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March 21, 2008

 

Comptroller DiNapoli Releases February Cash Report

State Comptroller Thomas P. DiNapoli today released the February 2008 Cash Report.

The report found General Fund spending, including transfers, totaled $43.5 billion which represented a $2.5 billion, or 6.2 percent, increase over spending during the same period last year. This increase was primarily due to $1.8 billion in higher spending in education and $448.4 million in state operations. This spending was offset by a reduction of $433.1 million in health/environment spending. Spending for Medicaid increased $393.9 million over the same period last year. General Fund spending was $46.8 million higher than Financial Plan projections updated in the 21-day Amendments.

General Fund revenues, including transfers from other funds, totaled $47.5 billion which is $1.2 billion, or 2.6 percent, higher than 2006-07 through February 2008. This increase was $520.3 million over Financial Plan projections updated in the 21-day Amendments. This increase was primarily due to $313 million more collected in Personal Income Tax receipts than anticipated, even though Personal Income Tax refunds issued through the end of February were $1.5 billion higher than the same time last year. Receipts for consumption and sales taxes were $372 million higher than last year or $84.8 million over Financial Plan projections. However, these increases were offset by lower than anticipated receipts in business taxes ($64.6 million below Plan) and other taxes ($19.3 million below Plan).

All Governmental Funds spending was $98.9 billion which was $3.7 billion, or 3.8 percent, over 2006-07 figures through February 2008. Other than Medicaid, which declined $453.1 million in All Funds, spending patterns were similar to General Fund spending patterns. All Funds receipts through February grew $3.1 billion or 3.1 percent.

Click here for a copy of the report.

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