After many years of structural budgetary imbalance, New York State has made strides toward achieving equilibrium between recurring revenues and ongoing expenditures.
The State’s All Governmental Funds tax collections through the first quarter of the 2013-14 fiscal year were $321 million higher than projected in this year’s Enacted Budget Financial Plan.
Midway through State Fiscal Year (SFY) 2013-14, overall tax collections are slightly below the latest Division of the Budget (DOB) projections included in the First Quarter Update to the SFY 2013-14 Enacted Budget Financial Plan.
This Report on Estimated Receipts and Disbursements for State Fiscal Year (SFY) 2013-14 through SFY 2015-16, issued pursuant to Section 23 of the State Finance Law (as amended by Chapter 1 of the Laws of 2007), is intended to enhance analysis and discussion of the State’s economic condition and the State Budget.
All Governmental Funds tax collections through the third quarter of State Fiscal Year (SFY) 2013-14 were $534 million lower than projected in the most recent update to the SFY 2013-14 Enacted Budget Financial Plan released in November 2013.
Tax “check-off” programs provide a means for taxpayers to make voluntary contributions for various causes as part of their federal and State income tax filings simply by marking an appropriate box on their tax forms.
The State Fiscal Year (SFY) 2014-15 Executive Budget holds the promise that New York State can achieve ongoing budgetary balance after decades of nearly continuous structural gaps.
Investment in capital assets – roads, bridges, water and sewer systems, school buildings and other infrastructure – is essential to New York’s economy and its quality of life.
The State ended SFY 2013-14 in its most favorable financial position in years. The General Fund’s end-of-year balance, more than $2.2 billion, was $432 million over February projections.
Although U.S. and New York State economic growth softened in State Fiscal Year (SFY) 2013-14, tax collections showed signs of real improvement.
