Comptroller DiNapoli Releases May Cash Report
New York State Comptroller Thomas P. DiNapoli today released the May Cash Report. The report found:
- General Fund spending, including transfers, of $10 billion is $1.5 billion, or 18.3 percent, higher than last year primarily due to growth in General Fund spending for General State Charges ($817.2 million over last year) and transfers to other funds ($806.5 million).
- General Fund receipts, including transfers, of $10.8 billion was $2.2 billion, or 26.3 percent higher, than 2007-08 through May. This growth was primarily due to higher than projected personal income tax collections in April 2008 and transfers from the Revenue Bond Tax Fund. The strength in personal income tax collections was from taxpayers settling their 2007 tax returns which were due on April 15 and does not reflect the current slowdown in the economy.
- General Fund receipts including transfers were $149 million more than Financial Plan projections. All Funds receipts through May grew $2.1 billion, or 12.2 percent, over May 2007 levels.
- The General Fund closing balance of $3.5 billion was $276.1 million more than Financial Plan projections.
Click here for a copy of the report.