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December 16, 2009

DiNapoli Releases November State Cash Report

Tax Collections Down $1 Billion Compared to Last Year

New York State Comptroller Thomas P. DiNapoli said that while there were small signs of improvement in state revenue collections in November, year-to-date results indicate that additional action may be necessary to avoid a year-end state deficit, according to the November State Cash Report released today.

“The state ended the month in the black with the help of stimulus money,” DiNapoli said. “There was some unexpected growth in business and personal income tax collections, but sales tax collections were lower than last year and overall tax collections for the year are down $1 billion. The short story is, the future is still very shaky. And that stimulus money won’t last forever.”

DiNapoli also released information on the state’s cash flow. The Cash Watch is part of DiNapoli’s on-going effort to increase fiscal transparency for the state’s taxpayers.

December 16, 2009
State Funds Available Cash Start of Business  $1.5 billion*
Pending Payments Start of Business $376.6 million**
Estimated State Fund Receipts $466.6 million***
Estimated State Funds Available End of Business (Closing Balance) $1.6 billion****
*Amount of cash on hand to pay bills
**Vouchers payable today
***Tax, federal and misc. receipts from agencies received today
****Amount of cash on hand after paying bills and receiving in revenue

DiNapoli’s November State Cash Report indicates total General Fund tax revenue collected was $22.4 billion, $45.7 million below projections that were updated on October 30 and $1.1 billion less than the same period last year, primarily due to weak Personal Income Tax collections. The General Fund ended November with $157.1 million. The General Fund did not end November with a negative balance, as projected by the Division of the Budget in its Mid-Year Update to the State’s Financial Plan, primarily due to use of federal stimulus money and lower than expected spending.

Specific findings of the November State Cash Report include:

  • General Fund receipts through November 30, including transfers from other funds, of $30.9 billion were $54.1 million below Financial Plan projections and $1.6 billion lower than last year for the same period.
  • Total General Fund tax collections through November 30 were $22.4 billion, down $1.1 billion, or 4.6 percent, from last year and $45.7 million below projections through November. General Fund receipts would have been significantly lower if payments for STAR totaling nearly $1.6 billion, had taken place as initially scheduled in October and November. These payments were rescheduled for December.
  • Year-to-date General Fund Personal Income Tax collections were $13.8 billion, $77.8 million below projections updated in October.
  • Sales tax collections within the General Fund are $364.7 million or 7 percent lower than last year.
  • Year-to-date General Fund business tax collections were $2.6 billion, $133.7 million higher than collections for the same period last year, and $81.6 million above projections.
  • General Fund spending, including transfers to other funds, was $32.7 billion, $1.4 billion, or 4.1 percent, less than last year through November 30. Including transfers, General Fund spending was more than $356.7 million below projections.
  • All Governmental Funds receipts through November 30 were $77 billion, $336.7 million below projections and $3.4 billion higher than last year for the same period, primarily due to federal receipts.
  • All Governmental Funds spending through November 30 was $78.8 billion, $2.1 billion, or 2.7 percent, more than last year for the same period.

The state’s finances are generally broken down by two main categories: General Fund and All Governmental 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. DiNapoli’s monthly cash report compares state finances against the same time period last year and the state’s current year Financial Plans.

Click here for a copy of the November 2009 State Cash Report.


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