2018 Financial Condition Report

For Fiscal Year Ended March 31, 2018

Total Receipts

Revenues are affected by economic changes and changes in federal and State policies. Tax base is a measure of the State’s ability to generate revenue. A decreasing tax base may force spending reductions, increased taxes, or both. Receipts are revenues that have been recorded on a cash basis.

See Appendix 3 for a breakdown of State receipts by major source for the past five State fiscal years.

New York's 2018 Receipts by Source

Total State Receipts Have Increased Over the Past Five Years

  • From 2014 to 2018:
    • Total receipts increased 20.3 percent.
    • Tax receipts increased 13.7 percent.
    • Federal receipts increased 34.6 percent. The funding increase includes Medicaid funding under the Affordable Care Act.
Tax Receipts by Year

Personal Income Tax and Consumer Tax Receipts Have Increased Over the Past Five Years

  • Personal income tax and consumer (consumption and use) taxes: 
    • Accounted for 41.2 percent of 2018 receipts; and
    • Have increased 17.5 percent since 2014.
  • In 2018, personal income tax receipts—the State’s largest tax revenue source—increased 8.3 percent over the previous year.
Total State Receipts