State tax collections of just under $8 billion were $474.2 million higher than expected in December and $716.4 million higher than projected three quarters of the way through the state’s fiscal year, according to the December cash report issued today by State Comptroller Thomas P. DiNapoli. The state has also collected $4.2 billion from financial settlements since April, approximately $3.9 billion more than initially anticipated, with another $1.3 billion expected.

"Strong tax collections in December added to a positive short-term picture for the state’s budget,”DiNapoli said. “However, revenue that is higher than anticipated today does not always mean flush times tomorrow. We will monitor economic and revenue developments closely as negotiations on a new state budget begin in coming weeks.”

Compared to a year earlier, total receipts increased 6.5 percent, or $6.5 billion, through Dec. 31, primarily because of settlement and assessment revenues. Tax collections through the first three quarters increased 1.5 percent, or $714.5 million, from a year earlier. The increase is primarily due to increases in personal income tax (PIT) (up $337.2 million or 1.1 percent) and consumption taxes (up $243 million or 2.1 percent). Tax receipts through December were $1.6 billion higher than projected when the budget was enacted. Spending from All Funds through Dec. 31 was up by 5.3 percent from a year earlier, or just under $5.1 billion, primarily because of Medicaid and spending for education.

Receipts collected in the General Fund (including transfers from other funds) totaled $50.3 billion through the first three quarters, representing an increase of 10.8 percent, or $4.9 billion, from the previous year.  This was $1.2 billion higher than updated projections primarily because of unanticipated settlement revenue. General Fund tax collections were $545.5 million higher than projected. The General Fund closing balance totaled $8.3 billion, which was more than $2 billion higher than updated projections released in November and nearly $2.4 billion higher than a year earlier.

DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is now accessible in Excel and Adobe formats.

Since becoming Comptroller, DiNapoli has created several tools to allow the public to better track government spending, contracts and other fiscal issues. These are easily accessible on his transparency website, Open Book New York