New York’s tax collections through November were $39.2 billion, $163.4 million below updated projections, according to state Comptroller Thomas DiNapoli. They are $702.4 million less than the original estimates in April, when the 2012-13 state budget took effect.
The $39.2 billion is 0.4 percent — $162.3 billion — more than the state collected through November 2011. In order to meet projections, tax collections would have to increase 6.7 percent in the last four months of the fiscal year, DiNapoli said.
“It is clear that tax collection growth is not going to meet year-end expectations amid a continued slow economic recovery,” he said in a statement. “While the Division of the Budget is effectively managing cash flow, the upcoming budget proposal needs to include realistic projections for the rest of this year and the next so potential cash shortfalls can be addressed effectively.”
DiNapoli noted that the mid-year updated estimates provided by the Division of the Budget did not include the impacts of Superstorm Sandy, which hit Oct. 29. Gov. Andrew Cuomo is expected to include projections based on the storm and economic conditions when he proposes his 2013-14 state budget Jan. 22.
Other findings from DiNapoli’s November Cash Report include:
— The closing General Fund balance of $2.5 billion was $28 million less than updated projections. Receipts were $330.8 million below projections, and spending was $303.1 million less than projected.
— General fund receipts totaled $35.9 billion for the first eight months of the year, 1.4 percent — $479.4 million — more than the same period last year.
— General fund personal income tax collections through November were $17.2 billion, which is 0.5 percent — $81.6 million — more than last year. Year-to-date personal income-tax collections were $42 million lower than projected.
— General fund sales-tax collections grew $15.3 million — 0.3 percent — in the first eight months of the fiscal year when compared to the same period last year.
Di Napoli Nov Cash