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State of New York

Bond / Issue: Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds | Sector: State Government | Type: General Obligation | Status: Preliminary

AI Enabled: Yes

Workflow / Analyst Approval

Workflow Stage: Draft

Assigned Analyst: MZ Test

Senior Reviewer: Not assigned

Approved By: Not approved

Approved At: Not approved

Locked At: Not locked

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Mentor / Protégé Review

Purpose: This section lets a senior analyst mentor a junior analyst, review work in progress, request revisions, approve mentor review, and preserve institutional knowledge as part of the credit file.

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Junior Analyst: MZ Test

Senior Mentor: Not assigned

Mentor Status: Not Submitted

Revision Due: No due date

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Mentor Approved At: Not approved

Last Mentor Note: No notes yet

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Review Controls / Data Limitations

System Recommendation

Watch Score: 64 | Temporary Funding Dependency: Low

Basis: Preliminary score or unresolved data items support monitoring before a Buy decision.

Risk Flags
• Latest-year adjusted recurring results show a deficit.
• Possible temporary funding used for operating support.
• High-risk temporary funding reference requires analyst review.
CategoryScore
Financial Trend Strength10
Economic Resilience14
Debt Burden / Coverage15
Temporary Funding Dependency20
Governance / Disclosure Quality8
Bond Structure Protections5
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Documents Reviewed 15

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Audited Financials / ACFR nys-basic-financial-statements-2023.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T21:44:47.184878
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is primarily the State of New York’s fiscal year ended March 31, 2023 basic financial statements and audit materials, not the 2025 bond offering document. It supports that the State’s FY2023 financial statements received an unmodified audit opinion, but it does not provide sufficient bond-specific information for the Series 2025A, 2025B, or 2025C bonds, including par amount, maturities, debt service schedule, legal pledge language, ratings, or offering terms. Based only on the excerpt, the preliminary implication is **Watch**, not because the credit is necessarily weak, but because the excerpt is insufficient for a Buy conclusion and identifies material use or decline of temporary federal support, including ARPA operating funding and COVID-related unemployment insurance grant activity. Pages 19 and 21. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | State of New York. Pages 1, 3, 5. | | Bond name | Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds identified in analyst-entered context …summary truncated for page display.
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Audited Financials / ACFR annual-comprehensive-financial-report-2024.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T19:45:42.531551
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary implication: **Watch**. The provided excerpt is primarily from the State of New York FY2024 Annual Comprehensive Financial Report (“ACFR”), not a bond offering document for the Series 2025A/B/C bonds. It supports only a **preliminary** credit view because key bond-specific items—par amount, maturity schedule, redemption provisions, legal pledge, ratings, underwriter, and bond counsel—are **not identified in the provided excerpt**. Credit-positive indications include formal State-level financial reporting, audited financial statement infrastructure, and references to fiscal actions such as prepayment of a fiscal 2025 pension bill and a deposit into the Retiree Health Benefit Trust Fund. However, the excerpt also flags several items requiring credit diligence: federal grants, FEMA reimbursements for prior pandemic expenses, general reimbursements, and suspension of the Debt Reform Act in connection with the State’s COVID-19 response. These may affect the distinction between reported financial position and recurring financial strength. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |- …summary truncated for page display.
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Official Statement / Offering Memorandum annual-comprehensive-financial-report-2024.pdf AI Summary Ready
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Official Statement / Offering Memorandum
Uploaded:
2026-06-09T19:44:31.838828
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is primarily the State of New York FY2024 Annual Comprehensive Financial Report table of contents plus limited scan excerpts, not the Series 2025 bond offering document. It supports only a high-level credit read, not a final Buy/Watch/Pass decision. Preliminary implication: **Watch**, driven by insufficient bond-specific disclosure in the excerpt and the need to separate recurring operating strength from federal grants, FEMA reimbursements, and other potentially nonrecurring items. The State’s broad governmental revenue base is evident in the excerpt, including $110.5 billion in taxes and $24.6 billion in unrestricted grants and other revenues for governmental activities, but the excerpt does not provide complete bond security, debt service, ratings, or maturity information. Page 28. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | State of New York. Pages 1 and 3. | | Bond name | Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds identified in analyst-provided context; not identified i …summary truncated for page display.
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Audited Financials / ACFR annual-comprehensive-financial-report-2025.pdf AI Summary Ready
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Audited Financials / ACFR
Uploaded:
2026-06-09T04:14:09.492980
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is primarily from the State of New York FY2025 Annual Comprehensive Financial Report table of contents and limited scanned excerpts, not the bond official statement. It confirms the issuer and the existence of statewide financial reporting, but it does **not** provide enough bond-specific information to support a definitive Buy, Watch, or Pass view. Based only on the excerpt, the implication is **Preliminary Watch** pending review of the official statement, full ACFR financial tables, debt service schedule, ratings reports, and continuing disclosure. The main reasons are the lack of bond-specific security details and the presence of items that may affect recurring credit analysis, including federal grant-related revenue and COVID-era suspension of the Debt Reform Act. Pages 11, 30, 33, 36, and 227. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Fact | |---|---| | Issuer | State of New York. Page 1. | | Bond name | The analyst context identifies Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds; not identified in provi …summary truncated for page display.
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Audited Financials / ACFR cash-basis-january-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:13:24.793508
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary implication: **Watch**. The provided excerpt is a **January 2025 State Comptroller monthly cash-basis report**, not a bond official statement or offering document. It supports a broad view that New York State had substantial governmental fund cash balances and growing tax receipts through January 31, 2025, but it does **not** provide the bond-specific legal pledge, maturity schedule, debt service schedule, ratings, covenants, or offering details needed for a Buy conclusion. Credit positives include large reported governmental fund balances and year-over-year growth in total receipts. Key watch items include reliance on transfers among funds, a capital projects fund deficit, sizable federal receipts, and identified American Rescue Plan / federal medical assistance activity that may not represent recurring own-source strength. Because the excerpt is interim, cash-basis, and incomplete for bond analysis, any view is **preliminary only**. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Fact | |---|---| | Issuer | **State of New York** identified in Comptroller report. Page 2. | | Bond name | Series 2 …summary truncated for page display.
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Audited Financials / ACFR cash-basis-december-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:12:27.869952
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary view only: **Watch implication based on incomplete bond-specific disclosure**. The provided excerpt is a **State Comptroller monthly cash-basis report**, not an Official Statement or bond offering document. It provides useful interim liquidity and cash-flow information for the State of New York, but it does **not** identify the Series 2025A/B/C bonds, the legal GO pledge, maturity schedule, call features, ratings, underwriters, or debt service schedule. Credit-positive items include large reported governmental fund balances and broad tax receipt growth through the nine months ended December 31, 2025. However, the report also shows sizable expenditure growth in Medicaid, public health, personal service, and general state charges, plus large interfund transfer activity and meaningful federal-receipt exposure. Because the source does not provide the actual bond security, legal protections, or audited recurring financial position, the document supports **Watch, not Buy**, pending full offering and credit documents. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | **S …summary truncated for page display.
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Audited Financials / ACFR cash-basis-november-2025.pdf AI Summary Ready
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Audited Financials / ACFR
Uploaded:
2026-06-09T04:11:27.182478
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State of New York Comptroller monthly cash-basis report, not an official statement for the Series 2025A/B/C bonds. It supports a high-level liquidity and cash-flow read for the State, but it does not provide bond-specific security, maturity, call, rating, debt service, or offering details. Based only on the excerpt, the State shows very large governmental fund balances and broad tax/federal receipt flows, which are positive. However, the period also shows a sizable year-to-date decline in total governmental fund balance after other financing uses, heavy dependence on federal receipts, and rapid Medicaid/public health spending growth. The document supports a **preliminary Watch implication**, not a final Buy or Pass, pending bond documents and full credit materials. ## 2. Issuer and Bond Facts Extracted - **Issuer:** State of New York. Identified in report heading. Page 2. - **Bond name:** Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds — identified in analyst-entered context, but **not identified in provided excerpt**. - …summary truncated for page display.
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Audited Financials / ACFR cash-basis-october-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:10:32.100694
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State Comptroller monthly cash-basis report, not an official statement or bond offering document. It supports a broad view that the State of New York had substantial cash balances as of October 31, 2025, including total governmental fund balances of $71.891 billion and General Fund balances of $52.430 billion. Page 3. However, the excerpt does not identify the Series 2025A/B/C bonds, the GO pledge language, maturity structure, debt service schedule, ratings, call features, or offering participants. Several cash-flow watch items are present, including General Fund year-to-date cash drawdown, capital projects fund deficit balances, sizable federal receipts, Medicaid spending growth, and identified COVID-related reimbursement/payment activity. **Preliminary implication: Watch, not final.** The excerpt alone is insufficient to support a Buy conclusion, but it does not provide enough adverse bond-specific information to support Pass. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | State of New York. Page 2. | | Bond name | Analyst cont …summary truncated for page display.
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Audited Financials / ACFR cash-basis-september-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:09:34.455725
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State of New York monthly cash-basis report, not a bond offering document. It supports a mixed but generally investable credit profile at the State cash-flow level: large reported governmental and General Fund balances, strong year-over-year tax receipt growth, and positive total governmental fund balance growth. However, the excerpt also shows heavy use of transfers, large federal receipts, rising Medicaid and public health spending, a capital projects fund deficit, and COVID-related reimbursement activity. **Preliminary implication: Watch.** The excerpt is insufficient to support a final Buy view for the Series 2025A/B/C bonds because it does not provide the actual GO pledge language, maturity schedule, debt service profile, ratings, legal covenants, call features, or offering-specific information. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Fact | |---|---| | Issuer | State of New York identified in Comptroller’s Monthly Report. Pages 1-2. | | Bond name | Not identified in provided excerpt. | | Par amount | Not identified in provided excerpt. | | Bond type | …summary truncated for page display.
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Audited Financials / ACFR cash-basis-august-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:08:31.568295
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State Comptroller monthly cash-basis report, not an official statement or bond-specific disclosure document. It supports a broad liquidity and cash-flow read on the State of New York, but it does **not** provide the core bond terms, GO legal pledge language, maturity schedule, debt service schedule, ratings, or offering participants. From the cash data, the State reports very large governmental fund balances, including a visible ending Governmental Funds balance of approximately **$74.4 billion** and General Fund balance of **$53.2 billion** as of August 31, 2025. Page 3. Receipts were up year-over-year, including Personal Income Tax, Consumption/Use Taxes, Business Taxes, Other Taxes, Miscellaneous Receipts, and Federal Receipts. Page 3. These are positive liquidity indicators. However, the excerpt also shows several watch items: a **General Fund year-to-date net deficiency after other financing sources/uses of $3.7 billion**, significant growth in Medicaid and other health-related disbursements, heavy federal receipts, large interfund transfers, and a Capital Projects fund …summary truncated for page display.
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Audited Financials / ACFR cash-basis-july-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:07:28.816389
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary view: **Watch / incomplete for bond decision** based solely on the provided excerpt. The excerpt is a **monthly State Funds cash-basis report** for July 31, 2025, not an official statement or full credit package. It shows several positive liquidity and revenue indicators for the State of New York, including large governmental and General Fund cash balances and year-over-year receipt growth. However, it does **not identify the specific Series 2025A/B/C bond terms, GO pledge language, par amount, maturity schedule, ratings, call features, or legal protections** needed for a final Buy/Watch/Pass conclusion. The document supports a **preliminary Watch implication rather than Buy**, mainly because the excerpt is not bond-specific and because governmental fund results include large federal receipts and a $6 billion COVID-related unemployment insurance reimbursement/payment item that requires further analyst review. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | **State of New York**. Page 2; Page 3. | | Bond name | Not identified in provided excerpt. Analyst context …summary truncated for page display.
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Audited Financials / ACFR cash-basis-june-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:06:24.382296
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary view only. The provided excerpt is a Comptroller monthly cash-basis report for State funds, not an offering document for the Series 2025A, 2025B, or 2025C bonds. It supports a view that the State of New York had very large governmental fund cash balances at June 30, 2025, but also shows expenditure growth above receipt growth, significant Medicaid/public health spending pressure, large federal receipt activity, and material fund transfers. Page 3. Based only on this excerpt, there are **not enough bond-specific details to support a Buy conclusion**. There are also **no clear Pass-level red flags solely from the excerpt**. The conservative implication is **Watch / incomplete pending official statement, bond security language, debt service schedule, and full financial analysis**. ## 2. Issuer and Bond Facts Extracted | Item | Extracted from provided excerpt | |---|---| | Issuer | State of New York. Pages 1–2. | | Bond name | Not identified in provided excerpt. | | Par amount | Not identified in provided excerpt. | | Bond type | Not identified in provided excerpt. | | Security pledge | Not identified in provi …summary truncated for page display.
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Audited Financials / ACFR cash-basis-may-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:05:23.596438
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State Comptroller monthly cash-basis report, not a bond official statement or rating report. It supports a broad view of State of New York near-term cash performance, but it does not provide the Series 2025A/B/C bond terms, GO pledge language, debt service schedule, ratings, or full audited financial position. Based solely on the excerpt, the credit view is **preliminary Watch** rather than Buy or Pass. Positives include very large reported governmental and General Fund cash balances and year-over-year growth in total receipts. Watch items include rising disbursements, large Medicaid/public health spending, business tax weakness, a capital projects fund deficit, material federal receipts/reimbursements, and insufficient bond-specific information. ## 2. Issuer and Bond Facts Extracted | Item | Extracted Information | |---|---| | Issuer | State of New York. Page 2. | | Bond name | Analyst context identifies Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds; not identified in provided excerpt. | | Par amount | Not identified …summary truncated for page display.
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Audited Financials / ACFR cash-basis-april-2025.pdf AI Summary Ready
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Audited Financials / ACFR
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2026-06-09T04:04:26.512955
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary only. The provided excerpt is a State Comptroller monthly cash-basis report for April 2025, not an official statement or bond-specific disclosure for the Series 2025A/B/C bonds. It supports a limited positive liquidity/cash-flow observation for the State of New York, with governmental funds ending fund balance of $81.645 billion at April 30, 2025, up $9.399 billion, or 13.0%, from April 30, 2024. Page 3. However, the excerpt also shows material reliance on federal receipts, including $10.461 billion of federal receipts for the one-month period ended April 30, 2025, up 26.1% year-over-year. Page 3. The recurring nature and restrictions of these revenues are not fully explained in the excerpt. **Preliminary implication: Watch / Incomplete.** The cash position appears strong, but the provided document is insufficient for a Buy conclusion on a General Obligation bond because it lacks the bond’s official security provisions, debt service schedule, maturities, ratings, legal pledge language, economic/tax base data, pension/OPEB data, audited financials, and budget forecast. ## 2. Issuer and Bond Facts Extracted …summary truncated for page display.
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Official Statement / Offering Memorandum nys-go-2025abc-os.pdf AI Summary Ready
Type:
Official Statement / Offering Memorandum
Uploaded:
2026-06-09T03:57:06.831262
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# Senior Credit Analyst Summary ## 1. Executive Credit View Preliminary credit view: **Watch implications, preliminary only.** The excerpt supports a high-quality bond structure at the instrument level because the Bonds are **general obligations of the State of New York**, secured by the State’s **full faith and credit**. However, the provided excerpt is not sufficient to reach a final investment view because it omits the full financial plan, ratings detail, audited financial statement tables, debt service schedule, economic/tax base data, and complete disclosure on budget gaps or recurring operating balance. The temporary funding excerpts identify meaningful pandemic-related and other non-recurring federal support, including ARP, COVID eFMAP, FEMA reimbursements, education relief funds, and other pandemic assistance. Some support appears to affect the General Fund or agency operations/fringe benefits, which is a recurring-credit watch item. The document therefore supports a **conservative preliminary Watch**, not a final Buy or Pass. ## 2. Issuer and Bond Facts Extracted - **Issuer:** State of New York. Page 1. - **Bond name:** State of New York General Obligation Bonds: - …summary truncated for page display.
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Annual Financial Trends 3
YearTotal RevenueRecurring RevenueTemporary FundingExpensesDebt ServiceFund BalanceUnrestricted ReservesAdjusted SurplusAction
2023 10,320,000,000 10,320,000,000 0 92,800,000,000 0 43,500,000,000 43,500,000,000 -82,480,000,000
2024 93,855,000,000 93,855,000,000 0 115,820,000,000 0 50,381,000,000 50,381,000,000 -21,965,000,000
2025 68,408,000,000 68,408,000,000 0 97,846,000,000 0 60,000,000,000 60,000,000,000 -29,438,000,000
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Temporary Funding / Artificial Support Findings 72

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American Rescue Plan 3
Temporary Funding Medium nys-basic-financial-statements-2023.pdf | Page 19
The Federal grant revenue decreasedduetoa declinein American Rescue Plan Act (ARPA) fundingtothe General Fundforuseinope rations.
Capital-Only Funding Low cash-basis-january-2025.pdf | Page 59
- 1,176,909,534.99 14,235,019,319.55 - 14,235,019,319.55 Pharmacy Services 98,673,114.26 - 98,673,114.26 3,354,751,359.58 - 3,354,751,359.58 Transportation Services 55,310,506.45 - 55,310,506.45 676,453,857.39 - 676,453,857.39 Dental Services 377,079.15 - 377,079.15 5,429,289.29 - 5,429,289.29 Non-Institutional & Other 837,958,954.03 2,258,617.00 840,217,571.03 1,970,027,399.07 25,505,157.00 1,995,532,556.07 American Rescue Plan - - - 482,290,983.79 - 482,290,983.79 Medical Services State Facilities 697,955,966.97 - 697,955,966.97 1,676,604,416.52 - 1,676,604,416.52 Additional DSH Payments SUNY - - - 294,023,842.02 - 294,023,842.02 TOTAL(**) 4,303,008,883.03 103,204,723.02 4,406,213,606.05 44,976,392,277.13 363,213,805.02 45,339,606,082.15 Reclassificationof Medical Assistance paymentsfor careand treatmentof patientsat State-operated health, mental hygieneand State Universityfac ilitiesto Transfersand adjustmentsfor timingof paymentsat monthend.
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 179
Pandemic Assistance excludes $12.8 billionin Stateaid provided throughthe American Rescue Plan Act, as this fundingis reflectedasa receiptto Federal Fundsand transfertothe General Fund.
ARPA 2
Temporary Funding Medium nys-basic-financial-statements-2023.pdf | Page 19
The Federal grant revenue decreasedduetoa declinein American Rescue Plan Act (ARPA) fundingtothe General Fundforuseinope rations.
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 180
The ARPandthe Coronavirus Responseand Relief Supplemental Appropriations Act (CRRSA) gr anted additional education fundingfor Elementaryand Secondary School Emergency Relief Fundand Emergency Assistancefor Nonpublic Schools (EANS) programs, as wellas fundingfor homeless education, IDEA, library servicesandthe arts.
Asset sale 1
Unclear / Analyst Review Required Medium nys-go-2025abc-os.pdf | Page 159
- 116 ANNUAL INFORMATION STATEMENT UPDATE STATE FINANCIAL PLAN MULTI-YEAR PROJECTIONS Health Care Transformation Fund (HCTF) The HCTFwas createdin 2018 to accountfor receipts associated with health care asset salesand conversions.
CARES 1
Reimbursement Funding Low nys-go-2025abc-os.pdf | Page 179
1,326 1,337 1,303 1,301 1,302 Transportation 2,372 2,839 2,912 2,924 2,961 All Other1 1,703 1,683 1,705 1,757 1,737 Pandemic Assistance2 9,118 1,347 93 24 24 Child Care Funds 262 0 0 0 0 Education ARP Funds 4,185 0 0 0 0 FFCRA/COVID eFMAP, including local passthrough 00 0 0 0 ARP HCBS eFMAP 764 0 0 0 0 Education Supplemental Appropriations Act 168 0 0 0 0 Emergency Rental Assistance Program (ERAP) 00 0 0 0 Education CARES Act Funds 10 0 0 0 0 FEMA Reimbursementof Eligible Pandemic Expenses 500 0 0 0 0 FEMA Local Pass‐Through Funding 2,970 1,100 0 0 0 Homeowner Assistance Program 00 0 0 0 Home Energy Assistance Program (HEAP) 00 0 0 0 Coronavirus Capital Projects Fund 69 69 69 0 0 State Small Business Credit Initiative 40 98 24 24 24 FHWA Surface Transportation Block Grant 150 80 0 0 0 Total Disbursements 96,331 90,829 91,336 90,201 91,952 1 2 FEDERAL FUNDS DISBURSEMENTS (millionsof dollars) All Other includes housingand homeless services, economic development, mental hygiene, parks, environment, higher education, and general government areas.
Coronavirus 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 155
- 113 ANNUAL INFORMATION STATEMENT UPDATE STATE FINANCIAL PLAN MULTI-YEAR PROJECTIONS Temporary eFMAP In March 2020, the Families First Coronavirus Response Act (FFCRA) became effectiveand providedfora 6.2 percent base increasetothe Federal Medical Assistance Percentage (FMAP) rate (retroactiveto January 1, 2020) for each calendar quarter occurring duringthe PHE, with exemptions placedon spending already eligiblefor enhanced Federal support, including portionsofthe Affordable Care Act (ACA ) expansion.
COVID 12
Operating Support Medium nys-basic-financial-statements-2023.pdf | Page 19
The decreasein operating grantsand contributions ($23.3 billion ) isa resultof lower federal grants receivedbythe Stateinthe Unemployment Insurance Benefit Fund usedfor paymentof claims relatedtothe COVID-19 pandemic.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 35
State legislation authorizedin connection withthe Enacted Budgetsforthe 2021-22 and 2022-23 fiscal years suspendedthe Debt Reform Actas partofthe State responsetothe COVID-19 pandemic.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 35
State legislation authorizedin connection withthe Enacted Budgetsforthe 2021-22 and 2022-23 fiscal years suspendedthe Debt Reform Actas partofthe State responsetothe COVID-19 pandemic.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2025.pdf | Page 36
State legislation authorizedin connection withthe Enacted Budgetsforthe 2020-21 and 2021-22 fiscal years suspendedthe Debt Reform Actas partofthe State responsetothe COVID-19 pandemic.
Unclear / Analyst Review Required Medium cash-basis-december-2025.pdf | Page 5
... incurred duringthe COVID pandemic.
Reimbursement Funding Medium cash-basis-november-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance SUNY Hospital IFR 39.0 Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursements Unemployment Insurance Fund - Additional Pymnts 6,000.0 incurred duringthe COVID pandemic.
Reimbursement Funding Medium cash-basis-october-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance Unemployment Insurance Fund - Interest Assessment 76.5 Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursementsincurred duringthe COVID pandemic.
Reimbursement Funding Medium cash-basis-september-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursements Also includedinthe General Fundare transfers representing paym entsfor patients residingin State- incurred duringthe COVIDp andemic.
Reimbursement Funding Medium cash-basis-august-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursementsincurred duringthe COVID pandemic.
Reimbursement Funding Medium cash-basis-july-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance Unemployment Insurance Fund - Additional Pymnts 6,000.0 Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursements incurred duringthe COVID pandemic.
Reimbursement Funding Medium cash-basis-june-2025.pdf | Page 5
In June 2025, a $6 billion paymentwas madetothe Departmentof Labor Unemployment Insurance Dedicated Mass Transportation - Railroad Account 2.2 Fund Clearing Accountfor paymenttothe federal governmentas reimbursementfor disbursements Dedicated Mass Transportation - Transit Authority Account 12.2 incurred duringthe COVID pandemic.
Unclear / Analyst Review Required Medium nys-go-2025abc-os.pdf | Page 69
In additionto Stateaid, school districts have continuedto raise revenue through local propertytax incr eases, which when combined with Stateaid increasesand Federal COVID-19 pandemic related assistance, have afforded many districtsthe abilityto amass substantial reservesand surplus balances.
Emergency relief 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 142
In addition, Federal receipts reflectan increaseinthe finaluseof Federal American Re scue Plan (ARP) funds, including Elementaryand Secondary School Emergency Relief funds, in FY 2025 consistent with Federal treasury rules.
ESSER 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 152
Inany year, Medicaid costs financedbythe General Fundmaybe affectedby several factors, includingthe Medicaid Global Cap, a statutory annual growthcap that appliestoa subsetof State-share Medicaid spending, financial reso urces availablein HCRAand, toa lesser extent, other State Special Revenue Funds, and temporary changestothe Federal shareof Medicaid (e.g., eFMAP).
Federal grant 15
Unclear / Analyst Review Required Medium nys-basic-financial-statements-2023.pdf | Page 14
Stateof New York  13 Inthe Statementof Net Positionandthe Statementof Activities, operationsofthe Stateare divided into three kindsof activities:  Governmental Activities — Mostofthe State's basic servicesare reported here, including education, public health, public welfare, public safety, tr ansportation, environmentand recreation, supportand regulatebus iness, general government, and intereston long-term debt. Federal grants, personal income taxes, consumptionanduse taxes, businessand other taxes, transferof lottery revenues, and bond proceeds finance mostof these activities.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 11
This changeis primarily relatedto increased revenue from federal grantsand taxes which werenotyet spentordidnot resultinan offsetting liability.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 11
This changeis primarily relatedto increased revenue from federal grantsand taxes which werenotyet spentordidnot resultinan offsetting liability.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2025.pdf | Page 11
This changeis primarily relatedto increased revenue from federal grantsand taxes which werenotyet spentordidnot resultinan offsetting liability.
Unclear / Analyst Review Required Medium cash-basis-january-2025.pdf | Page 54
140,397,469.11 - - - 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION 1,029,592,954.84 874,240,476.66 711,093,907.12 (205,073,671.54) 506,020,235.58 20904 VLT E DUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT - 16,473.87 51,398.60 28,300.47 79,699.07 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 418.66 418.66 418.66 - 418.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 677,485.41 670,724.82 1,048,934.65 175,921.18 1,224,855.83 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 99,259,290.78 100,750,330.24 99,908,132.53 (1,999,951.65) 97,908,180.88 21082 NATURAL RESOURCES ACCOUNT 3,553,151.68 3,620,553.07 3,876,426.49 92,520.41 3,968,946.90 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - - -
Unclear / Analyst Review Required Medium cash-basis-december-2025.pdf | Page 54
- 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION 1,255,616,757.99 1,056,496,594.50 895,608,692.35 (220,289,868.46) 675,318,823.89 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 221,291.18 221,291.18 221,291.18 2,969.43 224,260.61 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 635,162.16 818,075.69 690,638.85 369,873.86 1,060,512.71 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 111,212,474.04 112,776,040.03 114,530,458.31 4,364,319.26 118,894,777.57 21082 NATURAL RESOURCES ACCOUNT 2,795,202.02 2,832,058.37 3,202,062.50 544,080.43 3,746,142.93 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - - -
Unclear / Analyst Review Required Medium cash-basis-november-2025.pdf | Page 54
95,860,981.15 166,730,511.55 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION - 1,255,616,757.99 1,056,496,594.50 (160,887,902.15) 895,608,692.35 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 222,831.37 221,291.18 221,291.18 - 221,291.18 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 408,984.21 635,162.16 818,075.69 (127,436.84) 690,638.85 21067 ENCON-RECREATION - - - - - 21077 PU BLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 110,064,072.52 111,212,474.04 112,776,040.03 1,754,418.28 114,530,458.31 21082 NATURAL RESOURCES ACCOUNT 3,052,752.57 2,795,202.02 2,832,058.37 370,004.13 3,202,062.50 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - -
Unclear / Analyst Review Required Medium cash-basis-october-2025.pdf | Page 54
- 70,869,530.40 70,869,530.40 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION - - 1,255,616,757.99 (199,120,163.49) 1,056,496,594.50 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 235,537.73 222,831.37 221,291.18 - 221,291.18 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 853,305.04 408,984.21 635,162.16 182,913.53 818,075.69 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 108,470,594.41 110,064,072.52 111,212,474.04 1,563,565.99 112,776,040.03 21082 NATURAL RESOURCES ACCOUNT 3,512,613.29 3,052,752.57 2,795,202.02 36,856.35 2,832,058.37 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - - - 21
Unclear / Analyst Review Required Medium cash-basis-september-2025.pdf | Page 54
62,085,662.49 168,719,782.09 (168,719,782.09) - 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION - - - 1,255,616,757.99 1,255,616,757.99 20904 VLT E DUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 238,858.86 235,537.73 222,831.37 (1,540.19) 221,291.18 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 624,445.20 853,305.04 408,984.21 226,177.
Unclear / Analyst Review Required Medium cash-basis-august-2025.pdf | Page 54
162,234,038.49 - 62,085,662.49 106,634,119.60 168,719,782.09 20818 EPIC PREMIUM ACCOUNT 3,058,675.17 - - - - 20901 LOTTERY-EDUCATION - - - - - 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 210,386.54 238,858.86 235,537.73 (12,706.36) 222,831.37 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 411,217.71 624,445.20 853,305.04 (444,320.83) 408,984.21 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 100,871,761.06 106,160,710.13 108,470,594.41 1,593,478.11 110,064,072.52 21082 NATURAL RESOURCES ACCOUNT 3,487,262.22 3,508,402.24 3,512,613.29 (459,860.72) 3,052,752.57 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - -
Unclear / Analyst Review Required Medium cash-basis-july-2025.pdf | Page 54
80,204,505.35 162,234,038.49 - 62,085,662.49 62,085,662.49 20818 EPIC PREMIUM ACCOUNT - 3,058,675.17 - - - 20901 LOTTERY-EDUCATION - - - - - 20904 VLT E DUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 161,957.01 210,386.54 238,858.86 (3,321.13) 235,537.73 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 580,141.94 411,217.71 624,445.20 228,859.
Unclear / Analyst Review Required Medium cash-basis-june-2025.pdf | Page 54
- 80,204,505.35 162,234,038.49 (162,234,038.49) - 20818 EPIC PREMIUM ACCOUNT - - 3,058,675.17 (3,058,675.17) - 20901 LOTTERY-EDUCATION - - - - - 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 137,242.94 161,957.01 210,386.54 28,472.32 238,858.86 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 450,987.63 580,141.94 411,217.71 213,227.49 624,445.20 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 98,488,901.99 98,097,619.29 100,871,761.06 5,288,949.07 106,160,710.13 21082 NATURAL RESOURCES ACCOUNT 3,968,084.01 4,238,881.43 3,487,262.22 21,140.02 3,508,402.24 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - - - 2120
Unclear / Analyst Review Required Medium cash-basis-may-2025.pdf | Page 54
82,029,533.14 162,234,038.49 20818 EPIC PREMIUM ACCOUNT - - - 3,058,675.17 3,058,675.17 20901 LOTTERY-EDUCATION 357,206,829.30 - - - - 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 108,798.20 137,242.94 161,957.01 48,429.53 210,386.54 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 1,685,618.66 618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 1,385,301.60 450,987.63 580,141.94 (168,924.23) 411,217.71 21067 E NCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 98,119,089.66 98,488,901.99 98,097,619.29 2,774,141.77 100,871,761.06 21082 NATURAL RESOURCES ACCOUNT 3,829,689.33 3,968,084.01 4,238,881.43 (751,619.21) 3,487,262.22 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - -
Unclear / Analyst Review Required Medium cash-basis-april-2025.pdf | Page 54
- 20,826,914.25 - 80,204,505.35 80,204,505.35 20818 EPIC PREMIUM ACCOUNT - - - - - 20901 LOTTERY-EDUCATION 506,020,235.58 357,206,829.30 - - - 20904 VLT EDUCATION - - - - - 21001 ENVIR FAC CORP ADM ACCT - - - - - 21002 ENCON ADMIN ACCT 79,699.07 108,798.20 137,242.94 24,714.07 161,957.01 21061 HAZARDOUS BULK STORAGE - - - - - 21064 UTILITY ENVIRONMENTAL REGULATORY ACCOUNT 418.66 1,685,618.66 618.66 - 618.66 21065 FEDERAL GRANTS INDIRECT COST RECOVERY ACCOUNT - - - - - 21066 ENCON-LOW LEVEL RADIOACTIVE WASTE SITING 1,224,855.83 1,385,301.60 450,987.63 129,154.31 580,141.94 21067 ENCON-RECREATION - - - - - 21077 PUBLIC SAFETY RECOVERY ACCOUNT - - - - - 21081 ENVIRONMENTAL REGULATORY 97,908,180.88 98,119,089.66 98,488,901.99 (391,282.70) 98,097,619.29 21082 NATURAL RESOURCES ACCOUNT 3,968,946.90 3,829,689.33 3,968,084.01 270,797.42 4,238,881.43 21084 MINED LAND RECLAMATION ACCT - - - - - 21087 GREAT LAKES RESTORATION INITIATIVE - - - - - 2
Unclear / Analyst Review Required Medium nys-go-2025abc-os.pdf | Page 93
The Officeof Childrenand Family Services (OCFS) receivesa varietyof Federal grantsfor child preventive services programs, domestic violence services, adoption incentive programs, andthe Chafee Independent Living program.
FEMA 4
Reimbursement Funding Medium nys-basic-financial-statements-2023.pdf | Page 21
- 20  Management’s Discussionand Analysis challenges with staff recruitmentand retention, whichwas mostly offsetby higher NPS spending drivenbya delayin Federal FEMA reimbursement, Health care Worker Bonuses, and GSCs spending relatedtothe partial accelerationof FY 2024 Health Insuranceand Workers Compensation payments.
Reimbursement Funding Medium annual-comprehensive-financial-report-2024.pdf | Page 31
- million above initial expectations, driven predominantlybythe prepaymentofthe fiscal year 2025 ERS/PFRS pension billanda deposit intothe Retiree Health Benefit Trust Fund (RHBTF), which were partially offsetby lower than projected state operations disbursements, including FEMA reimbursementsfor previously incurred pandemic related expenses.
Reimbursement Funding Medium annual-comprehensive-financial-report-2024.pdf | Page 31
- million above initial expectations, driven predominantlybythe prepaymentofthe fiscal year 2025 ERS/PFRS pension billanda deposit intothe Retiree Health Benefit Trust Fund (RHBTF), which were partially offsetby lower than projected state operations disbursements, including FEMA reimbursementsfor previously incurred pandemic related expenses.
Operating Support High nys-go-2025abc-os.pdf | Page 82
The General Fund supportof agency operationsand fringe benefitsis impactedbythe Federal Emergency Management Agency (FEMA) reimburs ementsfor prior year COVID-19 pandemic related eligible spending.
Non-recurring 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 102
... anduseofnon-recurring resources.
One-time 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 66
The Executive Budget proposal reduces General Fund receiptsbya cumulative $1.3 billion through FY 2029 comparedtothe baseline forecast, excludingthe cost neutral proposalto extendtheopt- in deadlinefor businessestoopt intothe PTET programandthe proposedone-time inflation refund payments supportedby projected surplus resources carried forward from FY 2025.
Reimbursement 15
Reimbursement Funding Medium nys-basic-financial-statements-2023.pdf | Page 21
Miscellaneous receipts exceeded initial estimatesdue mainlyto higher investment incomedueto rising interest rates, Abandoned Property, reimbursements, and Extraordinary Settlements.
Reimbursement Funding Medium annual-comprehensive-financial-report-2024.pdf | Page 31
Miscellaneous receipts exceeded initial estimatesdue mainlyto higher investment incomedueto rising interest rates, Abandoned Property, reimbursements, and licensesand fees.
Reimbursement Funding Medium annual-comprehensive-financial-report-2024.pdf | Page 31
Miscellaneous receipts exceeded initial estimatesdue mainlyto higher investment incomedueto rising interest rates, Abandoned Property, reimbursements, and licensesand fees.
Reimbursement Funding Medium annual-comprehensive-financial-report-2025.pdf | Page 33
Miscellaneous receipts exceeded initial estimatesdue mainlyto Abandoned Property, reimbursements, and licensesand fees.
Reimbursement Funding High cash-basis-january-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other §72(4)(b) was addedtothe State Finance Lawin 2010 to permitthe State's General Debt Service funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundto maintaina cash reserveforthe paymentof debt service, and related expenses, duringandthe Federal Government.
Reimbursement Funding Low cash-basis-december-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($1,311.4m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-november-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($1,122.4m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-october-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($1,087.3m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-september-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($895.0m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding High cash-basis-august-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other §72(4)(b) was addedtothe State Finance Lawin 2010 to permitthe State's General Debt Service funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundto maintaina cash reserveforthe paymentof debt service, and related expenses, duringandthe Federal Government.
Reimbursement Funding Low cash-basis-july-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($765.4m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-june-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($487.5m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-may-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($388.4m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding Low cash-basis-april-2025.pdf | Page 5
Certain disbursements from Capital Projects fundsare financedby operating transfers from other Special Revenue Funds “Transfers To Other Funds” includes transfersto Mental Health Services funds, proceedsof State bondsand notes, and reimbursements received from Public Authorities Fundand Departmentof Health Income Fund ($196.7m) representingthe federal shareof Medicaidandthe Federal Government.
Reimbursement Funding High nys-go-2025abc-os.pdf | Page 56
Reserves $20,068 $21,603 $21,103 Timingof PTET/PIT Credits $14,137 $16,405 $13,774 Extraordinary Monetary Settlements $1,110 $690 $413 All Other $11,016 $14,758 $10,395 Debt Debt Service (excluding prepayments) as % All Funds Receipts 2.6% 2.6% 2.7% State‐Related Debt Outstanding $54,319 $56,552 $65,090 Debt Outstandingas % Personal Income 3.4% 3.3% 3.7% 1 2 Spending growth includes $1.2 billionin State share reimbursements relatedtothe Managed Care Organization (MCO) tax transaction thatare entirely offsetbyan increasein receiptsand therefore cost neutral.
Relief funds 1
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 142
In addition, Federal receipts reflectan increaseinthe finaluseof Federal American Re scue Plan (ARP) funds, including Elementaryand Secondary School Emergency Relief funds, in FY 2025 consistent with Federal treasury rules.
Rescue plan 3
Temporary Funding Medium nys-basic-financial-statements-2023.pdf | Page 19
The Federal grant revenue decreasedduetoa declinein American Rescue Plan Act (ARPA) fundingtothe General Fundforuseinope rations.
Capital-Only Funding Low cash-basis-january-2025.pdf | Page 59
1,176,909,534.99 14,235,019,319.55 - 14,235,019,319.55 Pharmacy Services 98,673,114.26 - 98,673,114.26 3,354,751,359.58 - 3,354,751,359.58 Transportation Services 55,310,506.45 - 55,310,506.45 676,453,857.39 - 676,453,857.39 Dental Services 377,079.15 - 377,079.15 5,429,289.29 - 5,429,289.29 Non-Institutional & Other 837,958,954.03 2,258,617.00 840,217,571.03 1,970,027,399.07 25,505,157.00 1,995,532,556.07 American Rescue Plan - - - 482,290,983.79 - 482,290,983.79 Medical Services State Facilities 697,955,966.97 - 697,955,966.97 1,676,604,416.52 - 1,676,604,416.52 Additional DSH Payments SUNY - - - 294,023,842.02 - 294,023,842.02 TOTAL(**) 4,303,008,883.03 103,204,723.02 4,406,213,606.05 44,976,392,277.13 363,213,805.02 45,339,606,082.15 Reclassificationof Medical Assistance paymentsfor careand treatmentof patientsat State-operated health, mental hygieneand State Universityfac ilitiesto Transfersand adjustmentsfor timingof paymentsat monthend.
Temporary Funding Medium nys-go-2025abc-os.pdf | Page 179
Pandemic Assistance excludes $12.8 billionin Stateaid provided throughthe American Rescue Plan Act, as this fundingis reflectedasa receiptto Federal Fundsand transfertothe General Fund.
Restricted grant 4
Operating Support Medium nys-basic-financial-statements-2023.pdf | Page 18
The State paidforthe remaining “public benefit” portionof governmental activities with $117.5 billionin taxesand $21.2 billionin unrestricted grantsand other revenues, including investment earnings.
Operating Support Medium annual-comprehensive-financial-report-2024.pdf | Page 28
The State paidforthe remaining “public benefit” portionof governmental activities with $110.5 billionin taxesand $24.6 billionin unrestricted grantsand other revenues, including investment earnings.
Operating Support Medium annual-comprehensive-financial-report-2024.pdf | Page 28
The State paidforthe remaining “public benefit” portionof governmental activities with $110.5 billionin taxesand $24.6 billionin unrestricted grantsand other revenues, including investment earnings.
Operating Support Medium annual-comprehensive-financial-report-2025.pdf | Page 30
The State paidforthe remaining “public benefit” portionof governmental activities with $122.6 billionin taxesand $27.5 billionin unrestricted grantsand other revenues, including investment earnings.
Settlement proceeds 1
Unclear / Analyst Review Required Medium nys-go-2025abc-os.pdf | Page 152
- 109 ANNUAL INFORMATION STATEMENT UPDATE STATE FINANCIAL PLAN MULTI-YEAR PROJECTIONS The State-shareof DOH Medicaid spendingisfi nancedbya combinationofthe General Fund, HCRA resources, indigent care support, provider assessment revenue, and tobacco settlement proceeds.
Stabilization funds 3
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 223
Sole Custody Fund — includes lottery transfersfor education, workers’ compensation collectionand rate stabilization funds, and other miscellaneous uses.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2024.pdf | Page 223
Sole Custody Fund — includes lottery transfersfor education, workers’ compensation collectionand rate stabilization funds, and other miscellaneous uses.
Unclear / Analyst Review Required Medium annual-comprehensive-financial-report-2025.pdf | Page 227
Sole Custody Fund — includes lottery transfersfor education, workers’ compensation collectionand rate stabilization funds, and other miscellaneous uses.
State aid 1
Unclear / Analyst Review Required Medium nys-go-2025abc-os.pdf | Page 309
Fundingis also increasedfor SUNYand CUNY community collegesandan additional $112 millionin State Aidfor operating supportto CUNY senior colleges.
Supplemental funding 1
Reimbursement Funding Medium nys-go-2025abc-os.pdf | Page 98
The State providesasu bstantial amountof supplemental fundingto privateandnot-for-profit hospitals beyond traditional Medicaid reimbursement rates, which include payments through various programsand grants, includingthe Vital Access Provider Assurance Program (VAPAP), Vital Access Provider (VAP) Program, Graduate Medical Education Incentive Program, and various other programs.

Investment Thesis

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Recommendation: Watch Core Thesis: Maintain a Watch posture on the State of New York Series 2025A Tax-Exempt Bonds, Series 2025B Taxable Bonds, and Series 2025C Tax-Exempt Refunding Bonds. The bonds are classified as General Obligation, which is supportive from a security-pledge perspective, and the latest reported fiscal 2025 fund balance and unrestricted reserves are each $60.0 billion. However, the latest annual financial trend row shows a material adjusted recurring deficit of $29.438 billion, with fiscal 2025 total revenue / recurring revenue of $68.408 billion versus total expenses of $97.846 billion. The rule-based recommendation is Watch, with a total score of 64, and analyst review is required due to unresolved red flags around adjusted recurring deficits, possible temporary funding used for operating support, and a high-risk temporary funding reference requiring review. Why This Bond May Be Attractive: - Bonds are classified as General Obligation bonds. - Latest reported fiscal 2025 fund balance is $60.0 billion. - Latest reported fiscal 2025 unrestricted reserves are $60.0 billion. - Fund balance and unrestricted reserves increased from $50.381 billion in fiscal 2024 to $60.0 billion in fiscal 2025. - Temporary funding is reported as $0 in fiscal 2023, fiscal 2024, and fiscal 2025 annual trend rows. - Latest temporary funding as a percentage of revenue is 0.0%. - Rule-based temporary funding dependency is classified as Low. - Temporary Funding Dependency score …thesis truncated for page display.

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  • Review Sources Only — answers only from this MuniMetrics review and its uploaded/imported source documents. Best for auditability.
  • Review Sources + Official Web Sources — uses the review record plus official or investment-relevant public web sources. Best for checking current issuer pages, official budgets, rating/public disclosure context, and recognized economic data.
  • Official Web Sources Only — searches only official or investment-relevant public web sources without relying on uploaded document excerpts. Best for locating official sources to import and validate later.

Official web-source search must be enabled by the server environment variable MUNIMETRICS_ENABLE_WEB_SEARCH=1. Web-source answers should be treated as supplemental until the source is imported into the review or validated by the analyst. The assistant is instructed not to rely on blogs, forums, social media, promotional pages, partisan commentary, or unrelated sources.

Official web-source results are supplemental only. Import or analyst-validate any external source before relying on it in the credit file.

Recent Audit / AI Q&A 25
Draft Thesis 2026-06-10T13:58:16.662599
AI/deterministic thesis generated; analyst recommendation preserved.
Add Trend Row 2026-06-10T13:57:01.221138
2023
Rerun AI Summary and Findings 2026-06-09T21:51:07.665718
nys-basic-financial-statements-2023.pdf
Extract Trend Rows Failed 2026-06-09T21:49:01.555456
{"rows":[],"limitations":"Source excerpts contain only cover pages, table of contents, and auditor report references; no annual General Fund or governmental fund revenue and expenditure amounts are provided, so no usable financial trend rows can be extracted."}
Import Document URL 2026-06-09T21:44:47.695863
https://www.osc.ny.gov/files/reports/finance/pdf/nys-basic-financial-statements-2023.pdf
AI Question - Review Sources Only 2026-06-09T21:01:24.754549
Q: Can you pull annual 2023 financials info A: ## Annual 2023 Financials — Availability Check ### Source-supported facts - The uploaded annual ACFR text provided is for **State of New York fiscal year ended March 31, 2024**. The cover page states: “for Fiscal Year Ended March 31, 2024.” **Source:** `annual-comprehensive-financial-report-2024.pdf | Page 1` - The uploaded annual ACFR text also includes a **State of New York fiscal year ended March 31, 2025** report. The cover page states: “for Fiscal Year Ended March 31, 2025.” **Source:** `annual-comprehensive-financial-report-2025.pdf | Page 1` - The review’s annual trend data currently includes only **fiscal years 2024 and 2025**. There is **no 2023 annual trend row** in the MuniMetrics review data provided. - The 2025 ACFR table of contents indicates that a statistical section includes “Changes in Fund Balances – Governmental Funds – Last Ten Fiscal Years,” “Net Position by Component – Last Ten Fiscal Years,” and “Changes in Net Position – Last Ten Fiscal Years,” but the uploaded text only includes the table of contents, not the underlying statistical tables or 2023 values. **Source:** `annual-comprehensive-financial-report-2025.pdf | Page 7` ### 2023 financials status I **cannot pull source-supported annual 2023 financial figures** from the materials provided. The uploaded/imported text does not include the FY2023 ACFR or the relevant FY2023 financial statement/statistical pages with numeric data. ### Current review data available for annual trend context | Fiscal Year | Total Revenue | Total Expenses | Reported / Adjusted Result | Fund Balance / Unrestricted Reserves | |---|---:|---:|---:|---:| | 2024 | $93.855 billion | $115.820 billion | $(21.965) billion implied deficit | $50.381 billion | | 2025 | $68.408 billion | $97.846 billion | $(29.438) billion | $60.000 billion | **Source:** MuniMetrics Annual Trend Rows provided in review data; no document/page marker attached. ### Analyst interpretation From a credit review standpoint, the absence of a supported FY2023 row limits trend analysis across the requested period. To complete a conservative annual comparison, we would need the **FY2023 State of New York ACFR** or the relevant pages from the FY2024/FY2025 ACFR statistical tables that report FY2023 governmental fund revenues, expenditures, fund balance, and net position.
Draft Thesis 2026-06-09T20:13:00.705872
AI/deterministic thesis generated; analyst recommendation preserved.
Extract Trend Rows Failed 2026-06-09T19:46:13.300244
{"rows":[],"limitations":"No usable annual financial trend rows could be extracted because the provided source text consists only of cover/table-of-contents excerpts and does not include financial statement tables with both revenues and expenditures/expenses for any fiscal year."}
Import Document URL 2026-06-09T19:45:43.156853
https://www.osc.ny.gov/files/reports/finance/pdf/annual-comprehensive-financial-report-2024.pdf
Import Document URL 2026-06-09T19:44:32.662449
https://www.osc.ny.gov/files/reports/finance/pdf/annual-comprehensive-financial-report-2024.pdf
Delete Trend Row 2026-06-09T19:36:30.917137
Fiscal year 2024 deleted
Add Trend Row 2026-06-09T19:36:18.769096
2024
Add Trend Row 2026-06-09T19:30:43.516646
2024
Delete Trend Row 2026-06-09T19:29:09.332346
Fiscal year 2024 deleted
Add Trend Row 2026-06-09T19:28:30.944353
2024
Draft Thesis 2026-06-09T17:58:13.539231
AI/deterministic thesis generated; analyst recommendation auto-filled to Watch because it was not yet set.
Add Trend Row 2026-06-09T17:57:16.647598
2025
AI Question - Review Sources Only 2026-06-09T17:53:59.879062
Q: pull financial annual information A: ## Financial Annual Information Pull — State of New York GO Bonds ### Source-supported facts **Available annual source document** - The uploaded annual financial document is the **State of New York Annual Comprehensive Financial Report for Fiscal Year Ended March 31, 2025**. *(annual-comprehensive-financial-report-2025.pdf, Page 1)* - The ACFR table of contents indicates the main audited/basic financial statements include: - Statement of Net Position — p. 38 - Statement of Activities — p. 39 - Balance Sheet – Governmental Funds — p. 40 - Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds — p. 42 - Reconciliation schedules — pp. 41 and 43 *(annual-comprehensive-financial-report-2025.pdf, Page 4)* **Annual financial data points visible in the imported text** - The State paid for the remaining “public benefit” portion of governmental activities with **$122.6 billion in taxes** and **$27.5 billion in unrestricted grants and other revenues, including investment earnings**. *(annual-comprehensive-financial-report-2025.pdf, Page 30)* - The review data notes a change in financial position was “primarily related to increased revenue from federal grants and taxes which were not yet spent or did not result in an offsetting liability.” *(annual-comprehensive-financial-report-2025.pdf, Page 11)* - Miscellaneous receipts exceeded initial estimates, mainly due to **Abandoned Property, reimbursements, and licenses and fees**. *(annual-comprehensive-financial-report-2025.pdf, Page 33)* - State legislation authorized in connection with the FY 2020-21 and FY 2021-22 enacted budgets suspended the Debt Reform Act as part of the State response to the COVID-19 pandemic. *(annual-comprehensive-financial-report-2025.pdf, Page 36)* ### Annual trend table status The MuniMetrics review shows **no annual trend rows were extracted**: | Field | Available in review data | |---|---:| | Years captured | 0 | | Latest year | Not available | | Latest reported surplus | Not available | | Latest adjusted surplus | Not available | | Temporary funding % of revenue | Not available | | Temporary funding dependency | Insufficient Data | ### Interim cash-basis information available, not annual The imported monthly cash-basis reports provide interim year-to-date information, but these are **not substitutes for audited annual results**. For example, the January 2025 cash-basis report shows, for total governmental funds for the **10 months ended January 31, 2025**: | Item | Amount | |---|---:| | Total receipts | $199.991 billion | | Total disbursements | $190.442 billion | | Excess of receipts over disbursements | $9.549 billion | | Ending fund balance | $75.384 billion | *(cash-basis-january-2025.pdf, Page 3; amounts shown in millions in source)* ### Analyst interpretation Based on the imported text, the annual audited source is present, but the actual numeric pages needed to populate a full annual financial trend — especially the Statement of Revenues, Expenditures and Changes in Fund Balances and governmental fund balance details — are not included in the provided text extract. Therefore, I would **not populate annual surplus, adjusted surplus, or multi-year trend metrics from the current record** without the full ACFR statement pages. Conservative credit takeaway: **annual financial information is insufficiently extracted for a definitive annual trend assessment**, though the available ACFR excerpts indicate significant reliance on broad-based tax revenues and unrestricted revenues, with federal grants also contributing to reported changes in financial position.
Extract Trend Rows Failed 2026-06-09T04:17:08.151696
{ "rows": [], "limitations": "Source text provided only cover pages and table of contents/page references, without numeric revenue and expenditure/expense data. No fiscal year row can be extracted because both revenue and expenses/expenditures are not available in the provided text." }
Extract Trend Rows Failed 2026-06-09T04:15:26.930254
{"rows":[],"limitations":"No usable annual financial trend rows could be extracted because the provided source text contains only cover/table-of-contents excerpts and no financial tables with both revenues and expenses/expenditures for any fiscal year."}
Import Document URL 2026-06-09T04:14:10.277107
https://www.osc.ny.gov/files/reports/finance/pdf/annual-comprehensive-financial-report-2025.pdf
Import Selected Links 2026-06-09T04:13:24.995000
Imported 10; errors 0
Scan Public Page 2026-06-09T04:12:13.546603
https://www.osc.ny.gov/reports/finance | 50 candidate document links found
Scan Public Page 2026-06-09T04:11:44.511562
https://www.osc.ny.gov/reports/finance | 50 candidate document links found
Scan Public Page 2026-06-09T04:01:10.146422
https://www.osc.ny.gov/reports/finance | 50 candidate document links found