New York state collected just over $12 billion in taxes during the first two months of the 2016-17 state fiscal year, a decline of $480.1 million, or 3.8 percent, from the same period last year and nearly $120 million below projections, according to the monthly state cash report issued today by State Comptroller Thomas P. DiNapoli. Total receipts, including miscellaneous and federal receipts, declined $808.6 million from a year earlier, primarily because of the lack of settlement revenues and lower Personal Income Tax collections this year.  

"It’s no surprise that legal settlements are well below the past two years’ extraordinary levels," DiNapoli said. "However, lower than expected spending has offset the lost revenue. With recent concerns relating to the pace of economic growth, both revenue and spending should be carefully monitored throughout the year."

Spending through May 31 included $4.3 billion in local assistance grants for public schools – an increase of 6 percent from last year. May is the third largest month for school aid expenditures after March and September, when school aid funded with Lottery revenues are paid.  

The state spent $22.8 billion through May 30, $2.7 billion or 13.7 percent higher than last year for the same period, primarily because of a $1.8 billion pension payment made this year that was paid later in the year last year. Other significant increases include spending for public health programs (up $668.1 million largely because of the timing of payments for the Essential Plan Program) and Medicaid (up $291.7 million primarily from federal sources). Overall spending was nearly $600 million below projections in the Enacted Budget Financial Plan.

The General Fund ended May with a balance of $7.8 billion, which was $290.5 million higher than the latest projection and $1.8 billion lower than last May 31.

To access the monthly cash report for additional detail, go to http://www.osc.state.ny.us/finance/cbr.htm.

DiNapoli's office issues a state cash report every month identifying 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).