New York State revenues dropped sharply last month compared to February 2008, Comptroller Thomas DiNapoli said in a report last week.
Personal income tax and business tax receipts fell by 23% and 66%, respectively. Total receipts, including federal funds, fell by 19%.
“The state’s revenues are on a downward slope, and we expect the decline to continue,” DiNapoli said in a press release. “The federal stimulus will help the state deal with the tough economy we’re facing. But the stimulus money shouldn’t be used to avoid making tough budget decisions.”
During the first 11 months of the state’s fiscal year, which ends on March 31, spending grew by 4.5% over the previous year while revenue grew by 1.5%.
The state hadn’t received any federal stimulus in February, but it has begun to receive funds this month that could lower general fund spending and affect year-end fund balances, the report said.