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April 18, 2008

Comptroller DiNapoli Releases Final 2007-08 Cash Report

State Comptroller Thomas P. DiNapoli today released the March 2008 Cash Report, which includes the final revenues and spending for the 2007-08 state fiscal year. The report found that actual revenues and spending were well below the State’s initial Financial Plan projections.

Key findings:

  • All Funds revenues were $4.1 billion lower than projected at the start of the fiscal year.
  • General Fund revenues were more than half a billion dollars lower than initially expected for the year.
  • Tax collections were $1.1 billion lower than initially estimated for the year. However, state Division of the Budget (DOB) adjusted the estimated tax collections throughout the year as the economy continued to soften. Ultimately, the state ended the year $20 million above the February Financial Plan.

“Last year was a roller coaster. We went up and we went down. Where we ended this past fiscal year is much different than initially projected or even recently predicted eight weeks ago,” DiNapoli said. “Unfortunately, the ride continues.

“Our economy is not in good shape. And right now it is hard to predict what is going to happen next month let alone next year. We have to watch revenue and spending very closely, because we don’t know what’s around the bend.”

Other findings of the report:

  • General Fund revenues, including transfers, grew $1.7 billion or 3.3 percent over last year, primarily due to strong growth in personal income tax collections and miscellaneous revenues. At the end of the 2007-08 fiscal year, General Fund revenues, including transfers, were $73 million below the February Financial Plan and $578 million lower than initially projected in the April 2007 Financial Plan. The General Fund is part of All Funds and is the major operating fund of the state.
  • General Fund spending, including transfers, of $53.4 billion was $1.8 billion, or 3.5 percent, higher than the last fiscal year. This was $201 million below the February Financial Plan and $299 million below April 2007 Financial Plan projections.
  • General Fund closing balance was nearly $2.8 billion, which was $128 million more than anticipated in February Financial Plan.
  • All Funds revenues were $3 billion, or 2.7 percent, ahead of last year. Compared to April 2007 projections, All Funds revenues were $4.1 billion lower than expected. Notably the state collected $1.1 billion less in taxes and $2.2 billion less in federal revenues than initially projected. Even the February Financial Plan projected revenues $1.5 billion higher than what materialized, including $932 million in federal funds. All Funds include nearly all sources of state and federal funds.
  • All Funds spending of $116 billion was 2.9 percent, or $3.3 billion, higher than last year but $4.6 billion below April 2007 Financial Plan projections and $2.2 billion below February Financial Plan projections, primarily due to lower than anticipated local assistance spending ($639 million) and capital spending ($1.1 billion).
  • Medicaid spending was $1.1 billion below 2006-07 spending levels. General Purpose aid, including aid to local governments, was $252 million below 2006-07 spending levels. These declines were offset by an increase of $1.8 billion in education spending. Some spending categories, such as transportation, mental hygiene and criminal justice, had double digit spending growth.

Click here for a copy of the report.



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