LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for Dreyfus New
York Municipal Cash Management. For the twelve-month period ended July 31,
1994, the yield provided by Dreyfus New York Municipal Cash Management Class
A shares was 2.21%. After taking into account the effect of compounding, the
effective yield was 2.23%. The corresponding annualized yields for Class B
shares from inception through July 31, 1994 were 2.01% and 2.02%
respectively.* Income dividends of approximately $.02 per share for Class A
shares and $.01 per share for Class B shares paid during the period were
exempt from Federal, New York State and New York City income taxes.**
Our last letter highlighted the first of several tightening actions by
the Federal Reserve Board. The moves were designed to choke off inflationary
pressures before they had an opportunity to build significantly. During the
first phase of the Fed's move away from its accommodative stance to a more
neutral position, rate adjustments were focused solely on the Federal Funds
rate. An even stronger and more overt move came on May 17 when the Fed raised
both the discount rate and the Federal Funds rate by 50 basis points, to
3.50% and 4.25%, respectively. At that time, the markets responded in a
positive manner, convinced and/or hopeful that this move signaled the last
action, for a time, by the Board. Subsequently, economic numbers which
reflected summer activity were released, and further evidence of continued
economic strength resulted in a unanimous vote by the Fed to duplicate their
May move. On August 16, the Board once again increased both the discount and
Fed Funds rates by 50 basis points. While opinions may vary, most market
participants believe that no further action will be taken prior to the
November elections.
During the initial changes in the Federal Reserve's monetary stance,
unease in other markets served to bolster rates in the short-term municipal
market as cash moved into municipal money markets from both equity and bond
funds. In early April, total net assets of tax exempt money market funds
reached an all-time high of over $119 billion. Since then, there have been
changes in supply and demand conditions (i.e., technical factors), which
contributed to a reversal in cash flows. Both the impact of income tax
payments in late April (with investors tapping their money market funds) and
renewed interest in the stock and bond markets led to declines in municipal
money fund assets. Recent data indicate net assets to be approximately $111
billion.
In recent weeks, many issuers returned to the marketplace with their
traditional summer financings. Sizeable issues, such as the $7 billion State
of California notes, helped to increase the overall supply of available
investment alternatives to buyers of municipal notes. In addition, the added
supply placed some upward pressure on rates, thereby affording the
opportunity to commit to attractively yielding issues in the one-year
maturity range. Unfortunately, as is often the case in "state-specific" market
s such as New York, the supply of New York tax exempt issues which meet our
high quality standards can be, at times, severely limited. The result is
often lower yields on those available issues that are suitable for
investment. However, throughout this environment your Fund continued to
provide a very competitive return relative to similar taxable alternatives.
Along with the added feature of the New York exemption, the hike in Federal
tax rates which took place last year has made these returns even more
favorable on an after-tax basis.**
We have included a current Statement of Investments and recent financial
statements for your review. We look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 16, 1994
New York, N.Y.
* Effective yield is based upon dividends declared daily and
reinvested monthly.
** Income may be subject to state and local taxes, or to the Federal
Alternative Minimum Tax (AMT) for certain shareholders. There are no
comparable New York State and New York City tax benefits for corporations
investing in this Fund.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------- ------------
<S> <C> <C>
Town of Islip Industrial Development Agency, IDR, VRDN:
(Brentwood Distribution Project) 3.125% (LOC; Bankers Trust) (a,b)...... $ 1,750,000 $ 1,750,000
(Radiation Dynamics Project) 3.40%, Series A (LOC; Sumitomo Bank) (a,b). 100,000 100,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
2.65% (LOC; ABN-Amro Bank) (a,b)........................................ 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.275% (LOC; Bankers Trust) (a,b)...... 2,000,000 2,000,000
City of New York:
VRDN:
2.80%, Series A-9 (LOC; Industrial Bank of Japan) (a,b)............... 5,200,000 5,200,000
3.20%, Series E (LOC; Fuji Bank) (a,b)................................ 2,100,000 2,100,000
Trust Cultural Resource Revenue:
(American Museum of Natural History) 2.60%, Series A
(Insured; MBIA and SBPA; Credit Suisse) (a)..................... 3,000,000 3,000,000
(Soloman R. Guggenheim) 2.75%, Series B (LOC; Swiss Bank Corp.) (a,b) 2,900,000 2,900,000
New York City Housing Development Corp., MFMR, VRDN
(York Avenue Development Project) 2.85% (LOC; Chemical Bank) (a,b)...... 5,000,000 5,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue:
(Childrens Oncology Society-Ronald McDonald House)
2.70% (LOC; Barclays Bank) (a,b).................................. 100,000 100,000
(National Audubon Society) 2.75% (LOC; Swiss Bank Corp.) (a,b)........ 5,300,000 5,300,000
IDR (Nobart-New York Ink Project) 3.25% (LOC; Dai-Ichi Kangyo Bank) (a,b) 3,100,000 3,100,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
VRDN:
2.75%, Series C (Insured; FGIC) (a)................................... 24,000,000 24,000,000
2.75%, Series G (Insured; FGIC) (a)................................... 6,000,000 6,000,000
New York City Transportation Authority, Special Obigation Revenue, RAN
4%, Series A, 12/15/94.................................................. 5,000,000 5,018,239
New York State, GO Notes 4.90%, 3/1/95...................................... 3,060,000 3,090,364
New York State Energy, Research and Development Authority, PCR:
Bonds:
(LILCO Project) 3%, Series A, 3/1/95 (LOC; Deutsche Bank) (b)......... 7,000,000 7,000,000
(New York State Electric and Gas Corp.) 3.25%, 3/15/95 (LOC; JP Morgan) (b) 3,000,000 3,000,000
(Rochester Gas and Electric Corp.) 2.75%, 11/15/94 (LOC; Credit Suisse) (b) 5,000,000 5,000,000
VRDN:
(Central Hudson Gas and Electric Project) 2.75%, Series A (LOC; Bankers
Trust) (a,b)................................................................ 3,000,000 3,000,000
(Niagara Mohawk Power Corp.) 2.70%, Series B (LOC; Toronto Dominion) (a,b) 4,800,000 4,800,000
New York State Environment Facilities Corp., RRR, VRDN (Equity Huntington
Project)
2.85% (LOC; Union Bank of Switzerland) (a,b)............................ 6,600,000 6,600,000
New York State Local Government Assistance Corp., VRDN 2.80%, Series 93A
(LOC: Credit Suisse, Swiss Bank Corp. and Union Bank of Switzerland) (a,b) 6,000,000 6,000,000
New York State Mortgage Agency, Revenue 3.30%, Series 40-C, 12/1/94
(Collateralized; U.S. Treasury Bills and GIC; Morgan Guaranty Trust Co.) 2,500,000 2,500,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- ------------
New York State Thruway Authority, General Revenue, VRDN 2.60% (Insured; FGIC) (a) $ 2,700,000 $ 2,700,000
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 2.75% (LOC; Banque Nationale de Paris) (a,b) 1,100,000 1,100,000
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Project) 3.40% (LOC; Sanwa Bank) (a,b)...... 2,100,000 2,100,000
Port Authority of New York and New Jersey, Special Obilgation Revenue, VRDN
(Third Installment) 2.85%, Series 3 (LOC; Deutsche Bank) (a,b).......... 5,000,000 5,000,000
South Huntington Union Free School District, TAN 4.25%, 6/30/95............. 4,000,000 4,012,275
Suffolk County, TAN 3%, Series II, 9/15/94 (LOC; Chemical Bank) (b)........ 4,000,000 4,000,719
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
2.75% (Insured; FGIC) (a)............................................... 5,000,000 5,000,000
Westchester County, TAN 2.75%, 12/15/94..................................... 7,000,000 7,002,515
------------
TOTAL INVESTMENTS (cost $137,574,112)....................................... $137,574,112
============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
FGIC Financial Guaranty Insurance Corporation PCR Pollution Control Revenue
GIC Guaranty Investment Contract RAN Revenue Anticipation Notes
GO General Obligation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreeement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Insurance Association VRDN Variable Rate Demand Notes
MFMR Multi-Family Mortgage Revenue
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 91.4%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 3.5
Not Rated (f) Not Rated (f) Not Rated (f) 5.1
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit. At July 31, 1994, 55.3% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and brokerage firms.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees 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 CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $137,574,112
Interest receivable..................................................... 717,240
Prepaid expenses........................................................ 4,232
------------
138,295,584
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 34,198
Due to Custodian........................................................ 2,182,287 2,216,485
------------ ------------
NET ASSETS ................................................................ $136,079,099
============
REPRESENTED BY:
Paid-in capital......................................................... $136,083,761
Accumulated net realized (loss) on investments.......................... (4,662)
------------
NET ASSETS at value......................................................... $136,079,099
============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 82,757,834
============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 53,325,927
============
NET ASSET VALUE per share:
Class A Shares
($82,754,837 / 82,757,834 shares)..................................... $1.00
=====
Class B Shares
($53,324,262 / 53,325,927 shares)..................................... $1.00
=====
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF OPERATIONS YEAR ENDED JULY 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $3,137,252
EXPENSES:
Management fee-Note 2(a).............................................. $261,339
Distribution fees (Class B shares)-Note 2(b).......................... 40,491
Shareholder servicing costs-Note 2(c)................................. 27,394
Legal fees............................................................ 13,838
Prospectus and shareholders' reports.................................. 8,177
Custodian fees........................................................ 5,676
Registration fees..................................................... 2,553
Trustees' fees and expenses-Note 2(d)................................. 1,918
Auditing fees......................................................... 1,565
Miscellaneous......................................................... 7,284
----------
370,235
Less-reduction in management fee due
to undertaking-Note 2(a).......................................... 68,405
----------
TOTAL EXPENSES........................................................ 301,830
------------
INVESTMENT INCOME-NET....................................................... 2,835,422
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (3,972)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,831,450
============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JULY 31,
---------------------------
1993 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 2,225,395 $ 2,835,422
Net realized (loss) on investments...................................... (135) (3,972)
Net unrealized (depreciation) on investments
for the year.......................................................... (236) ---
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. 2,225,024 2,831,450
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net:
Class A Shares........................................................ (2,225,395) (2,492,078)
Class B Shares........................................................ --- (343,344)
------------ ------------
TOTAL DIVIDENDS................................................... (2,225,395) (2,835,422)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares........................................................ 448,998,173 491,336,951
Class B shares........................................................ --- 92,810,600
Dividends reinvested:
Class A shares........................................................ 188,530 212,107
Class B shares........................................................ --- 77,110
Cost of shares redeemed:
Class A shares........................................................ (409,489,394) (525,319,271)
Class B shares........................................................ --- (39,561,783)
------------ ------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS...... 39,697,309 19,555,714
------------ ------------
TOTAL INCREASE IN NET ASSETS.................................... 39,696,938 19,551,742
NET ASSETS:
Beginning of year....................................................... 76,830,419 116,527,357
------------ ------------
End of year............................................................. $116,527,357 $136,079,099
============ ============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES
------------------------------ CLASS B SHARES
YEAR ENDED JULY 31, -----------------
------------------------------ YEAR ENDED
PER SHARE DATA: 1992(1) 1993 1994 JULY 31, 1994(2)
-------- -------- -------- -----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of year...................... $1.0000 $1.0000 $1.0000 $1.0000
-------- -------- -------- -------
INVESTMENT OPERATIONS:
Investment income--net.................................. .0222 .0225 .0221 .0107
Net realized and unrealized gain (loss) on investments.. -- -- -- --
-------- -------- -------- -------
TOTAL FROM INVESTMENT OPEARATIONS..................... .0222 .0225 .0221 .0107
-------- -------- -------- -------
DISTRIBUTIONS;
Dividends from investment income--net................... (.0222) (.0225) (.0221) (.0107)
-------- -------- -------- -------
Net asset value, end of year............................ $1.0000 $1.0000 $1.0000 $1.0000
======== ======== ======== ========
TOTAL INVESTMENT RETURN..................................... 3.02%(3) 2.27% 2.23% 2.02%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets ................ .20%(3) .20% .20% .45%(3)
Ratio of net investment income to average net assets ... 2.71%(3) 2.20% 2.18% 2.12%(3)
Decrease reflected in above expense ratio due to undertaking
by the Manager........................................ .37%(3) .18% .06% --
Net Assets, end of year (000's Omitted)................. $76,830 $116,527 $82,755 $53,324
(1) From November 4, 1991 (commencement of operations) to July 31, 1992.
(2) From January 18, 1994 (commencement of initial offering) to July 31, 1994.
(3) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
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 open-end management investment company. Dreyfus Service
Corporation acted as the distributor of the Fund's shares until August 24,
1994, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus Corporation ("
Manager"). Effective August 24, 1994, the Manager became a direct subsidiary
of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so.
On July 14, 1993, the Fund's Board of Trustees approved an amendment to
the Fund's Agreement and Declaration of Trust to provide for the issuance of
additional classes of shares of the Fund. The amendment was approved by Fund
shareholders on January 13, 1994. Effective January 18, 1994, existing Fund
shares were classified as class A shares and unlimited number of Class B
shares were authorized. The Fund began offering both Class A and Class B
shares on January 18, 1994. Class B shares are subject to a Service Plan
adopted pursuant to Rule 12b-1 under the Act. Other differences between the
two Classes include the services offered to and the expenses borne by each
Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, original issue discount on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
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: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) 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 taxes.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of $690 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to July 31, 1994. The carryover does not
include net realized securities losses from November 1, 1993 through July 31,
1994 which are treated, for Federal income tax purposes, as arising in fiscal
1995. If not applied, $555 of the carryover expires in fiscal 2001 and $135
expires in fiscal 2002.
At July 31, 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).
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 .20 of 1% of the average
daily 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, brokerage, interest
on borrowings and extraordinary expenses, exceed the expense limitation of
any state having jurisdiction over the Fund for any full fiscal year. The
most stringent state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full fiscal year that such expenses
(excluding certain expenses as described above) exceed 2 1/2% of the first
$30 million, 2% of the next $70 million and 1 1/2% of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. However, the Manager has undertaken to
reduce the management fee paid by, or bear such excess expenses of the Fund,
to the extent that the Fund's aggregate expenses (excluding certain expenses
as described above) exceed an annual rate of .20 of 1% of the average daily
value of the Fund's net assets. The reduction in management fee, pursuant to
the undertaking, amounted to $68,405 from August 1, 1993 through January 17,
1994.
Effective January 18, 1994, the Manager and not the Fund, is liable for
those expenses of the Fund (excluding certain expenses as described above)
other than management fee, and with respect to the Fund's Class B shares,
Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the Fund's
shareholders are given 90 days prior notice.
(B) Under the Service Plan ("Class B Service Plan") adopted pursuant to
Rule 12b-1 under the Act, effective January 18, 1994, the Fund pays Dreyfus
Service Corporation, at an annual rate of .25 of 1% of the value of the
Fund's Class B shares average daily net assets, for costs and expenses in
connection with advertising, marketing and distributing Class B shares and
for providing certain services to holders of Class B shares. Dreyfus Service
Corporation will make payments to one or more Service Agents (financial
institutions, securities dealers, or other industry professional) based on
the value of the Fund's Class B shares owned by clients of the Service Agent.
From January 18, 1994 through July 31, 1994, $40,491 was charged to the Fund,
pursuant to the Class B Service Plan.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) Pursuant to the Fund's Shareholder Services Plan, ("Class A
Shareholder Services Plan"), the Fund reimburses Dreyfus Service Corporation
an amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing shareholder accounts. The services
provided may include personal services relating to shareholder accounts, such
as answering shareholder inquiries regarding the Fund and providing reports
and other information, and services related to the maintenance of shareholder
accounts. During the period from August 1, 1993 through January 17, 1994, the
Fund was charged an aggregate of $4,897 pursuant to the Class A Shareholder
Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or Dreyfus Service Corporation.
Each trustee who is not an "affiliated person" receives an annual fee of
$1,000 and an attendance fee of $250 per meeting.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
We have audited the accompanying statement of assets and liabilities of
Dreyfus New York Municipal Cash Management, including the statement of
investments, as of July 31, 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 July 31, 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 Cash Management at July 31, 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
September 8, 1994
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended July
31, 1994 as "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).
DREYFUS NEW YORK MUNICIPAL
CASH MANAGEMENT
144 GLENN CURTISS BOULEVARD
UNIONDALE, NY 11556
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
THE SHAREHOLDER SERVICES GROUP, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 287/677AR947
DREYFUS
NEW YORK
MUNICIPAL
CASH
MANAGEMENT
ANNUAL REPORT
July 31, 1994
