Local Government Assistance Corporation

Contact:
Patricia Warrington  (pwarrington@osc.state.ny.us)
Deborah DeGenova (ddegenova@osc.state.ny.us)

All meetings will be webcast beginning on the date and time published and can be accessed through the following links:

Windows Media:
http://pointers.audiovideoweb.com/asxfiles-live/1c2winlive6534.asx

Real Media:
http://interface.audiovideoweb.com/lnk/avweb2reallive2136/live.rm/play

LGAC is the acronym for the New York Local Government Assistance Corporation. LGAC was created in 1990 to provide a means for the State to reduce its annual reliance on intra-year short-term borrowing for cash flow purposes (also known as the "spring borrowing") and to reduce its accumulated "GAAP" deficit.

Pursuant to legislation, LGAC is authorized to issue up to $4.7 billion of its bonds, secured by a contractual obligation with the State, to make payments to local governments and school districts. The most significant component of this legislation is that as LGAC issues its bonds, the amount of intra-year short-term borrowing that could be undertaken by the State could not exceed $4.7 billion reduced by the amount of bonds and notes issued by LGAC. Over the years from 1959, the State's short-term intra-year borrowing had increased to a high of $4.3 billion. The need to complete this borrowing in order to make payments to school districts and other municipalities placed the State at the mercy of the lending markets. As the short-term intra-year borrowing increased, it became more difficult, and costly, for the State to complete this borrowing. Now, the State may conduct an intra-year short-term borrowing only if a declaration of emergency is declared by the Governor and the legislative leaders. If a borrowing occurs, it must be paid down within four years following the declaration of emergency.  LGAC completed its mission during the State's 1995-96 fiscal year. There has been no State intra-year short-term borrowing since the State's 1993-94 fiscal year. As of March 31, 2007, there was $4.3 billion in LGAC debt outstanding, net of unamortized premiums, discounts, and deferred losses on refunding.

LGAC Reports

Annual Report

• 2009 Annual Report
• 2008 Annual Report
• 2007 Annual Report
• 2006 Annual Report
• 2005 Annual Report

Annual Investment Reports

• 2009 Annual Investment Report
• 2008 Annual Investment Report
• 2007 Annual Investment Report
• 2006 Annual Investment Report
• 2005 Annual Investment Report

Financial Statements

• 2009 Audited
• 2008 Audited
• 2007 Audited
• 2006 Audited
• 2005 Audited
• 2004 Audited
• 2003 Audited
• 2002 Audited

LGAC Budget

• Proposed Budget for Fiscal Year 2010-11 and Multi-Year Financial Plan
• Approved Budget for Fiscal Year 2009-10 and Multi-Year Financial Plan
• Approved Budget for Fiscal Year 2008-09 and Multi-Year Financial Plan

Until January 13, 2006, LGAC was governed by a three-member Board of Directors, comprised of the State Comptroller and the Director of the Budget of the State of New York, both of whom serve "ex officio," and a third director who is appointed by the Governor. On January 13, 2006, the Governor signed The Public Authorities Accountability Act (Chapter 766 of the Laws of 2005). This Act included and amendment to increase the number of LGAC Board members from three to seven.

In addition, the Secretary to the Senate Finance Committee of the State Senate and the Secretary to the Ways and Means Committee of the State Assembly are non-voting representatives on the Board. The current Board members, non voting representatives and officers of LGAC are listed below:


Board of Directors

Chairperson and Director
Vacant

Directors
Thomas P. DiNapoli
Comptroller of the State of New York

Robert Megna
Budget Director
New York State Division of the Budget

Priscilla Almodovar
Diana Jones Ritter
Marc Shaw
Kevin Murray

Non Voting Representatives
Dean Fuleihan
Secretary
New York State Assembly Ways and Means Committee

Vacant
Secretary
New York State Finance Committee

Officers

Co-Executive Director

Margaret Becker
Deputy Comptroller
Office of the New York State Comptroller

Co-Executive Director

Ronald Greenberg
First Deputy Budget Director
New York State Division of the Budget

General Counsel

Andrew M. Cuomo
Attorney General of the State of New York
Department of Law

Treasurer

Patricia Warrington
Assistant Comptroller
Office of the New York State Comptroller

Assistant Treasurer

Deborah DeGenova
Assistant Director, Bureau of Debt Management
Office of the State Comptroller

Secretary

Joseph Conroy
Principal Budget Examiner
New York State Division of the Budget

Assistant Secretary

Melissa Pangburn
Senior Budget Examiner
New York State Division of the Budget