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Year-to-date state tax collections of $38.4 billion were $14.4 million lower than projected in the most recent Financial Plan update, but more than $1.6 billion above initial projections from the Enacted Budget Financial Plan. The state has also collected nearly $3.5 billion from financial settlements since the budget was enacted, according to the October cash report released today by New York State Comptroller Thomas P. DiNapoli.

"The state's cash position remains strong from higher than initially projected tax collections and billions in extraordinary settlement revenue," DiNapoli said. "As the 2015-16 Executive Budget is prepared, it is important to separate non-recurring from recurring resources and use both responsibly to maximize the benefits for New Yorkers. Recent improvements in the state's financial position should not be compromised by increasing our dependence on non-recurring resources."

Total All Funds receipts through Oct. 31 increased 5 percent, or $3.9 billion, to $82.2 billion compared to the previous year, primarily because of settlement revenues. Tax collections through the first seven months declined 0.6 percent, or $234.4 million, from a year earlier, mostly because of lower personal income tax (PIT) collections in April. Spending from All Funds through the first seven months of the fiscal year totaled just under $77 billion and was up by 3.7 percent, or $2.8 billion, from a year earlier primarily because of Medicaid and the timing of the state's pension contribution.

Receipts collected in the General Fund (including transfers from other funds) totaled $39.4 billion through October, representing an increase of 10.7 percent or $3.8 billion. General Fund receipts of $39.4 billion were $31.7 million lower than updated projections, but $5.2 billion higher than initial projections, mainly because of settlement revenue. General Fund spending (including transfers to other funds) increased 7 percent, or $2.2 billion, to $33.9 billion, which was $37 million higher than projected. The General Fund closing balance totaled $7.7 billion, which was $68.5 million lower than updated projections and $2.2 billion higher than a year earlier.

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