DiNapoli: N.Y. State Revenues Miss Target

New York's revenue collections through August were well below projections, as well as collections for the same time last year, according to a report released by the state's comptroller, Thomas DiNapoli.

Tax collections through August this year totaled $24.7 billion, which is $147 million below projections in the state's revised financial plan.

The collections were $204.3 million lower than collections for the same period last year.

The main factors for the year-over-year decline were the 1.2% drop in personal income-tax collections and the 0.7% fall in consumption and use collections.

"Almost halfway through the state's fiscal year, the state's budget is still on relatively solid ground, but weak revenue collections and slow economic growth signal a need for caution going forward," according to DiNapoli.

The general fund ended August with a balance of $1.5 billion, which is $273.5 million higher than projected in the updated financial plan.

DiNapoli said that while the balance is above projections - primarily due to lower spending - stronger revenue growth in the remainder of the fiscal year will be needed to meet year-end projections.

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New York
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