Archive: Business & Technology

Tax Receipts For State Fiscal Year 2018-19 Declined $3.7 Billion, Or 4.7 Percent, From The Previous Year To $75.6 Billion, According To The Year-End State Cash Report Released Today By State Comptroller Thomas P. Dinapoli. The State Ended Its Fiscal Year On March 31 With A General Fund Balance Of $7.2 Billion, Higher Than Recent Projections But A Decline Of $2.2 Billion From The Prior Fiscal Year.  For The Month Of March, Tax Receipts Were $811.7 Million Above The Latest Division Of The Budget (Dob) Projections, Released In February 2019.

"After Months Of Concern Over Lower-Than-Expected Tax Collections, The State Ended The Fiscal Year On A Positive Note," Dinapoli Said. "The Sharp Revenue Declines In December And January, However, Remind Us To Take Nothing For Granted. With Expectations Of A Slowing Economy And Ongoing Concerns Regarding Federal Fiscal Policies, A Strong Commitment To Building Robust Reserves In Preparation For The Next Economic Slump Is Essential."

All Funds Tax Receipts In December And January Were A Combined $3.2 Billion Below The Earlier Projections, Primarily Due To Personal Income Taxes. With Stronger-Than-Expected Receipts In March, Tax Collections Ended The Fiscal Year $601.4 Million Higher Than Dob's February Projections, But More Than $2.3 Billion Lower Than Initially Anticipated, With Almost All Of The Variance In Personal Income Tax.

Personal Income Tax Receipts For The Year Totaled $48.1 Billion, A Decline Of $3.4 Billion, Or 6.6 Percent, From 2017-18, Primarily Due To A Decrease In Estimated Payments. Consumption And Use Taxes Rose To $17.4 Billion, Up $645 Million, Or 3.9 Percent, From The Previous Year. Business Tax Receipts Were $7.9 Billion, An Increase Of 10.4 Percent. Miscellaneous Receipts Totaled $31.2 Billion, $3.2 Billion More Than Initially Planned, In Part Because Of Unanticipated Monetary Settlements Of More Than $1 Billion. All Funds Receipts For The Year Totaled $168.1 Billion, Including $61.3 Billion In Federal Funds.

All Funds Spending Rose 4.4 Percent To $170.9 Billion, But Was $856 Million Lower Than Dob's Latest Estimate. The Difference Was Primarily Due To Lower-Than-Anticipated Spending For Capital And Departmental Operations, Offset By Higher-Than-Anticipated Spending For Debt Service, Including Prepayments Made At The End Of The Fiscal Year That Totaled Nearly $1.5 Billion According To Dob. Local Assistance Expenditures Were $127.4 Billion, Up 4.5 Percent, While Spending On Departmental Operations Increased 1.1 Percent Compared To Sfy 2017-18.

The $7.2 Billion General Fund Balance At The End Of March Was $1.7 Billion Higher Than Initially Anticipated And $660.7 Million Higher Than Dob's Latest Projection From February. A Deposit Of $250 Million Was Made To The Rainy Day Reserve Fund, Bringing The Combined Total In The State's Statutory Rainy Day Reserves (Including The Tax Stabilization Reserve Fund) To $2 Billion.

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