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NYS Comptroller

THOMAS P. DiNAPOLI

Press Releases

12/22/14, Contact: Press Office (518) 474-4015

DiNapoli Releases November State Cash Report

State tax collections through the first eight months of the state fiscal year totaled $41.8 billion, $242.2 million higher than projected in the latest Financial Plan update, according to the November cash report released today by New York State Comptroller Thomas P. DiNapoli. The state has also collected nearly $4.1 billion of the $5.5 billion expected from financial settlements since the budget was enacted, which is approximately $3.8 billion more than anticipated.

"The significant influx of one-shot settlement monies has dominated the Financial Plan story so far this year, but with the start of the new state budget cycle, it remains essential that recurring revenue sources and ongoing spending commitments are in balance.” DiNapoli said. “While state tax collections are exceeding projections through November, hitting some year-end projections will require higher growth than we’ve had at this point, especially in personal income taxes.”

All Funds receipts increased 5.6 percent, or $4.9 billion, through Nov. 30, primarily because of settlement and assessment revenues. Tax collections through the first eight months fell 0.6 percent from a year earlier, or by $252.5 million. This decline is primarily because of lower personal income tax (PIT) collections in April, although collections also declined 0.5 percent in November. Total spending through November was up by 4.7 percent, or just under $4 billion, from a year earlier, primarily because of Medicaid and education expenses.

Receipts collected in the General Fund (including transfers from other funds) totaled $42.7 billion through Nov. 30, representing an increase of 10.5 percent, or $4 billion, from the previous year. General Fund receipts were $573 million higher than November’s updated projections primarily because of unanticipated settlement revenue. General Fund spending (including transfers to other funds) increased 7.4 percent, or $2.6 billion, to $38.4 billion, which was $449.7 million lower than projected. The General Fund closing balance totaled $6.6 billion, which was more than $1 billion higher than updated projections and $2 billion higher than a year earlier.

DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is now accessible in Excel and Adobe formats.

Since becoming Comptroller, DiNapoli has created several tools to allow the public to better track government spending, contracts and other fiscal issues. These are easily accessible on his transparency website called Open Book New York (http://www.openbooknewyork.com/).

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