New York state’s tax collections for the first four months of this fiscal year were $24.2 billion, down $1.1 billion from last year and more than $500 million below initial budget projections, reported New York State Comptroller Thomas P. DiNapoli.
In his July cash report, DiNapoli says that the shortfall is primarily from income-tax collections that were lower than expected.
The report shows that total state receipts, including miscellaneous and federal receipts, have declined $1.5 billion from last year, with drops in both taxes and court settlement revenue while federal funds increased. Total receipts for the four months were nearly $48 billion.
State spending was just over $47 billion, or about $2.3 billion higher than last year, mainly from increases for public health programs and Medicaid.