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State tax collections through the first five months of the state fiscal year were $26.9 billion,  $119.3 million higher than projected in the latest Financial Plan update but 1.3 percent less than the same period last year, according to the August cash report released today by New York State Comptroller Thomas P. DiNapoli . DiNapoli also noted that state coffers have been bolstered by nearly $3.5 billion from financial settlements since the budget was enacted, approximately $3.2 billion more than initially anticipated.

“The current state fiscal year is nearly half over, and the state’s cash position is strong,” DiNapoli said. “Settlements have already brought the state more than $3 billion , and more is on the way. The level of tax receipts is important for purposes of ongoing budget balance, and we are seeing positive numbers there as well.”

Total All Funds receipts of $58.1 billion increased 6.4 percent, or just under $3.5 billion, through Aug. 31, primarily because of settlement revenues. Tax collections through the first five months fell $357.5 million primarily because of lower personal income tax (PIT) collections in April. Total spending of $52.4 billion through the first five months of the fiscal year was up by 1.7 percent ($869.7 million) from a year earlier, primarily because of Medicaid.

Receipts collected in the General Fund (including transfers from other funds) totaled $28 billion through Aug. 31, representing an increase of 13 percent or $3.2 billion. General Fund receipts were $162.9 million higher than updated projections. General Fund spending (including transfers to other funds) of $23.4 billion increased 2.7 percent, ($607.6 billion), to $23.4 billion, which was $610.2 million lower than projected. The General Fund closing balance totaled nearly $6.9 billion, which was more than $773.3 million higher than the Division of the Budget’s latest projections and $3.2 billion higher than a year earlier.

DiNapoli's office issues a state cash report every month identifying actual 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.

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