January 17, 2008
DiNapoli Releases December 2007 Cash Report
Nine months into the State’s 2007-08 fiscal year (SFY) the state has spent a total of $83.1 billion, which is $2.4 billion, or 3 percent, higher than last year and $837 million below projections. Total revenues were $803 million, or 1 percent, higher than last year and $182 million above projections, according to the December 2007 Cash Report released by State Comptroller Thomas P. DiNapoli today.
“Right now, state spending and collections are relatively in line with projections.” DiNapoli said. “But there are dark economic clouds rolling in. The current economic outlook and the looming budget gap are caution signs as we move into the next fiscal year.”
The report examines the end of third quarter receipts (revenues) and disbursements (expenses) against the Division of the Budget’s 2007-08 Mid-Year Financial Plan Update released in October 2007. The report found that receipts and disbursements through the third quarter are fairly consistent with Financial Plan projections.
The report found that General Fund receipts (including transfers) were $448 million, or 1.3 percent, above last year, and All Funds receipts were $803 million, or 1 percent, ahead of last year. General Fund receipts (including transfers) were $103 million below Financial Plan projections and All Funds receipts were $182 million above projections.
General Fund spending (including transfers) was $36.9 billion, which is $926 million, or 2.6 percent, higher than last year and $16 million below Financial Plan projections. All Funds spending of $83.1 billion was $2.4 billion, or 3 percent, higher than last year and $837 million below Financial Plan projections.
The General Fund closing cash balance on December 31, 2007, was $1.7 billion, which was $87 million lower than projected in the Mid-Year Financial Plan update. All Funds balances were $1.4 billion above Financial Plan projections through the first nine months. In addition, in SFY 2007-08 All Funds disbursements for Medicaid and Health do not include payments for supplemental medical insurance for dual eligible Medicare/Medicaid clients. This fiscal year, Medicare Part D prescription drug coverage was paid for using pharmacy rebate monies outside of governmental funds. In prior fiscal years such payments were included in Governmental Fund disbursements.