DiNapoli Releases May State Cash Report
Tax Collections Continue to Lag Last Year's
State tax collections totaled just under $11 billion through May 31, a decline of $1.1 billion, or 8.8 percent, from the same period last year, according to the state cash report issued today by State Comptroller Thomas P. DiNapoli.
"The state's tax revenues did not make up ground in May and are still more than $1 billion lower than last year at this point," DiNapoli said. "While personal income tax collections are still well below last year's collections, quarterly estimated tax payments due in June should provide more insight on how current economic conditions are affecting individuals and companies, which in turn impacts state revenues."
Through the first two months, All Funds receipts totaled $22.5 billion, representing a decline of $538.5 million or 2.3 percent from a year earlier. Total receipts were $244 million below the latest projections. In both cases, the decline was primarily due to lower personal income tax collections, partially offset by increased business tax collections. Overall tax receipts through May were $62.3 million below the most recent projections. The state also received a new monetary settlement of $350 million in May.
All Funds spending totaled $27.1 billion through May 31, approximately $4.3 billion or 19.1 percent higher than last year for the same period. Significant increases include spending for Medicaid (up $2 billion primarily from federal sources) and education (up $1.1 billion).
The General Fund ended May with a balance of $3.1 billion, which was down more than $4.6 billion from a year earlier and the lowest month-end balance since March 2014.
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.
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).