NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State Of New York)
FINANCIAL STATEMENTS
March 31, 2023
Table of Contents
March 31, 2023
Page(s)
Responsibility for Financial Reporting 1
Independent Auditors’ Report 2
Management’s Discussion and Analysis 4
Government-wide Financial Statements
Statement of Net Position 12
Statement of Activities 13
Government Fund Financial Statements
Balance Sheet 14
Statement of Revenues, Expenditures and Changes in Fund Balances 15
Proprietary Fund Financial Statements
Statement of Net Position 16
Statement of Revenues, Expenses and Changes in Fund Net Position 17
Statement of Cash Flows 18
Fiduciary Fund Financial Statements
Statement of Net Position 19
Statement of Changes in Fiduciary Net Position 20
Notes to the Basic Financial Statements 21
Required Supplementary Information
Schedule of NYSERDA’s Contributions of the System Pension Fund 51
Schedule of NYSERDA’s Proportionate Share of the System’s Net Pension Liability 51
Schedule of Changes in Net OPEB Liability (Asset) and Related Ratios 52
Schedule of NYSERDA’s Contributions for OPEB 53
Schedule of Investment Returns- OPEB Trust 53
Independent Auditors’ Report
Members of the Authority
New York State Energy Research and Development Authority:
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the New York State Energy Research and
Development Authority (the Authority), a component unit of the State of New York, as of and for the year ended
March 31, 2023, and the related notes to the financial statements, which collectively comprise the Authority’s
basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each major fund,
and the aggregate remaining fund information of the Authority, as of March 31, 2023, and the respective
changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance
with U.S. generally accepted accounting principles.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We
are required to be independent of the Authority and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of
internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Authority’s ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not
a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
KPMG LLP
515 Broadway
Albany, NY 12207-2974
KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
2
3
misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with GAAS
and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Authority’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Authority’s ability to continue as a going concern for a reasonable period of
time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related matters that
we identified during the audit.
Required Supplementary Information
U.S. generally accepted accounting principles require that management’s discussion and analysis and the
required supplementary information as listed in the table of contents be presented to supplement the basic
financial statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with GAAS, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 30, 2023 on
our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of
that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s
internal control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the Authority’s internal control over financial
reporting and compliance.
Albany, New York
June 30, 2023
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
4
The following Management’s Discussion and Analysis (MD&A) of New York State Energy Research and
Development Authority’s (NYSERDA) financial performance provides an overview of NYSERDA’s financial
activities for the fiscal year ended March 31, 2023. The information contained in the MD&A should be
considered in conjunction with the information presented as part of NYSERDA’s basic financial statements.
Following this MD&A are the basic financial statements of NYSERDA with the notes thereto that are
essential to a full understanding of the data contained in the financial statements. NYSERDA’s basic financial
statements have the following components: (1) government-wide financial statements; (2) governmental fund
financial statements; (3) proprietary fund financial statements; (4) fiduciary fund financial statements; and (5)
notes to the basic financial statements.
The government-wide financial statements are designed to provide readers with a broad overview of
NYSERDA’s finances in a manner similar to a private-sector business. The Statement of Net Position
presents information on all of NYSERDA’s assets, deferred outflows of resources, liabilities, and deferred
inflows of resources, and the difference between these is reported as net position. The Statement of
Activities presents information showing how NYSERDA’s net position changed during the fiscal year. All
changes in net position are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of the related cash flows. Thus, revenues and expenses are reported in the
Statement for some items that will result in cash flows in future fiscal periods, or which already resulted in
cash flows in a prior fiscal period. The government-wide financial statements present information about
NYSERDA as a whole. All activities of NYSERDA are considered to be governmental activities, with the
exception of the activities of NY Green Bank, which are considered business-type activities.
Governmental fund financial statements focus on near-term inflows and outflows of resources, as well as on
balances of resources available at the end of the fiscal year. Such information may be useful in evaluating a
government’s near-term financing requirements. Because the focus of governmental funds is narrower than
that of the government-wide statements, it is useful to compare the information presented for governmental
activities in the government-wide financial statements. By doing so, the reader may better understand the
long-term impact of the government’s near-term financing decisions. The governmental funds Balance Sheet
and the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances provide
a reconciliation to facilitate the comparison between governmental funds and governmental activities.
Proprietary fund financial statements provide information for business-type activities where NYSERDA
charges fees to customers to recover costs of providing services. NY Green Bank is reported as a
proprietary fund. The proprietary fund financial statements include a Statement of Net Position, a Statement
of Revenues, Expenses and Changes in Fund Net Position, and a Statement of Cash Flows.
The fiduciary fund financial statements report assets held by NYSERDA in a fiduciary capacity for others and
consist of a Statement of Fiduciary Net Position and a Statement of Changes in Fiduciary Net Position.
These funds are not reflected in the government-wide financial statements because the resources of those
funds are not available to support NYSERDA’s programs.
The notes to the basic financial statements provide additional information that is essential for a full
understanding of the information provided in the government-wide, governmental fund, proprietary fund, and
fiduciary fund financial statements.
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
5
BACKGROUND
The mission of NYSERDA is to advance clean energy innovation and investments to combat climate change,
improve the health, resiliency, and prosperity of New Yorkers, and deliver benefits equitably to all. These
efforts are key to developing a less polluting and more reliable and affordable energy system for all New
Yorkers. Collectively, NYSERDA’s efforts aim to reduce greenhouse gas emissions, accelerate economic
growth, and reduce customer energy bills. NYSERDA works with stakeholders throughout New York
including residents, business owners, developers, community leaders, local government officials, university
researchers, utility representatives, investors, and entrepreneurs. NYSERDA partners with them to develop,
invest, and foster the conditions that attract the private sector capital investment needed to expand New
York’s clean energy economy, overcome barriers to using clean energy at a large-scale in New York, and
enable New York’s communities and residents to benefit from energy efficiency and renewable energy.
New York State’s nation-leading climate plan calls for an orderly and just transition to clean energy that
creates jobs and continues fostering a green economy in New York State, as memorialized through the
Climate Leadership and Community Protection Act (“CLCPA”). NYSERDA is charged with coordinating much
of the work to attain New York’s goals as stated in the CLCPA, including driving energy efficiency
improvements to reduce statewide energy use by 185 TBtu, attain a zero-emission electricity sector by 2040
with 70 percent renewable energy generation by 2030, and reach economy wide carbon neutrality around
mid-century. NYSERDA works, directly and through partnerships, to achieve these goals. In so doing, it
strives to attract private investment to better leverage government funding and realize economies of scale.
Consistent with the CLCPA, NYSERDA works to invest or direct resources to ensure that disadvantaged
communities receive at least 35 percent, with the goal of 40 percent, of overall benefits of spending on clean
energy and energy efficiency programs.
Underpinning this critical work, NYSERDA also plays a key role in ensuring energy security for New York
State, by providing the State’s energy policy decision makers with a wide range of data and analyses to
support policy making including the ongoing maintenance of the strategic fuel reserves to ensure an
appropriate supply is available for first responders in the event of a fuel supply emergency.
The funding to carry out initiatives in support of these goals is primarily supported by ratepayer surcharges
collected by utilities on NYSERDA’s behalf through their regular billing processes. Such funding is
determined and overseen by the Public Service Commission (PSC) and documented in various orders
issued by the PSC, including the Clean Energy Fund (CEF) and Clean Energy Standard (CES) orders.
NYSERDA receives some additional variable funding through regional greenhouse gas allowance auction
proceeds that accrue to NYS as a result of its membership in the Regional Greenhouse Gas Initiative (RGGI)
that allow NYSERDA to complement and amplify high-priority energy initiatives that realize benefits in
disadvantaged communities and expand private investment and partnerships without cost to the State.
NYSERDA also receives a small portion of its budget from direct state appropriations to support energy
analysis and planning and energy safety and security activities.
FORWARD LOOKING STATEMENTS
The statements in this management’s discussion and analysis (MD&A) that are not purely historical facts are
forward-looking statements based on current expectations of future events. Such forward-looking statements
are necessarily based on various assumptions and estimates and are inherently subject to various risks and
uncertainties, including, but not limited to, risks and uncertainties relating to the possible invalidity of the
underlying assumptions and estimates and possible changes to or development in various important factors.
Accordingly, actual results may vary from those we presently expect, and such variations may be material.
We therefore caution against placing undue reliance on any forward-looking statements contained in this
MD&A. All forward-looking statements included in this MD&A are made only as of the date of this MD&A and
we assume no obligation to update any such forward-looking statements as a result of new information,
future events or other factors.
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
6
CONDENSED FINANCIAL INFORMATION
The following condensed financial information is presented from NYSERDA’s government-wide financial
statements:
(Amounts in thousands)
Summary of Net Position
Governmental
activities
Bu si n e ss-typ e
activities
Total
March 31,
2023
Total
March 31,
2022
Cash and investments $920,091 352,
312 1,272,403 1,299,587 -2.1%
Capital assets 21,183 - 21,
183 11,376 86.2%
Loans and financing receivable, net 209,516 681,343 890,859 669,009 33.2%
Residual interest receivable - - - 77,360 -100.0%
Other assets 121,883 6,
659 128,542 65,908 95.0%
Total assets 1,272,673 1,040,314 2,312,987 2,123,240 8.9%
Deferred outflows of resources 26,969 3,936 30,905 32,525 -5.0%
Other liabilities 250,520 939 251,
459 277,089 -9.2%
Non-current liabilities 149,104 - 149,
104 142,911 4.3%
Total liabilities 399,624 939 400,563 420,000 -4.6%
Deferred Inflows of Resources 45,898 6,750 52,648 50,429 4.4%
Net Position:
Net investment in capital assets 11,069 - 11,069 11,376 -2.7%
Restricted 833,910 1,036,561 1,870,471 1,668,224 12.1%
Unrestricted 9,141 - 9,141 5,736 59.4%
Total Net Position $854,120 1,
036,561 1,890,681 1,685,336 12.2%
Total assets increased $189.7 million (8.9%). Cash and investments decreased $27.2 million (-2.1%)
primarily due to the following: NY Green Bank net capital deployed for new and existing transactions, and a
large increase in the accrued Zero-emission credit (ZEC) program receivable based on a higher calculated
generator load as compared to the prior year load calculation. RGGI proceeds far in excess of expenditures
largely offset the decreases of cash and investments in other funds. Capital assets increased primarily due to
the adoption of GASB Statement No. 87, Leases (GASB 87), and GASB Statement No. 96, Subscription-
Based Information Technology Arrangements (GASB 96) as of April 1, 2022. Certain leases where
NYSERDA rents office space from other entities were recorded as lessee right to use capital assets in
accordance with GASB 87 and the balance of these lease assets at March 31, 2023 was $9.7 million.
Certain software license subscriptions NYSERDA contracts with various vendors for, were recorded as
software capital assets in accordance with GASB 96 and the balance of these software assets at March 31,
2023 was $1.6 million.
Loans and financing receivables increased $221.9 million (33.2%), primarily reflecting additional NY Green
Bank loans. In addition, NY Green Bank loans increased, and the residual interest receivable decreased
$77.4 million (-100.0%), due to NY Green Bank repurchasing the remaining balance of loan backed
receivables previously sold, thus reverting the classification of the residual to “Loans and financing
receivables”. Other assets increased $59.3 million (114.7%) primarily due to a $30.0 million increase in the
ZEC program receivable associated with a return to more of a 'normal' one-month lag dollar amount as noted
above (as a driver of the decrease in cash and investments). Additionally, there was an increase of $13.4
million across several Bill-As-You-Go (BAYG) funds’ receivables due to timing of billing and reimbursement
of expenses. Further, a $5.7 million balance as of March 31, 2023 for lease receivables was recognized in
accordance with GASB 87, where NYSERDA is the lessor of various capital assets to other entities.
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
7
Other assets increased $62.6 million (95.0%) mainly due to a large increase in the accrued Zero-emission
credit (ZEC) program receivable of $24.6 million associated with a return to more of a 'normal' one-month lag
dollar amount (the prior year's receivable was less than typical due to billing load at a higher rate because
load had been expected to remain low post-Covid). Additionally, there was an increase in the third-party
receivable of $13.4 million across several Bill-As-You-Go (BAYG) funds due to timing of billing and
reimbursement of expenses.
Deferred outflows of resources decreased by $1.6 million (-5.0%) primarily due to a decrease in the
actuarially-determined deferred outflows related to pension and other post-employment benefits (OPEB).
Total liabilities decreased $19.4 million (-4.6%). Non-current liabilities increased $6.2 million (4.3%) primarily
due to a new balance of $10.0 million of lease obligations as of March 31, 2023 resulting from the adoption
of GASB 87, as well as due to the issuance of bonds to finance the GJGNY revolving loan fund, offset by
scheduled principal payments and early redemptions on previous similar bond issuances.
Other liabilities decreased by $25.6 million (-9.2%); primarily as a result of a large decrease in accounts
payable associated with timing of receipt, approval and payment of invoices received, having no correlation
with expenses. Partially offsetting the decrease in accounts payable, accrued liabilities increased for
estimated invoices not yet received and paid.
Deferred inflows of resources experienced little net change, but it is notable that the adoption of GASB 87
resulted in a balance of $5.7 million as of March 31, 2023 related to future payments receivable by
NYSERDA as lessor. Pension and OPEB related actuarially determined deferred inflows of resources
decreased and largely offset the increase resulting from recording GASB 87’s effect.
Net position increased $205.3 million (12.2%) principally due to an excess of RGGI revenues over expenses
as well as NY Green Bank net operating and non-operating income.
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
8
(Amounts in thousands)
Summary of Changes in Net Position
Governmental
activities
Bu si n e ss-typ e
activities
Total
March 31,
2023
Total
March 31,
2022
% Change
2023-2022
Revenues:
State appropriations $16,664 - 16,664 15,364 8.5%
Utility surcharge assessments 563,347 - 563,347 628,009 -10.3%
Renewable energy credit proceeds 31,730 - 31,730 55,543 -42.9%
Zero-emission credit assessments 590,031 - 590,031 609,021 -3.1%
Allowance auction proceeds 279,363 - 279,363 250,634 11.5%
Third-party reimbursements 53,624 - 53,624 75,035 -28.5%
Federal grants 13,494 - 13,494 7,845 72.0%
Interest subsidy 258 - 258 306 -15.7%
Loans and financing receivables
interest 8,256 34,701 42,957 21,483 100.0%
Gain (loss) on sale of loans &
financing receivables - 920 920 (13,543) 1572.1%
Investment income 20,695 9,808 30,503 (73) 41884.9%
Other Program Revenue 9,690 5,667 15,357 20,006 -23.2%
Total Revenues 1,587,152 51,096 1,638,248 1,669,630 -1.9%
Expenses:
Salaries and benefits 55,157 9,919 65,076 58,529 11.2%
Program expenditures 1,326,330 293 1,326,623 1,314,300 0.9%
Investment related expenses - 812 812
454
78.9%
Program operating costs 1,823 1,832 3,655 3,780 -3.3%
General & administrative costs 10,107 1,806 11,913 14,999 -20.6%
Depreciation 6,686 958 7,644 2,583 195.9%
New York State assessments 13,437 157 13,594 13,594 0.0%
Interest 3,550 36 3,586 3,275 9.5%
Total Expenses 1,417,090 15,813 1,432,903 1,411,514 1.5%
-
Change in Net Position
170,062 35,283 205,345
258,116
-20.4%
Net Position, beginning of year
684,058 1,001,278 1,685,336 1,427,220 n/a
Net Position, end of year $854,120 1,036,561 1,890,681 1,685,336
12.2%
Total revenue decreased $31.4 million (-1.9%). Utility surcharge assessments revenue decreased by $64.7
million (-10.3%) principally due to the final rate-payer funded capitalization of NY Green Bank, in the amount
of $44.3 million, having been completed in the previous fiscal year (the year ended March 31, 2022).
Additionally, the Energy Storage program had much lower funding collected via the Bill-as-You-Go (BAYG)
mechanism due to both lower expenditures in the current fiscal year versus the prior year, as well as the
prior year having included revenues to establish the initial working capital balance for that program.
Renewable energy credit proceeds decreased by $23.8 million (-42.9%) principally due to a large decrease
in Alternative compliance payments. ZEC revenues decreased by $19.0 million (-3.1%) due to both lower
program expenses in the current fiscal year, as well as the prior year having included non-recurring revenues
of $9.1 million. Allowance proceeds increased by $28.7 million (11.5%) due to the average quarterly auction
sale prices being higher than in the prior fiscal year. Third-party reimbursements decreased by $21.4 million
(-28.5%), principally due to much lower receipts related to the Clean Transportation Volkswagen Settlement
Agreement. Loans and financing receivables interest income increased $21.5 million (100.0%) primarily due
to NY Green Bank having larger amounts of deployed capital than in the prior year, as well as an increase in
market interest rates having occurred on variable interest rate loans. The gain on sale of loans and financing
receivables reflects a sale of a position in the NY Green Bank’s portfolio. The prior year loss on sale of loans
and financing receivables was a result of the sale of a portion of the interest-bearing portfolio’s receivables to
a third-party investor in a planned transaction to monetize existing assets to allow capital to be accessible
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
9
faster and thus allow more productive near-term use. The increase in investment income of $30.6 million was
principally due to much higher market interest rates for U.S. Treasury holdings. Other program revenues
decreased $4.6 million (-23.2%) primarily due to lower closing fees earned by NY Green Bank.
Total expenses increased $21.4 million (1.5%). Program expenditures increased $12.3 million (0.9%)
primarily for incentives paid due to an increase in NY-Sun project completions associated with the 2020
increase in funding for the six gigawatt goal of the program (established at that time). The increase in NY-
Sun was partially offset by lower RGGI expenditures. Salaries and benefits expense increased $6.5 million
(11.2%) primarily due to an increase in FTE’s; performance-based salary increases and payments; and from
a retroactive and a current year general salary increase authorized for payment during the fiscal year 2022-
23. Health insurance benefits expense also increased significantly, but was more than offset by much lower
actuarially determined pension benefit expense.
The following charts depict Authority revenues and expenses for the year ended March 31, 2023.
FINANCIAL ANALYSIS OF FUNDS
Total fund balances for the governmental funds increased from $784.9 million to $950.0 million as further
described below:
• The CEF fund balance increased from $76.3 million to $91.0 million principally due to lower program
expenditures without a similar decrease in revenues, due to the timing of receipt of BAYG revenues used
to maintain the projected working capital balance needed.
• The NY-Sun fund balance decreased from $72.5 million to $67.4 million primarily due to expenditures
exceeding BAYG revenues, due to timing differences inherent in the BAYG funding mechanism.
• The CES fund balance increased from $36.9 million to $49.1 million primarily due to Tier 1 REC
Alternative Compliance Payments received, driving revenue to exceed expenditures.
• The RGGI fund balance increased from $184.2 million to $326.3 million principally as a result of higher
auction allowance prices generating greater revenue than was budgeted and expended. A portion of the
additional revenues has since been incorporated into updated stakeholder- and Board-approved
operating plans for the next planning period and is expected to be expended in accordance with those
approved plans. All additional excess revenues collected subsequent to the most recent approved plan
will be incorporated in the next operating plan.
Utility
surcharge
assessments
34.4%
State
appropriations
1.0%
Third-party
reimbursements
3.3%
Federal
grants
0.8%
Investment
income
1.9%
Zero-
emission
credit
assessments
36.0%
Loan
interest
2.6%
Gain on sale
0.1%
Other
2.8%
Allowance
proceeds
17.1%
Revenues
Depreciation &
amortization
0.5%
Interest
0.2%
Program
expenditures
92.6%
Investment
related
expenses
0.1%
Salaries &
benefits 4.5%
NY State
assessments
0.9%
Program
operating
costs 0.3%
General &
administrative
0.8%
Expenses
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
10
• The GJGNY fund balance increased from $269.7 million to $304.1 million principally due to proceeds of
a bond issuance in the current fiscal year, as well as an increase in funding received through the annual
RGGI fund transfer.
• The aggregated Other Funds fund balance decreased from $145.3 million to $120.2 million principally
due to Volkswagen expenditures exceeding revenues for the fiscal year, as a large portion of the funding
had been received and recorded as revenue in the prior fiscal year. Similarly, New Efficiency New York
program expenditures exceeded revenues for the current fiscal year, whereas some funding from this
program had been received and recorded as revenue in the prior fiscal year.
Total net position for the proprietary fund was $1.0 billion at March 31, 2023, as described below:
• NY Green Bank’s net position increased by $35.3 million primarily as a result of higher loans and
financing receivables interest revenue and much higher investment income due to rising market interest
rates.
CAPITAL ASSET AND DEBT ADMINISTRATION
NYSERDA maintains land, buildings, and furniture and equipment in various locations for its corporate
purposes, and additionally has recorded in the current fiscal year, lessee right-to-use assets for office space
NYSERDA rents from others, as well as subscription-based software assets, as a result of adopting GASB
Statement Nos. 87 & 96 as of April 1, 2022. Total capital assets as of March 31, 2023 were $21.3 million, net
of accumulated depreciation. Capital asset additions during the fiscal year ended March 31, 2022 were $3.3
million, primarily for leased software, as well as information technology upgrades, and furniture, fixtures and
equipment.
Total non-current liabilities increased $6.2 million (4.3%) primarily due to the recording of lease obligations
associated with the adoption of GASB 87.
NYSERDA also issues tax-exempt bonds on a conduit basis on behalf of utility companies to finance certain
eligible projects. As of March 31, 2023, approximately $1.5 billion of bonds are outstanding. These bonds are
non-recourse bonds and, as such, are not included in NYSERDA’s financial statements.
ECONOMIC FACTORS
On behalf of the State, NYSERDA manages the Western New York Nuclear Service Center in West Valley,
New York, the site of a former plant for reprocessing used nuclear fuel. Depending upon the clean-up options
selected and agreement on cost sharing with the federal government, these costs could be substantial. It is
anticipated that New York State’s share of future costs for the West Valley site will be provided by New York
State to NYSERDA and will not impact NYSERDA’s current funding. As permitted by Governmental GASB
Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, no liability has
been recorded in NYSERDA’s financial statements for this contingency due to the expected recoveries from
New York State.
NYSERDA’s programs are impacted by a number of factors including, but not limited to, general economic
conditions, energy prices, energy system reliability, climate change impacts, and energy technology
advancements. Revenues from RGGI allowance auction proceeds in particular can be highly sensitive to
some of the aforementioned factors. NYSERDA has assessed current economic factors including inflation,
increases in prevailing interest rates, supply chain constraints, residual impacts of the COVID pandemic, and
the conflict in Ukraine, and does not foresee material impact on its near-term financial condition or
operations. We will continue to closely monitor program costs and outcomes and adjust proactively with
resilience measures and investments, to mitigate potential impacts from external factors including a changing
climate.
New York State Energy Research and Development Authority
(A Component Unit of the State of New York)
Management’s Discussion and Analysis
For the Year Ended March 31, 2023
Unaudited
11
CONTACT FOR NYSERDA’S FINANCIAL MANAGEMENT
This report is designed to provide a general overview of the finances of NYSERDA for interested parties.
Questions concerning any information within this report or requests for additional information should be
addressed to Pam Poisson, Chief Financial Officer, NYSERDA, 17 Columbia Circle, Albany, NY 12203.
Total
Governmental Business-type March 31,
Activities Activities 2023
ASSETS:
Current assets:
Cash and investments $920,091 352,312 1,272,403
New York State receivable 15,174 -
15,174
T
hird-party billings receivable 66,261 -
66,261
I
nterest receivable on loans 1,672 3,932 5,604
Loans and fi
nancing receivables due within one year, net 25,310 116,143 141,453
Pr
epaid expense 2,029 -
2,029
Ot
her assets 21,949 -
21,949
Tot
al current assets 1,052,486 472,387 1,524,873
Non-current assets:
Loans and financing receivables- long-term, net 184,206 565,200 749,406
Capital assets, net of depreciation and amortization 21,183 -
21,183
Net
pension & OPEB assets 14,798 2,727 17,525
Tot
al non-current assets 220,187 567,927 788,114
Total assets 1,272,673 1,040,314 2,312,987
DEFERRED OUTFLOWS OF RESOURCES:
26,969 3,936 30,905
LIABILITIES:
Current liabilities:
Non-current liabilities due within one year 17,146 -
17,146
Account
s payable 6,026 130
6,156
Ac
crued liabilities 240,926 282
241,208
Unear
ned revenue 3,568 -
3,568
Deposi
ts -
527
527
Total current liabilities 267,666 939
268,605
Non-current liabilities:
Bonds payable 92,817 -
92,817
Deposi
ts 24,041 -
24,041
Ot
her non-current liabilities 15,100 -
15,100
Tot
al non-current liabilities 131,958 -
131,958
Tot
al liabilities 399,624 939
400,563
DEFERRED INFLOWS OF RESOURCES:
45,898 6,750 52,648
NET POSITION:
Net investment in capital assets 11,069 - 11,069
Rest
ricted for specific programs 833,910 1,036,561 1,870,471
Unr
estricted 9,141 -
9,141
Total net position $854,120 1,036,561 1,890,681
See accompanying notes to the basic financial statements.
(Amounts in thousands)
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Net Position
March 31, 2023
12
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Activities
For the year ended March 31, 2023
(Amounts in thousands) Total
Business-type March 31,
Activities 2023
Energy West NY Green
CEF
NY-Sun CES RGGI Analysis Valley Other Total Bank
EXPENSES:
Salaries and benefits $21,884 2,384 6,008 8,821 5,861 2,470 7,729 55,157 9,919 65,076
Program expenditures 292,599 189,308 605,312 80,306 7,190 14,543 137,072 1,326,330 293
1,326,623
Investment related expenses -
-
-
-
-
-
-
-
812
812
Program operating costs 264 76 98 (6)
751
35 605 1,823 1,832 3,655
General & administrative expenses 3,992 437 1,103 1,622 1,076 457 1,420 10,107 1,806 11,913
Depreciation & amortization 2,566 333 726 860 716 341 1,144 6,686 958
7,644
NY State assessments 2,928 1,876 6,189 910 156 180 1,198 13,437 157
13,594
Interest 80 9
22 33 22 28 3,356 3,550 36
3,586
Total expenses 324,313 194,423 619,458 92,546 15,772 18,054 152,524 1,417,090 15,813 1,432,903
REVENUES:
Operating grants and contributions
State appropriations -
-
-
182 142 15,257 1,083 16,664 - 16,664
Utility surcharge assessments 276,977 189,527 -
-
12,071 -
84,772
563,347 - 563,347
Renewable energy credit proceeds -
-
31,730 -
-
-
- 31,730 - 31,730
Zero-emission credit assessments -
-
590,031
-
-
-
- 590,031 - 590,031
Allowance auction proceeds -
-
-
279,363 -
-
-
279,363 - 279,363
Third-party reimbursements 28,771 -
33
-
-
2,793 22,027 53,624 - 53,624
Federal grants -
-
-
-
3,495 -
9,999
13,494 - 13,494
Interest subsidy -
-
-
-
-
-
258 258 - 258
Charges for services
Project repayments -
-
-
-
-
-
419 419 - 419
Rentals from leases -
- - - - 6 1,121 1,127 - 1,127
Fees and other income -
-
7,783 -
-
1
360 8,144 5,667 13,811
Loans and financing receivables
interest
229 -
-
-
-
-
8,027
8,256 34,701 42,957
Other
Gain on sale of Loans and financing
receivables -
-
-
-
-
- -
-
920
920
Investment income 2,084 1,701 4,035 6,971 -
-
5,904 20,695 9,808 30,503
Total revenues 308,061 191,228 633,612 286,516 15,708 18,057 133,970 1,587,152 51,096 1,638,248
Increase (decrease) in net position
before transfers
(16,252) (3,195) 14,154 193,970 (64)
3 (18,554) 170,062 35,283 205,345
Transfers 30,471 (2,006) (1,901) (51,937) -
- 25,373 -
- -
C
hange in net position 14,219 (5,201) 12,253 142,033 (64)
3 6,819 170,062 35,283 205,345
N
et position, beginning of period 73,370 72,321 37,415 183,808 3,045 - 314,099 684,058 1,001,278 1,685,336
Net position, end of period $87,589 67,120 49,668 325,841 2,981 3 320,918 854,120 1,036,561 1,890,681
See accompanying notes to the basic financial statements.
Functions/Programs
Governmental Activities
13
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Balance Sheet - Governmental Funds
March 31, 2023
Total
Other March 31,
CEF
NY-Sun CES RGGI GJGNY Funds 2023
ASSETS:
Cash and investments $114,355 89,634 168,151 332,946 98,723 116,282 920,091
Receivables:
New York State 1,621 - 5,683 - - 7,870 15,174
Third-party billings 244 - 46,013 - 3,371 16,633 66,261
Interest on loans 276 - - - 1,396 - 1,672
Loans 6,000 - - - 203,516 - 209,516
Prepaid expense 1,000 - - - - 1,029 2,029
Other assets 1,004 - - - - 20,945 21,949
Due from other funds 3,575 400 - 425 270 - 4,670
Total assets $128,075 $90,034 219,847 333,371 307,276 162,759 1,241,362
LIABILITIES AND FUND BALANCES:
Liabilities:
Accounts payable $1,786 804 289 623 1,948 576 6,026
Accrued liabilities 33,047 21,874 146,503 6,454 672 30,873 239,423
Unearned revenue 2,246 - - 29 594 698 3,567
Deposits - - 23,560 - - 481 24,041
Due to other funds - - 365 - - 4,305 4,670
Total liabilities 37,079 22,678 170,717 7,106 3,214 36,933 277,727
Deferred Inflow of Resources - - - - - 5,656 5,656
Fund Balances:
Nonspendable-not in spendable form 1,000 - - - - 1,029 2,029
Restricted 89,996 67,356 49,130 326,265 304,062 111,029 947,838
Unassigned - - - - - 8,112 8,112
Total fund balances 90,996 67,356 49,130 326,265 304,062 120,170 957,979
Total liabilities and fund balances $128,075 90,034 219,847 333,371 307,276 162,759 1,241,362
Following is a reconciliation of amounts reported differently in the Statement of Net Position:
Total fund balances for governmental funds $957,979
Capital assets used in governmental activities are not current financial resources and
therefore are not reported in the funds 21,183
Long-term liabilities are not due and payable in the current period
and therefore are not reported in the funds (110,265)
Pension & OPEB related deferred outflows and inflows are not reported in govermental funds
(13,274)
Accrued interest expense (1,503)
Net position of governmental activities $854,120
See accompanying notes to the basic financial statements.
(Amounts in thousands)
Major Funds
14
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the year ended March 31, 2023
Total
Other March 31,
CEF
NY-Sun CES RGGI GJGNY Funds 2023
REVENUES:
State appropriations $ - - - 182 - 16,482 16,664
Utility surcharge assessments 276,977 189,527 - - - 96,843 563,347
Renewable energy credit proceeds - - 31,730 - - - 31,730
Zero-emission credit assessments - - 590,031 - - - 590,031
Allowance auction proceeds - - - 279,363 - - 279,363
Third-party reimbursements 28,771 - 33 - - 24,820 53,624
Federal grants - - - - - 13,494 13,494
Interest subsidy - - - - 258 - 258
Project repayments - - - - - 419 419
Rentals from leases - - - - 2 1,125 1,127
Fees and other income - - 7,783 - 9 352 8,144
Loan interest 229 - - - 8,027 - 8,256
Investment income (loss) 2,084 1,701 4,035 6,971 1,697 4,207 20,695
Total revenues 308,061 191,228 633,612 286,516 9,993 157,742 1,587,152
EXPENDITURES:
Current expenditures 323,863 194,322 619,312 92,546 7,662 175,035 1,412,740
Debt service:
Principal - - - - 20,825 2,295 23,120
Interest - - - - 2,744 259 3,003
Bond issuance costs - - - - 793 - 793
Capital outlay - - 120 - - 17,331 17,451
Total expenditures 323,863 194,322 619,432 92,546 32,024 194,920 1,457,107
OTHER FINANCING SOURCES (USES):
Lease acquisitions 12,120 12,120
SBITA acquisitions 4,464 4,464
Residential Solar Financing Green Revenue
Bonds issued - - - - 26,500 - 26,500
Transfers in 30,471 1,736 - - 29,937 2,302 64,446
Transfers out - (3,742) (1,901) (51,937) - (6,866) (64,446)
Net other financing sources (uses) 30,471 (2,006) (1,901) (51,937) 56,437 12,020 43,084
Net change in fund balances 14,669 (5,100) 12,279 142,033 34,406 (25,158) 173,129
Fund balances, beginning of year 76,327 72,456 36,851 184,232 269,656 145,328 784,850
Fund balances, end of year $90,996 67,356 49,130 326,265 304,062 120,170 957,979
Following is a reconciliation of amounts reported differently in the Statement of Activities:
Net change in fund balances for govenmental funds $173,129
Capitalization of capital outlays including right of use assets, rather than recording as an expenditure (2,448)
Expenses for compensated absences in the Statement of Activities do not require the use
of current financial resources and therefore are not reported as expenditures in governmental funds (1,251)
Expenses for accrued bond interest in the Statement of Activities do not require the use
of current financial resources and therefore are not reported as expenditures in governmental funds (546)
Pension contributions are not an expense in the Statement of Activities, and GASB 68
pension expense is not a use of current financial resources in the governmental funds 2,919
OPEB contributions are not an expense in the Statement of Activities, and GASB 75
OPEB expense is not a use of current financial resources in the governmental funds 1,639
Bond proceeds are a current financial resource in the governmental funds but are not
reported as revenues in the Statement of Activities (26,500)
Repayment of principal is an expenditure in the governmental funds but the repayment reduces
long-term liabilities in the Statement of Net Position 23,120
Change in net position of governmental activities $170,062
See accompanying notes to the basic financial statements.
(Amounts in thousands)
Major Funds
15
March 31,
2023
ASSETS:
Current assets:
Cash and investments $352,312
Interest receivable on loans 3,932
Loans and financing receivables due within one year, ne
t
116,143
Total current assets 472,387
Non-current assets:
Loans and financing receivables - long term, ne
t
565,200
Net pension & OPEB assets 2,727
Total non-current assets 567,927
Total assets 1,040,314
DEFERRED OUTFLOWS OF RESOURCES:
3,936
LIABILITIES:
Current liabilities:
Accounts payable 130
Accrued liabilities 282
Escrow deposits 527
Total current liabilities 939
Total liabilities 939
DEFERRED INFLOWS OF RESOURCES:
6,750
NET POSITION:
Net position restricted for specific programs $1,036,561
See accompanying notes to the basic financial statements
.
(Amounts in thousands)
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Net Position
Proprietary Fund
March 31, 2023
16
March 31,
2023
OPERATING REVENUES:
Closing fees $2,950
Undrawn fees 986
Administrative fees 521
Other fees 1,210
Loans and financing receivables interes
t
34,842
Provision for losses on loans and financing receivable
s
(141)
Gain on sale of loans and financing receivable
s
920
Total operating revenue
s
41,288
OPERATING EXPENSES:
Salaries and benefits 9,919
Investment related expense
s
812
Program operating costs 1,832
General & administrative expense
s
1,806
Depreciation 958
NY State assessments 157
Interest 36
Total operating expense
s
15,520
OPERATING INCOME 25,768
NON-OPERATING REVENUES:
Investment income 9,808
Total non-operating revenue
s
9,808
NON-OPERATING EXPENSES:
Program evaluation 293
Total non-operating expenses 293
Change in net position 35,283
Net position, beginning of yea
r
1,001,278
Net position, end of yea
r
$1,036,561
See accompanying notes to the basic financial statements
.
(Amounts in thousands)
N
EW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORIT
Y
(A Component Unit of the State of New York)
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Fund
For the year ended March 31, 2023
17
March 31,
2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Closing fees collected $2,930
Undrawn fees collected 715
Administrative fees collected 484
Other fees collected 1,358
Loans and financing receivables interest collected 22,562
Disbursement of escrow deposits 326
Payments to employees & employee benefit providers (10,220)
Payments to suppliers (5,070)
Payment for allocated depreciation (958)
Payments to NYS (157)
Payment for allocated interest (36)
Loans and financing receivables deployed (347,904)
Loans and financing receivables principal repayments 227,479
Net cash used in operating activities (108,491)
Purchase of investments (896,681)
Proceeds from sale of investments 1,004,595
Investment income 5,139
Net cash provided by investing activities 113,053
4,562
14,570
$19,132
$25,768
5
(1,927)
(131,753)
(113)
(202)
326
(302)
(293)
($108,491)
See accompanying notes to the basic financial statements.
Net cash used in operating activities
Operating income
Non-operating expenses unrelated to financing activities
Decrease in accounts payable
Decrease in accrued liabilities
Increase in escrow deposits
Net change in pension & OPEB related accounts
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Cash Flows
Proprietary Fund
For the year ended March 31, 2023
(Amounts in thousands)
Decrease in third party billings receivable
Increase in interest receivable
Increase in loans and financing receivables
Adjustments to reconcile operating income to net cash used in
operating activities:
Cash and cash equivalents, end of year
RECONCILIATION OF OPERATING INCOME TO NET CASH
USED IN OPERATING ACTIVITIES:
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in cash & cash equivalents
Cash and cash equivalents, beginning of year
18
OPEB Trust Fund
Custodial Fund
ASSETS:
Cash and investments $66,510 $44,713
Total assets $66,510 44,713
LIABILITIES:
Accrued expenses 4 -
Payabl
e to New York State -
538
Es
crow funds payable -
11,112
Total liabilities 4
11,650
NET POSITION:
Restricted for:
Other postemployment benefits 66,506 -
Other governments and organizations
-
33,063
Total Net position $66,506 $33,063
See accompanying notes to the basic financial statements.
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Fiduciary Net Position
March 31, 2023
(Amounts in thousands)
19
ADDITIONS: OPEB Trust Fund
Custodial Fund
Employer contributions $2,549 $ -
Utility assessments - 3,017
Escrow deposit receipts - 524
Investment (loss) income (3,367) 137
Less investment management expenses (11) -
Net investment (loss) income (3,378) 137
Total additions, net (829) 3,678
DEDUCTIONS:
Benefits 2,097 -
Reimbursements paid - 3,605
Accrued expenses - 541
Administrative fees 18 -
Total deductions 2,115 4,146
Change in net position (2,944) (468)
NET POSITION:
Net position- beginning of year 69,450 33,531
Net position- end of year $66,506 $33,063
See accompanying notes to the basic financial statements.
(Amounts in thousands)
NEW YORK STATE ENERGY RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Statement of Changes in Fiduciary Net Position
For the year ended March 31, 2023
20
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
21
(1) GENERAL
The New York State Energy Research and Development Authority (NYSERDA) is a public benefit
corporation established in 1975 pursuant to Title 9 of Article 8 of the Public Authorities Law of the
State of New York (the State). NYSERDA is included in the State's basic financial statements as a
component unit. NYSERDA's significant functions and programs reported in the Statement of
Activities are summarized below; those which are reported as major funds in the Governmental
Fund Financial Statements are noted parenthetically.
Clean Energy Fund (CEF) Market Development/Innovation & Research (Major fund)
Pursuant to a January 2016 Order (CEF Order), the State Public Service Commission (Commission)
authorized a ten-year commitment through 2025 of approximately $5.3 billion to clean energy
programs through a CEF, from previously authorized or incremental collections. The CEF is
designed to meet four primary objectives: greenhouse gas emission reductions; energy affordability;
statewide penetration and scale of energy efficiency and clean energy generation; and growth in the
State’s clean energy economy. The CEF is a key vehicle to support attainment of specific, time-
bounded goals for energy efficiency, zero-emissions electricity generation, and investment in
disadvantaged communities as articulated in the State’s Climate Leadership and Community
Protection Act.
The CEF Market Development activities are designed to ultimately reduce energy costs, accelerate
customer demand, and increase private investment for energy efficiency and other behind-the-meter
clean energy solutions through strategies including financial support, technical knowledge, data,
education to customers and service providers, and advanced workforce training. The CEF
Innovation & Research activities are designed to invest in cutting-edge technologies that will meet
increasing demand for clean energy including: smart grid technology, renewables and distributed
energy resources, high performance buildings, transportation, and clean tech startup and innovation
development.
The CEF Order provided for a ten-year funding authorization of $3.43 billion for the Market
Development and Innovation & Research activities. Through the CEF Order, funding authorization
was also provided to allocate $781.5 million for NY Green Bank, $960.6 million for NY-Sun, and
$150.0 million for the RPS Program for a 2016 Main Tier solicitation. The NY Green Bank and NY-
Sun programs are presented as separate Programs/Functions in the financial statements as further
described below.
The CEF Order authorized the continuation of previously authorized ratepayer collections for
calendar years 2016 through 2024 for previous program authorizations for the New York Energy
$mart, Energy Efficiency Portfolio Standard, Technology and Market Development, and RPS
programs (the Previously Approved Programs).
To reimburse NYSERDA for actual CEF program expenses, the CEF Order established a “Bill-As-
You-Go” (BAYG) approach for revenue collection effective January 1, 2016. Under this approach,
CEF ratepayer collections are held by the electric and gas utilities and used to reimburse NYSERDA
monthly, provided that the reimbursement allows NYSERDA to maintain a sufficient cash balance
based on projected expenses for the subsequent two-month period, subject to the collection
amounts approved in the CEF Order.
NY-Sun (Major fund)
Approved through a 2012 Commission Order, the NY-Sun program is designed to develop a
sustainable solar industry through a capacity block incentive approach. The NY-Sun program was
initially funded through $216 million reallocated under the Renewable Portfolio Standard (RPS)
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
22
program. The CEF Order established the incremental collection schedule and reallocation of
uncommitted funds to support program activities approved through the 2012 Order.
Pursuant to May 14, 2020 and September 9, 2021 Orders, the Commission authorized the
expansion of the NY-Sun program through 2025 to meet the established targets under the Climate
Leadership and Community Protection Act and to develop a total of 6 gigawatt (GW) of distributed
solar by 2025 by adding an additional 3 GW of distributed solar. The Orders increased NY-Sun’s
funding by $573 million from existing and any future uncommitted NYSERDA ratepayer funds, and if
necessary, a transfer from NY Green Bank. In an April 14, 2022 Order, the Commission authorized
a further expansion of the program expanding installation targets of the NY-Sun program from 6 to
10 GW of distributed solar generation. The Order increased NY-Sun’s funding by an additional
$1.474 billion for a cumulative authorized funding level of $3.27 billion. The additional $1.474 billion
will be provided to NYSERDA utilizing the existing Bill-As-You-Go mechanism established under the
CEF Framework Order.
Clean Energy Standard (CES) (Major fund)
Pursuant to an August 2016 and subsequent Orders, the Clean Energy Standard was established,
adopting a State Energy Plan goal that 70% of New York’s electricity is to be generated by
renewable sources by 2030 as part of a strategy to reduce statewide greenhouse gas emissions by
40% by 2030. The CES is comprised of a series of deliberate and mandatory actions to enhance
opportunities for customer choice necessary to achieve the State Energy Plan goal. The mandated
actions are divided into two categories, a Renewable Energy Standard (RES) and a Zero-Emissions
Credit (ZEC) requirement. The RES consists of an obligation on Load Serving Entities (LSEs) in
New York State to invest in new renewable generation resources to serve their retail customers
evidenced by the procurement of qualifying renewable energy credits; an obligation on distribution
utilities on behalf of all retail customers to continue to invest in the maintenance of existing at-risk
renewable generation attributes; and a program to maximize the value potential of new offshore
wind resources. As part of the RES component of the program, NYSERDA will offer for sale to the
LSEs at various times Renewable Energy Credits (RECs) produced from, and received under,
contracts with qualifying renewable energy facilities to meet the LSEs’ mandatory compliance
requirements. Alternatively, NYSERDA may receive Alternative Compliance Payments from LSEs in
lieu of their purchasing RECs from NYSERDA. The ZEC requirement consists of an obligation on
LSEs in New York State to invest in the preservation of existing at-risk nuclear zero-emissions
attributes to serve their retail customers, evidenced by the procurement of qualifying ZECs. As part
of the ZEC component, NYSERDA provides support payments for specified nuclear generating
facilities in amounts prescribed by the Commission’s Order based on each facility’s output. The
funding for these payments is collected through ZECs sold to each LSE in amounts calculated for
each LSE’s proportionate share of the statewide energy load. The RES component and the ZEC
component are inter-related but the goals are additive; that is, the carbon benefits of preserving the
nuclear zero-emissions attributes will not count toward achieving the required number of renewable
resources to satisfy the 70% by 2030 goal. The RES and ZEC components will, however, in
combination, contribute toward the State’s comprehensive greenhouse gas reduction goals.
NYSERDA is leading the coordination of offshore wind opportunities in New York State and is
supporting the development of 9,000 megawatts of offshore wind energy by 2035 in a responsible
and cost-effective manner.
In July 2018, the Commission issued an Order Adopting the Offshore
Wind Standard. The Offshore Wind Standard authorized solicitations by NYSERDA, in consultation
with the Long Island Power Authority and New York Power Authority, for first phase of offshore wind
procurements. Through March 31, 2023 NYSERDA has issued three competitive solicitations for
offshore wind to stimulate the development of the domestic offshore wind industry, reduce the cost
of later offshore wind procurements, and allow New York State to realize the direct benefits
associated with the construction, operation, and maintenance of offshore wind resources.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
23
An October 15, 2020 Order of the PSC established a new Tier 2 and Tier 4. The Tier 2 Maintenance
program aims to provide targeted, adequate, and prudent support to New York’s existing renewable
resources to ensure their continued operations. Eligible Tier 2 maintenance generators include run-
of-river hydroelectric facilities (5 MW or less) and wind resources that entered commercial operation
prior to January 1, 2003. The Competitive Tier 2 program aims to maximize the contributions and
potential of New York’s existing renewable resources to ensure their continued operations. Eligible
Competitive Tier 2 generators include existing non-state-owned run-of-river hydropower and existing
wind resources located within the State that entered commercial operation prior to January 1, 2015.
The new Tier 4 will increase the penetration of renewable energy into New York City, which is
particularly dependent on polluting, fossil fuel-fired generation. NYSERDA will procure unbundled
environmental attributes associated with renewable generation delivered into New York City. These
environmental attributes include the avoidance of GHG emissions, as well as the avoidance of local
pollutants such as NOx, SOx, and fine particulate matter.
Regional Greenhouse Gas Initiative (RGGI) (Major fund)
RGGI is an agreement among twelve Northeastern and Mid-Atlantic States to reduce greenhouse
gas emissions from power plants. The RGGI states (Participating States) have committed to cap
and then reduce the amount of carbon dioxide that certain power plants are allowed to emit, limiting
the region’s total contribution to atmospheric greenhouse gas levels. The Participating States have
agreed to implement RGGI through a regional cap-and-trade program whereby the Participating
States have agreed to auction annual regional emissions. Rules and regulations promulgated by the
NYS Department of Environmental Conservation (DEC) call for NYSERDA to administer periodic
auctions for annual emissions. Pursuant to these regulations, the proceeds will be used by
NYSERDA to administer energy efficiency, renewable energy, and/or innovative carbon abatement
programs, and to cover the costs to administer such programs.
Green Jobs-Green New York (GJGNY) (Major fund)
GJGNY is a statewide program created by legislation enacted in October 2009 to promote energy
efficiency retrofits in residential, multifamily, small business and not-for-profit buildings, and
authorizes NYSERDA to establish innovative financing approaches through revolving loan funds to
finance such projects. The program will also support sustainable community development and
create opportunities for green jobs. The legislation funded the program with $112.0 million from
RGGI auction proceeds and restricts the use of interest earnings and revolving loan proceeds for
additional programmatic spending. Through March 31, 2023 NYSERDA subsequently transferred
$184.7 million in additional RGGI funds to support program activities.
Energy Analysis
Through this program, NYSERDA provides objective and credible analyses of energy issues to
various stakeholders. The program also includes activities for energy-related emergency planning
and response, and support for State energy planning in an effort to ensure a secure, reliable energy
supply. These program activities are funded primarily by a State assessment on the intrastate gas
and electricity sales of the State's investor-owned utilities.
Furthermore, Energy Analysis staff provide oversight activities pursuant to the State Low-Level
Radioactive Waste (LLRW) Management Act of 1986, whereby NYSERDA is responsible for
ultimately constructing and operating the State’s LLRW disposal facilities, collecting information, and
providing regular reports to the Governor and Legislature on LLRW generation in the State. These
activities are funded annually by State appropriations through a sub-allocation from the New York
State Department of Health.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
24
NYSERDA is also responsible for the coordination of nuclear material matters, including serving as
the State liaison with the Nuclear Regulatory Commission.
West Valley
NYSERDA manages, on behalf of the State, the Western New York Nuclear Service Center (West
Valley), which is the site of a former plant for reprocessing used nuclear fuel. Through 1972, the
former plant operator, Nuclear Fuel Services, Inc., generated as a by-product of its reprocessing
operations, more than 600,000 gallons of liquid, high-level radioactive waste, which was stored at
the site. In 1980, Congress enacted the West Valley Demonstration Project Act (West Valley Act).
Pursuant to the West Valley Act, the U.S. Department of Energy (DOE) is carrying out a
demonstration project to: (1) solidify the liquid high-level radioactive waste at West Valley; (2)
transport the solidified waste to a permanent federal repository; and (3) decontaminate and
decommission the reprocessing plant and the facilities, materials, and hardware used in the project.
NYSERDA also maintains, on behalf of the State, the State-Licensed Disposal Area (SDA), which is
a shut-down commercial low-level radioactive waste disposal facility at West Valley. NYSERDA is
evaluating how to remediate and close this facility in accordance with regulatory requirements.
Other
Other represents an aggregate of smaller Programs/Functions. These activities are primarily funded
through Commission Orders, Memorandums of Understanding with various utilities pursuant to
Commission Orders, various third-party reimbursement agreements, and federal energy grants.
NY Green Bank
NY Green Bank, a division of NYSERDA accounted for as a proprietary fund, was established to attract
private sector capital to accelerate clean energy deployment in New York State (the State). To date,
NY Green Bank has participated in transactions by providing: construction and longer-term post-
construction financing and investment, financing to enable developers to aggregate smaller distributed
assets into portfolios at scale, and credit enhancements.
NY Green Bank works to increase the size, volume, and breadth of clean energy investment activity
throughout the State, expand the base of investors focused on New York State clean energy, and
increase clean energy participants’ access to capital. To do so, NY Green Bank collaborates with the
private sector to develop transaction structures and methodologies that overcome typical clean
energy investment barriers, such as challenges in evaluating risk and addressing the needs of
distributed energy and efficiency projects where underwriting may be geared more towards larger
and/or groups of somewhat homogeneous investment opportunities.
NY Green Bank focuses on opportunities that create attractive precedents, standardized practices,
and roadmaps that capital providers can willingly replicate and scale. As funders “crowd in” to a
particular area within the clean energy landscape, NY Green Bank moves on to other areas that
have attracted less investor interest.
As a key component of New York’s CEF, NY Green Bank is structured to be self-sustaining in that it
must ultimately cover its own costs of operation.
Pursuant to various Orders of the Commission, the Commission authorized a total of $1 billion in
funded program capitalization for NY Green Bank which had been fully collected as of March 31,
2022.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
25
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of presentation
The basic financial statements include government-wide financial statements, governmental fund
financial statements, proprietary fund financial statements, and fiduciary fund financial statements.
The government-wide financial statements report information on governmental and business-type
activities, and consist of a Statement of Net Position and a Statement of Activities. These
statements exclude information about fiduciary activities where NYSERDA holds assets in a trustee
or fiduciary capacity for others since such assets cannot be used to support NYSERDA’s own
programs.
Net position classifications used in the government-wide financial statements are as follows:
• Net investment in capital assets – amount of capital assets, net of accumulated depreciation,
reduced by the outstanding balances of debt attributable to the acquisition, construction, or
improvement of those assets, and deferred outflows of resources less deferred inflows of
resources, that are attributable to the acquisition, construction, or improvement of those assets or
related debt, excluding any significant unspent related debt proceeds or deferred inflows of
resources
• R
estricted for specific programs – amount of restricted assets and deferred outflows of resources
reduced by liabilities and deferred inflows of resources related to those assets
• U
nrestricted – amount of assets, deferred outflows of resources, liabilities, and deferred inflows of
resources that are not included in the determination of Net investment in capital assets or the
Restricted for specific programs components of net position
The governmental fund financial statements report governmental activities and consist of a Balance
Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances. The funds
presented in the governmental funds financial statements are categorized as either major or non-
major funds (the latter are aggregated within “Other”) as required by U.S. generally accepted
accounting principles (U.S. GAAP).
Fund balance classifications used in the governmental fund financial statements are as follows:
• Nonspendable – amounts that cannot be spent because they are not in spendable form
• Restricted – amounts with constraints placed on the use of resources that are legally imposed by
creditors, grantors, contributors, or laws or regulations of other governments that may be imposed
by law through constitutional provisions or enabling legislation
• C
ommitted – amounts that can only be used for specific purposes pursuant to constraints imposed
by formal action of the government’s highest level of decision making. Amounts cannot be used for
any other purposes unless the government removes the specified use
• A
ssigned – amounts are constrained by the government’s intent to be used for specific purposes,
but are neither restricted or committed
• U
nassigned – residual balance is the amount not meeting other fund balance classifications
NYSERDA had no Committed or Assigned Fund Balances as of March 31, 2023. NYSERDA’s
Nonspendable fund balance at March 31, 2023 is composed of prepaid expenses.
NYSERDA administers certain programs on behalf of the Commission and others whereby the
terms of the program sponsor or enabling legislation limit the use of funds to certain program
purposes, and as such, the funds are reported as restricted. Since NYSERDA has multiple
constraints on its resources, restricted funds are considered spent first, committed funds second,
assigned funds third, and unassigned funds last.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
26
The proprietary fund financial statements, based on an enterprise type fund, report business-type
activities for which a fee is charged to external users for goods or services, and consist of a
Statement of Net Position; a Statement of Revenues, Expenses and Changes in Fund Net Position;
and a Statement of Cash Flows. NY Green Bank is presented in the proprietary fund financial
statements.
The fiduciary fund financial statements report assets held by NYSERDA in a fiduciary capacity for
others and consist of a Statement of Fiduciary Net Position and Statement of Changes in Fiduciary
Net Position. NYSERDA’s fiduciary funds include: (1) funds held for reimbursement to the State for
costs associated with the Low-Level Radioactive Waste Management Act of 1986; (2) funds that,
pursuant to a Cooperative Agreement, must be turned over to the U.S. Department of Energy upon
delivery of the solidified high-level radioactive waste from West Valley to a permanent federal
disposal repository to provide for perpetual care and management of the waste; (3) funds
established pursuant to the 2017 Indian Point closure agreement for community and environmental
benefit that must be transferred to recipients of awards of these funds upon the execution of
cooperative contracts; (4) funds established by the Office of Renewable Energy Siting through
collection of permit application fees for construction and operation of major renewable energy
facilities, held for reimbursement to local agencies and potential community intervenors for costs
related to the application review process; and (5) funds held in an irrevocable trust maintained by a
third-party trustee to receive employer contributions for NYSERDA’s health insurance premiums for
benefits provided to NYSERDA employees and/or their eligible spouses and dependent children
after active employment ends (postemployment).
(b) Basis of accounting
The government-wide financial statements are prepared using the economic resources
measurement focus and accrual basis of accounting, as are the proprietary fund and the fiduciary
fund financial statements. Revenues resulting from exchange transactions are recognized when the
exchange takes place. Revenues resulting from non-exchange transactions, such as program
funding in the form of grants, contributions, utility surcharge assessments, and State appropriations,
are recognized when all eligibility requirements (if any) have been met. Resources received in
advance of meeting all eligibility requirements are recorded as unearned revenue. Expenses in the
government-wide financial statements are recognized when incurred. NYSERDA’s administrative
overhead charges are included as program direct expenses in the Statement of Activities.
Financial statements for governmental funds are presented using the current financial resources
measurement focus and the modified accrual basis of accounting. Under the modified accrual basis
of accounting, revenues are recorded when they become measurable and available (expected to be
collected in the next 12 months) and have met eligibility requirements (if any). Expenditures, rather
than expenses, are recognized in governmental fund financial statements. Only transactions that
require the use of current financial resources are recognized. Expenses related to non-current
liabilities are not recorded; however, certain expenses that are recognized over time in the
government-wide financial statements are recognized as expenditures in the governmental fund
financial statements in the period in which the underlying transaction takes place.
The governmental fund financial statements include a reconciliation of total fund balance and the
changes therein, to total net position and the changes therein that are reflected in the government-
wide financial statements. The reconciling items are the result of the above-described differences in
measurement focus and basis of accounting.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
27
(b) Adoption of new accounting pronouncements
NYSERDA implemented GASB Statement No. 87, Leases (GASB 87), and GASB Statement No.
96, Subscription-Based Information Technology Arrangements (SBITA) (GASB 96), for the fiscal
year ended March 31, 2023.
GASB 87 establishes a single model for lease accounting based on the foundational principle that
leases are financings of the right to use an underlying asset. This GASB is intended to increase the
usefulness of governments’ financial statements by requiring recognition of certain lease assets and
liabilities for leases that previously were classified as operating leases and recognized as inflows of
resources or outflows of resources based on the payment provisions of the contract.
GASB 96 establishes that a SBITA results in a right-to-use subscription asset and a corresponding
subscription liability. This GASB is intended to improve financial reporting by establishing
a definition for SBITAs and providing uniform guidance for accounting and financial reporting for
transactions that meet that definition, resulting in greater consistency in practice.
NYSERDA recorded, as of April 1, 2022 additional right of use capital assets, and a lease receivable,
lease liability, software subscription liability, and deferred inflows of resources as a result of adopting
these new standards. There was no effect on beginning net position or fund balance at April 1, 2022.
These statements require enhanced notes disclosures (see notes 6, 7 & 8).
(c) Indirect cost allocation method
NYSERDA incurs certain indirect costs (e.g., administrative salary expense, fringe benefit expense,
and general and administrative expense) that are not directly associated with a specific
function/program. Therefore, these costs are allocated in proportion to direct salary expenses of
each NYSERDA function/program, including NY Green Bank. Net pension liability (asset) and net
OPEB liability (asset) are also allocated proportionately to NY Green Bank, as required for
Proprietary funds.
(d) Investments
Investments are recorded at fair value, which reflects quoted market prices for U.S. government
obligations, mutual funds, and exchange-traded funds.
(e) Loans and financing receivables
Loans and financing receivables are recorded at their cost basis, less any provision for losses.
For NY Green Bank, a provision for losses is established on any individual loan and financing
receivable which: (i) is delinquent by more than 120 days on payment of principal or interest
obligations; and (ii) indicates a deficiency in the present value of expected cash flows discounted at
its effective interest rate, or a deficiency in the valuation of its collateral, as compared to its
outstanding balance plus any accrued interest receivable. For the GJGNY program, an allowance
for doubtful accounts is recorded at the amount of the outstanding principal balance of all loans over
120 days past due.
(f) Capital and right-to-use assets
Physical assets with a cost of more than $2,500 and an estimated useful life in excess of two years
are capitalized and reported at historical cost in the government-wide financial statements.
Depreciation is calculated using the straight-line method over the estimated useful life of the capital
assets, which ranges from three to fifty years, and is reported in the government-wide and
proprietary fund financial statements. Capital asset purchases are recorded as expenditures in the
governmental funds financial statements.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
28
GASB’s 87 & 96 established criteria, respectively, whereby certain leases where NYSERDA is the
lessee, and certain SBITA’s, are also recorded as right-to-use capital assets. Amortization is
calculated over the lesser of the leased asset’s useful life, or the remaining lease term; or for
SBITA’s, the subscription term; and is reported in the government-wide and proprietary fund
financial statements, but is reported as an expenditure for capital outlays in the governmental funds
financial statements.
(g) Unearned revenue
Unearned revenue consists of funds received or receivable in advance of revenue recognition
conditions having been met for the underlying exchange transactions.
(h) Deferred outflows of resources and deferred inflows of resources
Deferred outflows of resources as presented in the government-wide and proprietary fund financial
statements represent a consumption of net assets applicable to a future reporting period. Deferred
inflows of resources as presented are defined as an acquisition of net assets applicable to a future
reporting period. Deferred outflows of resources and deferred inflows of resources related to
pension and OPEB are also allocated proportionately to NY Green Bank, as required for Proprietary
funds.
Additionally, deferred inflows of resources exist related to NYSERDA’s lease receivable, as a result
of the adoption of GASB 87 (see Note 2 (b)).
The below table represents the values of deferred outflows of resources and deferred inflows of
resources as of March 31, 2023 by fund type and description:
(Amounts in thousands)
Governmental activities:
Deferred
outflows of
resources
Deferred
inflows of
resources
Pension related
$17,049
($26,367)
OPEB related
9,920
(13,875)
Lessor related
-
(5,656)
Total
$26,969
($45,898)
Business-type activities:
Pension related
$2,232
($4,488)
OPEB related
1,704
(2,262)
Total
$3,936
($6,750)
(i) Vacation and sick leave
NYSERDA employees are granted vacation and sick leave in varying amounts. In the event of
termination or retirement, an employee is reimbursed for accumulated vacation leave up to the
equivalent of 45 days, and sick leave up to a maximum of five days. Retired employees may use
additional accumulated sick leave to pay for the employee share of health insurance premiums.
NYSERDA's accrual for compensated absences, as reported in the government-wide financial
statements within other non-current liabilities, includes fringe benefits on compensated absences
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
29
and estimated costs to use employee sick leave for post-retirement health benefits. Compensated
absences are not accrued in the governmental funds financial statements.
(j) NY State assessments
NY State assessments for the year ended March 31, 2023 consisted of $12.7 million in fees
assessed by the State under Section 2975 of the Public Authorities Law (Governmental Cost
Recovery System) for general governmental services, and $0.9 million paid to the State under a
budget bill pursuant to Article VII of the New York State Constitution.
(k) Use of estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingencies. Estimates also affect the reported amounts of revenues and expenditures /
expenses during the reporting period. Actual results could differ from those estimates.
(l) Income taxes
NYSERDA is a component unit of the State and therefore is generally exempt from federal, state,
and local income taxes.
(3) CASH AND INVESTMENTS
Pursuant to Public Authorities Law Section 1859(1), the Commissioner of the New York State
Department of Taxation and Finance (Fiscal Agent) serves as fiscal agent for NYSERDA’s cash and
investments, maintaining such funds on NYSERDA’s behalf and implementing investments subject
to the Fiscal Agent’s policies and with direction and authorization from NYSERDA. NYSERDA has a
written investment policy that applies to all of its investments. The policy permits deposits with
financial institutions approved by the Fiscal Agent and permits investments in certificates of deposit
of bank or trust companies located in New York State, obligations of New York State and the United
States government and certain of their agencies, repurchase agreements subject to certain
limitations, and money market funds subject to certain limitations.
Cash and investments of the OPEB Trust are held with the Bank of New York Mellon Trust
Company. All OPEB Trust investments are made consistent with the investment policy based on
target percentages established for each asset class.
The following schedule presents cash and investments as of March 31, 2023. Fair value is
measured using quoted market prices for U.S. government obligations, mutual funds, and exchange
traded funds. GASB Statement No. 72, Fair Value Measurement and Application, prescribes three
approaches to measuring fair value and requires a government to use valuation techniques
consistent with one or more of these approaches. The standard establishes a fair value hierarchy
that categorizes the inputs to valuation techniques used to measure fair value into three levels. Level
1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets that a
government can access at the measurement date. Level 2 inputs are inputs—other than quoted
prices included within Level 1—that are observable for an asset or liability, either directly or
indirectly. Level 3 inputs are unobservable inputs for an asset or liability. The fair value hierarchy
gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. All NYSERDA
investments are valued based on Level 1 inputs.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
30
Fair Value
(Amounts in
thousands)
% of
Total
Weighted
Average
Maturity
(months)
Governmental activities
Cash and cash equivalents
$116,075
12.6
n/a
U.S. Treasury Bills/Notes
804,016
87.4
2.3
Total
$920,091
100.0
2.3
Current portion thereof
$920,091
Fair Value
(Amounts in
thousands)
% of
Total
Weighted
Average
Maturity
(months)
Proprietary activities
Cash and cash equivalents
$19,132
5.4
n/a
U.S. Treasury Bills/Notes
333,180
94.6
2.8
Total
$352,312
100.0
2.8
Current portion thereof
$352,312
Fiduciary funds
Cash and equivalents
$10,380
9.3
n/a
Mutual funds
48,803
43.9
n/a
Exchange traded funds
17,034
15.3
n/a
U.S. Treasury Bills
35,006
31.5
5.4
Total
$111,223
100.0
5.4
Interest Rate Risk. NYSERDA’s investment policy limits investment maturities to no longer than five
years as a means of managing its exposure to fair value losses arising from increasing interest
rates. Investment maturities are selected based on anticipated cash flow needs.
The OPEB Trust's risk tolerance is understood by the Plan Administrator such that achieving the
Plan’s investment objectives is not guaranteed and there will be time periods for which these
objectives will not be met. The Plan Administrator also recognizes that some risk must be assumed
to achieve the Trust’s long-term investment objectives and accepts the inevitable fluctuations in
returns that will occur. While it is understood that a certain level of risk is expected in the Trust’s
portfolio, the ability to withstand short and intermediate term variability was specifically considered in
the development of the Investment Policy Statement risk tolerances. The debt instruments held
within the above table’s Mutual funds and Exchange traded funds are shown in the below table.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
31
Credit Risk. Money market fund investments consist of non-rated funds whose investments are
restricted to U.S. government obligations. As of March 31, 2023, debt instruments other than those
of the U.S. government were held only by the OPEB Trust and were as follows:
Investment type
Investment policy
range (% of
portfolio)
Fair Value
(Amounts in
thousands)
Morningstar 5-
star rating scale
rating
Mutual funds:
Short term bonds
1%-6%
$3,729
5
Intermediate term bond
9%-19%
$11,904
5
Inflation protected securities
5%-15%
$7,426
4
Long term bond
1%-11%
$1,340
4
High yield bond
7%-17%
$10,473
2
Global bond
1%-6%
$659
5
Morning star is not a credit agency, their rating is a measure of the fund’s risk-adjusted return
relative to similar funds. Funds are rated one to five stars with the strongest performers receiving
five stars.
Concentration of Credit Risk. NYSERDA’s investment policy limits investments with any single
eligible banking institution to no more than 35% of its total investment portfolio, except as otherwise
required by any policies and practices of the Fiscal Agent. As of March 31, 2023, NYSERDA did not
have any investments with institutions that were individually in excess of 5% of total investments.
The OPEB Trust’s investment policy places limitations on the concentration of investments in certain
industries, with certain companies, and among asset classes and within investment policy ranges.
Custodial Credit Risk for Deposits. Deposits are exposed to custodial credit risk if the deposits are
not covered by depository insurance or deposits are uncollateralized, collateralized with securities
held by the pledging financial institution, or collateralized with securities held by the pledging
institution’s trust department or agent, but not in the name of NYSERDA.
In accordance with existing policies and procedures, the Fiscal Agent of NYSERDA monitors deposit
balances for the purpose of determining collateralization levels. Collateral sufficient to cover all
uninsured deposits is held at the Department's custodial bank.
Custodial Credit Risk for Investments. Investment securities are exposed to custodial credit risk if the
securities are uninsured, are not registered in the name of NYSERDA, and are held either by the
counterparty or the counterparty’s trust department or agent, but not in the name of NYSERDA.
Fixed income investments owned directly by NYSERDA, which trade in the U.S. markets, are held at
NYSERDA's Fiscal Agent’s custodian, in separate accounts, in the name of the Comptroller of the
State of New York in Trust for NYSERDA. These securities are typically held in electronic form
through the Federal Book Entry System and by the Depository Trust Company (DTC) and its
subsidiaries acting as an agent of NYSERDA’s Fiscal Agent’s custodian bank.
Foreign Currency Risk. As of March 31, 2023, only the OPEB Trust portfolio (reported within
Fiduciary funds) holds foreign investments. Foreign mutual fund holdings, which are U.S. dollar
denominated, at March 31, 2023 were $21.0 million (comprised of $20.2 million of equity funds and
$0.8 of fixed income funds).
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
32
(4) RECEIVABLE FROM NEW YORK STATE
As of March 31, 2023, the amount due from New York State is $15.2 million, which represents
appropriation and grant receivables.
(5) LOANS AND FINANCING RECEIVABLES
Loans receivable exist under the Green Jobs-Green New York program to finance energy efficiency
retrofits and renewable energy system installments in residential, multifamily, small business, and
not-for-profit buildings. The residential component, and certain small business/not-for-profit loans,
offers loans originated by a third-party loan originator using pre-established loan underwriting
criteria, which are funded by NYSERDA and serviced by a third-party loan servicer. Multifamily and
small business/not-for-profit loans are provided through participating lenders with NYSERDA
providing 50% of the principal, subject to certain limits.
For the fiscal year ended March 31, 2023, provision for losses was $1.2 million and is included in
Program/Current expenditures, respectively, for the Program/Major Fund.
NY Green Bank loans and financing receivables consist of sustainable infrastructure investments
made by it into eligible technologies, consistent with its mission and investment criteria. These loans
and financing transactions aim to mobilize private sector capital during the lifecycle of each
investment, accelerate the deployment of economically and technically feasible clean energy
projects in the State, provide financial returns to NY Green Bank, and contribute to New York’s clean
energy policy outcomes. NY Green Bank offers the following categories of capital solutions:
construction finance, construction finance & term loan, term loans & investments (which may be
debt or equity), warehousing/aggregation, and credit enhancements. NY Green Bank prices its
products to reflect its credit underwriting, its risk position in the capital structure and pricing for
comparable transactions, as well as internal portfolio return needs taking into account current
market rates as well as commercial expectations of rates.
For the fiscal year ended March 31, 2023, provision for losses was $0.1 million and is included as a
reduction of loans and financing receivables interest earned.
Loans and financing receivables at March 31, 2023 include the following:
(Dollar amounts in thousands)
Governmental activities
Number of
loans and
financing
receivables
Loans and
financing
receivables
outstanding
Residential
37,900
$212,170
Small Business/Not-for-Profit
89
1,034
Other
23
7,255
Total governmental activities/funds
38,012
220,459
Allowance for doubtful accounts
(10,943)
Net total governmental activities/ funds
$209,516
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
33
Loans and financing receivables at March 31, 2023 mature as follows:
(Amounts in thousands)
Fiscal year ending
March 31,
Residential
Energy
Efficiency
Small
Business/
Not-for-
Profit
Other
Total
2024
$21,678
244
4,797
26,719
2025
20,732
204
2,023
22,959
2026
19,676
182
24
19,882
2027
19,865
136
26
20,027
2028
19,903
106
28
20,037
2029-2033
78,985
162
169
79,316
2034-2038
31,310
-
188
31,498
2039
21
-
-
21
Total governmental activities
$212,170
1,034
7,255
220,459
Business-type activities
Fiscal year ending
March 31,
Construction
Finance
Construction
Finance &
Term Loan
Term Loan &
Investments
Warehousing
/Aggregation
Total
2024
$5,789
15,829
34,082
60,443
116,143
2025
4,889
22,767
64,569
34,560
126,785
2026
777
3,199
45,046
-
49,022
2027
29,820
17,758
28,412
-
75,990
2028
842
6,991
81,516
-
89,349
2029-2033
13,930
120,893
45,157
-
179,980
2034-2038
-
27,771
16,303
-
44,074
Total business-type
activities
$56,047
215,208
315,085
95,003
681,343
Business-type activities
Number of
loans and
financing
receivables
Loans and
financing
receivables
outstanding
Construction Finance
8
$56,047
Construction Finance & Term Loan
13
215,208
Term Loans & Investments
27
315,085
Warehousing/Aggregation
4
95,003
Total business-type activities
52
$681,343
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
34
(6) OTHER ASSETS
As of March 31, 2023, the other assets balance represents $15.8 million (as valued at the lower of
cost or market value) of the Upstate and Downstate New York State Strategic Gasoline Reserves,
which were established to provide an emergency supply of finished motor gasoline in case of a
significant disruption to petroleum fuels supply or distribution.
Additionally, other assets includes a lease receivable of $5.7 million. NYSERDA is the lessor of
certain equipment comprising a cooling water structure at the Indian Point Energy Center in
Buchanan, New York; land and building use at the Saratoga Technology and Energy Park (STEP);
building use in West Valley, NY; and sub-leased office space in New York City. Rental revenues for
the fiscal year 2022-23 totaled $1.1 million and interest income associated with the lease payments
received was $0.1 million.
Other assets also includes a $0.5 million note previously held by NYSERDA which was converted to
an equity position.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
35
(7) CAPITAL ASSETS
Capital asset activity for the year ended March 31, 2023 was as follows:
(Amounts in thousands)
Beginning
Balance
Additions
Retirements/
Reclasses
Ending
Balance
Land
$685
-
-
685
Land improvements
5,843
-
-
5,843
Buildings
8,931
64
-
8,995
Machinery and equipment
22,380
796
(90)
23,086
Leasehold improvements
3,244
7
-
3,251
Total capital assets
41,083
867
(90)
41,860
Less accumulated depreciation:
Land Improvements
(2,596)
(201)
-
(2,797)
Buildings
(6,374)
(273)
-
(6,647)
Machinery and equipment
(18,929)
(1,619)
90
(20,458)
Leasehold improvements
(1,808)
(257)
-
(2,065)
Total accumulated depreciation
(29,707)
(2,350)
90
(31,967)
Total capital assets, net, excluding
lease and SBITA assets
11,376
(1,483)
-
9,893
Lease and SBITA assets:
Leases- office space
12,120
-
-
12,120
SBITA
2,047
2,417
-
4,464
Total lease and SBITA assets
14,167
2,417
-
16,584
Less accumulated amortization:
Leases- office space
-
(2,411)
-
(2,411)
SBITA
-
(2,883)
-
(2,883)
Total accumulated amortization
-
(5,294)
-
(5,294)
Total lease and SBITA assets, net
14,167
(2,877)
-
11,290
Total capital assets, net, as
reported on the statement of net
position
$25,543
(4,360)
-
21,183
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
36
(8) NON-CURRENT LIABILITIES
Non-current liability activity for the year ended March 31, 2023 was as follows:
(Amounts in thousands)
Beginning
Balance
Additions
Reductions
Ending
Balance
Amounts
Due within
One Year
Governmental activities
Compensated absences
$12,067
6,757
(5,506)
13,318
5,941
Lease liability- office space
12,120
-
(2,153)
9,967
2,244
SBITA liability
286
-
(140)
146
146
Deposits
34,556
11,884
(22,399)
24,041
-
Bonds payable
95,957
26,500
(20,825)
101,632
8,815
Total non-current liabilities,
excluding net pension and
OPEB liabilities
154,986
45,141
(51,023)
149,104
17,146
Net pension liability (see note
9)
-
-
Net OPEB liability (see note 10)
-
-
Total non-current liabilities as reported on the statement of net position
$149,104
17.146
As of March 31, 2023, future payments for leased office space are:
(Amounts in thousands)
Fiscal year
ending
March 31,
Leased office space
Total
Principal
Interest
2024
$2,244
223
2,467
2025
2,230
179
2,409
2026
1,845
106
1,951
2027
2,062
67
2,129
2028
1,267
18
1,285
2029-32
318
13
331
Total
$9,967
606
10,573
During fiscal year 2022-23 additional common-area charges of $0.4 million were expensed for
variable operating costs charged by the lessors which are not included in the base rent or
measurement of the lease liability above.
A portion of the leased office space at one location in New York City is subleased to a third-party
tenant; see note 6 for further information.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
37
As of March 31, 2023, future payments for SBITA’s are:
(Amounts in thousands)
Fiscal year
ending
March 31,
SBITA’s
Total
Principal
Interest
2024
$146
2
148
Bonds payable includes various bonds issued and secured by loan repayments from loans issued
under the GJGNY program. Following is a schedule of bonds issued and outstanding at March 31,
2023:
(Amounts in thousands)
Principal
Balance
Outstanding
Final
Maturity
Date
Interest
Rate
Residential Energy Efficiency Financing
Revenue Bonds,
Series 2013A
$7,290
July 1, 2028
3.2% to 4.1%
Series 2015A
24,210
July 1, 2030
2.9% to 3.8%
Series 2016A
14,190
July 1, 2031
1.9% to 2.8%
Residential Solar Loan Revenue Bonds,
Series 2015
6,762
March 1, 2027
4.6% to 4.9%
Residential Solar Financing Green
Revenue Bonds, Series 2018A
7,180
April 1, 2034
3.4% to 4.8%
Residential Solar and Energy Efficiency
Financing Green Revenue Bonds, Series
2019A
6,185
April 1, 2035
3.3% to 4.6%
Residential Solar and Energy Efficiency
Financing Green Revenue Bonds, Series
2020A
10,215
October 1, 2036
1.6% to 3.4%
Residential Solar and Energy Efficiency
Financing Green Revenue Bonds, Series
2022A
26,500
April 1, 2037
4.2% to 4.9%
Total
$101,632
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
38
The Series 2013A, Series 2015A, and Series 2016A Bonds were issued under a master Indenture of
Trust (Indenture), as supplemented, which requires that NYSERDA maintain cash and future
scheduled pledge loan payments in each bond year of not less than 110% of annual debt service for
each series of bonds. Payment of principal and interest on the Series 2013A bonds are guaranteed
by the New York State Environmental Facilities Corporation (EFC) through the Clean Water State
Revolving Fund (SRF). The Residential Energy Efficiency Financing Revenue Bonds Series 2015A
and Series 2016A were issued to EFC in connection with SRF bonds issued by EFC. The Series
2015A bonds include an interest subsidy credit from EFC provided compliance with provisions of the
EFC financing agreements. Under the terms of agreements with EFC, NYSERDA has on deposit
with an escrow agent as of March 31, 2023, approximately $2.6 million in a Collateral Reserve
Account, which may be used by EFC to fund or reimburse its guarantee. Any funds held by the
Trustee under the Indenture may be withdrawn by NYSERDA provided that cash and scheduled
pledged loan payments are not less than 120% of annual debt service and provided that the balance
of the Collateral Reserve Account and any Debt Service Reserve Fund are not less than 15% of
aggregate bonds outstanding under the Indenture.
Bonds payable also includes Residential Solar Loan Revenue Bonds (Series 2015). The bonds are
secured with a pledge of payments from consumer loans issued through the GJGNY program to
finance the installation of residential photovoltaic systems (Solar Loans) in an amount which
provides scheduled debt service coverage of 125% based on a 15 year structuring amortization
schedule. The bonds originally included a variable rate component, but pursuant to the terms of the
borrowing, pledged Solar Loan payments received in excess of structuring scheduled payments
were applied on a quarterly basis first to the redemption of outstanding variable rate bonds, and then
to outstanding fixed rate bonds, and as of March 31, 2023 no variable rate principal balance
remained outstanding. The remaining principal outstanding bears interest at a fixed rate determined
at the time each series was issued, and mature approximately 10 years from the date issued,
ranging from March 1, 2026 to March 1, 2027.
Also included in Bonds Payable are Residential Solar Loan Revenue Bonds (Series 2018) issued to
finance or refinance loans residential solar loans for under the GJGNY program for one to four family
residential structures. The Series 2018A Bonds are payable solely from and secured by Pledged Loan
Payments held by the Trustee under the Indenture and all money, revenues, and receipts to be
received under the Indenture.
Bonds Payable further includes Residential Solar and Energy Efficiency Financing Green Revenue
Bonds (for Series 2019A and Series 2020A). The Series 2019A, 2020A, and 2022A Bonds are
payable solely from and secured by the Pledged Revenues pursuant to the Indenture of Trust.
For each of the Series of bonds outstanding at March 31, 2023, failure of the Authority to cause to be
made by the Trustee, the scheduled payment of principal and/or interest amounts still outstanding at
such maturity date, would result in the Authority becoming responsible for, but only from pledged loan
payments, all reasonable collection and similar fees, plus interest on overdue installments of interest
at the rate borne by the Bonds. The remedy of acceleration shall not be available to the Owners of the
bonds.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
39
As of March 31, 2023, maximum future debt service requirements of the bonds are:
(Amounts in thousands)
Fiscal year
ending
March 31,
Bonds payable
Total
Principal
Interest
2024
$8,815
2,835
11,650
2025
12,090
3,127
15,217
2026
11,765
2,764
14,529
2027
18,102
2,356
20,458
2028
9,670
1,751
11,421
2029-33
21,725
5,550
27,275
2034-38
19,465
3,512
22,977
Total
$101,632
21,895
123,527
In the above table, certain bonds with principal payments that are dependent on the amount of
pledged loan receipts are shown in the period in which final maturity of such amounts occur, though
pre-payment without penalty could occur. In addition, interest payments for those same bonds
include the maximum amount assuming no principal pre-payments are made.
(9) RETIREMENT PLAN
There are two retirement plans for NYSERDA employees: the New York State and Local Retirement
System (the System), and the New York State Voluntary Defined Contribution Plan (VDC). Nearly all
employees of NYSERDA participate in one of these two plans.
The System is a cost-sharing, multiple-employer, defined benefit public employee retirement plan.
The State Comptroller is sole trustee and administrative head of the System. The System issues a
publicly available financial report including financial statements and required supplementary
information located on the Internet at
https://www.osc.state.ny.us/files/retirement/resources/pdf/financial-statements-2021.pdf
or by writing
to the New York State and Local Retirement System, 110 State Street, Albany, New York 12244.
The System provides retirement benefits, as well as death and disability benefits. Retirement
benefits are established by the New York State Retirement and Social Security Law. Retirement
benefits, contributory requirements and vesting depend on the point in time at which an employee
first joined the System (membership “tier”). Members of the System who joined before July 27, 1976
are enrolled in a noncontributory plan; NYSERDA contributes the entire amount determined to be
payable to the System for those members. Personnel who joined the System after July 27, 1976
through January 1, 2010 and who have less than 10 years of accredited service are required by law
to contribute three percent of their gross salary; NYSERDA contributes the balance payable to the
System during that period, and the full amount determined to be payable thereafter. Members who
joined the System between January 1, 2010 and March 31, 2012 contribute three percent of their
gross salary during the full term of employment. Members who joined the System after April 1, 2012
contribute between three percent and six percent, depending on their salary, during the full term of
employment. Retirement benefits vest after five to 10 years of accredited service, depending on the
applicable tier.
As of the fiscal year ended March 31, 2023, NYSERDA’s proportionate share of the System’s net
pension liability (asset) was approximately 0.11%, determined based on the ratio of NYSERDA’s
total projected long-term contributions to the total System projected long-term contributions from all
employers. NYSERDA, in turn, allocated a share of its pension liability (asset) and deferred outflows
and deferred inflows to NY Green Bank, its proprietary fund, based on a proportional allocation
methodology using direct salary expenses. The governmental activities represent approximately
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
40
82% and the proprietary fund represents approximately 18% of the proportionate share of the
balances of System pension-related amounts consistent with NYSERDA’s current allocation
methodology. NYSERDA’s net pension liability (asset), which includes that of NY Green Bank, is as
follows:
(Amount in thousands)
Measurement date
03/31/2022
Actuarial valuation date
04/01/2021
Net pension liability (asset)
($8,775)
The significant actuarial assumptions included in the actuarial valuation included an inflation factor of
2.7%, projected salary increases of 4.4%, and investment rate of return of 5.9%. The System also
assumed a COLA of 1.4% annually. Annuitant mortality rates are based on the System’s 2020
experience study of the period April 1, 2015 – March 31, 2020, with adjustments for mortality
improvements based on Society of Actuaries Scale MP-2020. The discount rate used to calculate
the total pension liability was 5.9%. For purposes of measuring the net pension liability (asset),
deferred outflows of resources and deferred inflows of resources related to NYSERDA’s participation
in the System, as well as the related pension expense, information about the fiduciary net position of
the System, and additions to/deductions from NYSERDA’s fiduciary net position, have been
determined on the same basis as they are reported by the System. For this purpose, benefit
payments (including refunds of employee contributions) are recognized when due and payable in
accordance with the statutes governing the System. Investments are reported at fair value.
Pension expense for the fiscal year ended March 31, 2023 was $0.04 million. NYSERDA’s
contribution to the System for the fiscal year ended March 31, 2023 was $3.5 million, representing
100% of the required contribution.
Net Pension liability (asset) activity for the year ended March 31, 2023 was as follows:
(Amounts in thousands)
Beginning
Balance
Additions
Reductions
Ending
Balance
Amounts
Due within
One Year
Governmental activities
Net pension liability (asset)
$331
10,005
(17,563)
(7,227)
-
Business-type activities
Net pension liability (asset)
($230)
1,648
(2,966)
(1,548)
-
The following table portrays the sensitivity of NYSERDA’s proportionate share of the net pension
liability (asset) due to changes in the discount rate:
(Amounts in thousands)
1% Decrease
(4.9%)
Current Discount
Rate
(5.9%)
1% Increase
(6.9%)
Governmental activities
Net pension liability (asset)
$22,586
($7,227)
($28,831)
Business type-activities
Net pension liability (asset)
$3,984
($1,548)
($6,176)
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
41
\
Balances of System pension-related deferred outflows of resources and deferred inflows of
resources as of the measurement date were as follows:
(Amounts in thousands)
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual
experience
$665
($862)
Changes of assumptions
14,644
(247)
Net difference between projected and actual
investment earnings on pension plan
investments
-
(28,734)
Changes in proportion and differences
between employer contributions and
proportionate share of contributions
487
(1,012)
Employer contributions subsequent to the
measurement date
3,484
-
Total
$19,281
($30,855)
The amount of employer contributions subsequent to the measurement date will be recognized as a
reduction of the net pension liability (asset) in the fiscal year ended March 31, 2024.
The deferred outflows of resources and deferred inflows of resources to be recognized in pension
expense in the following years and in the aggregate are as follows:
(Amounts in thousands)
Fiscal year Ending March 31:
Governmental
activities
Business-type
activities
Total
2024
($2,077)
(396)
(2,473)
2025
(2,923)
(522)
(3,445)
2026
(6,519)
(1,089)
(7,608)
2027
(1,283)
(249)
(1,532)
Totals
($12,802)
(2,256)
(15,058)
The VDC is a multiple-employer, defined contribution plan administered by the Director of University
Benefits for the State University of New York (SUNY); TIAA-CREF serves as the third-party
administrator. On July 1, 2013, the VDC option was made available to NYSERDA employees hired
on or after that date whose annual salary is $75,000 or more. Those employees voluntarily electing
the VDC plan are prohibited from joining the System (defined benefit plan) at a later date (and the
opposite also applies; plan participation elections are irrevocable). VDC provides benefits through
annuity contracts and provides retirement and death benefits to those employees who elected to
participate in the VDC. Employees have the ability to choose from a variety of investment providers
for the VDC. Benefits are determined by the amount of individual accumulations and the retirement
income option selected. All benefits generally vest after the completion of one year of service.
Employees electing to participate in the VDC plan are required to contribute between 5.75% and 6%
of gross earnings, dependent upon their salary, for their entire working career; NYSERDA
contributes 8%.
One hundred eighty-one employees have vested in the VDC as of March 31, 2023. NYSERDA's
contribution to the VDC for the year ended March 31, 2023 was $1.4 million.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
42
(10) POSTEMPLOYMENT HEALTHCARE BENEFITS
Plan Description
The New York Civil Service Law, Section 163(2) provides for health insurance coverage for retired
employees of New York State, including their spouses and dependent children. The law extends to
public benefit corporations. NYSERDA maintains a single-employer defined benefit plan (the "Plan"),
providing this benefit to eligible retirees and/or their spouses and dependent children. Eligibility is
determined by membership in the System and New York State Voluntary Defined Contribution
(VDC) Program, enrollment in the New York State Health Insurance Program at the time of
retirement, and the completion of a minimum number of years of service as required by the System
and VDC program. The Plan provides that members that retired prior to January 1, 2013 pay the
percentage share of the health insurance premiums that active NYSERDA employees paid as of
December 31, 2012. Members that retired on or after January 1, 2013 pay the same percentage
share of the health insurance premiums as that charged for active State management confidential
employees (as of March 31, 2022 the shares were 16% of the premium for individual coverage and
31% of the incremental premium for family coverage). NYSERDA is billed by the New York State
Department of Civil Service monthly for pay-as-you-go funding requirements; however, payments
are made from an irrevocable OPEB Trust account established in March 2010. The purpose of the
OPEB Trust is for the accumulation of funds to pay future benefit costs. The Trust’s funds are held
by a third-party trustee. The Trust is managed by the Officers of NYSERDA, in consultation with an
independent Investment Consultant.
As of March 31, 2023, there were 139 retirees and dependent survivors actively receiving benefits
and 357 active Plan members. NYSERDA’s OPEB Trust is recorded as a fiduciary fund within
NYSERDA’s financial statements.
Net OPEB liability (asset) and disclosures required by GASB Statement No. 75 (Employer
Reporting):
The Total OPEB liability at March 31, 2023 was determined using the January 1, 2022 actuarial
valuation, and was then projected forward to the measurement date of March 31, 2022.
NYSERDA allocates a share of its Net OPEB liability (asset) and related deferred outflows and
deferred inflows to NY Green Bank, its proprietary fund, based on a proportional allocation
methodology using direct salary expenses. The governmental activities represent approximately
87% and the proprietary fund represents approximately 13% of the proportionate share of the
balances of OPEB-related amounts consistent with NYSERDA’s current allocation methodology.
Net OPEB liability (asset) activity for the year ended March 31, 2023 was as follows:
(Amounts in thousands)
Beginning
Balance
Additions
Reductions
Ending
Balance
Amounts
Due within
One Year
Governmental activities
Net OPEB liability (asset)
($11,997)
8,509
(4,083)
(7,571)
-
Business-type activities
Net OPEB liability (asset)
($1,972)
1,460
(667)
(1,179)
-
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
43
The following table summarizes changes in the separate components of, and resultant net OPEB
liability (asset) of NYSERDA, which includes that of NY Green Bank:
(Amounts in thousands)
Sensitivity Analysis:
Discount rate
The Plan’s fiduciary net position was projected to be available to make all projected future benefit
payments of current active and inactive employees. Therefore, the discount rate for calculating the
total OPEB liability is equal to the long-term expected rate of return.
(Amounts in thousands)
1% Decrease
(5.00%)
Current Discount Rate
(6.00%)
1% Increase
(7.00%)
Governmental activities
Net OPEB liability (asset)
$1,007
($7,571)
($14,492)
Business type-activities
Net OPEB liability (asset)
$157
($1,179)
($2,256)
Healthcare cost trend rates
The following presents the net OPEB liability (asset) of NYSERDA, calculated using the current
healthcare cost trend rates as well as what the Authority’s net OPEB liability (asset) would be if it
were calculated using trend rates that are 1 percentage point lower or 1 percentage point higher
than the current trend rates.
(Amounts in thousands)
1% Decrease
Current Trend Rate
1% Increase
Governmental activities
Net OPEB liability (asset)
($15,376)
($7,571)
$2,371
Business type-activities
Net OPEB liability (asset)
($2,394)
($1,179)
$369
Total OPEB
Liability
(a)
Plan
Fiduciary
Net Position
(b)
Net OPEB
Liability (asset)
(a) – (b)
Fiscal year ended March 31, 2022
$55,709
69,678
(13,969)
(Measurement date March 31, 2021)
Changes for the year:
Service cost
2,549
2,549
Interest
3,440
3,440
Differences between expected
and actual experience
871
871
Benefit payments
(1,869)
(1,869)
-
Contributions-employer
-
2,148
(2,148)
Net investment income
-
(490)
490
Administrative expenses
-
(17)
17
Fiscal year ended March 31, 2023
$60,700
69,450
(8,750)
(Measurement date March 31, 2022)
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
44
OPEB expense for the fiscal year ended March 31, 2023 was $0.5 million. Balances of OPEB-
related deferred outflows of resources and deferred inflows of resources as of March 31, 2023 were
as follows:
(Amounts in thousands)
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Differences between expected and actual
experience
$1,485
($5,370)
Changes of assumptions
504
(1,867)
Difference between projected and actual
investment earnings on Trust investments
7,086
(8,900)
Employer contributions subsequent to the
measurement date
2,549
-
Total $11,624 ($16,137)
The amount of employer contributions subsequent to the measurement date will be recognized as a
reduction of the net OPEB liability (asset) in the fiscal year ended March 31, 2024.
The deferred outflows of resources and deferred inflows of resources to be recognized in OPEB
expense in each of the next five years and in the aggregate thereafter is as follows:
(Amounts in thousands)
Fiscal year Ending March 31:
Governmental
activities
Business-type
activities
Total
2024
$940
151
1,091
2025
1,383
218
1,601
2026
2,606
412
3,018
2027
59
(9)
50
2028
846
132
978
Thereafter
284
40
324
Totals
$6,118
944
7,062
Projections of benefits for financial reporting purposes are based on the Plan as understood by
NYSERDA and Plan members and include the types of benefits provided at the time of valuation
and the historical pattern of sharing benefit costs between NYSERDA and Plan members. The
projection of benefits for financial reporting purposes does not explicitly incorporate the potential of
legal or contractual funding limitations on the pattern of cost sharing between the employer and Plan
members in the future.
The significant assumptions used in the January 1, 2022 actuarial valuation were as follows:
Retirement– All employees assumed to be covered under Tier 4 of the System, with early retirement
available at age 55 with 5 years of service, and unreduced benefits at age 62 with 5 years or age 55
with 30 years of service. Based on assumptions used under the System, since eligibility for
NYSERDA employees covered under this plan is based on membership in that system. The System
assumptions were based on extensive analysis of their covered populations.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
45
Marital status – Assumed 60% of active male employees who choose coverage will have covered
spouses at retirement, and 50% for active female employees. Male spouses were assumed to be
three years older than female spouses.
Mortality Tables – Sex-distinct Pub-2010 General Employee/Retiree Mortality Tables with
generational projection using Scale MP-2021. Pub-2010 General Contingent Survivor Tables with
full generational projection using Scale MP-2021 were used for current beneficiaries.
Withdrawal– Rates were based on age and length of service for the first 10 years and age thereafter
as the basis for assigning active members a probability of remaining employed until the assumed
retirement age. Based on assumptions used under the System, since eligibility for NYSERDA
employees covered under this plan is based on membership in that system. The System
assumptions were based on extensive analysis of their covered populations.
Healthcare cost trend rate – The expected rate of increase in healthcare premiums was based on
projections developed by the actuary’s healthcare specialists. A Rate of 5.3% for the two health
insurers with the highest enrollment of Plan members was assumed initially, trending to an ultimate
rate of 3.7% for both carrier’s plans.
Health insurance premiums – Calendar year 2022 health insurance premiums for the two health
insurers with the highest enrollment of Plan members were used as the basis for the projected
valuation year premiums.
Investment return – As of March 31, 2023, Plan benefit payments are pre-funded in a segregated
Trust, and a discount rate of 6.0% was used, representing the long-term anticipated earnings
potential of investments in the Trust.
The actuarial funding method used was the Entry Age Normal Cost method, under which the
actuarial present value of the projected benefits of each individual included in an actuarial valuation
is allocated on a level basis over the earnings or service of the individual between entry age and
assumed exit age(s). The portion of this actuarial present value allocated to a valuation year is
called the normal cost (for purposes of GASB 75, the term normal cost is the equivalent of service
cost). The portion of this actuarial present value not provided for at a valuation date by the actuarial
present value of future normal costs is called the actuarial accrued liability (for purposes of GASB
75, the term actuarial accrued liability is the equivalent of total OPEB liability).
The Plan also provides that the dollar value, subject to certain limitations, of members’ accumulated
sick leave credits at the time of retirement may be used to offset the portion of health insurance
premiums paid by retirees. NYSERDA’s estimated liability associated with sick leave credits is
recorded as a Compensated Absence within Other non-current liabilities in accordance with the
requirements of GASB Statement No. 16, Accounting for Compensated Absences. The Trust does
not accumulate resources for the purpose of paying this portion of the health insurance premiums,
nor does it pay any benefits for this purpose. NYSERDA’s liability for that portion of the premiums is
not included in the actuarially determined liabilities of the Plan, the net OPEB liability (asset), or the
OPEB expense calculations.
The cost of third-party administrators, actuarial reports, audits, and similar costs incurred exclusively
for the Trust are paid from resources of the Trust. Routine daily administrative costs of administering
the benefit plans, accounting services and similar costs are absorbed by NYSERDA.
The Trust has no legally required reserves.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
46
Additional information can be found in the Required Supplementary Information section of these
financial statements.
Net OPEB Liability (Asset) and Disclosures required by GASB Statement No. 74 (Plan Reporting)
The Total OPEB liability at March 31, 2023 was determined using the January 1, 2022 actuarial
valuation, and was then projected forward to March 31, 2023, calculated using the actuarial
assumptions changes described below.
(Amounts in thousands)
Total OPEB
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net OPEB
Liability
/
(asset)
(a) – (b)
Fiscal year ended March 31, 2022
$60,700
69,450
(8,750)
Changes for the year:
Service cost
2,646
2,646
Interest
3,738
3,738
Effect of economic/demographic gains
or losses
113
113
Effect of assumptions changes or inputs
331
331
Benefit payments
(2,097)
(2,097)
-
Contributions-employer
-
2,549
(2,549)
Net investment income
-
(3,378)
3,378
Administrative expenses
-
(18)
18
Fiscal year ended March 31, 2023 $6
5,431
6
6,506
(1,075
)
The actuarial assumptions were the same as those noted above (for the GASB Statement No. 75
valuation) with the exception of:
Healthcare cost trend rate – The expected rate of increase in healthcare premiums was based on
projections developed by the actuary’s healthcare specialists. Rates of 11.3% and 8.4% for the two
health insurers with the highest enrollment of Plan members were assumed initially, trending to an
ultimate rate of 3.7% for both carrier’s plans.
Investment return – As of March 31, 2023, Plan benefit payments are pre-funded in a segregated
Trust, and a discount rate of 6.5% was used, representing the long-term anticipated earnings
potential of investments in the Trust.
Sensitivity Analysis:
Discount rate
The Plan’s fiduciary net position was projected to be available to make all projected future benefit
payments of current active and inactive employees. Therefore, the discount rate for calculating the
total OPEB liability is equal to the long-term expected rate of return.
(Amounts in thousands)
1% Decrease
(5.5%)
Current Discount Rate
(6.5%)
1% Increase
(7.5%)
Net OPEB liability (asset)
$9,187
($1,075)
($9,402)
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
47
Healthcare cost trend rates
(Amounts in thousands)
1% Decrease
Current Trend Rate
1% Increase
Net OPEB liability (asset)
($10,933)
($1,075)
$11,437
Money-Weighted Rate of Return:
For the year ended March 31, 2023, the annual money-weighted rate of return on investments,
calculated as the internal rate of return on Plan investments, net of investment expense, was
(4.84%). The money-weighted rate of return expresses investment performance, net of investment
expense, adjusted for the changing amounts actually invested.
Long-term expected rate of return:
Asset Class
Index
Target
Allocation
Long-Term
Expected
Arithmetic Real
Rate of Return
Long-Term
Expected
Geometric Real
Rate of Return
US Cash
BAML 3-Month Tbills
1.00%
0.61%
0.59%
US Long Bonds
Bloomberg US Treasury
Long TR USD
1.00%
2.51%
1.71%
US Short Bonds
Bloomberg US Govt 1-3
Yr
5.00%
0.99%
0.95%
US Interm Bonds
Bloomberg US Govt
Interm
19.00%
1.26%
1.17%
US Inflation-Indexed
Bonds
Bloomberg US Treasury
US TIPS
11.00%
1.58%
1.43%
US High Yield Bonds
ICE BofA US High Yield
17.00%
4.40%
3.84%
Global Bonds
FTSE WGBI USD
1.00%
0.72%
0.42%
US Large Caps
S&P 500
10.00%
5.64%
4.09%
US Mid Caps
Russell Mid Cap
1.00%
5.99%
3.94%
US Small Caps
Russell 2000
3.00%
7.25%
4.67%
Foreign Developed
Equity
MSCI EAFE
12.00%
6.90%
5.15%
Emerging Markets
Equity
MSCI EM
18.00%
9.58%
6.20%
Global REITs
FTSE EPRA Nareit
Developed
1.00%
7.12%
4.95%
OPEB Plan’s Fiduciary Net Position:
Additional information can be found in the Required Supplementary Information section of these
financial statements. The OPEB Plan does not issue a stand-alone financial report, however the
Trust established in relationship to the Plan is included as a fiduciary fund in these financial
statements.
(11) CONTINGENCIES
(a) Western New York Nuclear Service Center
Under the federal West Valley Demonstration Project Act and an implementing Cooperative
Agreement between DOE and NYSERDA, the federal government pays 90 percent of the West
Valley Demonstration Project (WVDP) costs, and NYSERDA, on behalf of the State of New York,
pays the remaining 10 percent. In addition, in 2010, the U.S. District Court for the Western District of
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
48
New York approved an agreement between New York State and the federal government that
resolved most of the claims asserted in a 2006 lawsuit filed by NYSERDA and New York State
against the federal government and DOE regarding the financial responsibility for cleaning up
certain facilities at West Valley. The agreement defines a specific cost share for the cleanup of a
number of facilities that had long been in dispute between NYSERDA and DOE. For example, under
this agreement, the federal government will pay a 30 percent share of costs associated with the
State Licensed Disposal Area (SDA), which is solely owned and managed by NYSERDA, and
NYSERDA, on behalf of the State, will pay the remaining 70 percent. Remediation costs for the
North Plateau Groundwater Plume will be split equally between the State and federal government,
and costs for remediating the Nuclear Regulatory Commission Licensed Disposal Area will also be a
50/50 split. The two governments agreed that other facilities are covered by the WVDP Act, such as
the Main Process Plant building, and thus the federal government will pay 90% of the cleanup costs.
In 2010, following the publication of a Final Environmental Impact Statement, DOE and NYSERDA
issued decision documents that formally selected the Phased Decision Making alternative for
continuing the cleanup. Under Phased Decision making, decommissioning work will be conducted in
two phases. During Phase 1, the Main Process Plant building and several other highly contaminated
facilities will be removed at an estimated cost of approximately $1.0 billion. As the Phase 1 cleanup
work was proceeding, DOE and NYSERDA conducted additional studies to reduce uncertainties in
the decisions for the Phase 2 portion of the cleanup, which will be detailed in a Supplemental
Environmental Impact Statement currently being developed. The 2010 Environmental Impact
Statement states that the Phase 1 work would take 10 years and cost approximately $1.0 billion
based on a federal funding level of $75.0 million per year. During most of the period between 2010
and 2020, however, the actual federal funding levels generally ranged between $60.0 million and
$68.0 million, extending the duration of Phase 1. Starting in Federal Fiscal Year 2021 Congressional
appropriations for the WVDP increased to about $93 million annually and this trend is expected to
continue throughout the demolition of the Main Plant Process Building. The total cost and duration of
the Phase 1 cleanup work will be in part impacted by the funding amounts appropriated annually in
the federal budget.
The Phase 2 decisions, which will be made in the late 2025 timeframe, will address the remaining
facilities, including the High-Level Waste Tanks, the SDA, the NRC-Licensed Disposal Area, and the
main body of a plume of contaminated groundwater. Total estimated costs for completing Phase 2
were completed as part of the 2020 Environmental Impact Statement and ranged from over $700.0
million to $9.1 billion, and were dependent on the alternative selected for these remaining facilities.
These estimates will be refined and updated as part of the Supplemental Environmental Impact
Statement that will be used to support Phase 2 decisions.
In accordance with GASB Statement No. 49, Accounting and Financial Reporting for Pollution
Remediation Obligations, no liability has been included in NYSERDA’s financial statements as of
March 31, 2023 for this contingency because NYSERDA expects to continue to be reimbursed from
State appropriations for the State's share of the costs of the Demonstration Project, any costs
NYSERDA may incur in relation to the SDA, and any other costs allocated to NYSERDA under the
agreement resolving the lawsuit referenced above.
(b) Energy Analysis- Low-Level Radioactive Waste
Pursuant to the Low-Level Radioactive Waste (LLRW) Management Act of 1986, NYSERDA
annually assesses licensees of operating nuclear power plants an amount sufficient to reimburse the
State for the LLRW disposal facilities development activities of the Departments of Health and
Environmental Conservation, and must provide nuclear power plant licensees with a user-fee
reduction, when the disposal facilities are operational, equal to the statutory assessments collected
plus interest at a fair market rate. During the year ended March 31, 2023, NYSERDA paid, from the
agency fund, a total of $3.0 million to reimburse the State for such costs pursuant to Public
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
49
Authorities Law Section 1854-d(2)(a).
(c) Bond Financing Program
The principal and interest on obligations issued for participating gas and electric utility companies
and other private purpose users are payable solely from payments made by participating
companies. They are not general obligations of NYSERDA nor do they constitute an indebtedness
of or a charge against the general credit of NYSERDA, or cause any monetary liability to NYSERDA.
These bonds and notes are not a debt of the State of New York.
The bonds and notes issued bear the name of NYSERDA and the participating company.
NYSERDA assigns most of its rights and obligations to a trustee who is responsible for, among
other things, disbursing bond and note proceeds and handling principal and interest payments. As of
March 31, 2023, the principal totaled $1.5 billion.
(d) Risk management
NYSERDA is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; cyber security breaches; and natural disasters.
NYSERDA maintains commercial insurance coverage for each of those risks of loss. Management
believes such coverage is sufficient to preclude any significant uninsured losses to NYSERDA.
NYSERDA has not experienced any reductions in coverage and has not had any insurance
settlements exceeding the coverage in the past three years.
(e) Contractual obligations in excess of cash and investment balances
As of March 31, 2023, NYSERDA has aggregate outstanding contractual obligations in excess of
cash and investments of governmental activities/funds totaling $44.5 billion, which will be
reimbursed for qualifying program costs from monies held by utilities pursuant to BAYG agreements,
from future revenues generated through Commission Orders, Memorandums of Understanding,
Third-party agreements, and from federal energy grants.
(f) NY Green Bank
As of March 31, 2023, NY Green Bank has entered into five credit contracts which, consistent with
their terms, have not been funded but contain contingent obligations. NY Green Bank capital is only
drawn if a contingent obligation under the respective agreement is triggered. The amount of
contingent obligations as of March 31, 2023 totaled approximately $15.1 million.
Any draws made on the above contingent obligations would be due to be repaid pursuant to the
terms of their respective agreements.
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Notes to Basic Financial Statements
March 31, 2023
50
(12) INTERFUND BALANCES AND TRANSFERS
The balances reflected in Due to other funds and Due from other funds reflect the timing difference
of when expenditures are incurred and when interfund reimbursement occurs.
Transfers consist of amounts transferred between various Functions/Programs and Funds pursuant
to various Orders of the Commission, NYSERDA’s approved RGGI operating plan, and to fund
expenditures and working capital balances pursuant to the CEF Order’s “Bill-As-You-Go” process,
as summarized below:
Transfers To
Transfers From
CEF
NY-Sun
GJGNY
Other Funds
Total
NYSUN
$ 3,341
-
-
401
3,742
CES - -
1,901 1,901
RGGI 22,000 - 29,937 - 51,937
Other Funds
5,130
1,736
-
-
6,866
Total Governmental Funds $30,471 1,736 29,937 2,302 64,446
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Required Supplementary Information (Unaudited)
March 31, 2023
51
Schedule of NYSERDA’s Contributions to the System Pension Plan
(Amounts in thousands)
Fiscal year ended March 31,
2023
2022
2021
2020
2019
2018
2017
2016
Actuarially determined contribution
$3,484
$4,445
$3,941
$3,844
$3,808
$3,805
$3,866
$3,993
Contributions in relation to the
actuarially determined contribution
$3,484
$4,445
$3,941
$3,844
$3,808
$3,805
$3,866
$3,993
Contribution deficiency (excess)
-
-
-
-
-
-
-
-
Covered payroll
$33,635
$30,768
$28,191
$27,760
$27,362
$26,088
$25,854
$26,153
Contributions as a percentage of
covered-employee payroll
10.4%
14.4%
14.0%
13.8%
13.9%
14.6%
15.0%
15.3%
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
Schedule of NYSERDA’s Proportionate Share of the System’s Net Pension Liability
(Amounts in thousands)
Fiscal year ended March 31,
2023
2022
2021
2020
2019
2018
2017
2016
(Measurement date March 31,) 2022 2021 2020 2019 2018 2017 2016 2015
Proportion of the net pension liability
0.11%
0.10%
0.11%
0.11%
0.10%
0.11%
0.11%
0.12%
Proportionate share of the net
pension liability (asset)
($8,775) $101 $28,184 $7,599 $3,367 $10,279 $17,556 $4,004
Covered- payroll
$30,768
$28,191
$27,760
$27,362
$26,088
$25,854
$26,153
$25,135
Proportionate share of the net
pension liability (asset) as a % of its
covered payroll
(28.5%) 0.4% 101.5% 27.8% 12.9% 39.8% 67.1% 15.9%
Ratio of fiduciary net position to total
pension liability
103.65% 99.95% 86.39% 96.27% 98.24% 94.7% 90.7% 97.9%
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
See accompanying independent auditors’ report
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Required Supplementary Information (Unaudited)
March 31, 2023
52
Schedule of Changes in Net OPEB Liability (Asset) and Related Ratios
Notes to schedule: “n/a” indicates the ending Net OPEB liability (asset) (and respective columnar data
presented which tabulates it) is not yet reportable by the Employer, NYSERDA, on its Statement of Net
Position, due to NYSERDA’s allowable (by GASB Statement No. 75) one-year lag in Employer vs. Plan
reporting.
The changes in significant assumptions effecting the consistency of the above data from Plan reporting
year 2022 to 2023 included a change in the discount rate from 6.0% to 6.5%; the assumed medical trend
rate was updated to reflect 2023 premiums and expected future experience.
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
See accompanying independent auditors’ report
(Amounts in thousands)
Fiscal year ended March 31,
Employer Reporting:
n/a
2023
2022
2021
2020
2019
Plan Reporting:
2023
2022
2021
2020
2019
2018
Total OPEB liability
Total OPEB liability- beginning
$60,700
$55,709
$51,363
$56,953
$52,709
$49,081
(Measurement date March 31,)
2022
2021
2020
2019
2018
2017
Changes for the year:
Service Cost
2,646
2,549
2,148
2,154
2,031
1,887
Interest
3,738
3,440
3,291
3,791
3,512
3,260
Effect of economic/demographic gains or
losses
113
1,487
(32)
(8,075)
350
(233)
Effect of assumptions changes or inputs
331
(616)
677
(1,878)
(210)
-
Benefit payments
(2,097)
(1,869)
(1,738)
(1,582)
(1,439)
(1,286)
Total OPEB liability- ending (a)
$65,431
$60,700
$55,709
$51,363
$56,953
$52,709
(Measurement date March 31,)
2023
2022
2021
2020
2019
2018
Plan fiduciary net position
Plan fiduciary net position- beginning
$69,450
$69,678
$50,367
$52,971
$48,767
$43,176
(Measurement date March 31,)
2022
2021
2020
2019
2018
2017
Changes for the year:
Benefit payments
(2,097)
(1,869)
(1,738)
(1,582)
(1,439)
(1,286)
Employer contributions
2,549
2,148
3,045
2,608
4,963
3,013
Net investment income
(3,378)
(490)
18,021
(3,612)
727
3,879
Administrative expenses
(18)
(17)
(17)
(18)
(47)
(15)
Plan fiduciary net position- ending (b)
$66,506
$69,450
$69,678
$50,367
$52,971
$48,767
(Measurement date March 31,)
2023
2022
2021
2020
2019
2018
Net OPEB liability (asset)
Net OPEB liability (asset)- beginning
($8,750)
($13,969)
$996
$3,982
$3,942
$5,905
Net OPEB liability (asset)- ending (a) – (b)
($1,075)
($8,750)
($13,969)
$996
$3,982
$3,942
Fiduciary net position as a % of total
OPEB liability
101.64%
114.42%
125.07%
98.06%
93.01%
92.52%
Covered payroll
$50,505
$44,809
$38,962
$39,320
$37,638
$35,757
Net OPEB liability (asset) as a % of
covered payroll
(2.13%)
(19.53%)
(35.85%)
2.53%
10.58%
11.02%
NEW YORK STATE ENERGY
RESEARCH AND DEVELOPMENT AUTHORITY
(A Component Unit of the State of New York)
Required Supplementary Information (Unaudited)
March 31, 2023
53
Schedule of NYSERDA’s Contributions for OPEB (Employer and Plan Reporting)
(Amounts in thousands)
Fiscal year ended March 31,
2023
2022
2021
2020
2019
Actuarially determined contribution
$2,549
$2,148
$3,045
$2,608
$2,071
Actual employer contribution
2,549
2,148
3,045
2,608
4,963
Contribution deficiency (excess)
($-)
($-)
($-)
($-)
($2,892)
Covered payroll
$50,505
$44,809
$38,962
$39,320
$37,638
Contribution as a % of covered
payroll
5.08%
4.79%
7.82%
6.63%
13.19%
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
Schedule of Investment Returns- OPEB Trust (Plan Reporting)
Fiscal year ended
March 31,
Net annual money-weighted
rate of return
2023
(4.84%)
2022
(0.70%)
2021
35.36%
2020
(6.76%)
2019
1.45%
2018
8.84%
Schedule is intended to show information for 10 years. Additional years will be displayed as they become
available.
See accompanying independent auditors’ report