Tax revenues of $8.1 billion in June were stronger than expected, and collections for the first quarter of the fiscal year were $748.5 million higher than projections in the Enacted Budget Financial Plan, according to the monthly state cash report issued today by New York State Comptroller Thomas P. DiNapoli. The General Fund balance totaled $11.1 billion at the end of June, almost $1.9 billion higher than projected.

“Tax collections were robust in the first quarter of the fiscal year, exceeding projections in every major category,” DiNapoli said. “However, we are seeing strength in sometimes volatile revenue sources, so it is unclear whether this positive trend will continue in the months ahead.”

June tax receipts were $606 million higher than projections for the month. Overall growth of 7.7 percent from the previous year included especially strong gains in quarterly estimated personal income tax payments and estate and gift taxes.

Total tax receipts of $20.6 billion for the quarter were $1.9 billion higher than the same period last year, an increase of 10.2 percent. Tax collections benefitted from an 18.3 percent increase in Personal Income Tax (PIT) receipts in the first quarter, including especially strong growth in April that is not projected to be replicated later in the year. The first-quarter growth in PIT receipts was partially offset by a 23.9 percent decline in business tax collections as a result of increased refunds and the absence of large audit receipts.

Other findings from the June cash report include:

• Consumption and use tax collections totaled $4 billion through June 30, $37.7 million higher than projections. Business tax collections through June totaled $1.8 billion, $69.6 million higher than projections.
• Other tax collections totaled $1 billion through June, a year-over-year increase of $195.5 million, resulting primarily from a $143.9 million increase in estate and gift tax collections. This was $113.2 million over current projections.
• All Funds receipts totaled $39.2 billion through June, $1.4 billion higher than projections. Miscellaneous receipts were $376.1 million above anticipated levels, which was primarily realized in May as a result of an unanticipated $485 million monetary settlement. Federal receipts totaling $11.1 billion were $301 million above projections, primarily in Special Revenue funds.
• All Funds spending of $33.8 billion in the first quarter of the fiscal year was up by $1.3 billion, or 4.2 percent, from the previous year. Spending for local assistance programs totaled $25.4 billion and was 6.3 percent, or $1.5 billion, higher than last year. Departmental operations totaled $4.7 billion through June, which was $25.4 million more than a year earlier. Debt service totaled $584.5 million and was $96.3 million lower than last year.

Read the report, or go to: http://www.osc.state.ny.us/finance/cbr.htm   

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 called Open Book New York (www.openbooknewyork.com).