Skip to Content

Office of the New York State Comptroller

New York Local Government Assistance Corporation

Contact:
Patricia Warrington  (pwarrington@osc.state.ny.us)

ACTIVE REQUEST FOR PROPOSALS

  • IFB12-01 Financial Printing Services for the New York Local Government Assistance Corporation
    The deadline for bid submission has passed and the award process is underway.

Current Meeting Notices and Proposed Agenda

There were public meetings of the Corporation’s Finance Committee and Board of Directors on March 8, 2013.  The Meeting Notices and Agenda are available below.

The meetings can be accessed on demand through the New York State Division of the Budget’s Webcast Portal using the links listed below:

Previous Fiscal Year 12-13 meetings can be accessed on demand through the New York State Division of Budget's Webcast Portal using the link listed below:

http://www.totalwebcasting.com/view/?id=nysdob



The Corporation

LGAC is the acronym for the New York Local Government Assistance Corporation. LGAC was created in 1990 to provide a means for the State to reduce its annual reliance on intra-year short-term borrowing for cash flow purposes (also known as the "spring borrowing") and to reduce its accumulated "GAAP" deficit.

Pursuant to legislation, LGAC is authorized to issue up to $4.7 billion of its bonds, secured by a contractual obligation with the State, to make payments to local governments and school districts. The most significant component of this legislation is that as LGAC issues its bonds, the amount of intra-year short-term borrowing that could be undertaken by the State could not exceed $4.7 billion reduced by the amount of bonds and notes issued by LGAC. Over the years from 1959, the State's short-term intra-year borrowing had increased to a high of $4.3 billion. The need to complete this borrowing in order to make payments to school districts and other municipalities placed the State at the mercy of the lending markets.

As the short-term intra-year borrowing increased, it became more difficult, and costly, for the State to complete this borrowing. Now, the State may conduct an intra-year short-term borrowing only if a declaration of emergency is declared by the Governor and the legislative leaders. If a borrowing occurs, it must be paid down within four years following the declaration of emergency. 

LGAC completed its mission during the State's 1995-96 fiscal year. There has been no State intra-year short-term borrowing since the State's 1993-94 fiscal year. As of March 31, 2012, there was $3.2 billion in LGAC debt outstanding, net of unamortized premiums, discounts, and deferred losses on refunding.

Until January 13, 2006, LGAC was governed by a three-member Board of Directors, comprised of the State Comptroller and the Director of the Budget of the State of New York, both of whom serve "ex officio," and a third director who is appointed by the Governor. On January 13, 2006, the Governor signed The Public Authorities Accountability Act (Chapter 766 of the Laws of 2005). This Act included and amendment to increase the number of LGAC Board members from three to seven.

In addition, the Secretary to the Senate Finance Committee of the State Senate and the Secretary to the Ways and Means Committee of the State Assembly are non-voting representatives on the Board. The current Board members, non voting representatives and officers of LGAC are listed in the Governance section that follows.

Mission Statement

Performance Measurement Reports

Governance

Operations

Authority Schedule of Debt

List of Real Property and Property Acquisition and Disposition Policies

Since its creation, the Corporation has not owned or purchased any personal or real property.

Personal and Real Property Transactions

Since its creation, the Corporation has not owned or purchased any personal or real property and as a result has not engaged in any personal or real property transactions.

Meetings

Adopted Meeting Minutes

Official Statements

Reports

Annual Reports

Annual Investment Reports

Annual Procurement Reports

Financial Statements

LGAC Budget and Multi-Year Financial Plans