Publications: Accounting

Account Code for Aid and Incentives for Municipalities (AIM) -Related Payments

The purpose of this bulletin is to provide guidance related to accounting for Aid and Incentives for Municipalities (AIM)-Related Payments. These payments are a result of a recent amendment to the New York State Tax Law, which requires a portion of county-imposed sales tax revenues to be withheld and distributed by the State Comptroller to certain towns and villages in accordance with new Tax Law Section 1261.
Updated January 2020 (Originally Issued December 2019)

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Account Code for Compassionate Care Act Revenues – Sale of Medical Marihuana

The purpose of this bulletin is to provide guidance related to the accounting for moneys received by County governments from the Compassionate Care Act. These revenues are derived from an excise tax on the gross receipts from the sale of medical marihuana.

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Account Code for Local Government Reorganization and Efficiency Grants

An accounting code has been established in the Comptroller’s Uniform System of Accounts for recording revenues relating to reorganization and efficiency grants.

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Account Codes for ERS & TRS Reserve Contributions

The purpose of this bulletin is to provide updated account code guidance for school districts recording contributions to the New York State and Local Employee Retirement System (ERS) and to the New York State Teachers’ Retirement System (TRS).

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Account Codes for Natural Gas and Wind Farm Revenues

Account codes have been established to record revenues received from natural gas lease and royalty payments and wind farm revenues received from host community fees and payments in lieu of taxes (PILOTs).

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Accounting and Budgeting for Shared Sales Tax Revenues

This bulletin highlights accounting and budgeting changes for counties who share their own sales tax revenues with other local governments within their boundaries. These changes are necessitated by the recent Statements from the Governmental Accounting Standards Board (GASB).

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Accounting and Financial Reporting for Fiduciary Activities as Required by GASB Statement 84

The purpose of this bulletin is to provide guidance on identifying fiduciary activities for accounting and financial reporting purposes and how local governments and school districts will need to account for and report these activities in the Annual Update Document (AUD) and the ST-3.
Updated November 2020 (Originally Issued March 2020)

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Accounting and Financial Reporting for Other Postemployment Benefits as Required by GASB Statement 75

This bulletin provides information regarding the accounting treatment for other post-employment benefits (OPEB) and guidance on how local governments and school districts can comply with the new standards in the Annual Update Document (AUD) and ST-3.

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Accounting and Financial Reporting for Pensions as Required by GASB 68 and Updated by GASB 82

The purpose of this bulletin is to provide updated information regarding pension accounting treatment and guidance on how our local governments and school districts can comply with the new requirements, including compliance with generally accepted accounting principles (GAAP), the Annual Update Document (AUD) and ST-3.
Updated March 2020 (Originally Issued May 2015)

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Accounting and Reporting Changes

The purpose of this bulletin is to inform local government chief fiscal officers of the changes that are being made to the Chart of Accounts and Annual Reports that will be filed with our office. These changes are necessary to comply with the fund level reporting requirements promulgated by GASB Statement No. 34.

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Accounting and Reporting Manual for Counties, Cities, Towns and Villages, Soil and Water Conservation Districts and Libraries

The Accounting and Reporting Manual (ARM) has recently been updated to reflect recent accounting releases and account code additions, changes in legislation relating to the financial reporting requirement dates for submitting Annual Reports to OSC, reformatted easy to read journal entries, and the addition of chapters relating to accounting and reporting requirements for Soil and Water Conservation Districts and Municipal Libraries. (2011 Issue: Updated Codes for Water and Soil Conservation Districts).

For most recent Chart of Accounts see Chart of Accounts Query

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Accounting and Reporting Manual for Fire Districts

The Accounting and Reporting Manual for Fire Districts is a comprehensive guide for fire districts and others interested in accounting and financial reporting by fire districts in New York State. The manual provides an overview of accounting and financial reporting principles to be used by fire districts to account and report their financial activities.

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Accounting and Reporting Manual for School Districts

The Office of the State Comptroller (OSC) has compiled the manual as a comprehensive accounting/reporting guide for school district officials and others interested in accounting and financial reporting by school districts in New York State. It provides an overview of generally accepted governmental accounting and financial reporting principles, and OSC’s interpretations of such principles, where pronouncements are silent or do not address problems common among school districts within New York State.

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Accounting Changes related to the Affordable Care Act (ACA) Changes to Medicaid for Counties

The Patient Protection & Affordable Care Act (ACA) was signed into law on March 23, 2010. As a result, the eligibility requirements for Medicaid have expanded and New York State (State) will now see an increased enrollment in the program as of January 2014. To assist with the additional costs associated with the increased coverage, the Federal government is providing additional Medicaid relief funding. This funding is anticipated to start in January 2014.

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Accounting for Compensated Absences – Updated and Clarified

The purpose of this bulletin is to update and revisit our 1994 bulletin. This revision includes additional guidance on the types of liabilities that should be included as part of the compensated absences liability, clarifies the differences between current and long-term compensated absences liabilities, and discusses funding for compensated absences as it applies to the General Municipal Law (GML) §6-p “Employee Benefit Accrued Liability Reserve Fund (EBALR).”

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Accounting for Deficiency Notes

Deficiency notes may be issued during a fiscal year to finance a deficiency in any fund or funds arising from revenues being less than the amount estimated in the budget for that fiscal year. The deficiency notes may not exceed five percent of the amount of that same year’s annual budget.

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Accounting for Gifts and Donations to the Drug Abuse Resistance Education (D.A.R.E.) Program

The purpose of this release is to provide accounting and reporting guidance for gifts and donations restricted to use for D.A.R.E. Programs.

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Accounting for Medicaid Expenditures

The purpose of this bulletin is to provide updated guidance to counties on accounting for Medicaid expenditures. This bulletin supersedes our November 2005 accounting bulletin entitled Medicaid Cap Update.

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Accounting for Medicaid Reimbursements Paid by the Department of Health and the Resulting State Aid Deduction

The purpose of this bulletin is to provide guidance related to the accounting for Medicaid reimbursements paid by the Department of Health (DOH) and the resulting State Aid Deduction for those Medicaid reimbursements based upon a change in the Medicaid reimbursement methodology.

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Accounting for Registrar Fees By City Clerks, Town Clerks and Village Clerks Who Are Unsalaried Registrars of Vital Statistics and Accounting for Emergency Disaster Work

Issued to: County, City, Town and Village Chief Fiscal Officers

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Accounting for Retained Percentages

This bulletin provides updated guidance related to the accounting for retained percentages (retainage), including updates to previous accounting entries based on the current standards for recognition and measurement of certain liabilities.
Updated May 2017 (Originally Issued October 2014)

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Accounting for Sales of Real Property Tax Receivables and Future Tobacco Settlement Receipts

GASB Statement 48 makes a distinction between sales of receivables and future revenues, and the pledging of receivables or future revenues to repay a collateralized borrowing. The distinction is important because the cash received from a borrowing would result in a liability while the cash received from a sale would most likely be recorded as revenue or deferred revenue, depending on the transaction.

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Accounting for TAN and RAN Premiums

Local governments are more often receiving significant premiums upon the issuance of Tax Anticipation Notes (TANs) and Revenue Anticipation Notes (RANs) and accounting treatment has not always been consistent. This bulletin clarifies the prescribed accounting treatment of TAN and RAN premiums and the restrictions on the use of these premiums.

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Accounting for the State Tax Relief (STAR) Program

Issued to: County, City, Town and Village Chief Fiscal Officers, School District and BOCES Business Officials.

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Accounting for Town and Village Justice Payments

Legislation requested by the State Comptroller (Chapter 465, Laws of 1998) permits town and village courts, who meet certain criteria, to transmit monthly receipts to the Chief Fiscal Officer (CFO) without first sending them to the State for distribution. Previously, courts had to send the moneys they collected to the State Comptroller, who, on a quarterly basis, sent the local share back to the municipalities. 1996 legislation created a temporary pilot program for up to 100 municipalities, but this 1998 legislation makes the program permanent and opens it up to all municipalities who have the capacity to file reports electronically and meet other criteria. This gives localities access to their revenues sooner and improves their cash flow.

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Accounting for Various Gaming Revenues

The purpose of this bulletin is to provide updated guidance to local governments and school districts on the accounting for various gaming revenues. This bulletin addresses the following:

  • Moneys received or distributed as a result of Indian Gaming Compact or Settlement Agreement; and
  • Casino licensing fees and various gaming revenues as a result of the Upstate New York Gaming and Economic Development Act of 2013.

Updated July 2017 (Originally Issued February 2017)

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Accounting Requirements and Program Information for Multi-Modal Transportation Program

Multi-Modal Projects will be accounted for in a Capital Projects Fund or in an Enterprise Fund. Capital Projects fund revenues will be recorded in subsidiary revenue account code 3505 - Multi-Modal Program and expenditures will be classified by functional unit based on the type of project being undertaken. Enterprise funds should capitalize assets and recognize revenue using account 3505.

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Accounting Update for the Metropolitan Commuter Transportation Mobility Tax

Chapter 56 of the Laws of 2011 amended Article 23 of the Tax Law to, among other things, exempt public schools and BOCES in the Metropolitan Commuter Transportation District (MCTD)1 from the Metropolitan Commuter Transportation Mobility Tax, effective April 1, 2012. In addition, the payroll threshold and payroll tax rates have been adjusted for all other local government employers within the MCTD.

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Advance Refunding Bonds

This bulletin explains the reporting requirements for advance refunding bonds. Many school districts are issuing advance refunding bonds this year because the state is changing how it calculates and pays building aid. Building aid, rather than being based on actual debt service payments, will now be based on an "assumed amortization calculation" that assumes that districts borrow money for the maximum period of probable usefulness allowed by Local Finance Law section 11.00 and pays an assumed interest rate. 

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Amendment to June 1998 Bulletin "Accounting for the Tax Relief (STAR) Program

The Office of Real Property Services (ORPS) has recently requested a specific code to identify state aid received to offset the cost of administering the STAR program.

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American Recovery and Reinvestment Act Accounting and Reporting

The Federal American Recovery and Reinvestment Act (ARRA) of 2009 was signed into law in February 2009. The ARRA contains $787 billion in new federal spending and tax cuts including approximately $393 billion for State and local fiscal relief, infrastructure and energy, health and human services, education, and public safety. More than $26 billion has been allocated to New York State and its political subdivisions.

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August 1999: New York State Environmental Facilities Corporation State Revolving Loan Funds

Since 1990 the New York State Environmental Facilities Corporation (EFC), through its revolving loan fund, has provided over 330 local governments and public authorities nearly $5 billion in long and short term loans to finance eligible clean water and drinking water projects.

This bulletin describes the types of loans that are currently available from the revolving fund (long term leverage loans, short term direct loans, and long term direct loans) and the proper accounting treatment for each loan type.

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Budgetary Comparison Information

The purpose of this bulletin is to explain the new GAAP reporting requirements for budgetary comparison information and the effects these reporting requirements will have on the Annual Update Document (AUD) filed by municipalities and the ST3 filed by school districts.

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Budgeting and Fund Balance Legislation

The purpose of this bulletin is to alert you to legislative changes requested by the State Comptroller that apply to budgets for fiscal years commencing on or after January 1, 2001 and to provide information that will help determine a reasonable level of fund balance for your government.

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Change in Accounting for Deferred Compensation Plans

Changes in Internal Revenue Code (IRC) Section 457 require local governments to hold deferred compensation in trust for employees and their beneficiaries. Previously, IRC Section 457 required that these assets remained the property of the employer until paid or made available to the participant; as such, they were held in an agency capacity and were subject to the claims of the government’s general creditors.

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Changes in FDIC Deposit Insurance Coverage for Noninterest-Bearing Transaction Accounts

The temporary unlimited insurance coverage for noninterest-bearing transaction accounts provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act expired on December 31, 2012. Therefore, after December 31, 2012, deposits held in noninterest-bearing transaction accounts are aggregated with other demand accounts (e.g., “traditional” noninterest-bearing checking accounts) and will be insured by the FDIC only up to the $250,000 limit per custodian per insured bank. Deposits that exceed the $250,000 FDIC coverage must be secured in accordance with statutory requirements. 

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Changes to Law Governing Temporary Investments

Recently enacted legislation amends the General Municipal Law to authorize an additional option for securing deposits and temporary investments of local government monies.

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Changes to Revenue and Expenditure Accounts Resulting from Welfare Reform

Federal and State Welfare Reform legislation has brought about program and funding changes which necessitate revisions to the revenue and expenditure accounts listed below. These changes are based on recent revisions to Chapter 2, Volume I, of the Fiscal Reference Manual published by the New York State Office of Temporary and Disability Assistance.

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Citizens’ Guide to Local Budgets

With some basic knowledge about what budgets contain, why they are important, and how they are presented, every citizen of every local community in New York State should be able to decipher the budget document.

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Consolidated Local Street and Highway Improvement Program

This bulletin provides updated information on the accounting for aid received from the Consolidated Local Street and Highway Improvement Program (CHIPS), superseding an earlier bulletin issued by the Office of the State Comptroller for local governments in New York State. This bulletin incorporates threshold changes and updated account codes used for reporting. All previous guidance has been incorporated into this bulletin.
Updated December 2015 (Originally Issued October 1991)

 

 

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Coronavirus Aid, Relief and Economic Security (CARES) Act Information

This guidance document discusses the importance of proper fiscal oversight by local and school district officials during these unprecedented times. It also identifies various revenues available under the CARES Act to local governments and school districts in New York State. Lastly, it addresses how CARES Act revenues and pandemic-related expenditures should be accounted for by local government and school district officials.
Updated July 2020 (Originally Issued June 2020)

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Deposit Placement Programs

Chapter 128 of the Laws of 2012 amended sections 10 and 11 of the General Municipal Law (GML) to authorize local governments to use “reciprocal deposit” programs for their deposits and investments. The purpose of the amendment is to provide an additional option to local governments for obtaining coverage from the Federal Deposit Insurance Corporation (FDIC) to secure their public deposits and investments.

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February 2001: Management's Discussion and Analysis (MD&A)(First in a series of GASB Statement No. 34 Bulletins)

This information is intended to assist the users of financial statements in assessing whether the governments' finances have improved or deteriorated.

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Fire District Legislation

This bulletin highlights changes to fire district accounting and reporting requirements, and clarifies the new auditing requirements.

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GASB 54: Fund Balance Reporting and Governmental Fund Type Definitions

The purpose of this bulletin is to explain the new GAAP (generally accepted accounting principles) reporting requirements for fund balance and special revenue funds, and the effects these reporting requirements will have on the Annual Update Document (AUD) filed by municipalities and the ST-3 filed by school districts.
Updated April 2011 (Originally Issued November 2010)

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GASB 75 & OPEB Frequently Asked Questions

Read the Frequently Asked Questions on GASB 75 & OPEB.

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GASB Statement No. 33 "Accounting and Financial Reporting for Nonexchange Transactions"

GASB Statement No. 33 provides accounting and reporting guidelines for nonexchange transactions. A nonexchange transaction is one in which a government receives (or gives) value without directly giving (or receiving) equal value in exchange.

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Getting the Most Out of Your Internal Audit Function

The brochure outlines additional opportunities, for Schools and BOCES, beyond the traditional financial transaction cycles (and requirements of the Five Point Plan) that could be gained from utilizing the internal audit function to its fullest extent.

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Handicapped Parking Education Program

Chapter 497 of the Laws of 1999 amends the Vehicle and Traffic Law effective onApril 1, 2000 to provide that every county and the City of New York shall establish a handicapped parking education program for the purpose of providing education, advocacy and increased public awareness of handicapped parking laws.

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Homeland Security Aid

The purpose of this bulletin is to inform local government officials of the establishment of new revenue and appropriation codes to account for and report homeland security aid and related expenditures.

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Improved Financial Disclosure for LOSAPs and the New LOSAP Audit Requirements

The purpose of this bulletin is to provide LOSAP sponsors model notes that should be included with their annual financial reports. These notes will provide increased disclosure about the financial condition and operations of LOSAP’s. Revised August 2008 (Originally Issued January 2008)

Model Notes:
Defined Benefit Plans [pdf]
Defined Contribution Plans [pdf]

 

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Installment Purchase Contracts

This bulletin provides updated information on the accounting for installment purchase contracts, superseding an earlier bulletin issued by the Office of the State Comptroller for local governments in New York State. All previous guidance has been incorporated into this bulletin.
Updated December 2015 (Originally Issued January 1991)

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January 2001: Accounting & Reporting of Expendable and Non-expendable Trusts

GASB Statement No. 34 makes significant changes to the accounting and reporting requirements for expendable and nonexpendable trusts. The statement eliminates the designation of expendable and nonexpendable trust funds and creates new funds based on the ability to use these resources for governmental purposes. 

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June 2000: Accounting System Update - Elimination of Risk Retention Fund

The Risk Retention Fund (CS) was originally established to account for risk financing and insurance activity in a single fund using the modified accrual basis of accounting. As a result of pronouncements from the Governmental Accounting Standards Board (GASB), the Risk Retention Fund (CS) will be eliminated from the Uniform System of Accounts for fiscal years ending after December 31, 2000.

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June 2002: GASB Statement 34

The objective of the project was to provide a financial reporting model that provides users of financial statements with information which will enhance their understanding of governmental operations and ultimately result in an increased accountability by the governmental units.

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Local Government Report on Private Sale of Bonds

Effective August 13, 2010, Chapter 386 of the Laws of New York amended Section 63.00 of the Local Finance Law to increase the cap on bonds issued through private sales from $1 million to $5 million (this provision sunsets on June 1, 2012, at which time the cap will revert to $1 million absent action by the State Legislature).

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March 2001: Government-Wide Financial Statements (Second in a series of GASB Statement No. 34 Bulletins)

Governments currently prepare combined financial statements focusing on fund types rather than the government as a whole. GASB Statement No. 34 requires preparation of consolidated, government-wide financial statements. Government-wide statements consist of a statement of net assets* and a statement of activities* prepared using the economic resources measurement focus and the accrual basis of accounting. These statements will report all assets, liabilities, revenues and expenses of the primary government distinguishing between the governmental and business-type activities (note: school districts and BOCES are not permitted to use enterprise funds). Fiduciary activities will be excluded from the government-wide statements. Discretely presented component units, as determined in accordance with the provisions of GASB Statement No. 14, will be reported in a separate column to the right of the primary government.

*Examples from GASB Statement 34 included in this bulletin, copyright by the Governmental Accounting Standards Board, 401 Merritt 7, Norwalk, CT 06856 are reprinted by permission.

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Medicaid Cap Legislation

A new law was enacted (Chapter 58 of the Laws of 2005) to "cap" county Medicaid costs at calendar 2005 levels and limit growth rates to 3.5 percent in 2006 and 3.25 percent in 2007.

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Medicaid Cap Legislation Update

This bulletin has been superseded. It has been replaced by the April 2020 bulletin Accounting for Medicaid Expenditures [pdf].

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Medicaid Management Information System Accrued Liability Calculation

Since your county’s billing lag factor is included in the MARS 039 Reports sent to your county Social Services Commissioner, we are no longer sending an annual bulletin. As counties closed their books and filed their 1997 annual reports, a few questions arose about the MMIS accrual. The purpose of this bulletin is to restate the procedure for making this accrual.

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Medicare Part D – Federal Prescription Drug Benefits Program

This bulletin highlights the Medicare Part D Federal prescription drug benefits program and provides appropriate accounting guidance for Federal subsidies received under this program.

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Model Custodial Agreement for Use with Collateral Pools

Section 10 of the New York State General Municipal Law was amended in 2005 to authorize an additional option for local governments to secure deposits and temporary investment of public funds. Under the new law, local governments have the option to accept as security a pledge of a pro rata portion of a "pool" of eligible securities. Local governments that choose to utilize the new pooled collateral option must take necessary steps to ensure that their deposits and investment are properly secure.

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New Legislation Providing Financial and Budgetary Flexibility to Local Governments and School Districts

The purpose of this Legislation is to relieve some of the financial stress experienced by local governments and school districts as a result of the State Disaster Emergency declared pursuant to Executive Order 202 of 2020 (State Disaster Emergency).

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New York City Watershed Agreement

An agreement for the purpose of protecting New York City’s drinking water supply and the economic vitality of the upstate Watershed communities. The agreement provides for expenditures by New York City and the State of New York on various long-range watershed protection and water quality enhancement programs.

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NYS Emergency Services Revolving Loan Account

This bulletin provides updated information on the accounting for loans received pursuant to the NYS Emergency Services Revolving Loan Account. It incorporates changes in the law and updated account codes used for reporting. All previous guidance has been incorporated into this bulletin.
Updated December 2015 (Originally Issued June 2015)

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October 2001: Fund Financial Statements

The purpose of this bulletin is two-fold:

  • First, we want to assure those local governments not implementing GASB Statement No.34 that the upcoming adjustments that will be made to the fund level statements for 2002 fiscal year end reporting will not have a major impact on their record keeping and/or financial reporting to OSC. Our January 2001 accounting release focused on the changes associated with accounting and reporting of trust funds. Other changes, dealing with terminology and account codes changes, will be addressed in a future bulletin.
  • Second, we want to provide those local governments contemplating implementation of GASB Statement No. 34 with some basic information about the fund financial statements that are the third element of the model. The following information is provided for those local governments contemplating the implementation of GASB Statement No. 34.
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Pension Accounting and Reporting Changes

This bulletin provides updated information on pension accounting and reporting, superseding earlier bulletins issued by the Office of the State Comptroller for local government employers in New York State. All applicable previous guidance has been incorporated into this bulletin, as well as corrections to past instructions for expenditure and liability recognition of pension costs in governmental funds.
Updated May 2015 (Originally Issued September 2011)

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Pollution Remediation Obligations

GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations. This statement explains when a government would be required to report a liability in its financial statements related to cleaning up pollution or contamination. The statement also establishes a probability weighted method that a government would be required to use to determine the estimated amount of pollution obligation liabilities that would be reported in its financial statements.

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Reporting Deferred Inflows and Outflows of Resources as Required by GASB 63 and 65

This bulletin provides information on the reporting requirements of deferred inflows of resources and deferred outflows of resources as required by Governmental Accounting Standards Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position (Statement 63), and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities (Statement 65).

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Reporting of Tobacco Asset Securitization Corporations

The purpose of this bulletin is to amend our January 2001 bulletin entitled ‘Tobacco Settlement Payments’ based upon the release of GASB Technical Bulletin No. 2004-1 ‘Tobacco Settlement Recognition and Financial Reporting Entity Issues.’

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Reporting Tax Abatements as Required by GASB Statement No. 77

The purpose of this bulletin is to provide information to local governments and school districts on the financial statement reporting requirements for tax abatements, as required by Governmental Accounting Standards Board (GASB) Statement No. 77, Tax Abatement Disclosures. This bulletin also identifies several programs in New York that meet GASB’s tax abatement definition.

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Reserve for Excess Tax Levy

Chapter 97 of the Laws of 2011 established a property tax levy limit (generally referred to as the tax cap) that restricts the amount of property taxes local governments (including counties, cities, towns, villages, fire districts, and special districts) and school districts can levy. Under this legislation, the property tax levy for affected local governments and school districts cannot increase more than 2 percent, or the rate of inflation, whichever is lower, with some exceptions. Local governments and school districts are permitted to override the levy limit if certain actions are taken. The law is effective for fiscal years that begin in 2012.
Updated January 2012 (Originally Issued December 2011)

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Revenue Codes for Child Welfare Funding

This bulletin explains revenue account code changes related to Child Welfare Funding in the 2002-03 State Budget. 

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Risk Retention Fund is Eliminated by Governmental Accounting Standards Board (GASB) Statement No. 10 - Accounting and Financial Reporting for Risk Financing and Insurance Issues

This bulletin provides information on the elimination of the Risk Retention (Insurance Reserve) Special Revenue Fund (the CS fund) from the Uniform System of Accounts. It also provides information on how the activity in that fund must be reported in the general fund in the ST-3 Annual Financial Report for the year ended June 30, 1997. This change is needed to comply with GASB Statement 10.

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Securing Local Government Deposits and Temporary Investments

State law requires that all deposits and investments with banks or trust companies (e.g., checking accounts, time deposit accounts, certificates of deposit, etc.) in excess of FDIC coverage be properly secured.

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Social Service Block Grants and Targeted Medicaid Cost Savings

Chapter 83 of the Laws of 1995 adds Social Services Law section 153-i, Block Grants for family and children’s services. The law requires the New York State Department of Social Services to apportion the state funds appropriated among the social services districts by a formula contained in section 153-i, subdivision 1, paragraph b.

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The Financial Reporting Entity – as Updated by GASB Statement 61

This bulletin provides updated information on the definition of the financial reporting entity, superseding an earlier bulletin on this topic issued by the Office of the State Comptroller for local governments in New York State. All applicable previous guidance has been incorporated into this bulletin.
Updated October 2012 (Originally Issued July 2012)

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The Year 2000 (Y2K) Issue and Disclosure Requirements

This bulletin continues OSC’s efforts to keep you aware of developments related to the Y2K issue.

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Tobacco Settlement Payments

The purpose of this bulletin is to provide accounting and reporting guidance for payments made to counties pursuant to the Master Settlement Agreement (MSA) with the tobacco industry. The agreement provides that counties will receive annual payments to compensate them for medical costs incurred as a result of illness resulting from use of tobacco products. Many counties have elected to accelerate receipt of future payments by securitizing these payments. This bulletin provides accounting and reporting guidance for receipt of annual payments, proceeds of securitization, and residual payments.

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Workforce Investment Act

The Workforce Investment Act (WIA) of 1998 (Public Law 105-220) provides the framework for a national workforce preparation and employment system designed to meet both the needs of the nation's businesses and the needs of job seekers and those who want to further their careers.

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