New York State Energy Research and Development Authority
Fiscal Year 2022-23 Budget and Financial Plan
Table of Contents
Page
1 Certification
2 Fiscal Year 2022-23 Budget at a Glance
3 Introduction
3 Program Summary
7 Budgetary Assumptions
9 Budgetary Risks
11 Fiscal Year 2022-23 Budget Sources and Uses
12 Fiscal Year 2022-23 Budget Comparison
13 Fiscal Year 2022-23 Budget Summary
14 Fiscal Year 2022-23 Budget By Function/Programs
15-17 Reconciliation of Budget Changes
18 Budget Detail Schedule: Salaries and Benefits
19 Budget Detail Schedule: Program Expenditures
20 Budget Detail Schedule: Program Operating Costs
21 Budget Detail Schedule: General & Administrative Expenses
22 Budget Detail Schedule: Capital Budget
23 Budget Detail Schedule: Debt Schedule
24 Fiscal Year 2022-23 Financial Plan
25 Fiscal Year 2022-23 Cash-Based Budget
1
CERTIFICATION
I hereby certify that, to the best of my knowledge and belief after reasonable inquiry, the budget
information contained herein for the fiscal year ending March 31, 2023 has been developed based
on reasonable assumptions and methods of estimation.
Doreen M. Harris Pamela C. Poisson
President and Chief Executive Officer Chief Financial Officer
Capital asset additions and Unrestricted net position are not visible due to scaling of the chart.
Budget FY 2022-23
(Amounts in thousands)
Revenues Expenditures
Capital asset
additions
Restricted net
position
NY Green Bank
Capitalization
Unrestricted net
position
Cash Balances
FY 20-21 Actual
$1,571,430 $1,223,341 $898 $449,337 $960,024 $5,390 $888,309
FY 21-22 Budget
$1,491,447 $1,474,589 $1,249 $453,653 $1,018,904 $5,025 $668,152
FY 22-23 Budget
$1,725,675 $1,710,868 $1,312 $455,800 $1,033,365 $4,160 $625,932
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
Budget at a Glance
2
3
INTRODUCTION
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. NYSERDA is a component unit of the State of New York and, as
such, the results of operation are reported in the State of New York’s Comprehensive Annual
Financial Report.
The mission of NYSERDA is to advance clean energy innovation and investments to combat
climate change, improving the health, resiliency, and prosperity of New Yorkers and delivering
benefits equitably to all. NYSERDA plays a key role in implementing the State’s nation-leading
clean energy and climate policies, programs and actions, delivering a cleaner, healthier, and more
prosperous future for all New Yorkers. With the enactment of the Climate Leadership and
Community Protection Act (CLCPA) in 2019, advancing the state to a 100% zero-emission
electricity sector by 2040, eliminating 85% greenhouse gas emissions from the state’s economy
by 2050, and investing a minimum of 35% with a goal of 40% in clean energy that will benefit
disadvantage communities, New York State has established itself as a global leader in the
advancement of a clean energy economy. In support of this mission, NYSERDA prepares plans
and budgets with the intent to fund prudently and in the interest of the public.
The Budget for the fiscal year ending March 31, 2023 (FY 2022-23), and the Financial Plan for
FY's 2023-24 to 2025-26 were prepared in accordance with accounting principles generally
accepted in the United States of America.
PROGRAM SUMMARY
NYSERDA programs at present are funded through a combination of vehicles primarily including
the PSC-approved Clean Energy Fund (CEF), the Clean Energy Standard (CES), Regional
Greenhouse Gas Initiative (RGGI) allowance auction proceeds, and various grants. A relatively
small share of the budget is funded by direct state allocations and appropriations.
Following is a summary of the functions/activities included in the Budget:
Clean Energy Fund (CEF)
Pursuant to a January 2016 Order (CEF Order) and subsequent Orders, the Public Service
Commission (PSC) authorized a ten-year commitment through 2025 of approximately $5.322
billion to clean energy programs through a CEF. 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.
Building on this, the Climate Leadership and Community Protection Act (Climate Act) passed by
NYS in 2019 calls for the state 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, as well as projects or investments in
housing, workforce development, pollution reduction, low-income energy assistance, energy,
transportation, and economic development. NYSERDA thus aims to deploy CEF funds so as to
deliver the CEF primary objectives in a manner consistent with those Climate Act percentages.
The CEF Order provided for a ten-year funding authorization of $3.43 billion for the Market
Development and Innovation & Research activities, and also provided for additional funding
4
authorization of $781.5 million for the NY Green Bank, $960.6 million for NY-Sun, and $150
million for the Renewable Portfolio Standard Program for a 2016 Main Tier solicitation. The NY-
Sun and NY Green Bank programs are presented as separate Programs/Functions in the budget
document as further described below. In the September 2021 Order approving the Clean Energy
Fund Modifications, total funding for the CEF and its respective portfolios total $6.17 billion.
Market Development and Innovation & Research
The CEF Market Development activities are designed to reduce 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.
NY-Sun
Pursuant to a 2012 Order and subsequent Orders, the NY-Sun program is designed to develop a
sustainable and ultimately subsidy-free solar electric industry through a megawatt block
approach. The CEF Order established the incremental collection schedule by utilities and
reallocation of NYSERDA clean energy uncommitted funds to support program activities
approved through the 2012 Order. A May 2020 Order was approved by the PSC to increase the
NY-Sun funding level by $573 million to expand the capacity target from 3 GW by 2023 to 6
GW by 2025.
The budget presented herein reflects funding from the aforementioned orders. On
December 17, 2021 NYSERDA filed a distributed solar roadmap charting a path to an expanded
NY-Sun goal of at least 10 gigawatts by 2030 in a resilient, cost effective and responsible
manner, consistent with the Governor’s September 2021 call to expand this program to help
bolster the State's economic recovery while benefitting disadvantaged communities and low-to-
moderate income New Yorkers.
NY Green Bank
The key elements of NY Green Bank's mission are collaborating with private sector participants,
implementing structures that overcome barriers and address gaps in current clean energy
financing markets, and transforming those markets by enabling greater scale, new and expanded
asset classes and liquidity. These factors combined have the objectives to motivate faster and
more extensive implementation of clean energy assets within New York State, foster greater
energy choices, reduce environmental impacts and accrue more green energy advantages per
public dollar spent for the benefit of all New Yorkers.
NY Green Bank’s initial capitalization was established from $315.6 million in uncommitted
utility surcharge assessment funds and RGGI allowance auction revenues. As discussed above,
the CEF Order, and a subsequent Order authorized incremental collections for the remaining
$631.5 million of NY Green Bank’s capitalization.
Clean Energy Standard (CES)
Pursuant to an August 2016 and subsequent Orders, the Clean Energy Standard was established
adopting a State Energy Plan goal that 50% 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 mandated actions were divided into two categories, a Renewable Energy
5
Standard (RES) and a Zero-Emissions Credit (ZEC) requirement.
The RES directs NYSERDA to procure renewable energy credits from renewable energy
generation from qualifying facilities through competitively selected long-term contracts, and to
offer such credits for periodic sale to Load Serving Entities (LSE) to meet their obligations to
serve their retail customers through the procurement of a minimum percentage of qualifying
renewable energy credits. The RES also includes 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.
The ZEC requirement consists of an obligation for NYSERDA to provide payments to certain
nuclear generation facilities for the production of zero-emissions attributes from such facilities,
funded from monthly installment payments collected from LSEs for their proportionate share of
such attributes to serve their retail customers evidenced by the procurement of qualifying zero
emission credits.
In October 2020 the PSC approved an Order adopting modifications to the Clean Energy
Standard to implement New York’s Climate Leadership and Community Protection Act,
specifically including an expanded goal to ensure that by 2030 70% of the state’s electricity load
is served by renewable resources.
All renewable energy consumed by end-use customers in the State contributes to the CES,
including energy supported by past, present, and future State renewable energy policies such as
the RES, RPS, NY-Sun, Clean Energy Fund (CEF), Value of Distributed Energy Resources
(VDER), Offshore Wind, renewable energy procurements by LIPA and NYPA, and voluntary
renewable energy purchases. Lowering overall demand through energy efficiency is also an
important contributor in achieving the CES.
In support of this goal, the 2020 Order allowed for a continuation of “Tier 1” solicitations for new
renewable energy development Further, pursuant to the Order, NYSERDA created a competitive
“Tier 2” program to ensure the continued availability of legacy baseline resources to meet the
State’s renewable energy goals and issued two competitive solicitations in 2021, and also created
a competitive “Tier 4” issuing the first request for proposal in 2021 resulting in the announcement
of two projects to increase penetration of renewable energy and reduce reliance on fossil fuels in
New York City. The PSC also approved an October 2020 Order establishing the Build Ready
program to facilitate the development of renewable generation. NYSERDA will competitively
offer new sites to private renewable energy developers, bundled with a long-term contract for
Renewable Energy Certificates (REC), akin to those offered through NYSERDA’s annual Tier 1
CES solicitations authorized in the CES Order. The first Build Ready request for information
was issued in 2020 and renewed in 2021. NYSERDA will also continue to conduct annual
offshore wind solicitations to achieve the statewide goal of 9 GW by 2035.
Regional Greenhouse Gas Initiative (RGGI)
The Regional Greenhouse Gas Initiative, or RGGI, is an agreement among eleven 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
6
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 in consultation with
stakeholder advisory group to administer energy efficiency, renewable energy, and/or innovative
carbon abatement programs, including reasonable costs to administer such programs.
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
were 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 and the Federal government share the combined
expenses incurred for this program.
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.
Energy and Environmental 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 functions.
NYSERDA is also responsible for coordination of nuclear material matters, including serving as
the State liaison with the Nuclear Regulatory Commission.
These activities are primarily funded through an assessment authorized under Section 18-a of
Public Service Law and a Federal State Energy Plan grant.
Pursuant to the State Low-Level Radioactive Waste (LLRW) Management Act of 1986,
NYSERDA is responsible for collecting information and providing regular reports to the
Governor and Legislature on LLRW generation in the State. These activities are funded with a
State appropriation sub-allocated from an appropriation provided to the NYS Department of
Health, which is funded through an assessment collected on operating nuclear power plant
licensees.
Other
Other programs represent an aggregate of smaller programs/functions. These activities are
primarily funded through Commission Orders, Memoranda of Understanding with various
utilities pursuant to Commission Orders, various third-party reimbursements, federal energy
grants, State appropriations and assessments authorized under Section 18-a of the Public Service
Law.
7
BUDGETARY ASSUMPTIONS
The following are the principal budget assumptions used in developing the Budget and Financial
Plan:
• The CEF Order established a “Bill-As-You-Go” approach for revenue collection effective
January 1, 2016. Under this approach, incremental CEF ratepayer collections and the
previously approved collections for Technology and Market Development, and
Renewable Portfolio Standard programs not yet paid to NYSERDA, will be held by the
electric and gas utilities and used to reimburse NYSERDA for actual CEF program
expenses 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 utilities’ unremitted collection balances approved in the CEF Order. Utility
surcharge assessments revenue is based on anticipated expenditures, prior fiscal year
projected cash balances, and the resulting collections projected to maintain working
capital pursuant to this approach. The scale of New York State’s climate goals requires
NYSERDA to expedite performance and, as a result, materially increases the level of
expenditures. The change in expenditures from year to year will have a direct
relationship to the amount of Utility surcharge assessments required to be collected by
the utilities pursuant to the BAYG Order but does not change the overall assessment of
the ratepayer. In the September 9, 2021 Order approving the CEF modifications, the PSC
adopted a revised collection schedule that changes by year but does not change the total
statewide collections or collections by utility as authorized in the original CEF January
2016 Order.
• CES Financial Backstop Collection Process. In the Order Approving Administrative
Cost Recovery, Standardized Agreements and Backstop Principles issued and effective
November 17, 2016, the Commission directed that the electric distribution customers of
the electric distribution companies (EDCs) serve as a financial backstop to ensure that
NYSERDA has sufficient funds to make timely payments to generators. In collaboration
with the EDCs, on July 1, 2021, NYSERDA filed a proposed CES Backstop Collection
process. It’s anticipated that the Commission will issue an upcoming Order approving
the process. Upon approval of the Order NYSERDA will immediately seek to recover
the cumulative amounts due under the ZEC program for the first three compliance years
ending March 31, 2019. Based on the timing of the approved Order its anticipated that
NYSERDA will receive $21.4 million in backstop revenues during FY 2022-23.
• CES implementation and transition to Tier-1 Index REC Structure. In a January 16, 2020
Order modifying the Tier-1 Renewable Procurements, the PSC directed NYSERDA to
include additional options for bidders to offer an Index REC price starting with the 2020
solicitation. In an October 15, 2020 Order, the PSC also authorized NYSERDA to offer
existing Tier-1 renewable energy projects in development and not yet operational a
voluntary conversion to the Index REC structure.
NYSERDA’s analysis indicates this
shift is likely to result in significant cost benefits to ratepayers including REC pricing
benefits in comparison to Fixed-Price REC contracts. Besides reduced costs, an Index
Rec structure will likely have other ancillary benefits for ratepayers, such as reduced
financing costs and a reduction in volatility of their energy bills. Staff have formualated
several cost scenarios ranging from low case to high case price forecasts. A mid-range
base case scenario has been used in projecting Tier-1 rec costs and revenues. The related
assumptions and methodology used in the FY 2022-23 budget have been reviewed by an
independent consulting firm.
• NY Green Bank loan interest and fees are based on estimates of committed and deployed
capital.
8
• Allowance auction proceeds for the Regional Greenhouse Gas Initiative (RGGI) are
based on the last five allowance prices realized through the September 2021 auction
including inflationary assumptions.
• West Valley’s State appropriation revenue for FY 2022-23 through FY 2025-26 is based
primarily on the State’s 10% share of West Valley Demonstration Project costs and the
State’s share under the Consent Decree. These estimates assume future U.S. Department
of Energy (DOE) annual funding of approximately $92.5 million for FY 2022-23 through
FY 2025-26, for its share of project costs.
• Interest income is based on assumed balances available for investment and based on four
and six month U.S. Treasury bond index yields.
• GJGNY budgeted loan interest income assumes additional loans to be issued during FY
2022-23 of up to $32.3 million based on current loan origination volume. Debt service
amounts reflect scheduled prinicpal and interest expense payments based on each series’
outstanding principal balance and rate of interest. Planning is currently underway for a
2022 bond issuance but the amount and scope of the bond issue will not be determinable
for several months and as such has not been incorporated into the budget.
• Federal Funding as reflected in the budget is based on anticipated reimbursable
expenditures of existing grants. It’s anticipated that NYSERDA will also administer
federal funds from the recent passing of the Federal Infrastructure Investment and Jobs
Act but that amount is not yet known and therefore not included in this budget and
financial plan. NYSERDA is actively working with the Federal government and New
York State to assess the financial opportunities and impacts for investment in making our
infrastructure more resilient to climate change.
• Saratoga Technology + Energy Park (STEP): In 2017, management determined that land
development, leasing, and maintenance of STEP was outside of NYSERDA’s core
mission and as a result a 2017 resolution to dispose of STEP was approved by the Board.
After some long term planning NYSERDA has recently placed the STEP facilty on the
market for disposition. The timing of such disposition is unknown and as a result no
assumptions for disposition have been incorporated in the budget. The Board resolution
provided that the net proceeds from the sale or sales of real and personal property located
at Saratoga Technology + Energy Park shall be redirected to mission aligned Authority
programs and initiatives and that such redirection of net proceeds furthers the public
interest in safe, reliable and economical energy supplies.
• Salary costs for current staff and funded vacant positions expected to be filled are based
on salary grades equivalent to the State Management/Confidential (M/C) employees.
Salaries include an anticipated 2% cost-of-living-adjustment (COLA) to be effective
April 1, 2022, pending authorization by the State. The COLA, if approved by NYS, will
be in accordance with increases granted for M/C employees. Salaries also include
performance-based salary increases and payments comparable to those which may be
authorized for state employees. Each year, NYSERDA carefully assesses workscope and
skillset needs and recommends staffing levels appropriate to successfully advance the
State’s nation-leading clean energy and climate policies and to meet the goals established
by the CLCPA and the PSC.
• Fringe benefit costs are generally based on prior year actual costs as a percentage of
salary costs. NYSERDA’s pension expense is based on an actuarial calculation and is
dependent upon multiple conditions and assumptions at a particular point in time (March
31, 2022). Given past volatility in the market, the FY 2022-23 budget is based on an
average of the past five years’s pension expense. The OPEB expense under
Governmental Accounting Standards Board Statement No. 75 in the FY 2022-23 Budget
9
is based on preliminary actuarial estimates calculated, but the final amount may differ
once a final actuarial calculation is prepared.
• The NYS Cost Recovery Fee represents the fee paid to the State under Section 2975 of
the Public Authorities Law (Governmental Cost Recovery System) for general
governmental services. The FY 2022-23 Budget assumes that NYSERDA’s assessment
will be $12.7 million, which is based on the prior year assessed value.
• The Budget includes no significant or non-recurring revenue-enhancement or cost-
reduction initiatives which shift resources from one year to another.
BUDGETARY RISKS
The following is a summary of significant budgeting risks:
• NYSERDA’s budgeting process is subject to inherent risks regarding the ability to
accurately forecast revenues and expenditures. Over the past several years, NYSERDA
has assumed responsibility for administering certain new programs, and additional
program responsibilities may be added during FY 2022-23 that have not been included in
the Budget. NYSERDA’s programs can be impacted by a number of factors including,
but not limited to, general economic conditions, energy prices, energy reliability, and
energy technology advancements.
• Many of NYSERDA’s programs are largely carried out by agreements with clean energy
companies, consultants, and contractors, many of whom were impacted by COVID-19.
Given the uncertainty of the COVID-19 health crisis the timing of program activity could
be impacted causing variations in the forecasted revenues and expenditures. However,
NYSERDA does not expect COVID-19 to have a material adverse impact on
NYSERDA’s operations and finances.
• Program expenditures for most programs are funded with revenues which are generally
received in advance of those expenditures. Under the modified accrual basis of
accounting, these funds are recorded as revenue when received, with any unexpended
funds recorded as Restricted Net Position. Timing of program activity may result in
either: (1) revenues exceeding expenses during the Budget period; or (2) expenditures
funded in part, by unexpended revenues from prior fiscal periods.
• Revenues resulting from auctions of allowances under the Regional Greenhouse Gas
Initiative (RGGI) have shown some volatility over the past few years. NYSERDA has
developed a multi-year program planning approach for these revenues, but variations in
actual proceeds realized makes it challenging to complete accurate long-term planning.
Given that uncertainty, we have this year identified and vetted several priority initiatives
that could be readily added for high positive program impact should auction proceeds
trend higher than what our intentionally conservative budget estimates reflect.
• CES Tier-1 Indexed Rec revenues: Several ranges of possibilities were modeled using
future price data with implied volatility scenarios and the most probable base case
scenario is being incorporated in the budget and financial plan. These revenues may vary
depending of future energy prices, future capacity prices, and the quantity of megawatts
produced. The program is designed for NYSERDA to recover its costs through the
quarterly sale of REC’s to LSEs for satisfying their Tier 1 compliance obligations. Any
shortfalls created through these sales will be fully recovered through the CES financial
backstop collection process.
• Expenditures for the West Valley program are based primarily on the amount anticipated
to meet the State’s share of costs for West Valley under the Cooperative Agreement and
10
the Consent Decree which are dependent upon funds provided in the federal budget to the
U.S. Department of Energy (DOE).
• Although DOE and NYSERDA have reached agreement on the allocation of costs
(percentages) to be paid by each entity for remediating the West Valley site, the remedial
action decisions for several significant facilities will not be finalized prior to 2023. In
addition, DOE has taken the position that the State will be responsible for waste disposal
fees when high level waste on-site reaches an ultimate repository destination, a figure to
be calculated at the time of disposal pursuant to the Nuclear Waste Policy Act, 42 U.S.C.
10101 et seq. The agreement between the parties left this issue unresolved, as no national
repository option will be in place for many years. Although NYSERDA has advanced,
and will continue to advance, legal arguments as to why this responsibility is not one that
rightfully falls on the State, additional State funding may be required once the issue is
resolved.
• Pension costs and retirement health insurance costs are based on actuarial valuations, and
such valuations could be impacted by a number of assumptions, general economic
conditions, and future events which could lead to variances from estimated annual
expenses.
Budget FY 2022-23
(Amounts in thousands)
State
appropriations
$24,988
1.4%
Third party
reimbursement
$58,356
3.4%
Interest income and
other
$47,736
2.8%
Utility surcharge
assessments
$775,675
44.9%
Renewable energy
credit proceeds
$30,262
1.8%
Zero emission credit
payments and
backstop charge
$611,848
35.5%
RGGI auction
proceeds
$167,394
9.7%
Federal grants
$9,416
0.5%
Source of Funds: $1,725,675
Salaries and
benefits
$67,342
3.9%
Other operating
costs
$24,329
1.4%
Bond interest and
fees
$2,982
0.2%
Program-RGGI
$116,477
6.8%
Program-NY-Sun
$275,206
16.1%
Program-CEF
Market
Development/
Innovation &
Research
$363,013
21.2%
Program-Renewable
energy generation
credits
$33,981
2.0%
Program-Nuclear
generation Zero
Emission Credits
$590,473
34.5%
Program-Other
$223,471
13.1%
NYS Assessments
$13,594
0.8%
Use of Funds: $1,710,868
11
Budget FY 2022-23
(Amounts in thousands)
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
State appropriations Third party
reimbursement
Utility surcharge
assessments
Clean Energy
Standard
RGGI auction
proceeds
Federal grants Loan interest income
and other
FY 2020-21 Actual Total: $1,574,430
$23,286 $51,283 $761,681 $533,487 $140,560 $5,514 $55,619
FY 2021-22 Budget Total: $1,491,447
$22,060 $31,012 $594,771 $636,298 $149,187 $10,544 $47,575
FY 2022-23 Budget Total: $1,725,675
$24,988 $58,356 $775,675 $642,110 $167,394 $9,416 $47,736
Budget Comparison: Revenues
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
FY20-21 Actual
Total:
$1,125,952
FY 21-22
Budget Total:
$1,371,196
FY 22-23
Budget Total:
$1,602,621
Clean Energy Standard
$550,561 $641,183 $636,121
Market Development / Innovation &
Research
$246,210 $299,284 $363,013
NY-Sun
$119,917 $140,413 $275,206
RGGI
$89,956 $106,076 $116,477
Other
$119,308 $184,240 $211,804
Budget Comparison: Program Expenses
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Salaries and
benefits
Program
operating
costs, G&A,
depreciation
NYS
Assessments
Other
FY20-21 Actual Total: $97,389
$61,778 $17,687 $13,594 $4,330
FY21-22 Budget Total: $103,393
$62,349 $23,663 $13,594 $3,787
FY22-23 Budget Total: $108,247
$67,342 $24,297 $13,594 $3,014
Budget Comparison: Administration and Other
12
NYSERDA
Budget FY 2022-23
(Amounts in thousands)
Budget Budget
FY 2022-23 FY 2021-22
Net position beginning of year 1,489,281$ 1,427,220
Revenues:
State appropriations 24,988 22,060
Third party reimbursement 58,356 31,012
Utility surcharge assessments 775,675 594,771
Renewable energy credit proceeds 30,262 45,825
Zero emission credit payments 590,473 590,473
Clean energy standard backstop charge 21,375 -
Allowance auction proceeds 167,394 149,187
Project repayments 215 200
Federal grants 9,416 10,544
Rentals from leases 1,005 996
Interest income 611 1,002
Loan interest 34,639 33,907
QECB interest subsidy 258 306
Fees and other income 11,008 11,164
Total Revenues 1,725,675 1,491,447
Expenses:
Salaries and benefits 67,342 62,349
Program expenditures 1,602,621 1,371,196
Investment related expenses 32 163
Program operating costs 4,773 4,514
General & administrative expenses 17,278 16,615
Depreciation 2,246 2,534
NYS Assessments 13,594 13,594
Bond interest and fees 2,982 3,624
Total Expenses 1,710,868 1,474,589
Net (expense) revenue and change in net
position
14,807 16,858
Known timing differences to FY 2021-22
budget
- 45,203
Net position end of year:
Restricted for specific programs 455,800 453,653
NY Green Bank Capitalization 1,033,365 1,018,904
Net Investment in Capital Assets 10,763 11,699
Unrestricted 4,160 5,025
Total net position end of year 1,504,088$ 1,489,281
Prior year beginning net position balance has been updated to reflect actuals; FY 2021-22
activity may vary from budgeted revenues and expenses as displayed.
13
NYSERDA
Budget FY 2022-23
(Amounts in thousands)
Functions/Programs
Market
Development / NY Clean Energy &
Innovation Green Energy Environmental West Budget Budget
& Research Bank
NY-Sun Standard RGGI Analysis
Valley Other FY 2022-23 FY 2021-22
Net position, beginning of year 96,527$ 1,018,904 34,717 (18,414) 75,591 2,489 1,756 282,737 1,489,281 1,427,220
Revenues:
State appropriations - - - - 860 150 23,600 378 24,988 22,060
Third party reimbursement 30,884 - - - - - 2,516 24,956 58,356 31,012
Utility surcharge assessments 312,730 - 293,066 9,885 - 13,799 - 146,194.97 775,675 594,771
Renewable energy credit proceeds - - - 30,262 - - - - 30,262 45,825
Zero emission credit payments - - - 590,473 - - - - 590,473 590,473
Clean energy standard backstop charge - - - 21,375 - - - - 21,375 -
Allowance auction proceeds - - - - 167,394 - - - 167,394 149,187
Project repayments - - - - - -
- 215 215 200
Federal grants - - - - - 2,853 - 6,563 9,416 10,544
Rentals from leases - - - - - - - 1,005 1,005 996
Interest income 38 200 16 42 237 - - 78 611 1,002
Loan interest - 26,010 - - - - - 8,629 34,639 33,907
QECB interest subsidy - - - - - - - 258 258 306
Fees and other income - 4,662 - 6,150 - - - 196 11,008 11,164
Total Revenues 343,652 30,872 293,082 658,187 168,491 16,802 26,116 188,473 1,725,675 1,491,447
Expenses:
Salaries and benefits 22,354 10,484 2,457 7,811 9,115 6,006 2,343 6,772 67,342 62,349
Program expenditures 363,013 535 275,206 636,121 116,477 7,950 22,754 180,565 1,602,621 1,371,196
Investment related expenses - 32 - - - - - - 32 163
Program operating costs 478 2,341 56 192 3 1,064 147 492 4,773 4,514
General & administrative expenses 5,729 2,681 624 2,012 2,352 1,531 612 1,737 17,278 16,615
Depreciation 890 206 149 192 181 118 51 459 2,246 2,534
NYS Assessments 3,168 132 2,248 5,217 1,035 134 209 1,451 13,594 13,594
Bond interest and fees - - - - - -
- 2,982 2,982 3,624
Total Expenses 395,632 16,411 280,740 651,545 129,163 16,803 26,116 194,458 1,710,868 1,474,589
Net sources / (uses) of net position other than transfers
(51,980) 14,461 12,342 6,642 39,328 (1)
- (5,985) 14,807 16,858
Inter-program transfers 22,000 - - - (51,937) - - 29,937 - -
Net Investment in Capital Assets (449) - (101) (37) - - (4) (345) (936) (770)
Known timing differences to FY 2021-22 budget
-
45,973
Net Position End of Year:
Restricted for specific programs 66,388 - 46,891 (11,787) 62,982 2,488 1,560 287,279 455,800 453,653
NY Green Bank Capitalization - 1,033,365 - - - - - - 1,033,365 1,018,904
Net Investment in Capital Assets 159 - 168 15 - - 196 10,225 10,763 11,699
Unrestricted - - - - - - - 4,160 4,160 5,025
Net position end of year 66,547$ 1,033,365 47,059 (11,772) 62,982 2,488 1,756 301,663 1,504,088 1,489,281
14
NYSERDA
FY 2022-23 Budget
Reconciliation of Budget Changes
(Amounts in thousands)
Actual Budget
Budget
FY 2020-21 FY 2021-22 Change
FY 2022-23
Explanation for change
Revenues
State appropriations
West Valley 13,650$ 20,500 3,100 23,600
Reflects an increase in anticipated program expenditures for NYSERDA's share of federal and state
spending at West Valley.
Energy & Environmental Analysis - Low-
Level Radioactive Waste
150 143 8 150
(Minor change)
RGGI 667 1,141 (281) 860
Reflects a reduction in anticipated expenditures under the RGGI Cleaner Greener Community program
(repayment of the FY 13-14 transfer of $25 million to the State General Fund).
Other Programs - Energy/Environmental
projects
8,819 276 102 378
Reflects an increase in anticipated expenditures under a UDC Capital Budget appropriation.
Total state appropriations 23,286 22,060 2,928 24,988
Third party reimbursement 51,283 31,012 27,344 58,356
Reflects an increase in funding to be received from the "New Efficiency New York" initiative, Office of
Temporary & Disability Assistance to help support the Empower program, and an increase in Federal
Government Volkswagen settlement funds, offset in part by a reduction in National Fuel Gas efficiency
program.
Utility surcharge assessments
Market Development/ Innovation & Research
220,131 295,578 17,153 312,730
Reflects an increase in anticipated expenditures resulting from the implementation of an increase in
approved program initiatives. Revenues for these reimbursable expenditures and appropriate working
capital balances are collected under the "Bill-As-You-Go" (BAYG) funding approach.
NY-Sun 99,377 152,007 141,060 293,066
Reflects an increase in anticipated program expenditures based on project completion dates and timing of
incentive payments. Revenues are collected under the BAYG funding approach.
Energy Storage 16,821 59,129 18,375 77,503
Reflects a ramp up in anticipated program spending which is based upon project completion dates. This
program was authorized by the Public Service Commission in January 2019 and revenues are collected
under the BAYG funding approach.
RPS/SBC(EEPS - FY2020-21 only) 64,629 54,750 (16,450) 38,300
Decrease reflects revenues based on anticipated expenditures under the BAYG approach for the wind down
and closure of legacy RPS and SBC programs.
18-a funding 22,700 22,700 - 22,700
(No change)
EV Prize 1,042 1,500 19,990 21,490
Reflects and increase in anticipated program expenditures based on timing of incentive payments under the
Clean Transportation Prize program. Revenues are collected under the BAYG funding approach.
Build Ready - 9,108 777 9,885
(Minor change)
NY Green Bank 336,981 - - -
(No change)
Total utility surcharge assessments 761,681 594,771 180,904 775,675
Renewable energy credit proceeds 6,969 45,825 (15,563) 30,262 Primarily reflects a reduction in Tier Two proceeds due to lower awards planned.
Zero emission credit assessments 526,518 590,473 - 590,473
No change. Amounts are based on the maximum "zero-emission" credit price established pursuant to the
Clean Energy Standard Order of the Public Service Commission (PSC) but the actual subsidy price will be
determined prior to April 1, 2022.
ZEC Backstop Charge - - 21,375 21,375
Reflects the anticipated collection of Electric Distribution Company's payments to support the Clean Energy
Standard ZEC program pursuant to a November 2016 Order and upcoming Order authoring the collection
process.
Allowance auction proceeds 140,560 149,187 18,207 167,394
Reflects an increase in the anticipated allowance price and a slight reduction in the number of allowances to
be auctioned consistent with the FY 22-23 RGGI Operating Plan. The allowance price is an average based
on the last five auction results through September 2021 including inflationary assumptions.
Project repayments 361 200 15 215
(Minor change)
Federal grants 5,514 10,544 (1,128) 9,416
Reflects a net decrease in anticipated reimbursable expenditures under the U.S. Department of Energy
(DOE) 'Offshore Wind Consortium' grant, offset in-part by an increase in anticipated NYS Department of
Transportation Congestion Mitigation Air Quality grant spending.
15
NYSERDA
FY 2022-23 Budget
Reconciliation of Budget Changes
(Amounts in thousands)
Actual Budget
Budget
FY 2020-21 FY 2021-22 Change
FY 2022-23
Explanation for change
Rentals from leases 1,009
996
9
1,005
(Minor change)
Interest income 702 1,002 (392)
611
Decrease reflects a lower investment yield to align with the investment portfolio's weighted average
maturity. Yields are based on a four and six month U.S. Treasury bond index rate.
Loan interest - NY Green Bank 24,327 25,578
432 26,010 Reflects an increase in anticipated loan activity.
Loan interest - GJGNY 8,096
8,329
300 8,629 Reflects a slight increase in anticipated loan activity.
QECB interest subsidy 356 306 (48)
258
Principally due to a lower outstanding principal balance on the 2013 Energy Efficiency Financing Revenue
Bonds generating less interest expense qualifying for the subsidy.
Fees and other income
NY Green Bank 5,284 3,967 695 4,662 Reflects an increase in estimated NY Green Bank closing and undrawn fees.
Clean Energy Standard 15,248 7,000 (850) 6,150 Reflects a reduction in anticipated non-refundable Clean Energy Standard bid fees.
Annual Bond Fees/Other 236 197 (1) 196 (Minor change)
Total Fees and other income 20,768 11,164 (156) 11,008
0
Total Revenues: 1,571,430 1,491,447 234,228 1,725,675
Expenses:
Salaries and Benefits 61,778 62,349 4,993 67,342
Net increase is due to a combination of NYS-authorized merit based catch-up pay adjustments, staffing
trends consistent with the growing complexity and scope of work needed to deliver on CLCPA goals, and
assumed 2% COLA and performance-based pay adjustments predicated on state approval, offset in-part by
an overall decrease in fringe benefit costs. Anticipated fringe benefits reflect lower anticipated pension
costs based on an average of the past five year's pension expense, lower retirement health insurance
premiums based on the most recent actuarial valuation, offset in-part with increases to compensated
absences and health insurance estimates based on current spending levels.
Program expenditures
NY-Sun 119,917 140,413 134,793 275,206
Reflects an increase in anticipated expenditures based on project completion dates and timing of incentive
payments.
Market Development/ Innovation & Research 246,210 299,284 63,729 363,013
Reflects an overall increase in anticipated program activity resulting from the implementation of an
increased number of approved initiatives.
Clean Energy Standard - REC 14,385 45,825 (12,324) 33,501
Primarily reflects a reduction of anticipated purchases of renewable energy credits under the Tier Two State-
mandated compliance program and to a lesser extent under the Tier One compliance program.
Clean Energy Standard - ZEC 536,176 590,473 - 590,473
Represents an increase in payments to zero-emission generation facilities based on the maximum credit
price established pursuant to the Clean Energy Standard Order of the Public Service Commission but the
actual subsidy price will be determined prior to April 1, 2022.
Other Programs (individually < 5% of total) 100,791 161,234 31,478 192,712
Represents an overall increase in anticipated expenditures primarily for the "New Efficiency New York"
initiative to support NYS's strategy to combat climate change and achieve efficiency goals established by a
December 2018 PSC Order, the NY Clean Transportation Prize, and Energy Storage programs, offset in part
by a decrease in RPS program expenditures from cancelled Main Tier contracts and for reduction in
incentive payments for Customer-sited Tier technology projects based on program wind down.
Regional Greenhouse Gas Initiative 89,956 106,076 10,401 116,477
Reflects an increase in anticipated expenditures based on amounts included in the FY 22-23 RGGI
Operating Plan.
West Valley 10,945 18,794 3,960 22,754
Reflects an increase in anticipated program expenditures for NYSERDA's share of federal and state
spending at West Valley.
NY Green Bank 455 600 (65) 535
Reflects a decrease in anticipated Evaluation expenditures.
Energy & Environmental Analysis 7,117 8,497 (547) 7,950
(Minor change)
Total program expenditures 1,125,952 1,371,196
231,425 1,602,621
16
NYSERDA
FY 2022-23 Budget
Reconciliation of Budget Changes
(Amounts in thousands)
Actual Budget
Budget
FY 2020-21 FY 2021-22 Change
FY 2022-23
Explanation for change
Investment related expenses - NY Green Bank 585 163 (131) 32
Represents a decrease in estimated non-reimbursed investment related costs to support investment portfolio
transactions.
Program operating costs 3,557 4,514 259 4,773
Primarily reflects an increase in NY Green Bank professional services costs, offset in-part by a decrease in
NY Green Bank temporary services costs.
General & administrative expenses 11,467 16,615 663 17,278
Reflects an increase in IT software needs and telecommunication costs, professional service & staff
development costs associated with Diversity, Equity, and Inclusion training, and temporary services costs,
offset in part by decreases in web hosting and other expense categories.
Depreciation 2,663 2,534 (288) 2,246
Reflects a decrease in projected depreciation on existing capital assets which is offset in part from planned
additions in FY 22-23.
NYS Assessments 13,594 13,594 - 13,594
(No change)
Bond interest and fees 3,745 3,624 (642) 2,982
Decrease reflects scheduled interest expense payments based on lower aggregate outstanding principal
balances.
Total Expenses: 1,223,341 1,474,589
236,279 1,710,868
Net (expense) revenue and change in net position 348,089 16,858 (2,051) 14,807
Net position beginning of year 1,079,131 1,427,220 62,061 1,489,281
Reflects adjustments for known timing differences (in FY 20-21).
Known timing differences to FY 2021-22 budget -
45,203
- - 0
Net position end of year:
Restricted for specific programs 449,337 453,653 2,147 455,800
Principally from an increase in the anticipated effect of BAYG pursuant to the CEF Order, offset in part by a
decrease in the anticipated timing of the Clean Energy Standard revenues and expenditures.
NY Green Bank Capitalization 960,024 1,018,904 14,461 1,033,365
Reflects the net effect of all undrawn capital, deployed capital, matured/recycled capital, and a cumulative
result of revenues exceeding expenditures.
Net Investment in Capital Assets 12,469 11,699 (936) 10,763
Reflects anticipated asset purchases less depreciation.
Unrestricted 5,390 5,025 (865) 4,160
(Minor change)
Total net position end of year 1,427,220$ 1,489,281 14,807 1,504,088
17
NYSERDA FY 2022-23 Budget
Detail schedule: Salaries and benefits
(Amounts in thousands)
Actual Budget Budget
FY 2020-21 FY 2021-22 Change FY 2022-23
Salaries 39,459 41,567
8,151 49,718
Fringe Benefits:
Health insurance 3,920 4,816 869 5,685
Social Security/Medicare taxes 2,905 3,025 636 3,661
Voluntary Defined Contribution Plan 939 1,057 362 1,419
Compensated absence leave accruals 1,830 1,581 148 1,729
Other employee benefits 646 742 147 889
Pension 9,033 6,739 (1,839) 4,900
Postemployment health insurance (GASB 75) 3,045 2,822 (3,481) (659)
sub-total benefits 22,318 20,782 (3,158) 17,624
Percentage of Salaries 56.6% 50.0% 35.4%
Total Salaries and Benefits 61,777 62,349 4,993 67,342
The FY 2022-23 budget reflects 398.5 Ftes.
Salaries as budgeted for FY 2022-23 include a 2% cost-of-living-adjustment which has not yet been authorized by the
State. The increase, if approved by NYS, will be in accordance with increases granted for NYS M/C employees. The
budget also reflects performance-based salary increases and payments generally equivalent to salary increases and total
salary costs anticipated to be provided for NYS employees.
The FY 2021-22 salary budget excluded certain prior year merit increases that were not yet anticipated to be approved
through the NYS Budget process. NYS subsequently approved a “catch up” merit adjustment which will be reflected in
current fiscal year expenditures. The FY 2021-22 salary budget, normalized to incorporate these approved increases,
would be $42.567 million.
18
NYSERDA FY 2022-23 Budget
Detail schedule: Program Expenditures
(Amounts in thousands)
Budget Budget
Financial
Plan
Financial
Plan
Financial
Plan
Function/Program FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 FY2025-26
Market Development/ Innovation & Research 299,284 363,013 395,652
403,692 342,140
NY Green Bank 600
535 535
535 535
NY-Sun 140,413 275,206 321,604 230,273 88,285
Clean Energy Standard - Offshore Wind 4,885 5,000 5,000
5,000 149,483
Clean Energy Standard - REC 23,603
33,501 63,423 96,342
135,995
Clean Energy Standard - REC Tier 2 22,222 480 16,480 16,000 16,000
Clean Energy Standard - REC Tier 4 - - - - 98,062
Clean Energy Standard - ZEC 590,473 590,473 186,650
186,650 65,411
Clean Energy Standard - Build Ready 6,000
6,667 9,018 11,476
8,469
RGGI 106,076 116,477 124,507 130,655 51,161
Energy & Environmental Analysis 8,497 7,950 7,588
7,326 7,058
West Valley 18,794 22,754 22,636 22,530
22,393
Other Programs 150,349 180,565 183,852 148,361 85,725
Total 1,371,196 1,602,621 1,336,945
1,258,840 1,070,717
19
NYSERDA FY 2022-23 Budget
Detail schedule: Program Operating Costs
(Amounts in thousands)
Actuals Budget Budget
FY 2020-21 FY 2021-22 Change FY 2022-23
Professional Services:
STEP & Other Consulting 80 52 3 55
NY Green Bank 1,699 1,429 742 2,171
Total Professional Services 1,779 1,481 745 2,226
Training, Recruitment & Relocation 42 59 136 194
Travel and Outreach Costs 56 555 70 625
Rent, Maintenance & Repairs, Utilities, Insurance 373 423 26 449
Office Supplies, Equipment Rental, and Other 272 423 (33) 390
Computer Services and Software 268 418 (155) 263
Temporary Staffing, Outside Technical Reviewer 1,167 1,155 (529) 626
Total Program Operating Costs 3,957 4,514 261 4,773
20
NYSERDA FY 2022-23 Budget
Detail schedule: General & Administrative Expenses
(Amounts in thousands)
Actuals Budget Budget
FY 2020-21 FY 2021-22 Change FY 2022-23
Computer Services and Software 1,879 4,339 237 4,576
Training, Recruitment & Relocation 127 302 174 476
Professional Services:
Website support services 258 540 180 720
Information Technology 1,346 2,096 (380) 1,716
Fiscal Agent, audit and third-party payroll and Human Resource services 508 559 (20) 539
Other Consulting 149 106 294 400
Information security - - 35 35
Internal Audit support services 11 50 - 50
Marketing 183 280
- 280
Communication and consumer support services 97
150 5 155
Total Professional Services 2,552 3,781 114 3,895
Temporary Staffing, Outside Technical Reviewer 3,608
4,030 102 4,132
Rent, Maintenance & Repairs, Utilities, Insurance 3,113 3,698 58 3,756
Travel and Outreach Costs 55 236 21 257
Office Supplies, Equipment Rental, and Other 130 229 (43) 186
Total General & Administrative Expense 11,464 16,615 663 17,278
21
NYSERDA FY 2022-23 Budget
Detail schedule: Capital Budget
(Amounts in thousands)
Revised
Original Planned
Actual Budget Activity * Budget
FY 2020-21 FY 2021-22 FY 2021-22 Change FY 2022-23
Building improvements - 961 40 633 673
Information technology upgrades 432 795 1,035 (470) 565
Furniture, fixtures and equipment 340 7 44 (13) 31
Vehicles - - - 43 43
Leasehold improvements 100 - 130 (130) -
STEP infrastructure 25 - - - -
Total Capital Asset Additions 898 1,763 1,249
63 1,312
* Reflects a revised projection of capital investments to be made during FY 2021-22. Due to timing of certain projects, some planned
capital investments in FY 2021-22 are anticpated to be made during FY 2022-23.
22
NYSERDA FY 2022-23 Budget
Detail schedule: Debt Schedule
(Amounts in thousands)
Purpose: Refinancing of loans issued through the Green Jobs-Green New York finacing program
Anticipated Debt service % FY 2022-23 FY 2022-23 FY 2023-24 FY 2023-24 FY 2024-25 FY 2024-25 FY 2025-26 FY 2025-26
Principal Total Pledged of Pledged Debt Outstanding Debt Outstanding Debt Outstanding Debt Outstanding
Issued Debt Service Revenues
Revenues Service Principal Service Principal Service Principal Service Principal
Residential Energy Efficiency Financing
Revenue Bonds
Series 2013A (NYS EFC Guarantee) 24,300 29,651 37,436 79.2% 1,892 7,290 1,697 5,845 1,582 4,460 1,492 3,110
Series 2015A 46,358 53,824 67,991 79.2% 3,660 24,210 3,657 21,050 3,630 17,850 3,560 14,650
Series 2016A 23,180 27,539 34,473 79.9% 1,859 14,190 1,785 12,730 1,784 11,240 1,780 9,720
Residential Solar Loan Revenue Bonds,
Series 2015A
48,536 75,406 86,927 86.7% 2,576 12,540 2,575 10,525 2,574 8,410 2,571 6,194
Residential Solar Loan Revenue Bonds,
Series 2018A
18,500 21,908 30,732 71.3% 1,915 9,600 1,668 8,300 1,427 7,200 1,385 6,100
Residential Solar and Energy Efficiency
Financing Green Revenue Bonds, Series
2019A
15,510 18,339 21,257 86.3% 1,670 8,930 1,563 7,675 1,453 6,490 1,323 5,395
Residential Solar and Energy Efficiency
Financing Green Revenue Bonds, Series
2020A
16,690 19,859 22,611 87.8% 2,412 12,630 2,134 10,810 1,917
9,175 1,753 7,670
Total 193,074 246,526 301,427 81.8% 15,984 89,390 15,079 76,935 14,367 64,825 13,864 52,839
* No new debt issues are included in the Budget and Financial Plan as additional debt issues will require approval by the NYSERDA Board and the Public Authorities Control Board.
23
NYSERDA
Budget FY 2022-23
Financial Plan
(Amounts in thousands) FY 2022-23 FY 2023-24 FY 2024-25 FY 2025-26
Budget Projection Projection Projection
REVENUES:
State appropriations 24,988$ 27,056 26,130 23,750
Third party reimbursement 58,356 31,228 34,516 34,516
Utility surcharge assessments 775,675 933,022 820,648 523,001
Renewable energy credit proceeds 30,262 71,652 121,513 288,682
Zero emission credit payments 590,473 186,650 186,650 65,411
Clean energy standard backstop charge 21,375 7,125 - -
Allowance auction proceeds 167,394 160,350 153,306 153,306
Federal grants 9,416 10,826 7,860 7,461
Other income 47,736 52,230 65,405 79,529
TOTAL REVENUES 1,725,675 1,480,139 1,416,028 1,175,656
EXPENSES:
Salaries and benefits 67,342 70,878 73,004 75,195
Program expenditures 1,602,621 1,336,945 1,258,840 1,070,717
Investment related expenses 32 32 32 32
Program operating costs 4,773 4,845 4,921 4,998
General & administrative expenses 17,278 18,271 18,821 19,384
Depreciation 2,246 1,775 1,425 1,105
NYS assessments 13,594 13,594 13,594 13,594
Bond interest and fees 2,982 2,625 2,256 1,877
TOTAL EXPENSES 1,710,868 1,448,965 1,372,894 1,186,902
Net (expense) revenue and change in net position
14,807 31,175 43,133 (11,245)
Net position beginning of year 1,489,281 1,504,088 1,535,263 1,578,396
Total net position end of year 1,504,088$ 1,535,263 1,578,396 1,567,151
24
NYSERDA
FY 2022-23 Cash-Based Budget
(Amounts in thousands)
Functions/Programs
FY 2022-23
Market Cash
Development / NY Clean Energy & Budget
Innovation Green Energy Environmental West Total
& Research Bank NY-Sun Standard RGGI Analysis Valley Other Total
RECEIPTS:
State appropriations -$ - - - 860 150 23,600 378 24,988
Third party reimbursement 30,884 - - - - - 2,516 24,956 58,356
Utility surcharge assessments 312,730 - 293,066 - - 13,799 - 146,195 765,790
Renewable energy credit proceeds - - - 30,262 - - - - 30,262
Zero emission credit payments - - - 590,473 - - - - 590,473
Clean energy standard backstop charge - - - 21,375 - - - - 21,375
Allowance auction proceeds - - - - 167,394 - - - 167,394
Project repayments - - - - - - - 215 215
Federal grants - - -
- - 2,853 - 6,563 9,416
Rentals from leases - - - - - - - 1,005 1,005
Interest income 38 200 16 42 237 - - 78 611
Loan interest - 26,010 - - - - - 8,629 34,639
Loan principal repayments - 52,800 - - - - - 20,510 73,310
QECB interest subsidy - - - - - - - 258 258
Fees and other income - 4,662 - 6,150 - - - 196 11,008
TOTAL REVENUES 343,652 83,672 293,082 648,302 168,491 16,802 26,116 208,983 1,789,100
DISBURSEMENTS:
Salaries and benefits 22,354 10,484 2,457 7,811 9,115 6,006 2,343 6,772 67,342
Program expenditures 363,013 535 275,206 636,121 116,477 7,950 22,754 180,565 1,602,621
Investment related expenses - 32 - - - - - - 32
Other Operating costs 478 2,341 56 192 3 1,064 147 492 4,773
General & administrative expenses 5,729 2,681 624 2,012 2,352 1,531 612 1,737 17,278
Capital asset additions 445 209 49 156 182 120 47 134 1,342
Deployed Capital - 208,900 - - - - - - 208,900
Bond interest and fees - - - - - - - 2,982 2,982
Principal bond payment - - -
- - - - 14,256 14,256
Loan purchases - - - - - - - 36,478 36,478
NYS Assessments 3,168 132 2,248 5,217 1,035 134 209 1,451 13,594
TOTAL EXPENSES 395,187 225,314 280,640 651,509 129,164 16,805 26,112 244,866 1,969,596
Net (expense) revenue and change in cash
position
(51,535)
(141,642) 12,442 (3,207) 39,327 (3) 4 (35,883) (180,497)
Cash and investments, beginning of year 82,224 354,074 46,744 76,895 125,724 2,901 - 117,866 806,429
Inter-program transfers 22,000 - - - (51,937) - - 29,937 -
Cash and investments, end of year 52,689$ 212,432 59,186 73,689 113,115 2,898 4 111,920 625,932
25
