New York State tax collections are running slightly better than projections for the first seven months of the fiscal year.
From April through October tax collections are 0.12% better than the enacted budget's projections, according to staff at the office of New York comptroller Thomas DiNapoli.
In the first seven months of fiscal 2013-2014 tax collections are 7.6% above the collections for the first seven months of fiscal 2012-2013. Tax collections benefitted primarily from a 9.4% increase in personal income tax collections in the first seven months of the fiscal year compared to the first seven months of last fiscal year.
All government funds receipts, a wider measure than all government funds tax collections, were 7.8% higher through the first seven months of this fiscal year compared to the first seven months of the past fiscal year.
All government fund spending increased 5.9%, or $4.2 billion, through October, compared to last year. This was primarily due to local government assistance payments that increased 5.1% or $2.6 billion. Much of the increase is due to education (up $516 million) and to disaster assistance within public safety (up $816 million).
General fund spending through October (including transfers to other funds) increased 1.6% from the same period last year.
Debt service declined $116 million or 4.8% from the previous year's first seven months.
Finally, from the first seven months of the last fiscal year to the first seven months of this fiscal year, capital spending increased by $292 million.