New York’s tax revenues for July were above projections but still remain below last year’s level, leaving the state on shaky fiscal ground, according to a new report by the state comptroller.
Tax collections in All Funds were $3.9 billion in July, slightly above revised projections, according to Comptroller Thomas DiNapoli’s monthly report on state funds. For the first four months of the fiscal year beginning April 1, tax receipts totaled $20.7 billion in All Funds, just above revised projections but down 0.8 percent or $172.4 million compared to last year.
DiNapoli said a 1.4 percent drop in personal income tax collections and a 1 drop in consumption and other tax revenue accounts for the year-over-year decline.
“New York’s fiscal picture remains tied to the strength of the economic recovery. The economic outlook has deteriorated in recent months and that is making New York’s revenue outlook less certain,” DiNapoli said. “Our month-to-month collections have been highly variable, and we need to be prepared for surprises, good or bad.”
The state’s All Funds category includes general special revenue, debt service, capital projects funds and money from the federal government.
The state’s main operating fund, the General Fund, had a balance of $2.4 billion at the end of last month, $171.2 million below projections.
Read the comptroller’s complete report below.