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New York Revenues Miss Projections

New York State tax collections through November were 1.7% below initial estimates in April, state comptroller Thomas DiNapoli said.

The tax collections of $39.2 billion were $702 million below the state's April estimate. They were also $163 million below the estimate that the state made in November.

"It is clear that tax collection growth is not going to meet year-end expectations amid a continued slow economic recovery," DiNapoli said. "While the division of the budget is effectively managing cash flow, the upcoming budget proposal needs to include realistic projections for the rest of this year and next so potential cash shortfalls can be addressed effectively."

November's closing general fund balance of $2.5 billion was 1.1% lower than the latest projections.

DiNapoli also reported that the general fund personal income tax rose 0.5% from last year to $17.2 billion.

Along with the general fund, the state has a broader category called all governmental funds that includes the general fund. All funds collections of $39.2 billion were up 0.4 % from last year primarily due to a $218 million increase in business tax collections.

Through November all governmental funds spending declined 3.2%, or $2.6 billion, from last year, primarily due to reduced spending for local assistance. This reduction was partly due to last year's higher federal stimulus funding.

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