State tax collections through November declined $1.1 billion, or 2.4 percent, from the same period last year, according to the state cash report issued today by State Comptroller Thomas P. DiNapoli. Year-to-date tax collections of nearly $45.2 billion were $23.3 million higher than the latest projections included in the mid-year update to the Financial Plan. The state also received $273 million in new monetary settlements in November.
"The state’s tax revenues are down from last year but in line with revised projections,” DiNapoli said. “In the coming weeks we will watch closely to see the impact the holiday shopping season as well as end-of-year Wall Street bonuses will have on tax collections."
Through November, All Funds receipts totaled $94.9 billion, a decline of $777.3 million or 0.8 percent from a year earlier. Total receipts exceeded Enacted Budget Financial Plan projections by $553.3 million and were below mid-year projections by $369.7 million, primarily because of lower than anticipated federal receipts offset partly by the new monetary settlements.
All Funds spending totaled $96.3 billion through Nov. 30, $5.3 billion or 5.9 percent higher than last year for the same period. Significant increases include spending for Medicaid (up $2.8 billion, primarily from federal sources) and other public health programs (up $1.7 billion largely because of federally funded payments to the Essential Plan program). All Funds spending was $308.7 million lower than the latest projections, and $603.3 million higher than initial estimates.
The General Fund ended November with a balance of $7.5 billion, which was $406.2 million higher than the latest projections from the Mid-Year Update and nearly $2.8 billion lower than a year earlier.
For a detailed breakdown, go to http://www.osc.state.ny.us/finance/cbr.htm
DiNapoli's office issues a state cash report every month identifying 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 his transparency website called Open Book New York (www.openbooknewyork.com).