State tax receipts exceeded the Enacted Budget Financial Plan forecast by $4.8 billion from April through June, the first three months of the 2021-22 State Fiscal Year, according to the monthly State Cash Report released today by New York State Comptroller Thomas P. DiNapoli.
“The state is rebounding from the economic impacts of the COVID-19 pandemic,” DiNapoli said. “Strong tax collections, coupled with an unprecedented infusion of federal aid, give the state an opportunity to improve its long-term fiscal stability and better prepare for future uncertainties. The state should use these revenues to bolster reserves or for pay-as-you-go funding for critical infrastructure projects.
Cash report findings:
- Tax receipts through June totaled $30.9 billion, almost $17 billion more than received in the same period last year, spurred in part by a $13.5 billion year-to-year increase in personal income tax (PIT) receipts. Much of this change is attributable to delays in PIT filing deadlines from April 15 to July 15 in 2020 and May 17 in 2021. In addition, PIT collections received from final returns and extension requests associated with annual filings increased this year. Fiscal year-to-date PIT receipts are $3.6 billion over projections.
- Year-to-date, consumption and use tax collections totaled $4.8 billion, $1.5 billion, or 43.4%, higher than the same period last year, and $571 million higher than anticipated. Business taxes totaled $3.2 billion, $1.7 billion higher than last year and $604.6 million higher than anticipated.
- All Funds spending through June totaled $46.4 billion, which was $5.6 billion, or 13.9%, higher than last year for the same period, primarily due to higher Medicaid and transportation costs. All Funds spending through June was $2.4 billion lower than projected. State Operating Funds spending totaled $25.9 billion, $2.9 billion, or 12.5%, higher than last year and $1.7 billion lower than projected.
- The state’s General Fund ended the first quarter with a balance of just under $15.5 billion, $5.8 billion higher than projected and $8.6 billion higher than last year at the same time, primarily due to higher than anticipated tax collections and the timing of tax collections.
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