2015 Annual Financial Information

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Commonwealth of Pennsylvania
Financial Information
for the
Fiscal Year Ended June 30, 2016
Office of the Budget
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 5
Government-wide Condensed Statement of Net Position
as of June 30, 2015 and 2016
(Amounts in millions)
Governmental Activities
2016
2015
Business-Type Activities
2016
2015
$
$
Total Primary Government
2016
2015
Asse ts:
Cash and investments...............
8,767
$
9,803
7,278
$
6,823
$
16,045
$
16,626
Capital assets (net)...................
36,451
35,060
547
514
36,998
35,574
All other assets.........................
10,318
9,605
1,714
1,714
12,032
11,319
Total asse ts............................
55,536
54,468
9,539
9,051
65,075
63,519
Total de fe rre d outflows........
3,020
1,009
134
47
3,154
1,056
Accounts payable.....................
8,101
8,043
766
764
8,867
8,807
All other current liabilities........
4,107
3,785
1,646
1,619
5,753
5,404
Bonds payable, non-current......
11,762
12,219
3,298
3,844
15,060
16,063
All other long-term liabilities...
21,175
17,979
3,514
3,375
24,689
21,354
Total liabilitie s......................
45,145
42,026
9,224
9,602
54,369
51,628
Total de fe rre d inflows..........
377
264
9
4
386
268
Net invested in capital assets....
30,525
29,178
528
505
31,053
29,683
Restricted.................................
1,917
1,856
1,307
619
3,224
2,475
Deficit......................................
(19,408)
(17,847)
(1,395)
(20,803)
(19,479)
Liabilitie s:
Ne t position:
Total ne t position..................
$
13,034
$
13,187
$
440
(1,632)
$
(508)
$
13,474
$
12,679
_________________________________________________________
Source: Comprehensive Annual Financial Report, fiscal year ended June 30, 2016.
-1-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 6
Reconciliation of the Balance Sheet
Governmental Funds (Fund Perspective) to
the Statement of Net Position - Governmental Activities
June 30, 2016
(In T housands)
Fund Balance s - Gove rnme ntal Funds
General Fund...............................................................................................................
Motor License Fund....................................................................................................
Nonmajor Funds..........................................................................................................
$
90,109
884,742
3,573,429
Total Fund Balance - Gove rnme ntal Funds............................................................
$
4,548,280
Plus: Capital Assets, including infrastructure................................................................
Less: Accumulated depreciation...................................................................................
Plus: Deferred revenue................................................................................................
Plus: Deferred outflows of resources............................................................................
Plus: Other miscellaneous adjustments.........................................................................
Plus: Net assets of internal service funds.....................................................................
Plus: Inventories.........................................................................................................
Less: Net pension liabilities.........................................................................................
Less: Long-term liabilities...........................................................................................
$
61,390,529
(24,981,814)
3,110,773
(192,994)
73,530
25,966
122,243
(11,828,199)
(19,234,319)
Total Ne t Position - Gove rnme ntal Activitie s........................................................
$
13,033,995
Source: Audited financial statements, fiscal year ended June 30, 2015.
-2-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 7
Results of Operations–General Fund
GAAP Basis–Unaudited
(In Thousands)
Fiscal Year Ended June 30
2012
2013
2014
Fund Balance — Be ginning of Pe riod .........
Restatements....................................................
$ 1,621,435
-
$ 1,259,295
(6,165)
$ 1,566,010
(342)
$
(566,038)
-
$
273,553
-
Fund Balance —
Be ginning of Pe riod, as Re state d................
$ 1,621,435
$ 1,253,130
$ 1,565,668
$
(566,038)
$
273,553
$ 26,577,129
526,547
20,276,131
1,449,895
353,198
$ 27,574,159
587,720
20,151,590
1,451,899
408,449
$ 27,277,301
537,242
19,995,975
1,494,040
247,894
$ 29,930,133
521,956
21,550,040
2,458,961
66,314
$ 29,629,553
551,565
24,405,051
1,807,964
347,373
424,622
51,847
108,263
450,234
1,251
485,641
715
689,759
-
480,332
-
$ 49,767,632
$ 50,625,302
$ 50,038,808
$ 55,217,163
$ 57,221,838
$
$
$
$
$
Re ve nue s:
T axes...............................................................
Licenses and fees..............................................
Intergovernmental...........................................
Charges for sales and services...........................
Other revenues.................................................
O the r Financing Source s:
Operating transfers in.......................................
Bonds issued and bond premiums......................
Other additions................................................
T OT AL REVENUES AND OT HER SOURCES..
Expe nditure s:
Direction and supportive services.....................
Protection of persons and property..................
Health and human services...............................
Public education...............................................
Recreation and cultural enrichment..................
Economic development....................................
T ransportation.................................................
Capital outlay...................................................
Debt service.....................................................
O the r Use s:
Operating transfers out.....................................
T OT AL EXPENDIT URES AND OT HER USES
Compone nts of Fund Balance
Nonspendable...................................................
Restricted.........................................................
Committed.......................................................
Assigned...........................................................
Unassigned deficit.............................................
T OT AL FUND BALANCE................................
888,592
4,343,958
29,766,550
13,226,745
234,799
473,059
14,396
123,486
25,479
901,917
4,423,816
31,250,318
13,482,539
260,837
458,631
52,672
103,579
25,108
756,400
4,536,112
33,071,003
13,784,265
282,858
444,701
44,143
189,383
44,272
2016
629,484
4,241,572
36,116,515
14,233,462
291,359
425,765
65,942
116,497
15,273
1,096,921
1,215,358
1,211,097
1,224,435
1,269,413
$ 50,129,772
$ 50,312,422
$ 52,170,514
$ 54,377,572
$ 57,405,282
REVENUES AND OT HER SOURCES OVER
(UNDER) EXPENDIT URE AND OT HER USES
Fund Balance — End of Pe riod .....................
942,668
4,035,121
30,030,822
12,735,771
242,218
744,342
42,962
232,622
26,325
2015
(362,140)
312,880
(2,131,706)
839,591
$ 1,259,295
$ 1,566,010
$
(566,038)
$
$
$
223,930
76
1,334,872
7,132
-
$
265,403
45
1,119,470
(1,950,956)
$
$ 1,566,010
$
(566,038)
$
240,975
1,276,671
(258,351)
$ 1,259,295
273,553
247,216
36
1,289,298
(1,262,997)
273,553
(183,444)
$
$
90,109
284,398
45
1,486,831
(1,681,165)
$
90,109
_______________________
Source: Compiled from Office of the Budget, Comprehensive Annual Financial Report for fiscal years ended June 30, 2012 through 2016.
-3-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 8
Sources, Uses and Changes in Unappropriated Balance
General Fund and Other Funding Sources – Unaudited Budgetary Basis
Commonwealth Revenues Only
(In Thousands)
Actual
Actual
Enacte d Budge t
Source s:
Fiscal Ye ar 2015
Fiscal Ye ar 2016
Fiscal Ye ar 2017
Beginning Balance (Plus Adjustments)………..
$
$
$
83,745
256,622
1,991
Revenue Receipts………………………………..
30,592,501
30,901,581
32,776,400
Refunds………………………………………………
(1,340,000)
(1,250,000)
(1,300,000)
Prior Year Lapses………………………………..
Funds Available……………………………..
90,974
220,953
57,400
$
29,427,220
$
30,129,156
$
31,535,791
$
29,027,839
$
30,023,825
$
31,533,732
Use s:
Appropriations……………………………………..
Supplemental Appropriations………………….
163,783
Current Year Lapses……………………………..
(38,859)
103,341
0
(1)
0
T otal Expenditures………………………….
$
29,152,763
$
30,127,165
$
31,533,732
Preliminary Balance………………………………
$
274,457
$
1,991
$
2,059
$
274,457
$
1,991
$
2,059
T ransfer to Budget Stabilization Fund……..
Ending Unappropriated Balance………..
0
0
0
Notes: No transfer to the Rainy Day Fund from 2014-15 and 2015-16. 2015-16 enacted expenditures from Act 10A of 2015 and Act 1 of 2016.
-4-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 9
Results of Operations–Motor License Fund
GAAP Basis–Unaudited
(In Thousands)
Fiscal Year Ended June 30
Fund Balance — Be ginning of Pe riod .........
Re ve nue s:
T axes...............................................................
Licenses and fees..............................................
Intergovernmental...........................................
Other revenues.................................................
O the r Financing Source s:
Operating transfers in.......................................
Other additions.................................................
T OT AL REVENUES AND OT HER SOURCES..
Expe nditure s:
Direction and supportive services.....................
Protection of persons and property..................
Public education...............................................
Economic development....................................
Recreation and cultural enrichment..................
T ransportation.................................................
Capital outlay...................................................
O the r Use s:
Operating transfers out.....................................
T OT AL EXPENDIT URES AND OT HER USES
REVENUES AND OT HER SOURCES OVER
(UNDER) EXPENDIT URE AND OT HER USES
2012
2013
2014
2015
2016
$ 1,503,483
$ 1,192,998
$ 1,063,322
$ 1,122,852
$ 988,548
$ 2,096,222
913,660
1,917,064
145,264
$ 2,058,228
920,536
1,935,313
185,050
$ 2,349,983
873,949
1,948,619
196,285
$ 3,017,991
959,549
1,785,473
107,272
$ 3,268,270
963,338
1,884,139
99,593
37,327
714
21,092
-
20,978
-
212,124
-
$ 5,072,210
$ 5,137,168
$ 5,389,928
$ 5,891,263
$ 6,427,464
$
$
$
$
$
-
58,679
707,229
595
3,855
2,001,559
2,542,787
31,593
743,349
459
901
2,036,728
2,384,372
25,545
781,151
316
955
1,677
2,226,073
2,228,241
19,186
857,850
164
912
4,827
2,642,804
2,423,556
23,196
942,966
494
5,959
945
2,645,657
2,838,090
67,991
69,442
66,440
76,268
73,963
$ 5,382,695
$ 5,266,844
$ 5,330,398
$ 6,025,567
$ 6,531,270
(310,485)
(129,676)
59,530
(134,304)
(103,806)
Fund Balance — End of Pe riod .....................
$ 1,192,998
Compone nts of Fund Balance
Restricted.........................................................
T OT AL FUND BALANCE................................
1,192,998
1,063,322
1,122,852
988,548
884,742
$ 1,192,998
$ 1,063,322
$ 1,122,852
$ 988,548
$ 884,742
$ 1,063,322
$ 1,122,852
$ 988,548
$ 884,742
_______________________
Source: Compiled from Office of the Budget, Comprehensive Annual Financial Report for fiscal years ended June 30, 2012 through 2016.
-5-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 10
Results of Operations–State Lottery Fund
GAAP Basis–Unaudited
(In Thousands)
Fiscal Year Ended June 30
2012
2013
2014
2015
2016
Ne t Asse ts Be ginning of Pe riod ....................................
Restatements....................................................
$ (118,585)
-
$
(68,858)
-
$ (135,106)
-
$
(16,213)
(41,530)
$ (297,209)
-
Fund Balance —
Be ginning of Pe riod, as Re state d................
$ (118,585)
$
(68,858)
$ (135,106)
$
(57,743)
$ (297,209)
Re ve nue s:
Lottery revenues..............................................
Intergovernmental...........................................
Investment income..........................................
Other revenues.................................................
3,476,663
13,562
114,785
3,699,186
4,989
76,278
3,800,883
6,841
88,199
3,825,052
2,517
98,354
4,135,245
939
1,407
O the r Financing Source s:
Operating transfers in.......................................
164,100
166,800
166,500
162,800
166,800
T OT AL REVENUES AND OT HER SOURCES..
$ 3,769,110
$ 3,947,253
$ 4,062,423
$ 4,088,723
$ 4,304,391
Expe nditure s:
Costs of sales and services................................
$ 3,315,004
$ 3,621,866
$ 3,606,376
$ 3,961,636
$ 3,898,987
Depreciation and amortization.........................
Other expenses.................................................
2,180
112,589
2,772
107,595
3,522
110,676
4,023
113,087
3,617
65,099
O the r Use s:
Operating transfers out.....................................
289,610
281,268
222,956
249,443
270,907
T OT AL EXPENDIT URES AND OT HER USES
$ 3,719,383
$ 4,013,501
$ 3,943,530
$ 4,328,189
$ 4,238,610
REVENUES AND OT HER SOURCES OVER
(UNDER) EXPENDIT URE AND OT HER USES
49,727
Ne t Asse ts - End of Pe riod..............................
$
(68,858)
(66,248)
118,893
$ (135,106)
$
$
$
(16,213)
(239,466)
65,781
$ (297,209)
$ (231,428)
$
$
Compone nts of Ne t Asse ts
Invested in capital assets, net of debt................
Deficit..............................................................
T OT AL NET ASSET S.......................................
$
$
16,083
19,802
(84,941)
(154,908)
(68,858)
$ (135,106)
$
26,229
22,652
21,621
(42,442)
(319,861)
(253,049)
(16,213)
$ (297,209)
$ (231,428)
_________________________________________________________
Source: Compiled from Office of the Budget, Comprehensive Annual Financial Report for fiscal years ended June 30, 2012 through 2016.
-6-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 11
Commonwealth Revenues (a)
General Fund, Motor License Fund and State Lottery Fund - Unaudited
Fiscal Year 2012 – Fiscal Year 2016 and Fiscal Year 2017 Estimated*
(In Millions)
2012
2013
2014
2015
2016
Estimate d
2017
Ge ne ral Fund
T ax Revenues:
Sales and use .....................................
Personal income ...............................
Corporate (b).....................................
Public utility (c).................................
Inheritance .......................................
Financial and insurance (d) ................
Cigarette ...........................................
Realty transfer ..................................
Alcoholic beverages (e) .....................
Other ................................................
$ 8,772.3
10,800.5
2,859.6
1,358.7
827.7
730.9
1,069.9
292.2
324.0
112.7
$ 8,893.7
11,371.2
3,025.7
1,350.2
845.3
798.4
1,024.1
338.7
336.4
83.5
$ 9,129.6
11,437.3
2,821.8
1,316.3
877.4
749.9
976.9
375.4
346.0
67.3
$ 9,493.1
12,107.4
3,053.1
1,300.0
1,002.3
748.4
927.2
413.8
358.9
88.3
$ 9,795.2
12,506.0
2,993.0
1,344.1
962.2
794.6
911.5
481.7
373.0
96.5
$ 10,204.5
13,052.0
2,993.7
1,327.9
1,000.3
832.7
1,314.7
554.5
397.5
50.1
T OT AL T AX REVENUES ...............
$ 27,148.5
$ 28,067.2
$ 28,097.9
$ 29,492.5
$ 30,257.8
$ 31,727.9
$
80.0
383.0
66.4
$
80.0
444.3
55.4
$
80.0
358.1
71.0
$
80.0
950.0
70.2
$
571.8
72.0
$
216.4
702.6
66.8
$
529.4
$
579.7
$
509.1
$ 1,100.2
$
643.8
$
985.8
Non-T ax Revenues:
Liquor store profits ...........................
Licenses, fees and miscellaneous........
Fines, penalties and interest ..............
T OT AL NON-T AX REVENUES ......
TO TAL GENERAL FUND ...................
Motor Lice nse Fund
T ax Revenues:
Liquid fuels .......................................
Fuels use ...........................................
Oil company franchise ......................
Motorbus & alt fuels..........................
T OT AL T AX REVENUES ..............
Non-T ax Revenues:
Licenses and fees ..............................
Other and miscellaneous....................
$ 27,677.9
$ 28,646.9
$ 28,607.0
$ 30,592.7
$ 30,901.6
$ 32,713.7
$
$
$
$
$
$
561.4
155.7
457.9
49.0
576.3
152.0
445.1
49.7
627.6
95.1
534.1
37.7
815.0
0.0
747.4
0.0
822.3
0.0
836.9
0.0
828.4
0.0
903.1
0.0
$ 1,224.0
$ 1,223.1
$ 1,294.5
$ 1,562.4
$ 1,659.2
$ 1,731.5
$
$
$
$
950.8
98.3
$
962.7
35.7
$
892.6
297.6
892.5
300.6
893.9
258.4
991.9
27.6
T OT AL NON-T AX REVENUES ......
$ 1,190.2
$ 1,193.1
$ 1,152.3
$ 1,049.1
$
998.4
$ 1,019.5
TO TAL MO TO R LICENSE FUND .....
$ 2,414.2
$ 2,416.2
$ 2,446.8
$ 2,611.5
$ 2,657.6
$ 2,751.0
State Lotte ry Fund
Non-T ax Revenues:
Lottery revenues ..............................
Other and miscellaneous ...................
$ 1,515.4
178.2
$ 1,591.7
166.8
$ 1,598.0
168.4
$ 1,558.7
164.5
$ 1,676.0
167.7
$ 1,656.5
149.3
T OT AL NON-T AX REVENUES ......
$ 1,693.6
$ 1,758.5
$ 1,766.4
$ 1,723.2
$ 1,843.7
$ 1,805.8
TO TAL STATE LO TTERY FUND .......
$ 1,693.6
$ 1,758.5
$ 1,766.4
$ 1,723.2
$ 1,843.7
$ 1,805.8
Source: Office of the Budget. Totals may not add due to rounding
(a) Budgetary basis including taxes and interest accrued but not deposited by the Commonwealth by June 30 of each fiscal year.
(b) Includes the corporate net income and the capital stock and franchise taxes.
(c) Includes the utility gross receipts and utility property taxes.
(d) Includes the financial institution and insurance premium taxes.
(e) Includes the liquor and malt beverage taxes.
*
Data from fiscal year 2017 enacted budget.
-7-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 12
Commonwealth Revenues — Official Estimate vs. Actual(a)
General Fund and Motor License Fund – Unaudited
Fiscal Year 2012 — Fiscal Year 2016
(In Millions)
General Fund
Fiscal Year
Ended June 30
(a)
(b)
Motor License Fund
Official
Official
Estimate
(b)
(b)
Estimate
Variance
($162.8)
$2,416.4
2012
$27,840.8
Actual
$27,678.0
Actual
Variance
$2,414.2
($2.2)
2013
28,590.0
28,646.9
56.9
2,397.0
2,416.2
19.2
2014
29,116.0
28,607.7
(508.3)
2,468.8
2,446.8
(22.0)
2015
2016
30,194.5
30,871.7
30,592.5
30,901.5
398.0
29.8
2,527.9
2,680.1
2,611.5
2,657.5
83.6
(22.6)
Budgetary basis including taxes and interest accrued but not deposited by the Commonwealth by June 30 of each fiscal year.
As certified for budget enactment.
Table 15
General Obligation Debt Outstanding (a)
Fiscal Years 2007-2016
(In Millions)
General Obligation
Debt Oustanding
At June 30
2007……………
$
7,834.0
2008……………
8,177.0
2009……………
8,653.7
2010……………
9,891.7
2011……………
9,872.1
2012……………
10,727.5
2013……………
10,860.3
2014……………
11,409.0
2015……………
12,074.9
2016……………
11,578.5
_____________________________________________________
(a)
Net of sinking fund balances.
-8-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 16
Selected Debt Ratios
Fiscal Years 2007 and 2012 through 2016
2007
Net Outstanding Debt (Millions)
General Obligation Debt(a)........................................
Lease Payment Obligations(b)...................................
T otal.........................................................................
% Increase (Decrease) over prior year.....................
Population (T housands) .........................................
Per Capita Debt.......................................................
Personal Income (Millions).......................................
Debt as a % of Personal Income..............................
Debt Service (Millions)(c)
Highway Bonds(d)...................................................
All Other Bonds......................................................
Lease Payments......................................................
T otal.....................................................................
|
2012
2013
2014
2015
2016 (Est.)
7,834
835
8,669
8.5%
|
| $ 10,728
|
2,249
| $ 12,977
|
7.4%
$ 10,860
2,493
$ 13,353
2.9%
$ 11,409
2,401
$ 13,810
3.4%
$ 12,074
2,383
$ 14,457
4.7%
$ 11,578
2,199
$ 13,777
-4.7%
12,522
$
692
$ 489,076
1.8%
|
12,763
| $
1,017
| $ 560,501
|
2.3%
12,784
$
1,045
$ 554,990
2.4%
12,794
$
1,079
$ 569,786
2.4%
12,804
$
1,129
$ 588,219
2.5%
12,813
$
1,075
$ 606,222
2.3%
$
$
$
$
$
$
$
$
30
849
47
926
|
| $
|
|
| $
Increase (Decrease) Over Prior Year
Cash Revenues (Million)(e)
Motor License Fund................................................
General Fund...........................................................
T otal.....................................................................
% Increase (Decrease) over prior year....................
57
1,146
137
1,340
8.6% |
2.9%
|
$
2,291 | $
2,414
27,449 |
27,678
$ 29,740 | $ 30,092
5.8% |
0.3%
|
Highway Bond Debt Service as a % of Motor License
|
Fund Revenues.............................................................
1.3% |
2.4%
All Other Bond Debt Service and Lease Payments as a
|
% of General Fund Revenues.......................................
3.3% |
4.6%
T otal Debt Service and Lease Payments as a % of
|
Motor License and General Fund Revenues...................
3.1% |
4.5%
$
52
1,223
156
1,431
$
54
1,232
155
1,441
$
53
1,221
155
1,429
$
6.8%
0.7%
2,416
28,646
$ 31,062
3.2%
2,447
28,646
$ 31,093
0.1%
2,611
30,592
$ 33,203
6.8%
2,658
30,901
$ 33,559
1.1%
2.2%
2.2%
2.0%
2.1%
4.8%
4.8%
4.5%
4.6%
4.6%
4.6%
4.3%
4.4%
$
$
(0.8%)
56
1,260
155
1,471
$
2.9%
$
(a) Net of all sinking fund balances. Includes bond anticipation notes.
(b) Includes unduplicated data of issues contained in Table 20.
(c) As paid from appropriations, available funds and/or sinking fund balances.
(d) Highway Bonds and Highway Bridge Improvement Bonds.
(e) Commonwealth revenues only.
-9-
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 17
General Obligation Debt Outstanding as of June 30, 2016(a)
(In Thousands)
Debt Outstanding
Capital Projects Debt:
Capital Facilities Bonds............................................................
Highway Bonds.........................................................................
Refunding Bonds ......................................................................
T otal Capital Projects Debt Outstanding............................................
Less: Sinking
Fund(c)
Net Debt
Outstanding
$
7,439,335
1,199,025
3,086,300
$
(1,234,395)
(25,765)
(9,820)
$
(26,701)
-
$
6,178,239
1,173,260
3,076,480
$
11,724,660
$
(1,269,980)
$
(26,701)
$
10,427,979
Electorate Approved Debt:
PA Economic Revitalization Bonds..........................................
Land & Water Development Bonds..........................................
Nursing Home Loan Development Bonds.................................
Volunteer Companies’ Loan Bonds...........................................
Vietnam Veterans Compensation Bonds...................................
Water Facilities Restoration-1981 Referendum........................
Pennvest—1988 Referendum Bonds.........................................
Pennvest—1992 Referendum Bonds.........................................
Agricultural Conservation Easement Bonds..............................
Local Criminal Justice Bonds....................................................
Keystone Recreation, Parks & Conservation Bonds.................
Growing Greener Bonds............................................................
Water Supply and Wastewater T reatment Bonds.....................
Persian Gulf Conflict Veterans..................................................
Water and Sewer Assistance......................................................
T otal Electorate Approved Debt Outstanding.....................................
Less: Refunding
Escrow(b)
165,350
1,760
416,845
166,465
5,070
328,720
$
Other Bonded Debt:
Disaster Relief Bonds................................................................
Refunding Bonds.......................................................................
1,084,210
(35,165)
(1,375)
(175,110)
(97,980)
(3,480)
$
381,985
(313,110)
(2,310)
(40)
$
(180)
T otal Other Bonded Debt Outstanding................................................
$
381,985
$
(180)
T otal General Obligation Debt Outstanding........................................
$
13,190,855
$
(1,583,270)
(2,350)
(2,310)
130,185
345
241,735
68,485
1,590
328,720
$
$
(29,051)
768,750
381,805
$
381,805
$
11,578,534
__________________________________
(a)
Does not include any general obligation debt issued in fiscal year 2017.
(b)
Principal amount of bonds refunded to be paid from escrowed bond proceeds in State Treasurer escrow account.
(c)
Funds already deposited in sinking funds.
- 10 -
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 18
Bond Debt Service
(In Thousands)
Fiscal Year Ending June 30
Principal
Interest
Total
2017
$755,975
$535,998
$1,291,973
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
735,730
782,700
771,220
769,860
773,180
745,560
749,790
715,550
751,300
723,545
648,315
585,115
554,685
430,610
397,785
289,580
229,065
135,885
62,135
512,078
473,880
434,683
397,646
361,256
323,727
287,229
251,235
214,359
179,336
146,956
116,859
88,708
63,038
44,724
28,227
15,324
6,759
1,542
1,247,808
1,256,580
1,205,903
1,167,506
1,134,436
1,069,287
1,037,019
966,785
965,659
902,881
795,271
701,974
643,393
493,648
442,509
317,807
244,389
142,644
63,677
Total
$11,607,585
$4,483,564
$16,091,149
_______________________________
Totals may not add due to rounding.
Does not include general obligation bonds issued during fiscal year 2017.
Table 19
Projected General Obligation Bond Issuance and Principal Retirements
Fiscal Years 2017-2020(a)
(In Millions)
Fiscal Year Ending June 30
2017
2018
2019
Capital Facilities(b)
Buildings and Structures........................................................
Furniture and Equipment .......................................................
Transportation Assistance .....................................................
Redevelopment Assistance ....................................................
Flood Control ........................................................................
Highway and Bridge Projects ................................................
Special Purpose:
Pennvest — 1988, 1992 & 2008 Referenda...........................
Water and Wastewater Referendum(a) ...................................
Growing Greener II Referendum(a) ........................................
$
765
10
175
150
0
0
$
20
0
6
Total Projected Issuance...........................................
(c)
Principal Retirement ...............................................................
_______________________
$
1,126
$
725.9
780
10
175
150
0
0
$
15
0
0
$
1,130
$ 774.3
796
10
175
250
0
0
2020
$
0
0
0
$
812
10
175
250
0
0
0
0
0
1,231
$
1,247
$ 824.4
$
845.8
Totals may not add due to rounding.
(a)
As proposed in the fiscal year 2017 enacted budget.
(b)
Includes issuance for new projects and for projects previously authorized.
(c)
On bonded debt outstanding and pro forma for projected bond issuances.
- 11 -
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 20
Obligations Secured By Commonwealth
Lease Payments (as of 12/31/16)
(In Thousands)
Lessor
Purpose
Harristown Development
Corporation
Office Space
M aximum Annual
Lease Payment
Principal
Amount
Outstanding as
of 12/31/2016 Final M aturity
$5,793
$45,848
M ay 1, 2025
Philadelphia Regional Port Authority Port Facilities
4,855
16,705
Sept. 1, 2020
Sports & Exhibition Authority of
Pittsburgh and Allegheny County
Public
Auditorium
18,604
276,485
Nov. 1, 2039
NORESCO, LLC
Equipment
2,158
13,225
Oct. 1, 2026
NORESCO, LLC
Equipment
1,559
9,990
Oct. 1, 2026
NORESCO/Johnson Controls
Equipment
8,416
61,195
Oct. 1, 2026
26,641
234,375
June 15, 2039
18,123
100,080
M ar. 1, 2034
66,635
721,485
June 30, 2042
Pennsylvania Economic Development Convention
Finance Authority
Center
Pennsylvania Economic Development Office Space
Finance Authority
Pennsylvania Economic Development Rapid Bridge
Finance Authority
Replacement
- 12 -
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 21
Public School Employees’ Retirement Fund
(In Millions)
Year
Ended
June 30
Employee
Employer
Contributions Contributions (a)
Net
Investment Total Deductions From
Income (Loss)
Plan Net Assets(b)
Net
Assets(c)
2008……
$835
$880
($1,776)
$4,991
$62,659
2009……
608
911
-16,198
4,983
43,207
2010……
638
952
6,115
5,300
45,837
2011……
748
1,043
9,247
5,675
51,433
2012……
1,086
953
1,094
6,049
48,764
2013……
1,555
991
4,126
6,436
49,276
2014……
2,110
967
7,098
6,454
53,262
2015……
2,714
985
1,329
6,686
51,885
2016……
3,303
989
474
6,860
50,151
____________________________
(a)
PSERS no longer classifies member premiums to its Health Option Plans as Employee Contributions. Numbers have been adjusted for each
year to reflect this change.
(b)
Includes PSERS administrative expenses.
(c)
For the fiscal year ended June 30, 2014, PSERS adopted GASB Statement 67 (Plans) which replaces requirements of Statement 25. This new
standard impacts the accounting treatment of pension plans in which state and local governments participate. Major changes are: 1) the inclusion
of unfunded pension liabilities on the government’s balance sheet (such unfunded liabilities previously included as notes to the government’s
financial statements); 2) full pension costs are shown as expenses regardless of actual contribution levels; 3) lower actuarial discount rates may be
required to be used for most plans for certain purposes of the financial statements, resulting in increased liabilities and pension expenses; and 4)
shorter amortization periods for unfunded liabilities will be required to be used for certain purposes of the financial statements, which generally
would increase pension expenses. Except as noted, the presentations above include the effects of financial activity related to the administration of
the PSERS healthcare insurance premium assistance program and Health Options Program. As required with the adoption of GASB Statement No.
26, separate financial presentations for these programs are made in PSERS financial statements. PSERS also adopted GASB Statement No. 34 for
the fiscal year beginning July 1, 2001 that requires the presentation of Management’s Discussion and Analysis as required supplementary
information preceding the financial statement.
Table 22
State Employees’ Retirement Fund
(In Millions)
Year Ended
December 31
Employer
Contributions
Employee
Contributions
Net Investment
Income
(a)
Total Deductions
From Fiduciary
Net Position
(b)
Fiduciary Net
Position(c)
2008....................
$235
$337
($11,061)
$2,231
$22,796
2009....................
253
349
3,561
2,297
24,662
2010....................
273
349
3,076
2,474
25,886
2011....................
392
351
480
2,732
24,377
2012....................
566
348
2,794
2,696
25,389
2013....................
795
352
3,724
2,866
27,394
2014....................
1,084
366
1,462
2,968
27,338
2015....................
1,360
372
88
3,103
26,055
___________________________________________________
(a)
Includes net appreciation (depreciation) in fair value of investments.
Includes SERS administrative costs.
(c)
Market value of investment assets. For the fiscal year ended December 31, 2014, SERS adopted GASB Statement No. 67, which replaces requirements
of GASB Statement No. 25. These require that investments be reported at their fair value. Also includes securities lending collateral pool pursuant to
GASB Statement No. 28.
(b)
- 13 -
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 23
Unfunded Actuarial Accrued Liability 2006-2015
(In Millions)
S ERS (a)
PS ERS (b)
$2,216
$12,163
2007...............................................
914
9,438
2008...............................................
3,801
9,924
2009...............................................
5,592
15,739
2010...............................................
9,736
19,699
2011...............................................
14,664
26,499
2012...............................................
17,753
29,533
2013...............................................
17,900
32,599
2014...............................................
18,166
35,121
Valuation Year Ended In
2006...............................................
2015...............................................
19,452
37,336
(a)
The fiscal year for SERS ends on December 31 of each year.
(b)
The fiscal year for PSERS ends on June 30 of each year. Amounts presented are for Pension only and excludes Premium Assistance.
- 14 -
January 6, 2017
Commonwealth of Pennsylvania Annual Financial Information
Table 24
Comparison of Employer Contributions to Annual
Required Contributions
(In Thousands)
Public School Employees’ Retirement Fund(a)
Year Ended
June 30
2016..................
Annual Required
Contributions
Actual
Employer
Contributions
Percentages
Contributed
$3,976,798 $ 3,181,438*
80%
2015..................
3,760,827
2,582,114*
69
2014..................
3,410,373
1,986,384*
58
2013..................
3,110,429
1,434,815*
46
2012..................
2,629,244
1,001,140*
38
2011..................
2,436,602
646,700*
27
2010..................
1,928,278
527,212*
27
2009..................
1,761,295
503,227*
29
2008..................
1,852,238
753,532
41
2007..................
1,708,821
659,545
39
State Employees' Retirement Fund (b)
Year Ended
December 31
Annual Required
Contributions
Actual
Employer
Contributions
Percentages
Contributed
2015..................
$1,469,116
$1,360,431
93%
2014..................
1,407,361
1,084,104
77
2013..................
1,314,925
794,911
60
2012..................
1,044,632
565,621
54
2011..................
913,778
391,749
43
2010..................
866,822
273,083
31
2009..................
643,861
253,250
39
2008..................
584,248
235,288
40
2007..................
617,253
243,936
39
2006..................
584,745
196,420
36
________________________________________________________________________
(a)
Amounts presented are for Pension only and excludes Premium Assistance
The ARC is calculated as part of SERS funding valuation using Governmental Accounting Standards Board Statement No. 25 (GASB 25)
requirements. Starting in 2014, GASB 25 was superseded by Governmental Accounting Standards Board Statement No. 67 (GASB 67) for accounting
purposes. GASB 67 replaces the ARC with an actuarially determined contribution (ADC). While no longer applicable to 2014 and subsequent years, this
disclosure is being provided for informational purposes.
(*) Net of purchase of service contributions
(b)
- 15 -
January 6, 2017

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