State tax receipts in State Fiscal Year (SFY) 2021-22 exceeded the Enacted Budget Financial Plan forecast (May estimates) by $7.2 billion through the end of September, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli. Tax collections were $1.8 billion greater than forecast by the Division of the Budget (DOB) in the First Quarter Update to the Financial Plan, released last month. Tax receipts through September 30th are $13.4 billion greater than they were through the same month in SFY 2020-21.
“Strong tax collections halfway through the fiscal year are an encouraging sign of economic recovery,” DiNapoli said. “This provides an excellent opportunity to improve the state’s long-term fiscal standing by using surplus revenues to bolster rainy day fund reserves and fund critical infrastructure projects instead of issuing debt.”
Tax receipts through September totaled $52.9 billion, bolstered by collections from the higher tax rates included in the SFY 2021-22 Enacted State Budget. Personal Income Tax (PIT) receipts totaled $35.8 billion and were $8.9 billion greater year-to-date than last year. PIT collections exceeded May estimates by $4.8 billion and the First Quarter Update forecast by $583.2 million.
Year-to-date, consumption and use tax collections totaled $9.8 billion, 27.1%, or $2.1 billion, higher than last year. Business taxes totaled $5.9 billion, $1.9 billion higher than last year.
All Funds spending through September totaled $91.8 billion, which was $4.7 billion, or 5.3%, higher than last year for the same period, primarily due to higher pandemic-related costs including rental assistance and stabilization grants. All Funds spending through September was nearly $5.1 billion lower than DOB’s May estimates and nearly $1.5 billion lower than forecast in the First Quarter Update, primarily due to lower than anticipated spending from federal funds.
The state’s General Fund ended September with a balance of just under $20 billion, $4.5 billion higher than last year at the same time reflecting, in part, higher than anticipated tax collections and lower than anticipated spending.
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