NYS Office of the Comptroller DiNapoli

 

STATE TAX RECEIPTS EXCEED INITIAL PROJECTIONS BY $7.2 BILLION THROUGH FIRST SIX MONTHS

 State tax receipts in State Fiscal Year (SFY) 2021-22 exceeded the Enacted Budget Financial Plan forecast (May estimates) by $7.2 billion through the end of September, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli. Tax collections were $1.8 billion greater than forecast by the Division of the Budget (DOB) in the First Quarter Update to the Financial Plan, released last month. Tax receipts through September 30th are $13.4 billion greater than they were through the same month in SFY 2020-21.

“Strong tax collections halfway through the fiscal year are an encouraging sign of economic recovery,” DiNapoli said. “This provides an excellent opportunity to improve the state’s long-term fiscal standing by using surplus revenues to bolster rainy day fund reserves and fund critical infrastructure projects instead of issuing debt.”

Tax receipts through September totaled $52.9 billion, bolstered by collections from the higher tax rates included in the SFY 2021-22 Enacted State Budget. Personal Income Tax (PIT) receipts totaled $35.8 billion and were $8.9 billion greater year-to-date than last year. PIT collections exceeded May estimates by $4.8 billion and the First Quarter Update forecast by $583.2 million.   

Year-to-date, consumption and use tax collections totaled $9.8 billion, 27.1% or $2.1 billion, higher than last year. Business taxes totaled $5.9 billion, $1.9 billion higher than last year.

All Funds spending through September totaled $91.8 billion, which was $4.7 billion, or 5.3%, higher than last year for the same period, primarily due to higher pandemic-related costs including rental assistance and stabilization grants. All Funds spending through September was nearly $5.1 billion lower than DOB’s May estimates and nearly $1.5 billion lower than forecast in the First Quarter Update, primarily due to lower than anticipated spending from federal funds. 

The state’s General Fund ended September with a balance of just under $20 billion, $4.5 billion higher than last year at the same time reflecting, in part, higher than anticipated tax collections and lower than anticipated spending.

Report

September Cash Report

Related Publications

Enacted Budget Financial Plan Report, State Fiscal Year 2021-22

COVID-19 Relief Program Tracker