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September 18, 2008

DiNapoli Releases August 2008 Cash Report

State Comptroller Thomas P. DiNapoli today released the August 2008 Cash Report. General Fund revenues were $23.6 billion, up 12.2 percent from last year but $50.1 million lower than the revised July Financial Plan projections. While personal income taxes were up $104.4 million over estimates and up $2.1 billion from last year, business taxes were $166.5 million below projections and down $365.8 million from last year. General Fund spending for August was $21.9 billion, or 3.5 percent higher than the same period last year but $532.5 million below projections.

“Business taxes have been below estimates all year, even after the state significantly lowered projections,” DiNapoli said. “And these numbers do not reflect the impact of this week’s events on Wall Street. There’s not much chance the growth in personal income tax collections will continue. The volatility in the economy and problems on Wall Street are already having a big impact on state finances. We know it’s bad. We just don’t know how bad yet. The one thing we can control is expenditures, and the state has to be very cautious on the spending side. ”

Other findings in the report:

  • All Funds spending of $44.8 billion is approximately $575 million below projections. The variance is primarily due to lower than anticipated spending for local assistance programs ($513 million below plan) in addition to lower than anticipated spending for capital projects ($187 million). All Funds spending was $2.5 billion, or 6 percent, higher than the same period from State Fiscal Year 2007-08, primarily due to growth in spending for education and Medicaid and other social service programs.
  • All Funds revenues were $46.3 billion through August 31 and $813.6 million below projections. The variance is primarily from lower than anticipated federal receipts for capital spending ($340.4 million) and other programs financed in part with federal receipts ($377.2 million).
  • All Funds tax collections through August of $25.5 billion in All Governmental Funds were $40.8 million higher than anticipated and $2.4 billion over last year. Miscellaneous receipts through August of $6.5 billion were approximately $137 million below plan, and nearly $659 million below collections through the same period last year, primarily due to revenues received last year from the sale of stock associated with the conversion of an insurance company to for-profit status that have not yet occurred in the current year.

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 Funds includes the governmental fund groups, specifically General, Special Revenue, Debt and Capital funds.

Click here for a copy of the report.


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