Tax revenues in May were stronger than expected and came in $838 million higher than projections, according to the monthly state cash report issued today by New York State Comptroller Thomas P. DiNapoli. However, total receipts during the first two months of the current fiscal year remain below last year’s levels.
"The state brought in more money than expected in May because of strength in personal and business taxes as well as significant one-time cash infusions," DiNapoli said. “While tax collections are below last year’s levels, they exceeded projections through May. But realistic expectations are necessary in case the state must deal with any fluctuations later in the year.”
Tax receipts of $4.1 billion in May were 1.6 percent higher than in 2013. Total tax receipts for April and May combined were $1.4 billion below year-ago levels, primarily because Personal Income Tax (PIT) collections in April of this year fell sharply, as was the case in many states. PIT collections in May were also lower than collections in May 2013, primarily due to the timing of tax refunds last year.
Miscellaneous receipts through May of this year were $1.6 billion, or 51 percent, higher than a year ago, including $715 million from a financial settlement with Credit Suisse AG that was not included in the Enacted Budget Financial Plan. Miscellaneous receipts also included a $1 billion transfer from the State Insurance Fund. Through May, total receipts declined 1 percent, or $237 million, compared to last year.
Receipts collected in the General Fund (including transfers from other funds) totaled slightly more than $12 billion through May 2014, representing an increase of 3.7 percent or $428.6 million. General Fund receipts were nearly $1.6 billion higher than projections.
General Fund spending (including transfers to other funds) increased 2.6 percent, or $249.3 million, to $9.7 billion, which was $385.7 million lower than projected through May 31. The General Fund closing balance totaled $4.5 billion, nearly $2 billion higher than anticipated in the Financial Plan.
The May 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 now 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).