>Implementation of GASB Standards </li></ul>
  4. 4. Financial Reports
  5. 5. General Background <ul><li>What is GAAP Financial Reporting and why is it important? </li></ul><ul><li>Generally Accepted Accounting Principles (GAAP) </li></ul><ul><li>Chapter 405 of the Laws of 1981 </li></ul><ul><ul><li>Report to Legislature MUST be completed by July 29 th </li></ul></ul><ul><li>Accounting Bases </li></ul><ul><ul><li>Cash Basis Reporting (pre-1982) </li></ul></ul><ul><ul><li>Modified Accrual (Fund Accounting) </li></ul></ul><ul><ul><li>Full Accrual (GASB 34) </li></ul></ul>
  6. 6. <ul><li>CAFR </li></ul><ul><li>Comprehensive Annual Financial Report </li></ul>
  7. 7. CAFR <ul><li>Statistics for 2009 CAFR: </li></ul><ul><li>$210 billion in entries </li></ul><ul><li>171 entries </li></ul><ul><li>7,634 entry lines </li></ul>
  8. 8. CAFR <ul><li>Three Major Sections: </li></ul><ul><li>Introductory </li></ul><ul><li>Financial </li></ul><ul><li>Statistical </li></ul>
  9. 9. CAFR <ul><li>Introductory Section </li></ul><ul><li>Comptroller’s Letter </li></ul><ul><li>Financial Overview </li></ul><ul><li>Certificate of Achievement </li></ul><ul><li>Organization Chart and State Officials </li></ul>
  10. 10. CAFR <ul><li>Financial Section </li></ul><ul><li>Management’s Discussion and Analysis </li></ul><ul><li>Basic Financial Statements </li></ul><ul><ul><li>Entity-wide Financial Statements </li></ul></ul><ul><ul><li>Governmental Funds </li></ul></ul><ul><ul><li>Enterprise Funds </li></ul></ul><ul><ul><li>Fiduciary Funds </li></ul></ul><ul><ul><li>Discretely Presented Component Units </li></ul></ul>
  11. 11. CAFR <ul><li>Financial Section </li></ul><ul><li>Required Supplementary Information (RSI) </li></ul><ul><li>Other Supplementary Information </li></ul><ul><ul><li>Financial Statements by Fund </li></ul></ul><ul><ul><li>Non-Major Discretely Presented Component Units </li></ul></ul>
  12. 12. CAFR <ul><li>Statistical Section </li></ul><ul><li>Demographic </li></ul><ul><li>Economic </li></ul><ul><li>Miscellaneous </li></ul><ul><li>Ten year presentation, when available </li></ul>
  13. 13. <ul><li>State’s Financial Condition </li></ul>
  14. 14. Financial Condition Report: <ul><ul><li>Provides citizens with an overview of the financial condition of the State. </li></ul></ul><ul><ul><li>Illustrates the future trends in the State. </li></ul></ul><ul><ul><li>Discusses the State’s ability to meet current and future financial and service obligations. </li></ul></ul>
  15. 15. General Fund Change in Fund Balance Cash vs. GAAP Reporting (amounts in millions of dollars) (6,895) (805) 2009 827 245 2005 1,636 711 2006 202 (212) 2007 1,567 (291) 2008 GAAP CASH YEAR
  16. 16. Total Receipts
  17. 17. Total Receipts *Estimated ** Projected
  18. 18. Total Receipts (amounts in billions)
  19. 19. Total Spending ** Projected
  20. 20. Total Spending
  21. 21. Federal Stimulus (amounts in millions) * Total does not include approximately $90 billion in other federal spending items included in the Act which do not impact NY or cannot be quantified. * Reflects revised figures March 2009.
  22. 22. Federal Stimulus (amounts in millions) Spending as of August 2009
  23. 23. Public Health (amounts in billions)
  24. 24. Public Welfare (amounts in thousands)
  25. 25. Education (amounts in billions)
  26. 26. Local Government (amounts in millions)
  27. 27. Capital (amounts in billions)
  28. 28. Debt
  29. 29. Debt * Actual ** Projected
  30. 30. Economic and Demographic Trends
  31. 31. Economic and Demographic Trends
  32. 32. All Government Funds Projected Growth (amounts in billions)
  33. 33. Agency Financial Reporting Package On-Line System <ul><li>Agency Financial Reporting Package </li></ul><ul><ul><li>Collects information from approximately 215 State agencies </li></ul></ul><ul><ul><li>Used for annual and interim reporting </li></ul></ul>
  34. 34. Agency Financial Reporting Package <ul><li>Gross Accounts Receivable </li></ul><ul><ul><li>Approximately 50 agencies and $590 million </li></ul></ul><ul><li>Gross Miscellaneous Liabilities </li></ul><ul><ul><li>Approximately 20 agencies and $90 million </li></ul></ul><ul><li>Compensated Absences </li></ul><ul><ul><li>Over 4,000 employees and $2.4 billion </li></ul></ul>
  35. 35. Current GASB Statements <ul><li>GASB 51- Accounting and Financial Reporting for Intangible Assets </li></ul><ul><li>GASB 53- Accounting and Financial Reporting for Derivative Instruments </li></ul><ul><li>GASB 54- Fund Balance Reporting and Governmental Fund Type Definitions </li></ul>
  36. 36. Summary <ul><li>Financial Reporting is required to: </li></ul><ul><ul><li>Recognize the true financial position and condition of the State, and reports the condition to the taxpayers. </li></ul></ul><ul><ul><li>Prepare GAAP financial statements presenting timely modified accrual and full accrual-based financial statements to the public, bond rating agencies, investment banks, etc. </li></ul></ul><ul><ul><li>Enable comparability with other states, and over a period of time. </li></ul></ul>
  37. 37. Questions/Comments? <ul><li>Suzette Baker (518) 486-1234 </li></ul><ul><li>[email_address] </li></ul><ul><li>Jennifer Hallanan (518) 486-3048 </li></ul><ul><li>[email_address] </li></ul><ul><li>Maria Moran (518) 474-3691 </li></ul><ul><li>[email_address] </li></ul><ul><li>Sandi Trzcinski (518) 473-8990 </li></ul><ul><li>[email_address] </li></ul>
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