Fund financial statements provide a short-term view on finances. As such, these statements only focus on the inflows and outflows of current financial resources—cash or liquid assets that are available (or will be soon) to pay current obligations.
Funds represent sources of funding and spending for particular purposes.
- The General Fund is used to report sources of funds and expenditures that are not required to be accounted for in another separate fund.
- In New York State, significant sources of funds that normally would be reported in the General Fund have been pledged or dedicated to other funds for repayment of debt or project funding and are therefore reported in other governmental funds.
The accumulated fund balance (or deficit) is the amount of funds available at the end of the fiscal year. The operating result is the amount the fund balance increased or decreased during the year.
Operating Surplus Nearly Doubles Fund Balance
- For State Fiscal Year (SFY) 2014-15, governmental funds reported a combined operating surplus of $6.5 billion, increasing the fund balance to $14.2 billion.
- The operating surplus included a $6.6 billion surplus in the General Fund. While General Fund expenditures exceeded revenues, the surplus includes transfers to the General Fund from other funds.
- At the end of SFY 2014-15, the General Fund balance was almost $6.1 billion, up from the previous year’s deficit of $567 million.
For more detail, please see the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) in the Annual Report.