New York State saw an $11.4 billion increase in revenue collections for the 2015 fiscal year due mainly to one-time financial settlements and a boost in federal aid, according to a report released on May 12 by Comptroller Thomas DiNapoli.
The Empire State collected $149.1 billion in revenue during the 2015 fiscal year, an increase of 8.3% from fiscal 2014.
"New York benefitted from nearly $5 billion in revenue from settlements last year, with even more on the way this fiscal year," DiNapoli said in a statement. "While these settlements are certainly good for the state's bottom line, we can't expect such windfalls to continue."
The comptroller's report said New York tax collections were up 1.9% during the fiscal year that ended March 31, at $71 billion. The state also received $48.6 billion in federal grants, which DiNapoli said were used primarily for Medicaid expenses that included new costs related to the Affordable Care Act, homeland security, public welfare and education. Total state spending reached $143.9 billion, a jump of $6.4 billion or 4.6% from the fiscal year that ended on March 31, 2014.
New York's fiscal 2016 budget directs $5.4 billion in bank settlement funds toward economic initiatives including capital projects.
