DiNapoli: State Tax Collections Lagging Last Year by $1.2 Billion
State tax collections totaled $18.6 billion in the first quarter of the new fiscal year, $1.2 billion less than the same period last year and $315.7 million below projections, according to the state cash report recently issued by State Comptroller Thomas P. DiNapoli."We're three months into New York's fiscal year and personal income tax collections are falling short of what was expected," DiNapoli said. "Taxpayer anticipation of federal tax changes has contributed to the decline. Offsetting that, business tax collections are well over estimates."
Through June 30, All Funds receipts totaled $37.7 billion, representing a decline of $680.6 million or 1.8 percent from a year earlier. The drop was primarily due to the personal income tax (down $1.5 billion or 11.6 percent) and miscellaneous receipts (down $640.8 million or 10.9 percent), but was partially offset by an increase in business tax collections (up $266.6 million or 16.5 percent) and federal receipts (up $1.2 billion or 9.2 percent). Overall tax collections totaled $18.6 billion through the first quarter, representing a decline of $1.2 billion or 6.1 percent from the same period last year.
All Funds spending totaled $41.1 billion in the first quarter of the fiscal year, approximately $3.1 billion or 8.3 percent higher than for the same period last year. Significant increases include spending for Medicaid (up $1.6 billion primarily from federal sources) and education (up $767.1 million). All Funds spending was $1.4 billion below projections, primarily in local assistance and capital projects.
The General Fund ended June with a balance of $3 billion, which was nearly $4.2 billion lower than a year earlier but $548.3 million higher than the latest projection.
For a detailed breakdown, go to 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.
For access to state and local government spending, public authority financial data and information on 130,000 state contracts, visit Open Book New York. The easy-to-use website was created to promote transparency in government and provide taxpayers with better access to financial data.