Total receipts through the first three quarters of state fiscal year 2015-16 totaled approximately $111.9 billion, $230.6 million higher than the Division of the Budget’s (DOB) latest projections, according to the monthly state cash report issued today by New York State Comptroller Thomas P. DiNapoli. Total spending of $104.9 billion over the period was $1 billion below initial projections.

“The state entered the new year with higher than expected revenue and spending coming in below expectations,” said DiNapoli. “However, with the state dependent on a recently volatile financial sector, it is important to be realistic and prepared for potential economic challenges in the coming year.”  

Tax collections in December totaled $8.1 billion, $162.5 million or 2 percent higher than the same month last year. Year-to-date tax collections of $54.4 billion were $3.8 million over the latest projections (released Jan. 13) and nearly $2.7 billion over initial projections from the Enacted Budget. The General Fund ended December with a balance of $12.7 billion, which was $32.1 million higher than the latest Financial Plan projection, nearly $5.5 billion higher than initial projections and nearly $4.5 billion (54.4 percent) higher than last December 31.

Other findings from the December cash report include:

• Personal income tax (PIT) receipts through Dec. 31 were $34 billion, an increase of more than $3.8 billion, or 12.7 percent, from last year. Withholding collections within PIT were just below $3.7 billion during December, up 0.9 percent from December 2014. Consumption and use tax collections totaled just under $12 billion through the first nine months, an increase of 1.7 percent or $194.9 million from the previous year.
• Business taxes totaled $5.4 billion through December and were 2.9 percent or $153.1 million higher than last year. Other taxes, led by collections in estate and real estate transfer taxes, totaled $3 billion and were $499 million or 19.9 percent higher than last year for the same period.
• All Funds receipts totaled $111.9 billion through Dec. 31, 5.5 percent, or $5.8 billion, higher than last year.  Partly offsetting higher tax collections, miscellaneous receipts totaling $20.2 billion were $1.2 billion lower than last year, primarily because of fewer monetary settlement revenues received this year. Federal receipts totaling $37.2 billion were $2.4 billion or 6.8 percent higher than last year for the same period.
• All Funds spending of just over $104.9 billion through the first three quarters increased $3.6 billion, or 3.6 percent, from last year. Spending for local assistance programs totaled $76.7 billion and was 4.4 percent, or $3.3 billion, higher than last year. Departmental operations totaled $15.1 billion through December, $174.1 million, or 1.2 percent, higher than last year. Debt service totaled $2.1 billion and was $656.4 million lower than last year. Capital projects spending increased 14.7 percent or $611.6 million.

The December cash report can be found here: http://www.osc.state.ny.us/finance/cbr.htm

DiNapoli's office issues a state cash report every month identifying 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).