State revenues up, but behind projections
New York's tax collections trough December were behind the state's latest estimates, according to a report today from the New York State Comptroller's Office.
“Tax collections are still not growing at the rate needed to meet year-end projections, and the boost in personal income taxes in December likely won’t continue,” DiNapoli said in a statement. “So far the budget has been balanced by spending less and taking advantage of one-time windfalls. With the budget process about to begin again, revenue projections should be realistic so that the budget is not balanced with revenues that won’t be there.”
That entire report from the comptroller is available below.
Tax collection by the end of December, which totaled $46.4 billion, were almost $50 million below the state’s most recent estimates and about $685 million below the estimate at the start of the fiscal year in April. Additionally, the General Fund balance ended December at $4.6 billion, which was about $682 million higher than projected.
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