State tax collections of $34.2 billion through the first half of the fiscal year were nearly $610 million higher than projected and the state collected nearly $3.5 billion from financial settlements through September, according to the state monthly cash report and a mid-year report on revenue trends, released this week by New York State Comptroller Thomas P. DiNapoli. In spite of higher than anticipated spending, the General Fund ended the first half of the year $515.8 million above updated projections.
DiNapoli said, “Tax collections are outpacing projections and settlement revenue is boosting state coffers. In the short term the state’s fiscal outlook is positive.”
All Funds receipts through the first half of the fiscal year increased 5.9 percent, or just over $4 billion, compared to last year, largely due to one-time settlement revenues. Tax collections declined 0.6 percent year-over-year, or $216.4 million, primarily reflecting lower Personal Income Tax (PIT) collections in April. Since then, tax growth has generally been relatively strong. Spending from All Funds through the first half of the fiscal year was up by 4.2 percent from a year earlier, or $2.7 billion, primarily because of Medicaid, school aid and the timing of certain payments.
Receipts collected in the General Fund (including transfers from other funds) totaled $35.4 billion through Sept. 30, an increase of 11 percent, or $3.4 billion. General Fund receipts were $962.2 million higher than updated projections primarily because of taxes and miscellaneous receipts. General Fund spending (including transfers to other funds) increased 4.6 percent, or $1.3 billion, to just under $30 billion, which was $446.6 million higher than projected. The General Fund closing balance totaled almost $8.1 billion, which was $515.8 million higher than updated projections.