State tax collections totaled $28.2 billion for the five months ended in August, $133 million above updated projections, primarily due to double digit growth in business tax collections, according to the state cash report issued today by State Comptroller Thomas P. DiNapoli.

"Business tax receipts have jumped and are up more than 30 percent from last year," DiNapoli said. "However, that strong growth largely reflects increased collections from tax audits. Quarterly payments from both business and personal income taxes are due in September, which will provide a better indication of how current economic conditions are influencing tax collections this year."

Through the end of August, All Funds receipts totaled $60.8 billion, an increase of $2 billion, or 3.4 percent, from a year earlier. These receipts were $272.4 million lower than the latest projections made in August but $110.6 million higher than initial projections. The year-to-year increase was primarily due to federal receipts (up $2.4 billion, or 11.5 percent), business tax receipts (up $606.5 million, or 30.6 percent), and miscellaneous receipts (up $285 million, or 3 percent) partially offset by lower personal income tax collections (down $1.3 billion, or 7.1 percent).

All Funds spending totaled $62.4 billion through August 31, approximately $4 billion, or 6.8 percent, higher than the same period last year. Significant increases included spending for Medicaid (up $2.3 billion primarily from federal sources) and education (up $636.7 million). All Funds spending was $850.5 million below the latest projections, and $1.8 billion below initial projections in the Enacted Budget Financial Plan.

The General Fund ended August with a balance of $3.9 billion, which was nearly $2.3 billion lower than a year earlier, but $178.6 million higher than the latest projection.

For a detailed breakdown, 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.

For access to state and local government spending, public authority financial data and information on 130,000 state contracts, visit Open Book New York. The easy-to-use website was created by DiNapoli to promote transparency in government and provide taxpayers with better access to financial data.