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June 20, 2013

 

DiNapoli: State Revenue Outpacing Estimates

State tax collections of $12.6 billion through May, rose 25.8 percent from collections during the same period last year, primarily due to non-recurring estimated Personal Income Tax (PIT) payments made in April, according to the May Cash Report released today by State Comptroller Thomas P. DiNapoli.

"With tax collections $360 million more than projections, we are seeing some positive signs for the budget," DiNapoli said. "The state collected $30 million from the St. Regis Mohawk Tribe, the first payment from Native American casinos since June 2010, and it appears that payments from other Native-American casinos are coming in the future. Sales and business tax collections are both showing strong growth so far this year. Still, the state should proceed with caution. June marks the end of the first quarter of the fiscal year, and tax collections reported in the next cash report will be a better indicator of current economic conditions."

Personal Income Tax collections grew 33.3 percent through May 31, compared to the same period last year. However, more than 87 percent of this growth is due to estimated tax collections from April, primarily driven by federal tax increases in January. This level of growth is not likely to continue.

The General Fund closing balance of $3.7 billion at the end of May was $287.9 million higher than Enacted Budget projections. This reflects $448.9 million in higher than anticipated receipts offset by $161 million in higher than anticipated spending.

Other findings from the May Cash Report include:

  • All Funds receipts of $23.2 billion through May were 28.3 percent, or $5.1 billion higher than receipts from the same period last year. All Funds tax collections of $12.6 billion increased by 25.8 percent, or $2.6 billion, from last year, which was $363.2 million over Enacted Budget projections.
  • All Funds PIT collections were up $2.3 billion or 33.3 percent from last year, which was $325.7 million higher than projections.
  • Business tax collections were up $255.6 million or 55.3 percent, which was $31.5 million higher than projections, primarily due to increased audit collections.
  • Consumption taxes increased by $92.7 million or 4.2 percent and were $12 million higher than projected, and
  • Other taxes declined $30.8 million or 5.4 percent and were $6 million lower than Enacted Budget projections.
  • Federal aid receipts were up more than $2.2 billion, or 42.3 percent, in part because of an increase in payments for disaster assistance. Most of that growth was projected in the Financial Plan.
  • All Governmental Funds spending increased 18 percent, or just under $3 billion, compared to last year, primarily due to local assistance payments. Much of the increase is due to disaster assistance (up $2.2 billion or 18.2 percent, and $103.1 million above projections). Departmental Operations increased $540.1 million or 20.5 percent and were $69.1 million above projections. Debt service declined $143.3 million (but was $25.8 million above projections) and capital spending increased $208.1 million ($86.5 million lower than projections). All Funds spending was $103.1 million over Enacted Budget projections.
  • General Fund receipts (including transfers from other funds) of $11.6 billion through May were 28.2 percent, or $2.5 billion, higher than receipts from the same period last year.
  • General Fund spending (including transfers to other funds) of $9.4 billion increased 7.3 percent, or $645.8 million, from the same period last year. General Fund spending was $161 million higher than Enacted Budget projections for May. Local assistance increased $353.6 million, or 6.6 percent. General state charges increased $190.9 million from last year. Departmental Operations spending declined $182.5 million or 12.8 percent compared to the same period last year.

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.

DiNapoli's office issues the monthly cash report as part of its statutory duties and provides it to the public as part of the comptroller's efforts to increase transparency and accountability for state finances.

Cash report table

 

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