March 20, 2014, Contact: Press Office (518) 474-4015
DiNapoli Releases February State Cash Report
State tax collections totaled $62.9 billion eleven months into the fiscal year, about $30 million below the latest projections, according to the February 2014 state cash report released today by New York State Comptroller Thomas P. DiNapoli.
“The state is closing its fiscal year in reasonably good shape and essentially on track with revenue forecasts,” DiNapoli said. “While business tax collections are weak, the budget has been balanced by more than $700 million in one-time resources. The state will need to replace these one-shots with recurring revenues to achieve structural budget balance.”
Major findings in the February State Cash Report include:
- All Funds tax collections of $62.9 billion through Feb. 28 were $3.1 billion higher than last year and $29.8 million below updated projections. Personal income taxes (PIT) totaled $40.4 billion, or 6.8 percent higher than last year for the same period;
- Overall PIT collections through the first 11 months of the fiscal year were $30.5 million higher than the latest projections and $375.5 million above initial projections. Consumption and use tax collections totaled $13.8 billion through February, an increase of 3.6 percent but $57.9 million below updated projections. Business tax collections through February were down 6.5 percent compared to a year earlier, and $41.3 million below updated projections.
- All Funds spending of $117.3 billion through February was $723.8 million below updated projections. Spending for local assistance programs totaled $83.7 billion, and was 3.6 percent, or $2.9 billion, higher than last year and $256.3 million lower than updated projections All Funds spending for state operations totaled $17.8 billion through February, which was $114.5 million lower than planned. General state charges increased $1.7 billion, which was $148.6 million lower than projections. Total spending was $4.6 billion, or 4.1 percent, higher than the same period in SFY 2012-13;
- All Funds receipts totaled $124.7 billion through February, $218 million below updated projections. The majority of the variance was in federal receipts ($335.8 million), offset by higher than anticipated miscellaneous receipts ($147.6 million).
- The General Fund balance of $8.8 billion was $309.3 million higher than planned through Feb. 28.
The state's finances are generally broken down by two main categories: General Fund and All 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 office issues the monthly cash report as part of its statutory duties and provides it to the public as part of the State Comptroller's efforts to increase transparency and accountability for state finances.