N.Y.
State Finance Law Section 2
Definitions
1.
“Account”. A classification by which information on particular financial transactions and financial resources is recorded and arranged. 1-a. “Business day”. Any day of the year which is not a Saturday, Sunday or legal holiday in the state of New York and not a day on which banks are authorized or obligated to be closed in the city of New York.2.
“Capital projects funds”. Funds used to account for financial resources to be used for the construction of capital facilities or acquisition of major capital facilities other than those financed by proprietary funds, special revenue funds, and fiduciary funds. 2-a. “Capital project”. Any project involving:(i)
the acquisition, construction, demolition or replacement of a fixed asset or assets;(ii)
the major repair or renovation of a fixed asset, or assets which materially extends its useful life or materially improves or increases its capacity; or(iii)
the planning or design of the acquisition, construction, demolition, replacement, major repair or renovation of a fixed asset or assets.3.
“Debt service funds”. Funds which are used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.4.
“Disbursement”. The payment or transfer of money from a fund other than for investment purposes.5.
“Enterprise funds”. Funds used to account for activities of state government which are intended by law to be self-supporting or to be financed in whole or in part by user charges. “Enterprise funds” shall also include funds used to account for activities of state government for which the law requires that there be a periodic determination of revenues earned and expenses incurred.6.
“Expenditure”. A decrease in net financial resources as further defined by generally accepted accounting principles. 6-a. “Fixed assets”.(i)
Assets of a long-term, tangible character which are intended to continue to be held or used, such as land, buildings, improvements, machinery, and equipment, and(ii)
assets that provide a long-term interest in land, including conservation easements. 6-b. “Capital assets”. Fixed assets and infrastructure assets, including but not limited to roads, bridges, facilities, mass transportation facilities, and water, sewer and drainage systems. Capital assets shall also include capital asset groups, which are of a similar nature or perform a similar function and cannot be readily identified as individual capital assets, such as roads or canals.7.
“Fiduciary funds”. Funds used to account for assets held by the state in a trustee capacity or as an agent for individuals, private organizations, and other governmental units. Fiduciary funds include pension trust funds, private-purpose trust funds and agency funds. 7-a. Financial plan. A complete plan of receipts and disbursements or of revenues and expenditures for all governmental funds as defined in this chapter.8.
“Fund”. A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.9.
“Fund type”. A classification by which funds are grouped and reported on in accordance with generally accepted accounting principles.10.
“Generally accepted accounting principles”. The principles of governmental accounting specified by authoritative national standard-setting bodies.11.
“Generally accepted auditing standards”. The standards of governmental auditing specified by authoritative national standard-setting bodies. 11-a. “General fixed assets”. All fixed assets used in operations accounted for in the general fund, special revenue funds, debt service funds or capital projects funds. 11-b. Governmental funds. A group of fund types that includes those funds that are classified as the general fund, special revenue funds, debt service funds, capital project funds and permanent funds as defined in this chapter.12.
“Internal service funds”. Funds used to account for the financing of goods or services provided on a cost-reimbursement basis by one state department or agency to another, or to other governmental units.13.
“Local assistance”. All payments and contributions by the state to and in aid of local governmental units or agencies in the manner and to the extent provided by law. 13-a. “Research institute”. Any not-for-profit corporation closely affiliated with a specific state agency or agencies, excluding state agencies governed by a board of trustees, and the purpose of which is essentially to support, supplement or extend the research and other functions and programs of such state agency or agencies. 13-b. “Permanent funds”. Funds that report resources that are legally restricted in that only earnings, and not principal, may be used to support the government or its citizens.14.
“Proprietary funds”. Enterprise funds and internal service funds as defined herein.15.
“Receipt”. Money paid or transferred into a fund other than moneys previously transferred from such fund for investment purposes.16.
“Revenue”. An increase in net financial resources as further defined by generally accepted accounting principles.17.
“Special revenue funds”. Funds which are used to account for the proceeds of specific sources that are specifically restricted by law from being deposited in the general fund of the state other than proprietary funds, fiduciary funds and capital project funds.18.
“Financed equipment acquisition”. Personal property acquired or to be acquired by any state department and agency or unit of the state university or city university of New York through (i) lease purchase or installment purchase agreements financed or to be financed by certificates of participation sold pursuant to article 5-A (Certificates of Participation)article five-A of this chapter or (ii) other lease purchase or installment purchase agreements.19.
“Maintenance”. Planned activities undertaken to reduce or arrest the rate of deterioration of capital assets, or to maintain such capital assets in a state of good repair, including but not limited to preventive maintenance, normal periodic repairs, the replacement of parts, and other activities intended to help achieve the optimum useful life of capital assets. These activities may correct minor defects as a secondary benefit, but they shall not include alterations that either:(i)
change the use of the asset; or(ii)
materially extend the useful life of the asset.20.
“Journal transfer”. Any transfer or other method of movement of federal or state monies by the comptroller including, but not limited to, expenditure journal transfers, revenue journal transfers and statutory transfers, between accounts and/or funds not specifically authorized by the state legislature.21.
“Lump sum appropriation”. An item of appropriation with a single related object or purpose, the purpose of which is to fund more than one grantee by a means other than a statutorily prescribed formula, a competitive process, or an allocation pursuant to subdivision five of § 24 (Budget bills)section twenty-four of this chapter.22.
“Grantee”. Any group, corporation, municipal or governmental entity that receives funding from the state.
Source:
Section 2 — Definitions, https://www.nysenate.gov/legislation/laws/STF/2 (updated May 3, 2024; accessed Oct. 26, 2024).
