New York’s tax collections for the first five months of the fiscal year—April through August—were $69.8 million higher than projections, according to a report released today by state Comptroller Thomas DiNapoli.
The total tax collections this year is 10.3 percent more than the same period last year, in large part due to strong personal income-tax collections in April, the report said. August tax collections, however, were 5.1 percent less than in 2012, primarily because of fewer collection days than last August.
“We’ve seen robust collections in April followed by continuing strength in sales tax receipts, and nearly $550 million in unexpected miscellaneous revenues,” DiNapoli said in a statement. “Our largest in-state source of revenue, income tax withholding, is growing. However, the growth is slightly below updated projections for year-end. Much of the good news so far this year comes from one-time windfalls.”
Miscellaneous receipts totaled $9.1 billion through August 31, $381.1 million higher than collections during the same period last year but $215.3 million below projections.
Miscellaneous receipts so far this year include a non-recurring $250 million settlement from Bank of Tokyo Mitsubishi UFJ, a $250 million transfer from the State Insurance Fund and $448 million from Native-American casinos. The money New York received from the federal government was up 13.4 percent, largely due to disaster assistance spending.
The general fund closing balance of $3.6 billion at the end of August was $71 million higher than projections from the First Quarterly Update of the Financial Plan, released Aug. 2. This reflects $1.8 million in lower than anticipated receipts and $72.8 million in lower than anticipated spending.
Other findings in the report include:
— All funds consumption taxes increased by $292.6 million through the first five months, or 5 percent, which was $15.7 million higher than the latest projections and $133.7 million higher than initial projections.
— Debt service declined $259.1 million, largely due to timing of payments, and was $5.2 million lower than the latest projections. Capital spending increased $152.8 million and was $46 million higher than the latest projections.
—All Funds business tax collections through August were up $169.2 million, or 7.9 percent, which was $19.8 million higher than current projections and $70.2 million lower than initial projections.
—All Funds receipts of $54.6 billion through August 31 were 10.3 percent, or $5.1 billion, higher than receipts from the same period last year. All Funds tax collections of $27.3 billion also increased by 10.3 percent, or $2.6 billion, from last year, which was $76.8 million higher than initial projections.
—All Governmental Funds spending increased 8.7 percent, or $4.1 billion, through August, compared to last year, primarily due to local assistance payments. Much of the increase is due to Medicaid (up $837.4 million) and to disaster assistance within public safety (up $787.2 million). Local assistance payments through August were $378.3 million higher than the latest projections.
—Departmental Operations through August 31 increased $575.5 million, or 7.7 percent, and were $48.6 million lower than the latest projections.