June 2002: 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.

Performance of Industrial Development Agencies in New York State - 2020 Annual Report

The report summarizes most recently completed data (fiscal year ending 2018) found in these annual reports. In addition to reviewing IDA data, the Office of the State Comptroller (OSC) provides training to IDA officials on various topics, including recent legislative reforms and how to improve their compliance with reporting requirements. | Interactive Map

Smart Solutions Across the State: Advanced Technology in Local Governments

The City of Schenectady recently began installing energy saving LED street lights and expanding wireless connectivity to certain neighborhoods as part of its Smart City Project. Other local governments across New York State are also turning to new technologies to save money, better communicate with residents and allow taxpayers to make payments online. The report notes that local government leaders should be prepared to systematically address the heightened need for cybersecurity, particularly concerning smart infrastructure devices and related data.

Local Government Debt Trends and Practices in New York State

Local government debt is necessary for the funding of expensive and long-lived capital infrastructure. However, high debt can place pressure on a local government’s ability to pay debt service while still addressing other funding needs, and increasing reliance on short-term debt could be a sign of structural budget imbalance. Local debt outstanding appears to have stabilized since the last recession, after more than a decade of substantial increases. Some types of local government, especially counties and fire districts, have continued to increase their total levels of debt.