Tax revenues through the first four months of the State’s fiscal year came in $17.7 million lower than the Division of the Budget’s latest projections but more than $1 billion higher than originally forecasted, according to the monthly state cash report issued today by New York State Comptroller Thomas P. DiNapoli. The General Fund balance remains high compared to historical levels, with $9.6 billion at the end of July, $25.2 million higher than the latest projections.
“Personal Income Tax collections remain strong, and one-time settlement funds have temporarily boosted available funds,” DiNapoli said. “However, due to increased collections from historically volatile sources and the one-shot nature of billions of dollars in settlement proceeds, it is important to closely monitor results as the year progresses to ensure the state’s fiscal picture stays on track.”
Tax receipts of $25.3 billion through July 31 were 9.9 percent higher than the same period last year, and collections of $4.7 billion in July were $361 million, or 8.4 percent, higher than collections from July 2014. While much of the year-to-date increase was due to stronger PIT collections received in April, growth since April remains strong.
Other findings from the July cash report include:
- Consumption and use tax collections totaled $5.3 billion through July 31, an increase of 3.8 percent from the previous year and $2.5 million higher than the latest projections. Business tax collections through July totaled just over $2 billion, representing a decline of $533.6 million from last year and $1.2 million higher than the latest projections.
- Other tax collections through July 31 totaled more than $1.4 billion, an increase of nearly 29 percent from the previous year, and $6.3 million lower than the latest projections. This year-over-year increase is primarily due to large estate tax collections received in July, as well as continued strength in real property transfer tax collections.
- All Funds receipts totaled just under $49.5 billion through July 31, which was $28 million lower than the latest projections. Such receipts were $1.6 billion higher than initial projections, primarily reflecting higher than initially projected tax receipts and settlement proceeds. Miscellaneous receipts totaling $9.3 billion were $14.5 million lower, and federal receipts totaling $14.9 billion were $4.2 million higher, than the latest projections.
- All Funds spending of just under $45 billion through the first four months was $78.9 million lower than most recent projections and $182.9 million lower than projections from the Enacted Budget. Spending for local assistance programs totaled $32.2 billion and was 4.7 percent, or just under $1.5 billion, higher than last year and $48.8 million less than projections. Departmental operations totaled $6.6 billion through July 31, which was $18.5 million less than planned. Debt service totaled $668.8 million and was $89.7 million lower than last year. Capital projects spending increased 6.1 percent or just over $100 million and was in line with the latest projections.
DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is now accessible in Excel and Adobe formats.
Since becoming Comptroller, DiNapoli has created several tools to allow the public to better track government spending, contracts and other fiscal issues. These are easily accessible on his transparency website called Open Book New York (www.openbooknewyork.com).