LETTER TO SHAREHOLDERS
Dear Shareholder:
When your Fund ended its fiscal year on September 30, 1994, the closing
market price was $9.00. This is a decrease of approximately $2.61, adjusted
for a capital gain distribution, from the closing market price at year-end on
September 30, 1993. During the fiscal year, income dividends of $.605 per
share were paid, which translates into a distribution rate per share of 6.72%
based on the September 30 closing market price. The Fund also paid a capital
gain distribution, mentioned above, of approximately $.013 per share.
Although the stock price movement has been dramatic, the net asset value has
moved considerably less, showing a decrease of approximately $.72 ($10.65 to
$9.92 adjusted for the capital gain distribution) during the same period. As
has been true from the Fund's inception, all interest income paid to you has
been exempt from Federal, New York State and New York City income taxes.*
During 1994, the bond markets have been beaten down by a strengthening
economy, fears of rising inflation and a weakening U.S. dollar. As a result
of these influences, interest rates have risen much faster this year than
most economists had anticipated. Prices of municipal bonds reached low points
early in the second calendar quarter of 1994, then staged a modest rebound
this summer, before sliding again in recent weeks. As a consequence,
tax-exempt yields have risen to their highest levels in nearly two years.
While we continue to be very cautious with our investment strategy, we
are hopeful that the series of Federal Reserve Board moves to tighten
interest rates, begun in February, will start to translate into positive
economic news for the markets. One factor we believe is working to your
Fund's advantage is the municipal market's favorable technical position
(i.e., adequate retail demand for tax-exempt securities, combined with a
sharp reduction in the supply of new issues this year). While we view the
municipal market more favorably today than we have in months, we remain aware
of the strong effect the prices of taxable securities (particularly U.S.
Treasury obligations) have on prices in the municipal market. The New York
market, like the general market, has seen a reduction in issuance throughout
1994. Within the coming year, the State may be addressing many changes such
as a new Governor, a State buyout of Lilco, and a constitutional amendment
revamping the method of debt issuance. As we have mentioned previously, we
believe the outlook for the State remains positive.
After enjoying a number of years of strong market performance, it is
unsettling, to say the least, to be faced with such an uncertain environment.
While falling prices earlier this year reduced the value of the portfolio,
the level of tax-free dividends remained stable through the Fund's fiscal
year-end. Though the financial press focuses attention on short-term market
swings, we currently maintain a longer perspective. We continue to direct our
management efforts towards pursuing maximum current income exempt from
Federal, New York State and New York City income taxes to the extent
consistent with the preservation of capital. We trust that our philosophy is
in concert with yours.
We have included a current Statement of Investments and recent financial
statements for your review. We greatly appreciate your investment in the
Fund, and look forward to serving your investment needs in the future.
Very truly yours,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 28, 1994
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders. Capital gains are generally subject to
Federal, state and local taxes.
<TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
SELECTED INFORMATION SEPTEMBER 30,1994 (UNAUDITED)
<S> <C> <C>
Market Price per share September 30, 1994........................... $ 9
Shares Outstanding September 30, 1994............................... 3,732,722
American Stock Exchange Ticker Symbol............................... DNM
</TABLE>
<TABLE>
MARKET PRICE (AMERICAN STOCK EXCHANGE)
FISCAL YEAR ENDED SEPTEMBER 30, 1994
-----------------------------------------------------------------------------------------------
QUARTER QUARTER QUARTER QUARTER
ENDED ENDED ENDED ENDED
DECEMBER 31, 1993 MARCH 31, 1994 JUNE 30, 1994 SEPTEMBER 30, 1994
------------------ ---------------- -------------- --------------------
<S> <C> <C> <C> <C>
High $11 3/4 $11 1/2 $10 $10 1/8
Low 11 1/8 9 1/2 9 1/4 8 3/4
Close 11 1/8 9 5/8 10 9
</TABLE>
<TABLE>
PERCENTAGE GAIN (LOSS) based on change in Market Price*
<S> <C> <C>
October 21, 1988 (commencement of operations) through September 30, 1994.............. 30.52%
October 1, 1993 through September 30, 1994............................................ (17.78)
January 1, 1994 through September 30, 1994............................................ (15.37)
April 1, 1994 through September 30, 1994.............................................. (3.57)
July 1, 1994 through September 30, 1994............................................... (8.57)
</TABLE>
<TABLE>
<S> <C> <C>
NET ASSET VALUE PER SHARE
October 21, 1988 (commencement of operations)........... $9.21
September 30, 1993...................................... 10.65
December 31, 1993....................................... 10.59
March 31, 1994.......................................... 10.04
June 30, 1994........................................... 9.99
September 30, 1994...................................... 9.92
</TABLE>
<TABLE>
<S> <C> <C>
PERCENTAGE GAIN (LOSS) based on change in Net Asset Value*
October 21, 1988 (commencement of operations) through September 30, 1994.............. 56.19%
October 1, 1993 through September 30, 1994............................................ (1.07)
January 1, 1994 through September 30, 1994............................................ (2.01)
April 1, 1994 through September 30, 1994.............................................. 1.89
July 1, 1994 through September 30, 1994............................................... .87
*With dividends reinvested.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994
<S>
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS_100.0% AMOUNT VALUE
-------------- -------------
<S> <C> <C>
NEW YORK_74.0%
Albany Industrial Development Agency, LR (New York State Assembly Building
Project)
7.75%, 1/1/2010......................................................... $ 1,225,000 $ 1,286,985
Babylon Industrial Development Agency, RRR (Ogden Martin System Babylon,
Inc.)
8.50%, 1/1/2019......................................................... 1,480,000 1,607,191
New York City, GO:
5.75%, 8/15/2014........................................................ 900,000 798,633
8.25%, 6/1/2019 (Prerefunded 6/1/2001) (a).............................. 1,250,000 1,476,500
New York City Housing Development Corp., Mortgage Revenue
(South Williamsburg Cooperative) 7.90%, 2/1/2023 (Insured; SONYMA)...... 740,000 759,699
New York City Industrial Development Agency:
Civic Facility Revenue (YMCA of Greater New York Project) 8%, 8/1/2016.. 1,000,000 1,053,740
Special Facility Revenue (American Airlines, Inc. Project):
8%, 7/1/2020.......................................................... 1,325,000 1,375,363
6.90%, 8/1/2024....................................................... 500,000 496,805
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue
7.75%, 6/15/2020 (Prerefunded 6/15/2001) (a)............................ 1,250,000 1,442,488
New York State Dormitory Authority, Revenue:
Judicial Facilities Lease (Suffolk County Issue) 9.50%, 4/15/2014....... 1,000,000 1,171,430
Refunding:
City University 8.20%, 7/1/2013....................................... 1,000,000 1,120,000
State University Educational Facilities 7.375%, 5/15/2014............. 500,000 540,168
New York State Energy, Research and Development Authority, PCR:
(Central Hudson Gas and Electric) 8.375%, 12/1/2028..................... 1,000,000 1,103,520
(Rochester Gas and Electric Co.) 8.375%, 12/1/2028...................... 1,500,000 1,636,680
New York State Housing Finance Agency, Health Facilities Revenue,
Refunding (New York City) 8%, 11/1/2008................................. 1,000,000 1,121,400
New York State Medical Care Facilities Finance Agency, Insured Hospital Mortgage Revenue,
Refunding (Nyack Hospital Project) 8.30%, 11/1/2013..................... 2,000,000 2,170,740
New York State Mortgage Agency:
Homeowner Mortgage Revenue 8.125%, 10/1/2017............................ 1,375,000 1,495,821
Mortgage Revenue:
8.375%, 4/1/2018...................................................... 470,000 502,740
8.839%, 10/1/2020 (b,c)............................................... 1,500,000 1,458,750
New York State Power Authority, General Purpose Revenue, Refunding 6.50%, 1/1/2019 1,000,000 1,005,380
New York State Urban Development Corp., Revenue (Correctional Facilities)
8.125%, 1/1/2014 (Prerefunded 1/1/1988) (a)............................. 1,500,000 1,675,530
Onondaga County Industrial Development Agency, IDR (Weyerhaeuser Project)
9%, 10/1/2007........................................................... 1,200,000 1,459,776
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994
PRINCIPAL
LONG-TERM MUNICIPAL INVESTMENTS(CONTINUED) AMOUNT VALUE
-------------- -------------
U.S. RELATED_26.0%
Commonwealth of Puerto Rico 8.231%, 7/1/2018 (Insured; AMBAC) (b,c)......... $ 1,500,000 $ 1,325,625
Commonwealth of Puerto Rico Aqueduct and Sewer Authority, Revenue
7.90%, 7/1/2007......................................................... 1,000,000 1,104,100
Commonwealth of Puerto Rico Highway Authority, Highway Revenue:
8.125%, 7/1/2013 (Prerefunded 7/1/1998) (a)............................. 1,000,000 1,130,680
Refunding 8%, 7/1/2003 (Prerefunded 7/1/1998) (a)....................... 1,500,000 1,691,460
Commonwealth of Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue
7.90% 7/1/2007.......................................................... 1,000,000 1,104,100
Virgin Islands Port Authority, Airport Revenue (Cyril E. King Airport
Project)
8.10%, 10/1/2005........................................................ 1,400,000 1,539,020
Virgin Islands Territory, Special Tax Revenue (Hugo Insurance Claims Program)
7.75%, 10/1/2006 ....................................................... 1,390,000 1,502,507
-----------
TOTAL INVESTMENTS
(cost $33,988,729)...................................................... $36,156,831
===========
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation PCR Pollution Control Revenue
GO General Obligation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SONYMA State of New York Mortgage Agency
LR Lease Revenue
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH(D) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- ----------------- --------------------
<S> <C> <C> <C>
AAA Aaa AAA 20.1%
AA Aa AA 14.5
A A A 9.3
BBB Baa BBB 45.5
Not Rated (e) Not Rated (e) Not Rated (e) 10.6
-----
100.0%
=====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at the
earliest refunding date.
(b) Residual interest security - the interest rate is subject to change
periodically.
(c) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At September
30, 1994, these securities amounted to $2,784,375 or 7.5% of net assets.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Board of Directors to be of
comparable quality to those rated securities in which the Fund may
invest.
See notes to financial statements.
<TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $33,988,729)_see statement..................................... $36,156,831
Cash.................................................................... 49,895
Interest receivable..................................................... 907,717
Prepaid expenses........................................................ 190
-----------
37,114,633
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 21,428
Accrued expenses........................................................ 55,223 76,651
-------------- -----------
NET ASSETS ................................................................ $ 37,037,982
============
REPRESENTED BY:
Paid-in capital......................................................... $34,585,155
Accumulated undistributed investment income_net......................... 258,413
Accumulated net realized gain on investments............................ 26,312
Accumulated net unrealized appreciation on investments_Note 3........... 2,168,102
-----------
NET ASSETS at value applicable to 3,732,722 shares outstanding
(110 million shares of $.001 par value Common Stock authorized)......... $37,037,982
============
NET ASSET VALUE, per share
($37,037,982 / 3,732,722 shares)........................................ $9.92
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 2,676,318
EXPENSES:
Management fee-Note 2(a)............................................. $ 267,904
Shareholder servicing costs........................................... 28,146
Directors' fees and expenses-Note 2(b)................................ 22,836
Auditing fees......................................................... 22,407
Shareholders' reports................................................. 19,954
Registration fees..................................................... 8,000
Legal fees............................................................ 6,526
Custodian fees........................................................ 4,204
Miscellaneous......................................................... 8,592
-----------
TOTAL EXPENSES.................................................... 388,569
-----------
INVESTMENT INCOME-NET............................................ 2,287,749
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3................................ $ 26,312
Net unrealized (depreciation) on investments............................ (2,740,761)
-----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (2,714,449)
-----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (426,700)
=============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
------------------------------
1993 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 2,294,161 $ 2,287,749
Net realized gain on investments........................................ 48,114 26,312
Net unrealized appreciation (depreciation) on investments for the year.. 1,897,333 (2,740,761)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 4,239,608 (426,700)
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................. (2,136,354) (2,255,735)
Net realized gain on investments........................................ (179,330) (48,137)
------------ ------------
TOTAL DIVIDENDS....................................................... (2,315,684) (2,303,872)
------------ ------------
CAPITAL STOCK TRANSACTIONS;
Dividends reinvested-Note 1(c)......................................... 651,946 225,841
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............................... 2,575,870 (2,504,731)
NET ASSETS:
Beginning of year....................................................... 36,966,843 39,542,713
------------ ------------
End of year (including undistributed investment income_net:
$447,147 in 1993 and $258,413 in 1994)................................ $39,542,713 $37,037,982
=========== ===========
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS;
INCREASE IN SHARES OUTSTANDING AS A RESULT OF DIVIDENDS REINVESTED...... 62,834 20,533
=========== ===========
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from the financial statements and market price data for the
Fund's shares.
YEAR ENDED SEPTEMBER 30,
--------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
------- ------- ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.............. $ 9.41 $ 9.20 $ 9.67 $10.13 $10.65
------- ------- ------ ------ ------
INVESTMENT OPERATIONS:
Investment income_net.......................... .63 .63 .62 .62 .61
Net realized and unrealized gain (loss) on investments (.18) .48 .47 .53 (.72)
------- ------- ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.............. .45 1.11 1.09 1.15 (.11)
------- ------- ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income_net........... (.66) (.63) (.61) (.58) (.61)
Dividends from net realized gain on investments. -- (.01) (.02) (.05) (.01)
------- ------- ------ ------ ------
TOTAL DISTRIBUTIONS........................... (.66) (.64) (.63) (.63) (.62)
------- ------- ------ ------ ------
Net asset value, end of year.................... $ 9.20 $ 9.67 $10.13 $10.65 $ 9.92
======= ======= ====== ====== =======
Market Value, end of year....................... $ 9 1/4 $ 9 5/8 $10 1/8 $11 5/8 $ 9
======= ======= ====== ====== =======
TOTAL INVESTMENT RETURN* 3.07% 11.33% 12.09% 21.99% (17.78%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......... 1.07% 1.10% 1.11% 1.06% 1.02%
Ratio of net investment income to average net assets 6.68% 6.70% 6.36% 6.06% 5.98%
Portfolio Turnover Rate......................... 11.76% 15.53% 15.23% 5.01% 5.94%
Net Assets, end of year (000's Omitted)......... $32,844 $34,860 $36,967 $39,543 $37,038
* Calculated based on market value.
See notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified closed-end management investment company. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. Effective
August 24, 1994, the Manager became a direct subsidiary of Mellon Bank, N.A.
(A) PORTFOLIO VALUATION: Investments in municipal debt securities
(excluding options and financial futures on municipal and U.S. treasury
securities) are valued on the last business day of each week and month by an
independent pricing service ("Service") approved by the Board of Directors.
Investments for which quoted bid prices are readily available and are
representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the
Service from dealers in such securities) and asked prices (as calculated by
the Service based upon its evaluation of the market for such securities).
Other investments (which constitute a majority of the portfolio securities)
are carried at fair value as determined by the Service, based on methods
which include consideration of: yields or prices of municipal securities of
comparable quality, coupon, maturity and type; indications as to values from
dealers; and general market conditions. Options and financial futures on
municipal and U.S. treasury securities are valued at the last sales price on
the securities exchange on which such securities are primarily traded or at
the last sales price on the national securities market on the last business
day of each week and month. Investments not listed on an exchange or the
national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Securities purchased or sold on a when-issued or delayed-delivery
basis may be settled a month or more after the trade date.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid monthly.
Dividends from net realized capital gain are declared and paid at least
annually. To the extent that net realized capital gain can be offset by
capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
As a result of the treatment of premium amortization for financial
reporting purposes, versus Federal income tax purposes, the Fund reclassified
$220,748 from undistributed net investment income to undistributed net
realized and unrealized gains. This amount represented the cumulative effect
of such difference. Results of operations and net assets were not effected by
this reclassification.
For shareholders who elect to receive their distributions in additional
shares of the Fund, in lieu of cash, such distributions will be reinvested at
the lower of the market price or net asset value per share (but not less than
95% of the market price) as defined in the dividend reinvestment plan.
On September 29, 1994, the Board of Directors declared a cash dividend of
$.05 per share from investment income-net, payable on October 27, 1994 to
shareholders of record as of the close of business on October 13, 1994.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(D) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED):
<TABLE>
NET INCREASE
NET REALIZED & (DECREASE)
UNREALIZED GAIN IN NET ASSETS
TOTAL INVESTMENT NET INVESTMENT (LOSS) ON RESULTING FROM
INCOME INCOME INVESTMENTS OPERATIONS
---------------- -------------- ------------- --------------
(000'S) PER (000'S) PER (000'S) PER (000'S) PER
QUARTER ENDED OMITTED SHARE OMITTED SHARE OMITTED SHARE OMITTED SHARE
- ------------- ------- ----- ------ ----- ------- ----- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
December 31, 1992........... $ 670 $ 0.18 $ 573 $ 0.16 $ 10 $ -- $ 583 $ 0.16
March 31, 1993.............. 671 0.18 575 0.16 697 0.19 1,272 0.35
June 30, 1993............... 675 0.18 574 0.15 572 0.15 1,146 0.30
September 30, 1993.......... 681 0.19 572 0.15 667 0.19 1,239 0.34
------- ----- ------ ----- ------- ----- ------- -----
TOTAL................... $ 2,697 $ 0.73 $ 2,294 $ 0.62 $ 1,946 $ 0.53 $ 4,240 $ 1.15
======= ===== ====== ====== ======= ===== ====== =====
December 31, 1993........... $ 679 $ 0.18 $ 575 $ 0.16 $ (191) $(0.05) $ 384 $ 0.11
March 31, 1994.............. 675 0.18 573 0.15 (2,063) (0.55) (1,490) (0.40)
June 30, 1994............... 676 0.18 576 0.15 (188) (0.05) 388 0.10
September 30, 1994.......... 646 0.17 563 0.15 (272) (0.07) 291 0.08
------- ----- ------ ----- ------- ----- ------- -----
TOTAL................... $ 2,676 $ 0.71 $ 2,287 $ 0.61 $ (2,714) $(0.72) $(427) $(0.11)
======= ===== ====== ====== ======= ===== ====== =====
</TABLE>
(E) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can
distribute tax exempt dividends, by complying with the applicable provisions
of the Internal Revenue Code, and to make distributions of income and net
realized capital gain sufficient to relieve it from substantially all Federal
income and excise taxes.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .70 of 1% of the average
weekly value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. There was no expense
reimbursement for the year ended September 30, 1994.
(B) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager. Each director who is not an
"affiliated person" receives an annual fee of $2,500 and an attendance fee of
$250 per meeting.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities
amounted to $5,995,680 and $5,708,525, respectively, for the year ended
September 30, 1994, and consisted entirely of long-term and short-term
municipal investments.
At September 30, 1994, accumulated net unrealized appreciation on
investments was $2,168,102, consisting of $2,560,700 gross unrealized
appreciation and $392,598 gross unrealized depreciation.
At September 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus New York Municipal Income, Inc., including the statement of
investments, as of September 30, 1994, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and financial highlights
for each of the years indicated therein. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 1994 by correspondence with the
custodian. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus New York Municipal Income, Inc. at September 30, 1994,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
(Ernst & Young LLP Signature Logo)
New York, New York
November 4, 1994
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
DIVIDEND REINVESTMENT PLAN (UNAUDITED)
The Fund generally distributes net investment income monthly. From and
after any issuance of Preferred Stock, monthly distributions to the holders
of the Common Stock (the "Common Shareholders") will consist of all net
investment income of the Fund remaining after the payment of dividends on
such Preferred Stock. Any net realized short-term capital gains and any net
realized long-term capital gains will be distributed at least annually.
Net realized short- or long-term capital gains, if any, will be
distributed to Common Shareholders at least once a year to the extent not
necessary to pay dividends on or meet the liquidation preference of shares of
any Preferred Stock. While there are any shares of Preferred Stock
outstanding, the Fund may not declare any cash dividend or other distribution
on its Common Stock, unless at the time of such declaration, (i) all accrued
Preferred Stock dividends have been paid and (ii) the net asset value of the
Fund's portfolio (determined after deducting the amount of such dividend or
other distribution) is at least 200% of the liquidation value of the
outstanding Preferred Stock (expected to equal the original purchase price
per share plus any accrued and unpaid dividends thereon). This limitation on
the Fund's ability to make distributions on its Common Stock could under
certain circumstances impair the ability of the Fund to maintain its
qualification for taxation as a regulated investment company.
Under the Fund's Dividend Reinvestment Plan (the "Plan"), a Common
Shareholder who has Fund shares registered in his name will have all
dividends and distributions reinvested automatically by Mellon Bank, N.A., as
Plan agent (the "Agent"), in additional shares of the Fund at the lower of
prevailing market price or net asset value (but not less than 95% of market
value at the time of valuation) unless such shareholder elects to receive
cash as provided below. If market price is equal to or exceeds net asset
value, shares will be issued at net asset value. If net asset value exceeds
market price or if a cash dividend only is declared, the Agent, as agent for
the Plan participants, will buy Fund shares in the open market. A Plan
participant is not relieved of any income tax that may be payable on such
dividends or distributions.
A Common Shareholder who owns Fund shares registered in nominee name
through his broker/dealer (i.e., in "street name") may not participate in the
Plan, but may elect to have cash dividends and distributions reinvested by
his broker/dealer in additional shares of the Fund if such service is
provided by the broker/dealer; otherwise such dividends and distributions
will be treated like any other cash dividend or distribution.
A Common Shareholder who has Fund shares registered in his name may elect
to withdraw from the Plan at any time for a $5.00 fee and thereby elect to
receive cash in lieu of shares of the Fund. Changes in elections must be in
writing, sent to Mellon Bank, N.A., P.O. Box 750, Pittsburgh, Pennsylvania
15230, Attention: Dividend Reinvestment, should include the shareholder's
name and address as they appear on the Agent's records and will be effective
only if received more than ten business days prior to the record date for any
distribution.
The Agent maintains all shareholder accounts in the Plan and furnishes
written confirmations of all transactions in the account. Shares in the
account of each Plan participant will be held by the Agent in
non-certificated form in the name of the participant, and each such
participant's proxy will include those shares purchased pursuant to the Plan.
The Fund pays the Agent's fee for reinvestment of dividends and
distributions, Plan participants pay a pro rata share of brokerage
commissions incurred with respect to the Agent's open market purchases in
connection with the reinvestment of dividends or distributions.
The Fund reserves the right to amend or terminate the Plan as applied to
any dividend or distribution paid subsequent to notice of the change sent to
Plan participants at least 90 days before the record date for such dividend
or distribution. The Plan also may be amended or terminated by the Agent on
at least 90 days' written notice to Plan participants.
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
CERTAIN MANAGEMENT POLICY INFORMATION (UNAUDITED)
On August 4, 1994, the Fund's shareholders voted to change certain of the
Fund's fundamental policies and investment restrictions to permit the Fund to
borrow money to the extent permitted under the Investment Company Act of
1940, as amended. However, the Fund currently anticipates to borrow money
only for temporary or emergency (not leveraging) purposes, in an amount up to
15% of the value of the Fund's total assets (including the amount borrowed)
valued at the lesser of cost or market, less liabilities (not including the
amount borrowed) at the time the borrowing is made. While such borrowings
exceed 5% of the Fund's assets, the Fund would not make any additional
investments.
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby makes the following
designations regarding its fiscal year ended September 30, 1994:
_ all the dividends paid from investment income_net are
"exempt-interest dividends" (not subject to regular Federal and, for
individuals who are New York residents, New York State and New York
City personal income taxes), and
_ the portion of the $.062931 per share paid by the Fund on
December 30, 1993 representing a long-term capital gain distribution
is $.012931 per share.
As required by Federal tax law rules, shareholders will receive
notification of their portion of the Fund's taxable ordinary dividends (if
any) and capital gain distributions (if any) paid for the 1994 calendar year
on Form 1099-DIV which will be mailed by January 31, 1995.
OFFICERS AND DIRECTORS
DREYFUS NEW YORK MUNICIPAL INCOME, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
DIRECTORS
Lucy Wilson Benson
David W. Burke
Martin D. Fife
Whitney I. Gerard
Robert R. Glauber
Arthur A. Hartman
George L. Perry
Paul Wolfowitz
OFFICERS
President and
Chief Investment Officer
Richard J. Moynihan
Vice President-Financial
Jeffrey N. Nachman
Treasurer
John J. Pyburn
Secretary
Daniel C. Maclean III
Assistant Secretary
Christine Pavalos
Controller
Jean Farley
Vice Presidents and
Investment Officers:
Joseph P. Darcy
A. Paul Disdier
Karen M. Hand
Stephen C. Kris
Jill C. Shaffro
L. Lawrence Troutman
Samuel J. Weinstock
Monica S. Wieboldt
INVESTMENT ADVISER
The Dreyfus Corporation
CUSTODIAN
The Bank of New York
COUNSEL
Stroock & Stroock & Lavan
TRANSFER AGENT,
DIVIDEND DISTRIBUTION AGENT
AND REGISTRAR
Mellon Bank, N.A.
STOCK EXCHANGE LISTING
AMEX Symbol: DNM
INITIAL SEC EFFECTIVE DATE
10/21/88
The Net Asset Value appears in the
following publications: Barron's,
Closed-End Bond Funds section under
the heading "Municipal Bond Funds"
every Monday; Wall Street Journal,
Mutual Funds section under the
heading "Closed-End Bond Funds" every
Monday; New York Times, Business
section under the heading "Closed-End
Bond Funds" every Monday.
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940, as amended, that the Fund may purchase shares of its
common stock in the open market when it can do so at prices below the then
current net asset value per share.
DREYFUS
NEW YORK
MUNICIPAL
INCOME, INC.
ANNUAL REPORT
SEPTEMBER 30, 1994
Printed in U.S.A 858AR949
