State tax receipts totaled $29.9 billion through the first quarter of State Fiscal Year (SFY) 2024-25, $594 million higher than estimates released by the Division of the Budget (DOB) in the Enacted Budget Financial Plan. In addition, collections were $2.2 billion higher than those through June 2023, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

“Economic growth is fueling higher tax collections,” DiNapoli said. “Record financial market levels, near full employment recovery, and easing inflation have all benefitted the state’s economy. While the state budget is currently on-track, any sudden shock can quickly reverse this position.”

Personal income tax (PIT) receipts totaled $16.3 billion and were $194.8 million above DOB’s financial plan projections through the first quarter. In addition, PIT receipts were $1.7 billion higher than the same period in SFY 2023-24, reflecting, in part, the impact of employment and wage growth on withholding collections as well as the decreased volatility from the impact of the pass-through entity tax (PTET) on the PIT.

Year-to-date consumption and use tax collections totaled $5.6 billion, which was 2.6%, or $140.5 million, higher than the same period last year, and $8 million higher than anticipated by DOB. Sales tax receipts, the largest share of these taxes, increased by just $8.2 million, or 0.4%, in the month of June over last year. Business taxes, which included collections from the PTET, totaled $7.3 billion, $626.6 million higher than through June in the prior fiscal year and $418.2 million higher than DOB’s financial plan projections.

All Funds spending through June totaled almost $55 billion, which was $3.6 billion, or 6.2%, lower than last year for the same period, primarily due to lower Medicaid disbursements. All Funds spending through June was $942.3 million lower than projected, also primarily due to lower than anticipated Medicaid spending. State Operating Funds spending through June totaled almost $30.8 billion, $349.8 million, or 1.2% higher than last year but $1.1 billion lower than DOB projected.

The State’s General Fund ended June with a balance of $49.6 billion, $2.1 billion higher than projected by DOB and $5.4 billion higher than last year, primarily due to higher than anticipated tax collections and lower than anticipated spending.

Report
June Cash Report

Related Report
Enacted Budget Report: State Fiscal Year 2024-25