Friday, December 27, 2013
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ALBANY - Tax receipts for the first eight months of the fiscal year were $40.3 million below the latest Executive’s Financial Plan projections, according to the November cash report released today by New York State Comptroller Thomas DiNapoli.
“The state’s General Fund balance is higher than expected at this point, but much of the difference appears attributable to the timing of payments,” DiNapoli said. “Consumption and use taxes remain the strong point in the state’s tax collections, while personal income and business taxes fell short of expectations once again in November.”
Major findings in the report include:
- All Funds tax collections of $42 billion through November were $2.8 billion higher than last year, but $40.3 million below midyear projections. Personal Income Tax (PIT), the state’s largest in-state revenue source, totaled $25.8 billion, 8.6 percent higher than last year for the same period, although almost all of this growth occurred in April;
- PIT collections through November were $136.3 million lower than latest projections. Consumption and use tax collections totaled just over $10 billion, an increase of 4.7 percent and $46.2 million over current projections. Business tax collections through November were up by less than one percent from a year earlier;
- All Funds spending of $83.7 billion through November was approximately $111.9 million more than current projections. The variance is primarily due to higher than anticipated spending for local assistance programs outside of the General Fund ($287.4 million over plan), which was partly offset by lower than anticipated spending from All Funds for state operations ($53.7 million) and general state charges ($28.9 million). Spending was $4.4 billion, or 5.6 percent, higher than the same period in SFY 2012-13;
- All Funds receipts totaled $86.3 billion through Nov. 30, $471.8 million below updated projections. The majority of the variance was in the timing of federal receipts ($187.1 million) as well as miscellaneous receipts ($244.4 million).
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.