2015 Financial Condition Report

For Fiscal Year Ended March 31, 2015

Total Receipts

2015 Financial Condition Report
For Fiscal Year Ended March 31, 2015

Revenues are affected by economic changes and changes in federal and State policies. Tax base is a measure of the State’s ability to generate revenue. A decreasing tax base may force spending reductions, increased taxes, or both. Receipts are revenues that have been recorded on a cash basis.

See Appendix 3 for a breakdown of State receipts by major source for the past five years.

New York's 2015 Receipts by Source

Total State Receipts Have Increased Over the Past Five Years

  • From 2011 to 2015:
    • total receipts increased 11.5 percent.
    • tax receipts increased 16.7 percent.
    • federal receipts decreased 1.4 percent. This decrease is primarily related to the winding down of the American Recovery and Reinvestment Act. However, federal funding is again increasing with new:
      • disaster assistance for Superstorm Sandy and Hurricane Irene, and
      • Medicaid funding under the Affordable Care Act.
Total State Receipts

Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Years

  • Personal income tax and consumer (consumption and use) taxes:
    • accounted for 39.6 percent of 2015 receipts; and 
    • have increased 17.2 percent since 2011.
  • In 2015, personal income tax receipts—the State’s largest tax revenue source—increased 1.7 percent.
Tax Receipts by Year