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April 9, 2008

DiNapoli Announces Preliminary Year-end Results for State Fiscal Year 2007-08

State Comptroller Thomas P. DiNapoli today reported preliminary revenue and spending results for the New York State 2007-08 fiscal year, which ended March 31. General Fund spending, including transfers to other funds, totaled $53.4 billion, a $1.8 billion or 3.5 percent increase over fiscal year 2006-07. General Fund receipts, including transfers from other funds, totaled $53.1 billion, a $1.7 billion or 3.3 percent increase over the prior year.

“It was a volatile year,” DiNapoli said. “Spending and revenue projections were a moving target all year and significantly deviated from what was estimated. The economy is in rough shape, and the worst may still be around the corner. The Division of the Budget is going to have to track spending and revenues very carefully. And Albany should keep an eraser handy.”

Preliminary year-end findings include:

  • All Governmental Funds spending totaled $116 billion, a $3.3 billion or 2.9 percent increase over fiscal year 2006-07. All Governmental Funds receipts, including bond proceeds, were $115.7 billion, an increase of $3.1 billion or 2.8 percent increase over the prior year.
  • The General Fund closed the 2007-08 fiscal year at $2.754 billion, which was $128 million more than was anticipated in the Executive’s updated February Financial Plan. The updated plan anticipated a closing balance of $2.626 billion, with an operating deficit of $419 million.
  • All Funds spending was $2.3 billion below projections in the February Financial Plan, primarily due to lower than anticipated capital spending ($1.1 billion), Local Assistance ($639 million) and State Operations ($408 million).
  • All Funds receipts were nearly $1.5 billion below projections. Total tax collections were $24 million over Plan projections but were offset by lower Federal receipts ($932 million) and Miscellaneous Receipts ($565 million).
  • General Fund spending, including transfers to other funds, was $208 million less than planned. Local Assistance payments were $162 million below Plan projections and State Operations were $94 million below projections.
  • General Fund Tax receipts were below February Financial Plan estimates by $120 million. Personal income tax receipts were $121 million above Plan estimates and consumption taxes were $60 million higher than anticipated. These receipts were offset by lower than expected business taxes ($283 million) and other taxes ($18 million).

Based on preliminary results, New York State finished the 2007-08 fiscal year with a General Fund balance of $2.754 billion. This is comprised of $1.187 billion in the Refund Reserve Account, $1.031 billion in the Tax Stabilization Reserve Fund, $21 million in the Contingency Reserve Fund, $340 million in the Community Projects Fund and $175 million in the Rainy Day Reserve Fund as established in Chapter 1 of the Laws of 2007.

DiNapoli will be issuing final results for fiscal year 2007-08 in mid-April, when additional year-end data is available.



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