ALBANY - Tax collections through the first three quarters of the 2011-12 fiscal year were $230.7 million below the most recent estimates, according to the December 2011 cash report released by New York State Comptroller Thomas DiNapoli.  

“It’s important to recognize that even though tax receipts are up from the previous year, economic growth remains sluggish and the economy fragile,” DiNapoli said. “We must continue to monitor spending and revenue closely for the remainder of this fiscal year to ensure we stay in balance. The tax code actions taken to address the deficit are expected to help both this year and next.”

Year-to-date tax collections grew 8.6 percent in 2011 from 2010.  However, this growth was achieved largely in collections from April and has slowed substantially in recent months. For December, tax collections were $188.4 million, or 2.7 percent lower than last year, and $159 million below mid-year projections and $527 million below April projections.