Annual Information Statement (“AIS”) and Financial Disclosureskip breadcrumbs
New York State Annual Information Statement
AIS General Information
The AIS contains information on the following: (i) the Enacted Budget Financial Plan, (ii) actual operating results for the prior three fiscal years, (iii) economic and demographic data, including DOB’s current economic forecast, (iv) debt and other capital financing information, (v) State government organization, workforce, pension systems, and financial procedures, (vi) certain public authorities and localities for which the State has a significant oversight or financial role and (vii) material litigation against the State.
The AIS is updated quarterly in conjunction with the State’s quarterly Financial Plan Updates that are required under State Finance Law. Each Update to the AIS contains information on: (i) revisions to the Financial Plan that have occurred during the most recently completed quarter; (ii) actual operating results through the most recently completed quarter; and (iii) any material changes to information reported in earlier Updates or in the AIS. Each new Update fully replaces the prior quarterly Update(s).
Supplements are issued as necessary to disclose significant events and developments that occur between quarterly Updates. In recent years, the State has issued Supplements to report on actual operating results for the prior fiscal year and to provide an update on litigation against the State. The information contained in Supplements should be read in addition to the AIS and the prior quarterly Update. Such information is then incorporated in the next Update to the AIS.
The State files the AIS, Updates, and Supplements with the Municipal Securities Rulemaking Board (MSRB) through its Electronic Municipal Market Access (EMMA) system
New York State’s Financial Disclosure Process
The State of New York (the “State”) is committed to providing investors with complete, accurate, and timely disclosure of financial information and other developments relating to the State. The State currently discloses information through the following:
- Annual Information Statement (“AIS”): The AIS is the State’s principal means for disclosing financial information that is required to meet its legal obligations under federal securities law and constitutes the official form of such financial disclosure information. The State publishes the AIS annually, generally within 30 days of the adoption of a budget by the State Legislature. The AIS is updated on a quarterly basis (the “Quarterly Updates”) and may be supplemented (“Supplements”) for significant events or developments that occur between updates.
- Continuing Disclosure/Annual Update: When the State or its authorities issues bonds, the issuer agrees to annually update certain financial information contained in the Official Statement used in connection with the issuance of the bonds, and to provide timely notice of material events (as defined by the Securities and Exchange Commission), for the benefit of investors in the secondary market. This continuing disclosure typically consists of information directly relevant to the security of the bonds then being offered for sale, as well as the State’s annual financial statements and information contained in the AIS.
- In addition to this information, the Office of the State Comptroller prepares the State’s annual financial statements and comprehensive annual financial report. Copies of both documents may be obtained by contacting the Office of the State Comptroller, 110 State Street, Albany, New York 12236 (518) 474-4015 or on the web at https://www.osc.state.ny.us/.
Continuing Disclosure/Annual Update
When the State or its public authorities issue bonds, the issuer undertakes a secondary market disclosure obligation by contractually agreeing to (i) annually update certain financial information contained in the Official Statement used in connection with the issuance of the bonds and (ii) provide timely notice of material events, if any. For bonds secured with State appropriations, this continuing disclosure undertaking consists of the AIS and the State’s financial statements. For bonds secured by other sources (e.g., sales tax revenues), the continuing disclosure undertaking contains the AIS, the State’s annual financial statements, and information directly relevant to the security of the specific bonds. The State files updated continuing disclosure agreements with the MSRB through its EMMA system within 120 days of the close of each fiscal year.
For Additional Information
Readers who have questions about the State’s disclosure process or finances should contact:
NYS Division of the Budget
State Capitol, Room 111
Albany New York 12224
Telephone: (518) 473-3885