Friday, November 4, 2016

DiNapoli: New York revenue picture uncertain

Tax collections through the first half of the state fiscal year (SFY) fell $1.3 billion (3.5 percent) to $36.9 billion from the same period a year ago as personal income tax (PIT) receipts, the state’s largest source of revenue, lagged expectations, according to a mid-year report on revenue and monetary settlements released Thursday by New York State Comptroller Thomas P. DiNapoli. The state’s General Fund mid-year balance was $9.6 billion, primarily reflecting receipt of settlement money the state has largely committed for various uses.
“Personal income tax collections continue to fall short of expectations, making the state’s revenue picture uncertain,” DiNapoli said. “The state has not seen the level of growth needed to meet year-end projections. At the same time, the use of some settlement resources for ongoing spending and to boost the state’s bottom line may be obscuring New York’s true fiscal position, and leaving uncertainty for the commitments already made. Going forward careful attention will be needed to monitor the state’s revenue and fiscal position.” Read more...