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April 5, 2007

DiNapoli Announces Preliminary
Year-end Results for 2006-07

Based on preliminary results, State Comptroller Thomas P. DiNapoli today reported that New York State finished the 2006-07 fiscal year with a General Fund balance of $ 3.045 billion. This is comprised of $1.715 billion in the Refund Reserve Account, $1.031 billion in the Tax Stabilization Reserve Fund, $21 million in the Contingency Reserve Fund, and $278 million in the Community Projects Fund.

The Financial Plan updated on February 21, 2007 anticipated a closing balance of $3.6 billion, with an operating surplus of $350 million. The actual General Fund closing balance is $561.9 million less than was anticipated by the February Financial Plan. General Fund spending, including transfers to other funds, was $495.9 million more than planned as a result of $150 million in unplanned transfers to the State Capital Projects Fund in lieu of anticipated public authority bond proceeds that were not received and $167 million in transfers to support earlier than planned debt service payments to the Dormitory Authority, Local Assistance payments that were $116.1 million more than planned and General State Charges that were $52.1 million above plan. Offsetting this increased spending are disbursements for Department Operations ($93.6 million) and Transfers from Other Funds ($66.8 million) that were below plan.

General Fund Tax receipts exceeded the Financial Plan estimates by $428 million. Personal income tax receipts were $111.5 million above plan, while business taxes were $440.7 million higher than anticipated. These receipts were offset by lower than expected collections in consumption/use taxes and fees of $122.5 million and other taxes of $1.7 million. Miscellaneous receipts and federal grants were below the Financial Plan estimates by $398.8 million and $28.5 million, respectively.

General Fund receipts, including transfers from other funds, totaled $51.4 billion, a $4.2 billion or an 8.9 percent increase from the prior year. General Fund spending, including transfers to other funds, totaled $51.6 billion, a $5.1 billion or an 11 percent increase from fiscal year 2005-06.

All Governmental Funds receipts, including bond proceeds, were $112.5 billion, an increase of $5.3 billion or 4.9 percent increase from the prior year. All Governmental Funds spending totaled $112.7 billion, $8.3 billion above 2005-06, or an increase of 8.0 percent.

The Comptroller will be issuing official 2006-07 results in mid-April, when additional year-end data is available.

The Comptroller will also be issuing a comprehensive analysis of the Enacted 2007-08 budget, following the completion of a Financial Plan compiled by the Division of the Budget.



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