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NEWS from the Office of the New York State Comptroller
Contact: Press Office 518-474-4015

        

DiNapoli: Tax Collections Exceed Projections Through First Half of Fiscal Year

October 23, 2015

Tax collections of $38.2 billion through the first half of the fiscal year were $675.6 million higher than the latest projections largely due to strong personal income tax receipts, according to the state monthly cash report and a mid-year report on revenue and spending trends released today by New York State Comptroller Thomas P. DiNapoli. The General Fund ended the first half of the year with a balance of $10.7 billion, up 33 percent from a year earlier, largely because of legal settlement dollars.

“New York’s cash position continues to improve with higher-than-expected tax collections and lower-than-expected spending through the first six months of the fiscal year,” DiNapoli said. “While the current financial situation is positive, we still need to see how holiday sales and Wall Street bonuses contribute to the state’s financial position over the remainder of the year.”

Tax receipts through the first six months were $4 billion, or 11.7 percent, higher than the same period last year, and collections in September were $1.2 billion, or 16.2 percent, higher than a year earlier. The General Fund balance of $10.7 billion is $2.7 billion higher than last year, but $358.5 million below updated projections because of the timing of certain payments. 

Other findings from the September cash report include:

  • Personal income tax (PIT) receipts totaled $24.2 billion through the first half of the fiscal year, $215.6 million above updated projections. PIT collections of $5.1 billion in September were up by $892 million, or more than 21 percent, from the same month a year earlier. 
  • Consumption and use tax collections totaled $8.1 billion through September, an increase of $272.5 million, or 3.5 percent, from the previous year. Business tax collections through September totaled $3.7 billion, representing a decline of $97.7 million, or 2.6 percent, from last year.
  • Other tax collections through Sept. 30 totaled over $2.1 billion, an increase of $466.8 million, or 28.4 percent, from the previous year.  This year-over-year increase is primarily due to large estate tax collections received through the first six months, as well as continued strength in real property transfer tax collections. 
  • All Funds receipts totaled just under $75.2 billion through Sept. 30, which was 4.3 percent, or $3.1 billion, over collections for the same period last year.  Miscellaneous receipts totaling $13.3 billion were $1.8 billion lower, and federal receipts totaling $23.7 billion were $989.1 million higher than last year.
  • All Funds spending of $72.2 billion through the first half of the year was $5.4 billion, or 8.1 percent, higher than last year. In part, this reflected an acceleration of approximately $1 billion in payments initially anticipated to be made in October. Spending for local assistance programs totaled $52.5 billion and was 9.5 percent, or just under $4.6 billion, higher than last year. Departmental operations totaled $10 billion through Sept. 30, which was $317.1 million or 3.3 percent higher than last year. Debt service totaled $1.7 billion and was $232.5 million lower than last year. Capital projects spending totaled $3.1 billion, an increase of $465.5 million, or 17.5 percent, from last year.

DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The mid-year monthly report has been expanded to provide more information on the General Fund, State Operating Funds and All Governmental Funds. The General Fund is the major operating fund of the state. State Operating Funds include the General Fund, State Special Revenue funds as well as Debt Service Funds. All Governmental Funds includes General, State and federal Special Revenue, Debt Service and State and federal Capital Projects funds. The report is now accessible in Excel and Adobe formats.

For a copy of the mid-year report, visit: https://osc.state.ny.us/sites/default/files/reports/documents/pdf/2019-02/budget-update-mid-year-2015-16.pdf

For a copy of the September cash report, visit: http://www.osc.state.ny.us/finance/cbr.htm

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 (http://www.openbooknewyork.com/).