One month into the state’s 2015-2016 fiscal year, state tax collections totaled $8.6 billion, an increase of 21.4 percent from last April, primarily due to an increase in Personal Income Tax (PIT) collections. Tax collections, however, were $23.7 million lower than newly released Division of the Budget (DOB) projections, according to the April state cash report released today by State Comptroller Thomas P. DiNapoli.
“April tax collections rose sharply from the previous year, but the outlook is for more moderate growth in coming months,” DiNapoli said. “Continued strength in the stock market during 2014 is one important factor that influenced April receipts.”
Other findings from the April cash report include:
- PIT receipts through April totaled $6.7 billion, 25.5 percent higher than last year for the same period, which was $11.6 million lower than Enacted Budget projections. Payments made in association with tax filing extensions made up $1.1 billion of the $1.4 billion growth in PIT. Strength in the financial markets likely contributed to the increased collections, which also compare favorably to April 2014 collections that were depressed by federal tax changes.
- April consumption and use tax collections totaled slightly more than $1.2 billion through the first month, 2.9 percent more than the previous year and $12.5 million lower than projections. Business tax collections totaled $314.7 million, an increase of 15.2 percent from last year, but $6.3 million below the projections.
- All Funds receipts totaled $11.1 billion, $35.7 million lower than projections. Miscellaneous receipts totaled $705 million and ended the month $13 million lower than projections. Federal receipts totaled $1.7 billion and were $1.2 billion lower than April 2014, largely reflecting a recent agreement with the federal government to reduce reimbursement rates for spending for people with developmental disabilities.
- Total spending of $7.8 billion through April 30 was $86.7 million lower than projections, primarily in local assistance. Spending for local assistance grants totaled $5.1 billion, 6.7 percent or $364.7 million lower than last year and $88.1 million below projections. State operations spending totaled $1.6 billion through the first month. Debt service totaled $165.9 million and spending for capital projects totaled $288.9 million, both figures varying less than $1 million from projections.
- The General Fund ended April with a balance of $10.3 billion, $33.4 million lower than projected, but $4.8 billion more than last year at the same time, primarily due to financial settlement revenue.
DiNapoli's office issues a state cash report every month identifying actual state revenues and spending from the prior month. The cash report focuses primarily on the General Fund and All Governmental Funds. The General Fund is the major operating fund of the state. All Governmental Funds includes General, Special Revenue, Debt Service and Capital Projects funds, as well as funds from the federal government. The report is now accessible in Excel and Adobe formats.
Since becoming Comptroller, DiNapoli has created several tools to allow the public to better track government spending, contracts and other fiscal issues. These are easily accessible on the Office’s recently expanded Open Book New York website.