New York’s total government fund receipts for October came in $467.2 million below October 2006 receipts, but the year-to-date receipts are still slightly ahead of last year, according to a cash report issued by state Comptroller Thomas DiNapoli last week. Of the total government fund receipts of $7.58 billion in October, the biggest change was in business taxes, which were $235.6 million compared to $763.5 million in October 2006. Part of the disparity in business tax receipts over the two years was due to increased collections in 2006 due to audits of large corporations last year, a spokesman for the comptroller’s office said. Personal income tax recipts through Oct. 31 were $20 billion, ahead 5.3% compared to the same period in 2006. Business tax receipts were $420.2 million lower compared to 2006, and federal receipts fell $850 million, or 4.4%, through Oct. 31 as well. Debt service payments fell $330.9 million to $1.76 billion. Total government spending through Oct. 31 was up 4.6% to $63.21 billion compared to the previous year. The largest increase by dollar amount was in education, which grew $912.1 million, while the largest percentage increase was for transportation, which increased 67.6% during the time period to $2 billion.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.