Statement of Revenues, Expenditures and Changes in Fund Balance

Text-only Preview














Office of the State Comptroller
New York Environmental Protection and Spill Compensation Fund




TABLE OF CONTENTS




Basic Financial Statements

Balance

Sheet ................................................................................................ 2


Statement of Revenues, Expenditures and Changes in Fund Balance .... 3


Statement of Revenues and Other Financing Sources (Uses) .................. 4


Notes to the Basic Financial Statements..................................................... 5


Miscellaneous Information and Data................................................................. 8

Historic Data Chart Presentations................................................................... 10


Office of the State Comptroller
New York Environmental Protection and Spill Compensation Fund
Balance Sheet
March 31, 2009
ASSETS:
Cash and investments.......................................................................................
147
$
Accounts receivable, net of allowance for uncollectibles................................... 79,054,000

Due from other funds......................................................................................... 2,632,315

Total assets..................................................................................................... $ 81,686,462
LIABILITIES:
Accounts payable............................................................................................... 3,317,886
$
Accrued liabilities............................................................................................... 1,198,000

Due to other funds............................................................................................. 5,320,347

Deferred revenue............................................................................................... 68,170,000

Total liabilities................................................................................................. 78,006,233

FUND BALANCE:
Unreserved........................................................................................................ 3,680,229

Total fund balance.......................................................................................... 3,680,229

Total liabilities and fund balance................................................................... $ 81,686,462
See accompanying notes to the financial statements.

2

Office of the State Comptroller
New York Environmental Protection and Spill Compensation Fund
Statement of Revenues, Expenditures and Changes in Fund Balance

For the Year Ended March 31, 2009
REVENUES:
Fees and reimbursements:

License fees........................................................................
$ 24,025,096

Bulk storage fees................................................................. 2,478,350
License fee surcharges.......................................................
13,405,429
Penalties from spillers.........................................................
44,163
Site monitoring....................................................................
442,455
Reimbursements from spillers, net of refunds.....................
6,846,222
Net fees and reimbursements................................................
47,241,715
STIP interest........................................................................... 26,748
Interest-from spillers............................................................... 451,401
Fines, penalties, forfeitures (DEC)......................................... 1,667,714
Miscellaneous......................................................................... 1,955
Revenues due from responsible parties................................. 3,125,733
Total revenues...................................................................
52,515,266

EXPENDITURES:

Spill costs:

Cleanup costs, net of overpayments.................................... 16,193,907
Damage claims..................................................................... 28,017
Prompt payment interest......................................................
6,488
Lien fillings............................................................................ 17,303
Expert witnesses..................................................................
14,977
Total spill costs................................................................
16,260,692
Administrative costs:

OSC...................................................................................... 717,591
DOH.....................................................................................
256,232
DEC...................................................................................... 15,590,339
OAG.....................................................................................
3,622,937
Total administrative costs...............................................
20,187,099
Total expenditures.........................................................
36,447,791

Excess of revenues over expenditures..............................
16,067,475

OTHER FINANCING SOURCES (USES):

Transfers from other funds....................................................
-

Transfers to other funds........................................................
(16,717,665)

Other financing sources (uses)........................................
(16,717,665)


Net change in fund balance.................................................
(650,190)

Fund balance at April 1, 2008, as restated.........................
4,330,419

Fund balance at March 31, 2009.......................................... $ 3,680,229


See accompanying notes to the financial statements.
3

Office of the State Comptroller
New York Environmental Protection and Spill Compensation Fund
License Fee Surcharges
Statement of Revenues and Other Financing Sources (Uses)
(modified accrual basis)
For the Year Ended March 31, 2009
REVENUES:
License fee surcharges....................................................................... 13,405,429
$
Investment income..............................................................................
36,151
Total receipts....................................................................................
13,441,580
OTHER FINANCING SOURCES (USES):
Transfers from the Spill Compensation Fund.....................................
831,837
Transfers to the Hazardous Waste Remedial Fund............................ (13,717,968)
Other financing sources (uses).....................................................
(12,886,131)
Total................................................................................................... 555,449
$

See accompanying notes to the financial statements.

4


NOTES TO THE FINANCIAL STATEMENTS
March 31, 2009


NOTE 1 - Summary of Significant Accounting Policies

Chapter 845 of the Laws of 1977 created the New York Environmental Protection and Spill Compensation
Fund (Fund) and assigned to the State Comptroller administrative and operational responsibility for the
Fund and strict liability for petroleum contamination in New York State. The Fund pays for the cleanup
and removal of petroleum spills; cleanup and removal activities are conducted with the technical
assistance and oversight of the New York State Department of Environmental Conservation (DEC). The
Fund’s major source of revenue is a license fee charged on each barrel of petroleum imported for sale in
New York State. The Fund is accountable for all monies received and expended by the Fund. The Fund
reviews and processes all cleanup vouchers submitted for payment, and maintains a detailed file for each
cleanup project. Statements of cleanup costs are prepared from an account analysis conducted for each
spill project. The Fund seeks reimbursement for cleanup costs from those entities responsible for the
discharge of petroleum. The Fund also reviews, handles until settlement, or pays, all eligible damage
claims.

The accompanying financial statements have been prepared primarily from accounts maintained by the
State Comptroller and in conformity with generally accepted accounting principles (GAAP) for
governments. Such principles are prescribed by the Governmental Accounting Standards Board (GASB),
which is the standard-setting body for establishing governmental accounting and financial reporting
principles in the United States of America.

a. Measurement Focus, Basis of Accounting

The Fund’s financial statements are prepared using the current financial resources measurement focus and
the modified accrual basis of accounting. Revenues and related receivables are recognized as soon as they
are both measurable and available. Revenues are considered available when they are collectible within the
current period or within 12 months of the end of the current fiscal period. Receivables, net of
uncollectible amounts, not expected to be collected within the next 12 months are offset by deferred
revenues. Expenditures and related liabilities are recorded in the accounting period the liability is incurred
to the extent it is expected to be paid with the next 12 months.

b. Cash and Investments

Cash and investments of the Fund are commingled in the State’s general checking account. The available
cash balance in the general checking account beyond immediate need is pooled for short-term investment
purposes (STIP), administered by the State Comptroller.

c. Receivables

Receivables are stated net of estimated allowances for uncollectible amounts. A receivable is considered
uncollectible when one of the following occurs: the debtor acknowledges his, her, or its inability to repay
and such inability is substantiated; or the recovery of the receivable is at an indeterminable date or
sufficiently into the future as to question the economic substance of the transaction.


5



d. Estimates

The preparation of the financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the basic financial statements. Estimates also affect the
reported amounts of revenues and expenditures during the reporting period. Actual results could differ
from those estimates.

e. Accounting Restatements


During the fiscal year, the Fund restated the fund balance as of March 31, 2008 due to a change in its
method of accounting for the allowance for uncollectibles related to accounts receivable and for a prior-
period adjustment related to the accurate reporting of deferred revenues for amounts not expected to be
collected within the next 12 months which is in conformity with GAAP.

The following table summarizes changes to the fund balance previously reported (amounts in thousands):

Fund balance at March 31, 2008 ...............................................
$
148,139
Change in accounting principle ...............................................

(77,347)
Prior-period adjustment ...........................................................

(66,462)
Total fund balance at March 31, 2008, as restated...........
$ 4,330


NOTE 2 – Cash and Investments

The cash balance administered by the Fund is under the joint custody of the State Comptroller and the
Commissioner of Taxation and Finance.

NOTE 3 – Accounts Receivable

The Fund’s receivables relate to cleanup costs incurred for cleanup and removal activities overseen by the
DEC for various spills throughout the State. The entire portion of the receivable is booked as a current
receivable and the calculated long-term portion of the receivable is booked as deferred revenue.
Receivables for each cleanup project are calculated by totaling all costs, including DEC personnel time,
net of any allowances. The following is a summary of receivable amounts at March 31, 2009 (amounts in
thousands):



Accounts receivable ................... $
208,279




Allowance for uncollectible ....... (129,225)

Total ..................................... $
79,054

NOTE 4 – Accrued Liabilities

Accrued liabilities consist of accrued amounts reported for payroll ($823 thousand) and fringe benefits
($375 thousand).
6



NOTE 5 – Due To/From Other Funds

All outstanding balances between other New York State governmental funds at the end of the fiscal year
are referred to as “due to/from other funds.” The following is a summary of due from other funds and due
to other funds amounts at March 31, 2009 (amounts in thousands):

Due From Other Funds



General................................ $
2,416
Capital Projects...................
195
Federal Special Revenue ....
21
Total .............................. $
2,632

Due To Other Funds



General................................ $
5,320
Total .............................. $
5,320



NOTE 6 – Operating Expenditures

Expenditures, which include spill and administrative costs, damage claim payments, prompt payment
interest, fees for lien filings, and expert witness fees, are recorded when the related liability is incurred.
Administrative costs account for those costs incurred by the Department of Health, the Department of
Environmental Conservation, the Office of the Attorney General, and the Office of the State Comptroller
on behalf of the Fund.

NOTE 7 – Interfund Transfers

Transfers constitute the transfer of resources from the fund that receives the resources to the fund that
utilizes the resource. The following is a summary of transfer amounts at March 31, 2009 (amounts in
thousands):


Hazardous Waste Remedial Fund ........ $
13,718
ENCON Special Revenue Fund ...........
2,952
Earmarked Revenue Fund ....................
48
Total ................................................ $
16,718
7

New York Environmental Protection and Spill Compensation Fund
Monthly and Annual Report for the Period Ended March 31, 2009

Fiscal Year
Fiscal Year
March 2009
2008-2009
2007-2008
Total Receipts
$ 192,349

$ 31,023,637

45,368,169
$
Total Disbursements
(2,149,977)

(35,997,271)

(58,288,338)

Excess/Deficit
(1,957,628)

(4,973,634)

(12,920,169)

Fund Balance 03/01/09
(1,274,630)



Fund Balance 03/31/09
(3,232,258)
$
Dollar
Number
Amount
Total spills in subsidiary ledger
at beginning of period 04/01/08
1,133

$ 25,205,577

Spills opened or reopened
836

Total expenditures on all spills
for period
17,075,207


Administrative expenses
119,861


Spills closed
(262)

(5,219,677)


Interim bills
(503)

(18,163,496)


Final bills
(228)

(5,033,136)


Miscellaneous manual adjustments
2,849,603


Total spills in subsidiary ledger
at end of period 03/31/09
976

$ 16,833,939



8

Document Outline
  • bs.pdf
  • os.pdf
  • license.pdf
  • Final Oil Spill Notes with acctg change.pdf
  • OSF 2009 ANNUAL REPORT STATS.pdf
  • ANNUAL REPORT GRAPHS word.pdf