N.Y. State June Tax Revenue Above Projections

June tax revenue in New York was stronger than expected, State Comptroller Thomas DiNapoli reported July 22.

The June state cash report showed tax revenue of $8.1 billion for the month, $606 million above projections and 7.7% up from a year earlier. DiNapoli also said first quarter tax collections were $748.5 million higher than projections and jumped 10.2% from the same period last year to $20.6 billion. The general fund balance totaled $11.1 billion at the end of June, nearly $1.9 billion higher than projected.

"Tax collections were robust in the first quarter of the fiscal year, exceeding projections in every major category," said DiNapoli in a statement. "However, we are seeing strength in sometimes volatile revenue sources, so it is unclear whether this positive trend will continue in the months ahead."

New York State is rated AA-plus by Standard & Poor's, Fitch Ratings and Kroll Bond Rating Agency. Moody's Investors Service rates the Empire State Aa1.