Throughout the fiscal year, the State Comptroller and DOB monitor the flow of revenue and the pattern of expenditures against financial plan projections.

• The State Comptroller is required under Section 8 of the State Finance Law to issue monthly, quarterly, and annual budgetary (cash) basis reports to the Legislature. These reports contain prescribed accounting statements and schedules on receipts and disbursements for all funds of the state (including agency sole custody funds). Additional information about the budgetary (cash) basis reports can be found on OSC’s website at: http://www.osc.state.ny.us/reports/finance.
• DOB is required under Section 22 of the State Finance Law to prepare and issue quarterly financial plan updates on both a cash and GAAP basis of accounting to the State Comptroller and to the Chairs of the Senate Finance and the Assembly Ways and Means committees within thirty days of the close of the quarter to which it shall pertain. These financial plan updates summarize state funds operating results and provide updated projections for the remaining quarters of the current fiscal year of receipts, disbursements, tax refunds, and repayments of advances presented in forms suitable for comparison with the financial plans submitted with the Executive Budget. Along with the financial plan updates, an explanation of the causes of any major deviations from the previous financial plans is provided and, if necessary, corrective action(s) to restore budget balance. The DOB website at: http://www.budget.ny.gov/ contains additional information about financial plan updates released throughout the fiscal year.

In addition, the State Comptroller is required under Section 8 of the State Finance Law to issue quarterly and annual GAAP-based financial statements that reflect the state’s net overall financial condition, including activities that affect state assets and liabilities during the fiscal year. The financial statements include activities for all funds of the state and its public authorities. These statements are published on the OSC website at: http://www.osc.state.ny.us/reports/finance.

The SFS provides budgetary reports which allow DOB to monitor expenditures and disbursements against appropriations and segregations. These reports provide the Executive and Legislative branches assurance that their spending plans are not being exceeded.

The SFS also provides agencies with management reports which detail and summarize the activities of the expenditure, disbursements and revenue processes. The reports provide information in a format which facilitates analysis of activities and recognition of deviations from plans. The reports are generated on a timely basis to allow agency management to respond quickly and appropriately to any deviations from their plans. The information from the management reports can be used to evaluate performance and the accuracy of spending estimates. The reports are also an important resource for estimating future spending requirements and making budget requests.

Finally, the SFS provides the OSC Bureau of State Accounting Operations and the Bureau of Financial Reporting and Oil Spill Remediation with general ledger reports necessary to fulfill the State Comptroller’s statutory responsibility for preparing financial statements on both a budgetary (cash) and GAAP basis.

Guide to Financial Operations

REV. 03/19/2012