Total receipts through the first five months of the state fiscal year were $59.9 billion, $609 million higher than the state Division of the Budget’s August projections, according to the monthly state cash report issued today by State Comptroller Thomas P. DiNapoli. All Funds spending totaling $54.9 billion over the period was $473.2 million below projections.

“The state’s cash position has improved further in recent months, largely because of higher than projected revenues and lower than projected spending,” said DiNapoli. “However, with the state’s strong reliance on Wall Street profitability and the recent volatility in financial markets, the revenue outlook for the remainder of the fiscal year is uncertain.”

Tax collections through August totaled $29.8 billion and were $2.8 billion, or 10.5 percent, higher than the same period last year. Year-to-date tax collections were $355.6 million higher than the latest projections and $1.3 billion over initial projections from the Enacted Budget. The General Fund ended August with a balance of just under $9.5 billion, $580 million over the latest Financial Plan projection.

Other findings from the August cash report include:

• Personal income tax receipts through the first five months of the fiscal year were $19.1 billion, $52.7 million higher than recent projections. Consumption and use tax collections totaled $6.5 billion through Aug. 31, an increase of 3.4 percent from the previous year and $28.9 million higher than the latest projections. 
• Business taxes and other tax receipts generated most of the higher-than-expected tax collections through August, $164.2 million and $109.8 million above recent projections, respectively. Business taxes totaled $2.4 billion through August, $246.9 million below last year, while other tax collections were nearly $1.8 billion, an increase of more than 28 percent from a year earlier. The latter increase was primarily due to a nearly 72 percent jump in estate collections so far this year, as well as continued strength in real property transfer tax collections.
• All Funds receipts totaled $59.9 billion through August, which was 3.2 percent or $1.9 billion higher than last year. Such receipts were $609 million more than the latest projections and more than $1.9 billion higher than initial projections, primarily reflecting higher than initially projected tax receipts and unanticipated settlement proceeds. Miscellaneous receipts totaling $10.8 billion were $1.7 billion lower than last year, primarily because of more than $2.3 billion in monetary settlement revenue received last July and August that were not received this year. Federal receipts totaling $19.4 billion were $235 million higher than the latest projections.
• All Funds spending of just under $54.9 billion through the first five months was $473.2 million lower than the most recent projections and $745.2 million lower than projections from the Enacted Budget. Spending for local assistance programs totaled $39.2 billion and was 4.2 percent, or $1.6 billion, higher than last year. Local assistance includes increases in Medicaid and public health, offset by declines in public safety and transportation. Departmental operations totaled $8.2 billion through Aug. 31, which was $58.4 million higher than planned. General state charges increased $855.8 million or 25.3 percent largely because of the timing of the state’s pension contribution. Debt service totaled $942.7 million and was $212.7 million lower than last year, primarily because of payments originally planned for SFY 2015-16 that were made at the end of SFY 2014-15. Capital projects spending increased 6.9 percent or $146.2 million and was $75.4 million less than the latest projections.

Read the August cash report, or go to: http://www.osc.state.ny.us/finance/cbr.htm

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).