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May 18, 2007

 

Comptroller DiNapoli Releases April Cash Report

The Office of the State Comptroller today released the April 2007 cash report

With one month of the State’s 2007-08 fiscal year complete, General Fund receipts (including transfers) were $6.5 billion or 7.3 percent below last year.  All Funds receipts were $10.7 billion or 0.9 percent ahead of last year.

General Fund spending (including transfers) was $2.6 billion in the first month of the fiscal year.  This is $108 million or 3.9 percent lower than during the first month of last fiscal year.  All Funds spending of $5.7 billion was $309 million or 5.7 percent higher than last year.

The General Fund closing cash balance on April 30, 2007, was $6.9 billion, which was $87 million lower than projected in the 2007-08 Enacted Budget Financial Plan, updated April 19, 2007.   General Fund disbursements, including transfers, were below plan by $101 million, while General Fund receipts, including transfers, were also below plan by $188 million. 

General Fund Receipts and Disbursements

Personal income tax collections prior to transfers to dedicated funds were $5.4 billion, which was 3.7 percent lower than last year.   This is largely due to 61.8 percent or $763.3 million year to year increase in refunds caused by the addition of the Empire State Child Care Credit and the Non-Custodial Earned Income Credit, offset by 12.7 percent growth ($227.1 million) in withholding receipts and 7.3 percent growth ($251.3 million) in estimated tax receipts.   Reported personal income tax collections were $4.9 million higher than financial plan projections.   

Consumption/use tax receipts in the first month of the fiscal year increased 13.1 percent, or $78.5 million, compared to last year.   The major factor in this increase is an increase of $75.1 million or 13.8 percent in sales and use tax, primarily resulting from $62.4 million in March sales tax receipts recorded in April.   Consumption tax collections were $49.9 million above financial plan projections. 

Business tax receipts declined by $266.3 million, or 82.0 percent, primarily due to bank and corporate franchise tax collections which declined $121 million and $132 million respectively.  Collections for bank taxes were down primarily due to lower than anticipated receipts from audits.  Collections from corporate franchise taxes were down because of increased refunds and lower receipts from audits.  Total business tax collections were $189.7 million below financial plan projections.

All Other General Fund taxes declined from $104.3 million to $81.2 million, a decrease of $23.1 million or 22.1 percent.  This decrease was generated entirely by the estate and gift tax, which declined from $102.5 million in the first month of  2006-07 to $79.7 million in 2007-08.  Other tax collections were below financial plan projections by $12.8 million. 

Total General Fund disbursements, including transfers to other funds, declined $108 million or 3.9 percent as compared with the first month of the 2006-07 fiscal year. The decline in General Fund disbursements is driven almost entirely by a decline of $101.6 million in transfers to other funds, which is offset by higher spending for State operations.  Total General Fund disbursements, including transfers, were $101 million below financial plan projections.

Local Assistance grants decreased $37.2 million from last year, or 2.8 percent.  Education spending, increased from $162.9 million to $279.6 million, an increase of $116.7 million or 71.6 percent.  This growth is primarily due to increased State Aid to Public Schools provided in the Enacted Budget.

Department Operations spending increased 8.3 percent, or $64.3 million.  General State Charges decreased by 11.3 percent, or $33.5 million, while General Fund transfers to other funds declined 28.8 percent, from $352.7 million to $251.1 million. 

Total Governmental Receipts and Disbursements

Total governmental receipts in the current fiscal year increased $99.1 million or 0.9 percent from the first month of 2006-07.  As described above, personal income tax receipts declined by $203.6 million or 3.7 percent from 2006-07, primarily due to higher refunds in the first month of the fiscal year. 

Consumption/use taxes rose 9.7 percent, or $101.8 million.  This increase reflects the $62.4 million of March sales tax receipts recorded in April in the General Fund.  Business taxes decreased 63.4 percent or $289.9 million, primarily from lower audit collections in both banking and corporate franchise taxes.  All other taxes declined $59.8 million or 29.0 percent. 

Miscellaneous receipts increased from $1.2 billion to $1.7 billion, an increase of 38.4 percent or $472.7 million.  This increase is primarily due to proceeds transferred from the Public Asset Fund related to the Wellchoice Conversion from 2005-06.  Federal receipts increased from $2.1 billion to $2.2 billion, or 3.7 percent. 

Total governmental funds disbursements increased $308.9 million, or 5.7 percent.  Local Assistance grants rose 5.7 percent from $3.3 billion to $3.5 billion.      

Health and Environment spending declined $51.2 million, from $216.5 million to $165.3 million. Education spending increased $83 million, primarily due to reasons listed above and timing related payments from lottery funds.   Spending for social services increased $65.6 million. 

Department Operations increased $151.7 million, or 12.0 percent, and General State Charges decreased $10.4 million, or 2.8 percent.  Debt Service payments declined $139.7 million or 52.1 percent primarily due to Debt Service payments released in March that where due in April 2007.  Spending on capital projects increased $118.9 million, or 49.3 percent, largely because of a $45.3 million increase in capital spending recorded in the Dedicated Highway and Bridge and Trust Fund.  

Capital spending categorized as off budget by the Division of the Budget is itemized in Appendix E of the Monthly Cash Report.

 

Click here for a copy of the cash report.

 

General Fund – Comparison of Financial Plan to Actual Results
(amounts in millions of dollars)

 

Financial Plan Projection

Actual Results

Variance

Cash Balance, April 1, 2007

3,045

3,045

0

 

 

 

 

Taxes

4,983

4,835

-148

Miscellaneous and Federal Receipts

121

131

10

Transfers from Other Funds

1,584

1,533

-51

Total Receipts

6,688

6,500

-188

 

 

 

 

Local Assistance Grants

1,422

1,292

130

Department Operations

797

837

-40

General State Charges

336

263

73

Transfers to Other Funds

188

251

-63

Total Disbursements

2,743

2,642

101

 

 

 

 

Cash Balance, April 30, 2007

6,990

6,903

-87

 

General Fund – Comparison of Current Year to Prior Year
(amounts in millions of dollars)

 

SFY 2006-07
Through 4/30/06

SFY 2007-08
Through 4/30/07

$ Change

% Change

Gross Personal Income Tax

6,794

7,354

560

8.2%

Less Refunds

-1,234

-1,998

-764

61.8%

Collections Before Accounting Transactions

5,560

5,356

-204

-3.7%

Less Transfers to Dedicated Funds

-1,390

-1,339

51

-3.7%

Net Reported Personal Income Tax

4,170

4,017

-153

-3.7%

Consumption/Use Taxes

600

679

79

13.1%

Business Taxes

325

58

-267 

-82.0%

Other Taxes

104

81

-23

-22.1%

Tax Collections

5,199

4,835

-364

-7.0%

 

Miscellaneous and Federal Receipts

167

131

-36

-21.2%

Transfers From Other Funds

1,644

1,533

-111

-6.8%

Total Receipts

7,010

6,500

-510

-7.3%

Local Assistance

1,329

1,292

-37

-2.8%

Department Operations

772

837

65

8.3%

General State Charges

296

263

-33

-11.3%

Transfers To Other Funds

353

251

-102

-28.8%

Total Disbursements

2,750

2,642

-108

-3.9%

 

 

All Governmental Funds – Comparison of Current Year to Prior Year
(amounts in millions of dollars)

 

SFY 2006-07
Through 4/30/06

SFY 2007-08
Through 4/30/07

$ Change

% Change

Personal Income Tax

$5,560

$5,356

-$204

-3.7%

Consumption/Use Taxes

$1,046

$1,148

$102

9.7%

Business Taxes

$457

$167

-$290

-63.4%

Other Taxes

$207

$147

-$60

-29.0%

Miscellaneous Receipts

$1,230

$1,703

$473

38.4%

Federal Receipts

$2,128

$2,206

$78

3.7%

Total Receipts

$10,628

$10,727

$99

0.9%

 

Local Assistance Grants

$3,299

$3,487

$188

5.7%

Department Operations

$1,260

$1,412

$152

12.0%

General State Charges

$366

$356

-$10

-2.8%

Debt Service

$268

$128

-$140

-52.1%

Capital Projects

$241

$360

$119

49.3%

Total Disbursements

$5,434

$5,743

$309

5.7%

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