New York tax collections in fiscal 2017 were down $300.1 million from the previous year and were below budget projections, according to a cash report released by State Comptroller Thomas DiNapoli.

The report, released Wednesday, said New York collected $74.4 billion in the state’s fiscal year that ended March 31, a 0.4% drop from 2016. The figures were $600 million lower than the latest revenue projections released in February, with DiNapoli attributing the drop primarily to lower-than-anticipated business tax collections in March.

New York State Comptroller Thomas DiNapoli
Bloomberg News

“While personal income tax and consumption tax receipts exceeded the latest projections at the end of the fiscal year, they were more than offset by lower business tax collections,” said DiNapoli in a statement. “The state remained in a strong cash position starting the new fiscal year, because of factors including General Fund spending that was well below projections and unspent funds from financial settlements.”

DiNapoli noted that that the state’s General Fund ended the year with a balance of $7.7 billion, which was $516.6 million above projections and nearly $1.2 billion lower than 2016. The state’s Rainy Day and Tax Stabilization reserve funds remained at $1.8 billion with no additional deposits.

New York State general obligation bonds are rated Aa1 by Moody’s Investors Service and AA-plus by S&P Global Ratings, Fitch Ratings and Kroll Bond Rating Agency.

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