DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus New York
Municipal Cash Management. For its annual reporting period ended July 31,
1996, your Fund's Class A and Class B shares produced annualized yields of
3.37% per share and 3.13% per share, respectively. Income dividends of
approximately $.034 per share were paid during the period for Class A shares
and $.031 for Class B shares. Reinvesting these dividends and calculating the
effect of compounding resulted in annualized effective yields of 3.43% and
3.17% for Class A shares and Class B shares respectively.* These dividends
were exempt from Federal, New York State and New York City personal income
taxes.**
THE ECONOMY
The economic expansion which has now lasted more than six years
continued at a healthy clip in recent months, with consumer spending, housing
activity and job growth all showing solid gains. In the second quarter of
1996, the U.S. economy grew at a 4.2% annual pace, its best performance in
two years. American consumers continued to buy new autos and houses at a
robust rate, with housing sales and starts growing 15.2% in the spring
quarter, according to the government's Gross Domestic Product (GDP) report.
At the same time, the unemployment rate dropped to 5.3% in June, its lowest
level in years.
Vigorous economic growth inevitably brings about investor concerns
regarding inflation: in other words, will the rising economy cause inflation
to rise as well? For much of July, the answer remained clouded. Federal
Reserve Board Chairman Alan Greenspan did not respond to inflationary fears
with a clear indication as to the direction of Fed policy in his July 18th
testimony before Congress. By the end of July, a clearer picture emerged.
According to government data released at month's end, inflation in the second
quarter of 1996 climbed just 2.1%, a very modest rise. Both short and
long-term rates responded with enthusiasm.
MARKET ENVIRONMENT/PORTFOLIO
If one were to trace the trend in short-term municipal rates over the
last six months, the direction would mirror closely the changes in supply and
demand conditions. The six-month cycle would reflect: low short-term yields
in February due to strong money market fund cash flows after the new year,
price weakness and higher rates in April as investors tapped their money
market funds to pay income taxes, market strength in late June to early July
as $9 billion in note maturities left the market, and price weakness and
buying opportunities in late July due to inflationary concerns and the added
supply of summer financings. These technical influences continue to be the
overriding factor affecting municipal money rates.
These conditions, coupled with action taken by the Federal Reserve
Board, provide the framework for our investment strategy - both on a
day-to-day basis and looking ahead over a one-year horizon. During the first
few months of 1996, as a result of uncertainty surrounding potential tax
reform, variable rate demand notes (which currently represent a significant
portion of your Fund's investment portfolio) benefited from unusually high
yields. While the concerns were only temporary, they translated, for a time,
into a more attractive after-tax rate of return than was available to the New
York tax-exempt investor on taxable instruments with similar maturities.
During this period, the purchase of attractively yielding commercial paper in
the 90-day range also allowed us to capture returns similar to those on one-year
issues without a significant extension of average maturity - enabling us to wait
out a lower yield environment in anticipation of higher rates. Of course, these
conditions can change over time.
The opportunity to commit to the longer New York-exempt note issues
has appeared in recent weeks and should continue to be available during the
remaining summer months as issuers return to the market with midyear
financings. We have, to some extent, participated in various school district
offerings and in the New York City note offering, which resulted in an
extension of your Fund's average maturity to the 55-day range. We will look
to take advantage of any additional buying opportunities as we monitor potential
Fed activity and any other significant changes in the municipal money
market. All new investments will continue to meet the high credit quality
standards which we require and to provide a significant level of liquidity,
commensurate with the needs of your Fund.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Sincerely,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 15, 1996
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily
and reinvested monthly.
**Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
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<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_________________________ ____ _____
<S> <C> <C>
NEW YORK-97.5%
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.40% (LOC; Bankers Trust Co.) (a,b) $ 3,750,000 $ 3,750,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.35% (LOC; ABN-Amro Bank) (a,b)..................................... 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.65% (LOC; Bankers Trust Co.) (a,b) 2,000,000 2,000,000
City of New York, VRDN:
3.50%, Series B (Insured; MBIA and SBPA; West Deutsche Landesbank) (a) 5,000,000 5,000,000
3.60%, Series E-4 (LOC; State Street Bank and Trust Co.) (a,b)....... 1,800,000 1,800,000
3.70%, Series E-5 (LOC; Sumitomo Bank) (a,b)......................... 4,800,000 4,800,000
Trust Cultural Resource Revenue,
Refunding (American Museum of Natural History)
3.30%, Series A (Insured; MBIA and SPBA; Credit Suisse) (a).......... 3,000,000 3,000,000
New York City, TAN 4.50%, 2/12/97........................................ 7,000,000 7,026,180
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 3.55% (LOC; Midland 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)
3.40% (LOC; Barclays Bank) (a,b)..................................... 100,000 100,000
IDR:
(Field Hotel Association JFK Project) 3.75% (LOC; Banque Indosuez) (a,b) 9,400,000 9,400,000
(Japan Airlines Co. Limited Project)
3.65% (LOC; Morgan Guaranty Trust Co.) (a,b)......................... 4,300,000 4,300,000
New York City Municipal Water Finance Authority,
Water and Sewer Systems Revenue, VRDN:
3.55%, Series 1993 (Insured; FGIC and Liquidity Facility; FGIC) (a).. 4,700,000 4,700,000
3.55%, Series G (Insured; FGIC) (a).................................. 5,000,000 5,000,000
New York State, CP 3.55%, 11/13/96 (LOC; Westdeutsche Landesbank) (b).... 6,000,000 6,000,000
New York State Dormitory Authority, Revenues, VRDN
(Metropolitan Museum of Art) 3.25%, Series A (a)..................... 7,400,000 7,400,000
New York State Energy, Research and Development Authority, PCR, VRDN:
(Central Hudson Gas and Electric Project)
3.40%, Series A (LOC; Union Bank of Switzerland)(a,b)................ 3,000,000 3,000,000
(Niagara Mohawk Power Corp.):
3.60%, Series B (LOC; Toronto Dominion Bank) (a,b)................... 1,000,000 1,000,000
3.70%, Series A (LOC; Toronto Dominion Bank) (a,b)................... 6,200,000 6,200,000
3.75%, Series B (LOC; Morgan Guaranty Trust Co.) (a,b)............... 9,000,000 9,000,000
Refunding (New York State Electric and Gas Corp.)
3.35%, Series B (LOC; Union Bank of Switzerland) (a,b)............... 5,000,000 5,000,000
New York State Environmental Facilities Corporation, RRR, VRDN
(Equity Huntington Project) 3.65% (LOC; Union Bank of Switzerland) (a,b) 1,400,000 1,400,000
New York State Local Government Assistance Corporation, VRDN
3.30%, Series 93A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)..................................... 7,400,000 7,400,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure) 3.45%, Series #3 (LOC; Morgan Guaranty Trust Co.) (a,b) 6,200,000 6,200,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
__________________________ _____ _____
NEW YORK (CONTINUED)
Rochester, BAN 3.75%, Series I, 3/11/97.................................. $ 6,815,000 $ 6,835,034
Sachem Central School District, TAN 4.50%, 6/27/97....................... 7,000,000 7,033,361
South Huntington Unified Free School District, TAN 4.50%, 6/30/97........ 3,750,000 3,768,425
Suffolk County, TAN:
4%, Series I, 8/15/96 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (b)........... 5,000,000 5,001,316
4.50%, Series II, 9/12/96 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (b)........... 3,000,000 3,002,153
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.40% (Insured; FGIC) (a)............................................ 2,900,000 2,900,000
Westchester County, TAN 3.75%, 12/11/96.................................. 4,675,000 4,685,724
U.S. RELATED-2.5%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
3.20% (LOC; Credit Suisse) (a,b)..................................... 3,600,000 3,600,000
_____________
TOTAL INVESTMENTS (cost $145,402,193).................................... $145,402,193
=============
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<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes MFMR Multi-Family Mortgage Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Investors Assurance VRDN Variable Rate Demand Notes
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ _____ __________ ____________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 95.3%
Not Rated (e) Not Rated (e) Not Rated (e) 4.7
____
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, 1996, 60.0% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms, of which Morgan Guaranty Trust Co. provided
letters of credit to 13.3% of the Fund's net assets.
(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) 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>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)..................... $145,402,193
Cash.............................................................. 4,794,109
Receivable for investment securities sold......................... 2,801,545
Interest receivable............................................... 743,608
_____________
153,741,455
LIABILITIES:
Due to The Dreyfus Corporation and affiliates..................... $ 25,952
Due to Distributor................................................ 2,077
Payable for investment securities purchased....................... 7,026,180 7,054,209
__________ _____________
NET ASSETS............................................................ $146,687,246
==============
REPRESENTED BY:
Paid-in capital................................................... $146,694,942
Accumulated net realized (loss) on investments.................... (7,696)
_____________
NET ASSETS at value................................................... $146,687,246
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)......... 132,375,968
==============
Class B Shares
(unlimited number of $.001 par value shares authorized)......... 14,318,974
==============
NET ASSET VALUE per share:
Class A Shares
($132,370,188 / 132,375,968 shares)............................. $1.00
==============
Class B Shares
($14,317,058 / 14,318,974 shares)............................... $1.00
==============
STATEMENT OF OPERATIONS YEAR ENDED JULY 31, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $3,716,054
EXPENSES:
Management fee-Note 2(a).............................................. $210,603
Distribution fees (Class B shares)-Note 2(b).......................... 21,087
_________
TOTAL EXPENSES.................................................... 231,690
_____________
INVESTMENT INCOME-NET....................................................... 3,484,364
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (3,034)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $3,481,330
==============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JULY 31,
_________________________________
1995 1996
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 3,607,440 $ 3,484,364
Net realized (loss) on investments................................... - (3,034)
________________ ____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. 3,607,440 3,481,330
________________ ____________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares..................................................... (3,081,774) (3,223,728)
Class B shares..................................................... (525,666) (260,636)
________________ ____________
TOTAL DIVIDENDS.................................................. (3,607,440) (3,484,364)
________________ ____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares..................................................... 440,951,394 517,022,996
Class B shares..................................................... 34,815,709 29,578,345
Dividends reinvested:
Class A shares..................................................... 88,054 200,622
Class B shares..................................................... 121,361 259,507
Cost of shares redeemed:
Class A shares..................................................... (422,485,469) (486,159,463)
Class B shares..................................................... (82,238,094) (21,543,781)
________________ ____________
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................... (28,747,045) 39,358,226
________________ ____________
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (28,747,045) 39,355,192
NET ASSETS:
Beginning of year.................................................... 136,079,099 107,332,054
________________ ____________
End of year.......................................................... $ 107,332,054 $ 146,687,246
================ ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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
_________________________________________________________
YEAR ENDED JULY 31,
_________________________________________________________
PER SHARE DATA: 1992(1) 1993 1994 1995 1996
_______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year............ $1.00 $1.00 $1.00 $1.00 $1.00
_______ ______ ______ ______ ______
INVESTMENT OPERATIONS;
Investment income-net......................... .022 .023 .022 .034 .034
_______ ______ ______ ______ ______
DISTRIBUTIONS;
Dividends from investment income-net.......... (.022) (.023) (.022) (.034) (.034)
_______ ______ ______ ______ ______
Net asset value, end of year.................. $1.00 $1.00 $1.00 $1.00 $1.00
======= ====== ====== ====== ======
TOTAL INVESTMENT RETURN........................... 3.02%(2) 2.27% 2.23% 3.46% 3.44%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets....... .20%(2) .20% .20% .20% .20%
Ratio of net investment income to average net assets 2.71%(2) 2.20% 2.18% 3.42% 3.33%
Decrease reflected in above expense ratios due to
undertakings by the Manager................. .37%(2) .18% .06% - -
Net Assets, end of year (000's Omitted)....... $76,830 $116,527 $82,755 $101,309 $132,370
__________________
(1) From November 4, 1991 (commencement of opertions) to July 31, 1992.
(2) Annualized.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
FINANCIAL HIGHLIGHTS (CONTINUED)
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 B SHARES
__________________________________________
YEAR ENDED JULY 31,
__________________________________________
PER SHARE DATA: 1994(1) 1995 1996
______ ______ ______
<S> <C> <C> <C>
Net asset value, beginning of year.............. $1.00 $1.00 $1.00
_____ _____ _____
INVESTMENT OPERATIONS;
Investment income-net........................... .011 .032 .031
_____ _____ _____
DISTRIBUTIONS;
Dividends from investment income-net............ (.011) (.032) (.031)
_____ _____ _____
Net asset value, end of year.................... $1.00 $1.00 $1.00
===== ===== =====
TOTAL INVESTMENT RETURN............................. 2.02%(2) 3.20% 3.18%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......... .45%(2) .45% .45%
Ratio of net investment income to average net assets 2.12%(2) 2.81% 3.09%
Net Assets, end of year (000's Omitted)......... $53,324 $6,023 $14,317
_____________________
(1) From January 18, 1994 (commencement of initial offering) to July 31,
1994.
(2) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Municipal Cash Management (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal,
New York State and New York City personal income taxes to the extent
consistent with the preservation of capital and the maintenance of liquidity.
The Dreyfus Corporation ("Manager") serves as the Fund's investment adviser.
The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales load. The
Fund offers both Class A and Class B shares. 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.
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. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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 discounts 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. Cost of investments represents amortized cost.
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 and
excise taxes.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $4,700
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to July 31, 1996. The
carryover does not include net realized securities losses from November 1,
1995 through July 31, 1996 which are treated, for federal income tax
purposes, as arising in fiscal 1997. If not applied, $600 of the carryover
expires in fiscal 2001, $100 expires in fiscal 2002 and $4,000 expires in
fiscal 2003.
At July 31, 1996, 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 value
of the Fund's average daily net assets and is payable monthly.
Unless the Manager gives the Fund's investors 90 days notice to the
contrary, the Manager and not the Fund, will be liable for Fund expenses
(exclusive of taxes, brokerage, interest on borrowings and, with the prior
written consent of the necessary state securities commissions, extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee, and with respect to the Fund's Class B shares, Rule 12b-1
Service Plan expenses.
Effective December 1, 1995, the Manager compensates Dreyfus Transfer,
Inc., a wholly-owned subsidiary, under a transfer agency agreement for
providing personnel and facilities to perform transfer agency services for
the Fund. Such compensation amounted to $6,570 during the period ended July
31, 1996.
(B) Under the Class B Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Fund (a) reimburses the Distributor for distributing
the Fund's Class B shares and (b) pays the Manager, Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively "Dreyfus") for advertising and marketing relating to the Fund's
Class B shares and for providing certain services relating to Class B
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 ("Servicing"), at an aggregate annual
rate of .25 of 1% of the value of the average daily net assets of Class B.
Both the Distributor and Dreyfus may pay one or more Service Agents (a
securities dealer, financial institution or other industry professional) a
fee in respect of the Fund's Class B shares owned by the shareholders with
whom the Service Agent has a Servicing relationship or for whom the Service
Agent is the dealer or holder of record. Both the Distributor and Dreyfus
determine the amounts, if any, to be paid to the Service Agents under the
Plan and the basis on which such payments are made. The fees payable under
the Plan are payable without regard to actual expenses incurred. During the
year ended ended July 31, 1996, $21,087 was charged to the Fund, pursuant to
the Plan.
(C) Each trustee who is not an "affiliated person" as defined in the act
receives an annual fee of $1,000 and an attendance fee of $500 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, 1996, 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, 1996 by correspondence with the custodian and
brokers. 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, 1996, 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 3, 1996
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, 1996 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
200 PARK AVENUE
NEW YORK, NY 10166
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
DREYFUS TRANSFER, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Printed in U.S.A. 287/677AR967
DREYFUS
NEW YORK
MUNICIPAL
CASH
MANAGEMENT
ANNUAL REPORT
JULY 31, 1996
