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May 24, 2013

DiNapoli: State Tax Collections Up 25 Percent in April, Likely Temporary

Total state tax collections of $8.6 billion in April rose 25.2 percent compared to collections during the same period last year and were $85.9 million more than projections from the Enacted Budget Financial Plan, primarily due to the growth of Personal Income Tax (PIT), although this increase is most likely temporary in nature, according to the April Cash Report released today by State Comptroller Thomas P. DiNapoli.

“The state’s new fiscal year started strong but we are unlikely to see PIT collections continue at this pace,” DiNapoli said. “The growth in these collections comes primarily in April tax settlements from individuals who accelerated income to avoid federal tax changes that took place in January. Economic signs are mixed, and while the financial markets are strong, the state must watch spending and trends carefully.”

The General Fund closing balance of $6.4 billion at the end of April was $71.3 million lower than Enacted Budget projections. This reflects $119.8 million in higher than anticipated receipts offset by $191.1 million in higher than anticipated spending. General Fund spending (including transfers to other funds) increased 31.6 percent from April 2012, due largely to the implementation of the new Statewide Financial System in SFY 2012-13 which delayed some payments.

Other findings from the April Cash Report include:

  • General Fund receipts (including transfers from other funds) of $8.2 billion through April were 27 percent, or $1.7 billion, higher than receipts from the same period last year. This was $119.8 million higher than the Enacted Budget Financial Plan projections.
  • General Fund tax collections totaled just under $6 billion, which was an increase of $1.2 billion, or 24 percent, from a year ago, and $127.5 million higher than projections.
  • General Fund PIT collections in April totaled $5 billion and grew 29.7 percent, or $1.1 billion, from last year, which was $52.9 million higher than projections. As noted, this reflects increased collections associated with federal tax actions from January.
  • General Fund business tax collections totaled $355.1 million through the end of April, which was $150 million more than the same period a year earlier, and $18.1 million higher than Enacted Budget projections.
  • All Funds tax collections of $8.6 billion increased by 25.2 percent, or $1.7 billion, from last year, primarily from PIT collections (up $1.5 billion or 29.7 percent) and business tax collections (up $185.5 million or 59.8 percent). Consumption taxes increased slightly by $69.1 million. Sales tax collections increased $81 million or 9.4 percent, and other taxes declined $51.4 million or 16 percent. All Funds Tax collections were $85.9 million higher than current projections.
  • General Fund spending (including transfers to other funds) of $3.4 billion increased 31.6 percent, or $827.5 million, from the same period last year, primarily due to timing of payments in SFY 2012-13 as the new Statewide Financial System came on line. General Fund spending was $191.1 million over Enacted Budget projections for April. Local assistance increased $299.3 million, or 26 percent. General state charges increased $30.1 million from last year. Departmental Operations spending declined $85.3 million or 13.2 percent compared to the same period last year.
  • All Governmental Funds spending increased 27.8 percent, or $1.5 billion, compared to last year, primarily due to the timing of local assistance payments (up $879.7 million or 24.6 percent, but $217.3 million below projections). Departmental Operations increased $361.7 million or 32.6 percent and $2.9 million above projections. Debt service totaled $281.9 million, ($119.9 million above projections) and capital spending increased $148.9 million ($126.3 million lower than projections). All Funds spending was $249 million lower than Enacted Budget projections.

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.

The full cash report can be seen at

Cash Report Graphic



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