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August 17, 2011


DiNapoli Releases July Cash Report

Economic Turbulence Cause for Concern

All Governmental Funds receipts for state fiscal year (SFY) 2011-12 grew $3.3 billion, or 8.4 percent, over last year through July 2011 according to the July 2011 Cash Report released today by State Comptroller Thomas P. DiNapoli.  All Funds receipts were $351.5 million below Financial Plan First Quarterly Update projections, which largely evaporates the positive balance seen in tax collections through the first quarter.

 “New York’s recovering economy is struggling to reach cruising altitude, and the turbulence from volatile financial markets, a lackluster job market, a struggling housing sector, and political brinksmanship in Washington is creating additional drag,” DiNapoli said.  “Each of these factors could impact results through the remainder of the fiscal year. We have to remain vigilant to keep our finances on track.  Our fiscal margins are very tight, and we could go off course very quickly.”

All Funds spending of $40.6 billion through July was $1.2 billion, or 3.1 percent, higher than last year and $75 million above Financial Plan projections. Total other financing sources and uses were $44.6 million below projections, leaving the state’s All Funds balance $469.8 million below Financial Plan projections through the first four months of the fiscal year. This was likely attributable to the timing of payments.

The General Fund ended July with a balance of $1.9 billion, just $9.4 million higher than projected in the Financial Plan. Through the first four months of the fiscal year, General Fund receipts and disbursements were below Plan projections by $61.5 million and $70.8 million respectively.

Other findings from the July Cash Report include:

  • General Fund receipts (including transfers from other funds) of $19.0 billion through July were 18 percent, or $2.9 billion, higher than receipts from the same period last year. General Fund receipts were $61.5 million lower than projections in the Financial Plan.  General Fund tax collections totaled nearly $14.2 billion, reflecting an increase of $2.3 billion, or 19.2 percent over last year for the same period. Tax collections were $40.5 million, or 0.29 percent, lower than projections.  
  • General Fund Personal Income Tax (PIT) collections through July totaled $9.5 billion and grew 25.1 percent, or $1.9 billion, over last year.  Year-to-date PIT collections were $33.3 million lower than Financial Plan projections. Largely reflecting gains in tax settlements from 2010, year-to-date PIT estimated payments grew 34.7 percent or $1.5 billion over last year.
  • General Fund consumption and use tax collections increased 6.5 percent to $2.96 billion in the General Fund, and were $19 million higher than Financial Plan projections.  General Fund sales tax collections grew 6.9 percent through the first four months of the fiscal year, compared to the same period last year.  General Fund business tax collections of $1.3 billion were $269.3 million, or 25.5 percent, more than collections through the same period last year, and $23.3 million below plan projections.
  • All Funds receipts of $42.8 billion were 8.4 percent, or $3.3 billion, higher than last year, primarily because of PIT collections, which increased $2.4 billion, or 22.1 percent.  All Funds receipts were $351.5 million lower than Financial Plan projections, reflecting lower than expected miscellaneous receipts (by $227.9 million), federal receipts (by $69 million), and tax receipts (by $54.6 million).
  • All Funds tax collections of $20.9 billion increased by 16.2 percent, or $2.9 billion, over last year, primarily from PIT collections (up $2.4 billion) as well as business tax revenue, which grew $323.6 million, or 20.1 percent.  Consumption and use taxes grew $284.4 million or 6.3 percent and other taxes declined $74.3 million, or 6.9 percent.  All Funds tax collections were $54.6 million, or 0.26 percent, below Financial Plan projections.  
  • General Fund spending (including transfers to other funds) of $18.5 billion grew by 3.8 percent, or $679.2 million, over the same period last year.  Social services spending grew by $1.7 billion, or 48.2 percent, while education spending declined $1.6 billion, or 21.3 percent, largely reflecting payment timing issues.  Local assistance grants grew $236 million, or 1.9 percent, to $12.4 billion. Departmental operations decreased $4.6 million to $2.8 billion, and general state charges grew $514.5 million to $1.3 billion compared to the same period last year.  General Fund spending was $70.8 million, or 0.38 percent, below Financial Plan projections.
  • All Governmental Funds spending increased 3.1 percent, or $1.2 billion, through the first four months of the fiscal year, largely reflecting social services disbursements (up $1.95 billion, or 13.2 percent) as well as general state charges (up $556 million, or 45.4 percent), much of which is timing-related.  Education spending decreased $2.1 billion, or 19.6 percent, over the same period last year, largely reflecting the delay of certain school aid payments in 2010.  Debt service increased $45.3 million, or 4.2 percent, while capital projects spending increased 5.0 million, or 0.3 percent. Spending for departmental operations increased 1.1 percent or $66.6 million through the first four months of the fiscal year compared to the same period last year.

The state’s finances are generally broken down by two main categories: General Fund and All Funds. The General Fund is the major operating fund of the state and accounts for all receipts that are not required by law to be deposited into another fund. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government.

The full July Cash Report can be seen at:

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