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NYS Comptroller

THOMAS P. DiNAPOLI

Press Releases

December 18, 2015, Contact: Press Office (518) 474-4015

Comptroller DiNapoli Releases November Cash Report

Total receipts through the first eight months of the fiscal year totaled $95.7 billion, $1.9 billion higher than the Division of the Budget’s latest projections, thanks partly to increased income tax collections, according to the monthly state cash report issued today by New York State Comptroller Thomas P. DiNapoli. All Funds spending of $90.9 billion over the period was $278.1 million below projections.

“As has been the case throughout the year, the state is in a favorable cash position,” said DiNapoli. “Additional monetary settlements totaling $400 million were received in November and tax collections remain strong. I expect New York to enter 2016 and the new budget season on a solid foundation.”

Tax collections through November totaled $46.3 billion, $4.5 billion or 10.8 percent higher than the same period last year. Year-to-date tax collections were $700.1 million higher than the latest projections (released Nov. 5) and $2.8 billion over initial projections from the Enacted Budget. The General Fund ended November with a balance of $10.3 billion, just under $1.5 billion higher than the latest Financial Plan projection and $5.2 billion higher than initial projections.

Other findings from the November cash report include:

  • Personal income tax receipts through Nov. 30 were $29 billion, representing an increase of $3.8 billion or 15.1 percent from last year. Some of this variance is likely due to the timing of refunds and the advanced payment of tax credits that occurred in November 2014. Consumption and use tax collections totaled almost $10.5 billion through the first eight months, an increase of 2.3 percent or $235.3 million from the previous year.
  • Business taxes totaled $4.1 billion through Nov. 30 and were $35.7 million lower than last year. Other taxes, led by collections in estate and real estate transfer taxes, totaled $2.7 billion and were $516.8 million or 23.4 percent higher than for the same period a year earlier.
  • All Funds receipts totaled $95.7 billion through Nov. 30, which was 4.9 percent or just under $4.5 billion higher than last year. The majority of this increase was from tax collections as described above. Miscellaneous receipts totaling $17.6 billion partially offset the increase in tax collections and were $1.8 billion lower than last year, primarily because overall monetary settlement revenue received to date this year, including $400 million from three settlements in November, was lower than a year earlier. Federal receipts totaling $31.8 billion were $1.8 billion over last year for the same period.
  •   All Funds spending of $90.9 billion through the first eight months increased $3.3 billion or 3.8 percent from last year. Spending for local assistance programs totaled $66.2 billion and was 4.6 percent, or $2.9 billion, higher than last year. Departmental operations totaled $13.1 billion through November, which was $75.1 million higher than last year. Debt service totaled $1.8 billion and was $349.7 million lower than last year. Capital projects spending increased 12.5 percent or $453.4 million.

The November cash report can be found here: http://www.osc.state.ny.us/finance/cbr.htm

DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is accessible in Excel and Adobe formats.

Since becoming Comptroller, DiNapoli has created several tools to allow the public to better track government spending, contracts and other fiscal issues. These are easily accessible on his transparency website called Open Book New York (www.openbooknewyork.com).

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