ALBANY, N.Y. (AP) — Tax collections in New York state have fallen below projections, prompting a warning from state Comptroller Thomas DiNapoli.
DiNapoli’s office reported Thursday that collections for the first quarter of the state’s fiscal year were $19.8 billion, nearly $454 million below estimates and nearly $800 million less than the same period last year.
DiNapoli, a Democrat, says that while revenues could pick up, the state needs to be ready in case tax collections continue to underperform.
The state spent more in the first three months of the fiscal year than it did last year. Between April 1, the start of the fiscal year, and June 30, 2016 the state spent nearly $38 billion, $4.2 billion more than in the same period in 2015.