State income tax collections increased $88.2 million in July from a year earlier, helping lift the state’s total tax collections slightly above updated projections this month, according to the state cash report issued today by State Comptroller Thomas P. DiNapoli.
"July was the first month in this fiscal year that personal income tax collections outpaced those from last year, which is a positive development," DiNapoli said. "Federal receipts have grown, but that may change depending upon developments in Washington."
All Funds receipts totaled $48.6 billion, an increase of $666.9 million or 1.4 percent from a year earlier. All Funds receipts were $118.9 million higher than the latest projections and $831.1 million lower than initial projections.
The year to year increase was primarily due to federal receipts (up $1.3 billion or 7.9 percent), miscellaneous receipts (up $488.3 million or 6.6 percent) and business tax receipts (up $245.9 million or 13.5 percent), and was partially offset by lower personal income tax collections, down nearly $1.5 billion or 9.2 percent, for the year to date. Overall tax collections totaled $23.1 billion through July 31, a decline of $1.1 billion or 4.6 percent from the same period last year. That figure was $10.4 million above updated projections, but $346.6 million below initial projections in the Enacted Budget.
All Funds spending totaled $50.4 billion through July 31, approximately $3.1 billion or 6.6 percent higher than the same period last year. Significant increases included spending for Medicaid (up $1.4 billion primarily from federal sources) and education (up $855.3 million). All Funds spending was $122.4 million above latest projections, but $1.8 billion below initial projections from the Enacted Budget Financial Plan.
The General Fund ended July with a balance of $3.8 billion, which was nearly $3 billion lower than a year earlier but $16.3 million lower than the latest projection. Through the first four months of the fiscal year, the Division of the Budget transferred $380 million into the Dedicated Infrastructure Investment Fund, supporting disbursements from the fund totaling $246.3 million.
For a detailed breakdown of monthly spending and revenue, 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 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 Open Book New York.