2016 Financial Condition Report

For Fiscal Year Ended March 31, 2016

Total Receipts

2016 Financial Condition Report
For Fiscal Year Ended March 31, 2016

Revenues are affected by economic changes and changes in federal and State policies. Tax base is a measure of the State’s ability to generate revenue. A decreasing tax base may force spending reductions, increased taxes, or both. Receipts are revenues that have been recorded on a cash basis.

See Appendix 3 for a breakdown of State receipts by major source for the past five years.

New York's 2016 Receipts by Source

Total State Receipts Have Increased Over the Past Five Years

  • From 2012 to 2016: 
    • total receipts increased 15.2 percent.
    • tax receipts increased 16.1 percent.
    • federal receipts increased 15.1 percent. Funding is again increasing with: 
      • disaster assistance for Superstorm Sandy and Hurricane Irene; and
      • Medicaid funding under the Affordable Care Act.
Total State Receipts

Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Years

  • Personal income tax and consumer (consumption and use) taxes:
    • accounted for 41.0 percent of 2016 receipts; and 
    • have increased 17.7 percent since 2012.
  • In 2016, personal income tax receipts—the State’s largest tax revenue source—increased 7.7 percent over the previous year.
Tax Receipts by Year