FROM THE COMPTROLLER’S OFFICE
State tax collections through the first 10 months of the state’s fiscal year increased 4.2 percent from last year, but were below projections largely due to the timing of Personal Income Tax (PIT) payments, according to the January 2014 cash report released by New York State Comptroller Thomas P. DiNapoli. The Division of the Budget is expected to issue a revised Financial Plan with updated revenue projections next week.
“So far tax collections have grown 4.2 percent from a year ago but we still have to meet year-end estimates,” DiNapoli said. “The 2014-15 budget proposal assumes a surplus in the current year, and the strength of receipts in February and March will determine whether a surplus materializes and what the number will be.”
All Funds tax collections of $58.3 billion through Jan. 31 were $2.4 billion higher than last year, but $413.3 million below updated projections included with the Executive’s Proposed Budget. Total tax receipts in January of $9.3 billion were down 2.3 percent from last year.
PIT receipts through the first 10 months of the current fiscal year totaled $37.2 billion, 5.3 percent higher than last year for the same period, but $486.3 million below the Division of the Budget’s latest projections. The variance appears to be due to certain withholding collections from bonus payments being received in early February rather than late January.
Other findings from the January cash report include:
· Consumption and use tax collections totaled $12.8 billion through Jan. 31, an increase of 4.1 percent from the previous year and $28.8 million below updated projections. Business tax collections through January were down 5.2 percent over the year, and $90.6 million above the latest projections. Excluding PIT collections, tax through January were $73 million above recent projections.
· All Funds receipts totaled $114.9 billion through January, $223.6 million below updated projections. The majority of the variance was in taxes ($413.3 million) and miscellaneous receipts ($152 million), offset by higher than anticipated federal receipts ($341.7 million higher than projected).
· All Funds spending of $108.1 billion through January 31 was $58.5 million over updated projections. Spending for local assistance programs totaled $77.6 billion and was 4.4 percent or $3.3 billion higher than last year and $368 million more than updated projections All Funds spending for state operations totaled $16.2 billion through January, which was $121.6 million lower than planned. General state charges increased $1.5 billion, which was $136.4 million higher than projections. Total spending was $5.2 billion, or 5 percent, higher than the same period in SFY 2012-13.
The state’s finances are generally broken down by two main categories: General Fund and All Funds. The General Fund is the major operating fund of the state and accounts for all receipts that are not required by law to be deposited into another fund. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government.