THE HUDSON COMPANIES, BRP COMPANIES AND ELH-TKC HOST RIBBON CUTTING CEREMONY FOR LA CENTRAL A & B

 

New 100 percent affordable development brings nearly 500 new units to the Hub neighborhood of The Bronx

 

$335 million project features a state-of-the-art YMCA, BronxNet studio space and dynamic new retail options

 

Upon completion of the final phase La Central will bring more than 1,000new affordable apartments to the South Bronx

La Central A and B consist of two 100 percent affordable, mixed-income, mixed-use buildings in the borough’s Melrose neighborhood. In addition to nearly 500 units of new housing, the development features a state-of-the-art YMCA, a production studio for BronxNet and a fully programmed rooftop farm operated by GrowNYC as well as dynamic retail tenants. The buildings were thoughtfully designed by MHG Architects in collaboration with FX Collaborative and Future Green Studio. Apartments range from studios to four-bedrooms and are affordable to residents earning between 30 percent and 100 percent of Area Median Income. 

 

“Our vision for La Central ‘To leave no square foot unturned’ becomes reality starting today,” said Aaron Koffman, Managing Principal of The Hudson Companies. “With affordable housing powered by sustainable energy generation, community and educational space for all ages and vibrant recreational space for the neighborhood, La Central will be a hub within The Hub for the South Bronx community. Congratulations to this new wave of New Yorkers to call La Central home. We thank our elected officials, Community Board 1 and our partners in government and the private sector for their commitment to and investment in La Central.”

 

“Today is a very special day as we open the doors to buildings A and B of our La Central development, delivering 500 brand new affordable rental housing units to the Melrose community as well as social and shared community spaces for the neighborhood,” said Andrew Cohen, Managing Director at BRP Companies. “We’re very proud to work alongside The Hudson Companies, ELH-TKC, Breaking Ground and Comunilife on this development, which will have a tremendous impact on the lives of so many local residents and will help to revitalize this great neighborhood.”

“La Central represents the kind of mixed-use, place-making developments this administration is committed to creating through our YOUR Home NYC.  This phase brings nearly 500 affordable homes to the Melrose neighborhood of the Bronx, along with a new YMCA, a rooftop farm, and dynamic retail that will add to the health and vibrancy of the community far into the future,” said HPD Commissioner Louise Carroll. “I want to thank our local elected officials, The Hudson Companies, BRP Companies, ELH-TKC, Breaking Ground, Comunilife, and all of our partners for working with us to make this dynamic project a reality, and to help us welcome the new residents home.”

 

“La Central is a monumental project that will bring more than 1,000 affordably and sustainably built units to The Hub and will transform not only the neighborhood, but the borough and the City by serving as a model of how to do affordable development right," said Bronx Borough President Ruben Diaz Jr. “In addition to affordable and supportive housing, Buildings A & B will start off this development right with a state-of-the-art YMCA, retail space, and a newly renovated BronxNet Television production studio coming to Melrose. I am proud to have supported the larger La Central development with a contribution of $1.6 million in capital funding. Thank you to Hudson Companies, BRP Companies and ELH-TKC, and the State and City agencies and elected officials who came together to make this project come to life.”

“This development represents our efforts to promote economic opportunity, healthy living, sustainable design, and lasting affordability on the City's remaining public sites,” said HDC President Eric Enderlin.  “La Central will provide housing, retail, community facility space, and supportive services that are needed more than ever as the South Bronx community recovers from the impacts of the pandemic. Thanks to all our partners for their vision and dedication to this transformative project.”

 

“The YMCA of Greater New York is proud to be a partner of the La Central development,” said Sharon Greenberger, President and CEO of the YMCA of Greater New York. “Our new state-of-the-art YMCA facility, featuring two swimming pools, is scheduled to open for membership in the Fall of 2021.  We look forward to welcoming Bronx families and friends to the YMCA at La Central.”

 

Once complete, La Central will consist of five individual buildings, which will include more than 1,000 affordable residences, a fully programmed rooftop farm, operated by GrowNYC, 80,000 square feet of community facility space, 45,000 square feet of retail, a public skatepark, and a roof-mounted telescope to be controlled by the Bronx High School of Science. Breaking Ground and Comunilife, completed development of a 160-unit supportive housing and low-income building (Building D) as part of the overall La Central development in 2019. 

 

The development will also feature several retail options that La Central tenants and the surrounding community will be able to take advantage of. In November 2020 the development team announced several new tenants had leased space in La Central A & B. They include the Taste of The Bronx Cafè, an innovative community-driven space created from the operators of The Bronx Beer Hall in the Arthur Avenue Retail Market, and Sustainable Snacks, that will feature gourmet menus prepared by a rotating roster of borough-based chefs; Metate Authentica Comida Mexicana, a Bronx-owned Mexican restaurant with an existing location in Riverdale;  and a small organic grocery operated by Hamood A. Alsaedi, that will stock fresh fruits and vegetables, smoothies and other healthy food options, with an existing location in Long Island City. 

 

The $334 million development was financed through the City’s housing plan, a critical pillar of YOUR Home NYC, Mayor de Blasio’s comprehensive approach to helping New Yorkers get, afford, and keep their homes. ,The plan aims to build or preserve 300,000 affordable homes by 2026. Since  2014, the City  has financed nearly 178,000 affordable homes. 

 

The Hudson Companies, BRP Companies, ELH-TKC, Breaking Ground, and Comunilife were selected from a very competitive request for proposals by previous New York City Mayor Bloomberg to develop the Bronxchester Urban Renewal sites in the Melrose neighborhood, one of the last large assemblages of City-owned vacant land in the South Bronx. A groundbreaking ceremony was held for La Central A & B in April 2018. 

ABOUT THE PARTNERS

The Hudson Companies Incorporated is a private real estate development company started in 1986 that has grown into a leading developer of new housing for all market segments in the New York metropolitan area. The firm is experienced in both new construction and rehabilitation, and is active across the luxury, affordable, and institutional housing markets. Hudson prides itself on seeking out and successfully completing a broad array of complex and exciting residential projects, many of which are joint ventures or public-private partnerships. Reflecting its longstanding commitment to quality, Hudson’s newest projects are designed to meet or exceed green building standards such as LEED, EnergyStar, and Enterprise Green Communities. Hudson also has extensive experience working with government agencies in planning and executing complicated residential developments on underutilized government-owned properties. To date, Hudson has completed more than 5,300 housing units and has almost 5,000 additional units currently in construction or predevelopment.

BRP Companies is a New York-based real estate firm that is at the forefront of mixed-use development and acquisition of urban, multi-family properties. The firm offers a full complement of development, acquisition, construction, property, and investment management. With an experienced staff of 70, a $3.7 billion portfolio and over 9.1 million square feet of current and completed development, BRP is uniquely positioned to meet the demands of urban housing consumers. The firm is an innovator in developing mixed-use, mixed-income, “walkable” urban housing with high-quality, and energy efficient properties throughout the city of New York and beyond. Please visit: www.brpcompanies.com

 

Peace Plaza Concert By Just Nuts

 

Saturday night an estimated one hundred and fifty people in the area surrounding the Peace Plaza War Memorial came to see a musical concert by 'Just Nuts' a famous Bronx band. The concert was part of Councilman Mark Gjonaj's Summer Concert Series. 

The concert was held at the Peace Plaza Memorial, because the usual place, Loretto Park, is still under construction, and could not be used. Councilman Gjonaj had his free Hot Dog truck and also gave out free water to drink. Elected officials who stopped by were Councilman and leading candidate for Bronx Borough President Fernando Cabrera, Assemblywoman and also a candidate for Bronx Borough President Nathalia Fernandez, and local Female District Leader Irene Estrada, who is also running for Bronx Borough resident. The next concert in this series will be at the Ice House at Hammond Cove Marina 140 Reynolds Avenue, on August 7th at 7 PM.

Assemblywoman Fernandez with a longtime friend Bonnie Booth.

Bronx Borough President candidate Councilman Fernando Cabrera thanks Councilman Mark Gjonaj for the Peace Plaza concert by Just Nuts. Assemblywoman and Bronx BP candidate Nathalia  Fernandez looks on in approval.

(L-R) Councilman Mark Gjonaj Tracy Shelton CEO at KRVC who put together Councilman Gjonaj' Summer Concert Series, Staff members of Councilman Gjonaj, and Councilman Gjonaj's mother on the right.

200 Days and Counting - Happy Birthday Commissioner Shea

 

Mayor de Blasio spoke about the re-opening of New York City since the 70% level has been achieved, and took questions about false license plates on cars for the purpose of crimes and shooting rival gang members. He had the police Department on hand to answer the questions from the media. 

Police Commissioner Shea answered the question by saying this is nothing new, that paper license plates are sold online for use in crimes. He added that the police department has come up with a new strategy to address this issue by putting more pressure on cars with paper license plates. 

100 PERCENT Election Update Early Voting Day 4

 

Early Voting for the first four days has been light to expected. Cumulative Figures are, 

June 12, Day 1 - Bronx - 2,247 - Citywide - 16,867

June 13, Day 2 - Bronx - 3,919 - Citywide - 32,032

June 14, Day 3 - Bronx - 5,175 - Citywide - 43,720

June 15, Day 4 - Bronx - 7,591 - Citywide - 64,288

One problem that was not expected this election was that there is a race for two Judge seats in the west Bronx with five candidates, but Rank Choice Voting is not used, so a few voters are asking "How do I rank the Judge candidates"? They are being told that you have to pick only two of the five, there is no Rank Choice Voting for Judges. 

Rank Choice Voting was to be more friendlier races where candidates would be talking to each other to team up to be the other candidates number two selection or part of a slate of candidates one through five, even though there can only be one winner. The opposite seems to be happening as the candidates for mayor have pulled out almost every trick in the book to go after their opponents. Cory Johnson was the first casualty of the mayor's race, dropping out even before the petition process. Johnson after some time recovering from depression decided that he wanted to be the City Comptroller. While there are not as many jobs as Mayor, there are many more than he had as City Council Speaker. 

As of Day four there is no clear candidate in the lead, as depending upon which poll you look at it may as well be a dead heat between Eric Adams and Kathryn Garcia, with Maya Wiley right within the margin of error. The luster of Andrew Yang has worn off as he continues to dodge questions unless they are from friendly reporters. Yang dodged his third question from me at the One Bronx Pride event Saturday where he and Bronx Borough President candidate VanessaGibson appeared together. 

Mayoral candidate Eric Adams has been hit with residency claims that he lives in New Jersey, and he even brought reporters to his Brooklyn home. Speaking of homes, candidate Maya Wiley was hit for having private security at her $2.7 Million Dollar Brooklyn home, when in reality it is a neighborhood patrol. Candidate Garcia was hit for the difference in pay scale of women, black, and Latino workers when compared to their white counterparts. However Garcia did not negotiate any union contracts, that was the mayor who was in charge of that, not commissioners. It looks like we won't know the next mayor, (correction) Democratic candidate for mayor until after the fourth of July, as well as the Republican candidate for mayor, since there is a Republican Primary for Mayor also. 

One last comment about the new friendlier Rank Choice Voting system. Why was it that 15th City Council candidates Oswald Feliz's and Ischia Bravo's people came to blows outside of Monroe College in front of 14th City Council candidate Pierina Sanchez's campaign office? Oswald, what are you going to do when the votes are all counted, and your term in office ends December 31, 2021? One more column to come before Primary Day Tuesday June 22nd.

After 472 Days, Governor Cuomo Announces 70.0% of Adult New Yorkers Have Received at Least One Vaccine Dose, Lifts Most Remaining COVID Restrictions

 

112,891 Vaccine Doses Administered Over Last 24 Hours

Statewide 7-Day Average Positivity is 0.40%, Lowest in the Country--Record Low for 18 Consecutive Days, Has Declined for 71 Consecutive Days

Additional State-Run Drive Through Testing Sites to Close Beginning Friday, June 18

9 COVID-19 Deaths Statewide Yesterday 

 Governor Andrew M. Cuomo today updated New Yorkers on the state's progress combatting COVID-19.  

The Governor also announced the demobilizing of additional state-run drive-through COVID-19 testing sites across New York State beginning Friday, June 18. These testing site closures follow historically low positivity rates and an 88 percent decrease in drive-through testing demand from January to May 2021.

"COVID-19 has been the most trying and difficult time in our lives, but New York State is finally moving forward into the future. Vaccination rates are up and COVID numbers are down, and we're reducing restrictions across the board," Governor Cuomo said. "We need New Yorkers to continue getting vaccinated, and that's why we've launched a variety of incentives across the state. The pandemic is on the decline, but vaccination is the key to our success and I encourage any New Yorkers who haven't taken the shot yet to do so right away."

The state-run drive-through test sites will close as follows:

Friday, June 18

Binghamton - Binghamton University
Binghamton University
Lot ZZ South
Binghamton, NY

Rockland County - Anthony Wayne Rec Area
Anthony Wayne Rec Area
Exit 17 Palisades Parkway
Bear Mountain, New York

Suffolk County - Stony Brook University
Stony Brook University
South P Lot
Stony Brook, New York

Niagara County - Niagara County Community College
Niagara County Community College
3111 Saunders Settlement Road
Sanborn, New York

Friday, June 25

Albany - SUNY Albany
1400 Washington Avenue, Collins Circle
Albany, New York

Queens - Aqueduct Racetrack
Aqueduct Racetrack
110-00 Rockaway Boulevard
Queens, New York

Rochester - Monroe County Community College
Monroe Community College
1000 E. Henrietta Road
Lot G
Rochester, New York

Westchester County - Glen Island Park 
350 Weyman Avenue
New Rochelle, New York

Bronx - Bay Plaza
The Mall at Bay Plaza
200 Baychester Avenue
Bronx, New York

Today's data is summarized briefly below:

• Test Results Reported - 55,438
• Total Positive - 320
• Percent Positive - 0.58%
• 7-Day Average Percent Positive - 0.40%
• Patient Hospitalization - 650 (+33)
• Patients Newly Admitted - 91
• Patients in ICU - 161 (-2)
• Patients in ICU with Intubation - 88 (-4)
• Total Discharges - 183,801 (+54)
• Deaths - 9
• Total Deaths - 42,882
• Total vaccine doses administered - 20,212,046
• Total vaccine doses administered over past 24 hours - 112,891
• Total vaccine doses administered over past 7 days - 597,373
• Percent of New Yorkers ages 18 and older with at least one vaccine dose - 67.6%
• Percent of New Yorkers ages 18 and older with completed vaccine series - 60.6%
• Percent of New Yorkers ages 18 and older with at least one vaccine dose (CDC) - 70.0%
• Percent of New Yorkers ages 18 and older with completed vaccine series (CDC) - 61.6%
• Percent of all New Yorkers with at least one vaccine dose - 55.9%
• Percent of all New Yorkers with completed vaccine series - 49.6%
• Percent of all New Yorkers with at least one vaccine dose (CDC) - 58.0%
• Percent of all New Yorkers with completed vaccine series (CDC) - 50.3%

Attorney General James Secures Court Order Forcing Kodak CEO to Publicly Testify on Insider Trading During COVID-19 Pandemic

 

Kodak CEO Unlawfully Traded Company Stock While Negotiating Confidential, Game-Changing $655 Million Loan with Trump White House Early in Pandemic 

Kodak Doubled Down on Fraud and Misled Investors

 New York Attorney General Letitia James secured a court order forcing the chief executive officer (CEO) of Eastman Kodak Company (Kodak), James Continenza, and another top executive to publicly testify in an insider trading investigation related to Continenza’s purchase of more than 46,000 shares of Kodak stock early last summer. Continenza’s stock purchase occurred in the midst of the coronavirus disease 2019 (COVID-19) public health crisis last June, as the pandemic exposed domestic shortages in the chemical building blocks used to make medicines. Continenza made the purchase while he was leading secret discussions with the Trump White House and the federal government for a $655 million loan to enable Kodak to repurpose legacy assets in Rochester, New York to produce chemicals to address this need. Today’s order also requires Continenza and Kodak General Counsel Roger Byrd to publicly testify about Kodak’s subsequent false statements to investors last month about that trading, just before its annual meeting of shareholders.  

“Corporate greed will never go unchecked in New York,” said Attorney General James. “As millions of New Yorkers and Americans across this nation lost their jobs and were waiting for unemployment checks, Kodak’s CEO was using insider information to illegally trade company stock. Kodak even double downed on this fraud by relaying false information about this trade to investors just before the company’s annual meeting last month. Today’s order will force Mr. Continenza and Kodak’s general counsel to testify in open court, where the facts will be exposed before the American people. Corporate executives don’t get to play by their own rules, which is why my office will use every tool at its disposal to hold those who violated the law accountable.”

Today’s order — issued by the New York County State Supreme Court — requires Continenza to publicly testify on October 1, 2021 and Byrd to publicly testify a week earlier, on September 24, 2021. The court also ordered Kodak to produce relevant documents to the Office of the Attorney General (OAG) by June 30, 2021.

Attorney General James filed a petition to the court seeking today’s order earlier this month, in which she laid out how Continenza bought — on June, 23, 2020 — 46,737 shares of Kodak stock at a weighted average price of $2.22 per share. Continenza bought the stock just a week after Kodak had filed a confidential application for a $655 million loan from the federal government to develop a new business to produce chemicals to manufacture supplies for medicines for patients hospitalized with COVID-19. The new pharmaceutical project, alone, was expected to increase revenue at the company by more than $300 million annually by 2025.

Kodak’s loan application followed extensive confidential dealings — led by Continenza personally — held directly with the White House and other federal officials. 

Just over a month after Continenza’s stock purchase, Kodak signed a public letter of interest with the federal government for the loan — which by then had grown to $765 million — causing Kodak's stock to soar. The day after the news was announced, Kodak’s stock price reached a high of $60 per share — more than 27 times what Continenza had paid for the stock mere weeks earlier.  

Attorney General James’ petition also informs the court about false statements Kodak made to investors about the circumstances of Continenza’s insider trading. Specifically, on May 17, 2021 — in two separate public filings with the Securities and Exchange Commission — Kodak disclosed that it anticipated being sued by the OAG because of Continenza’s illegal trading. Kodak falsely stated, in the disclosures, that Continenza’s June  2020 trading was “in compliance with the Company’s insider trading policy, including pre-approval by its general counsel.” But, in truth, Kodak’s insider trading policy requires pre-clearance to be sought by email at least one day prior to the trading and for the requester to “receive” a “response” approving the trading — neither of which occurred. 

These false and misleading disclosures occurred just two days before Kodak’s annual meeting during which shareholders voted on retaining Continenza as Kodak’s executive chairman and on endorsing his compensation package

Attorney General James filed her petition under Section 354 of the Martin Act — New York’s powerful securities law. Section 354 specifically authorizes Attorney General James to take public, judicially-supervised testimony in conducting investigations into fraudulent securities practices when, as here, she has determined to commence an action. 

In the past, Attorney General James has used Section 354 of the Martin Act to shine a light on and halt the illegal behavior of other companies, most notably iFinex Inc. and Tether Limited. In April 2019, Attorney General James obtained a court order enjoining iFinex — operator of the Bitfinex virtual asset trading platform — and Tether Limited — issuer of the “tether” virtual currency — and their related entities from further violations of New York law in connection with activities that defrauded New York investors that trade in virtual or “crypto” currency. Earlier this year, Attorney General James was able to get Bitfinex and Tether to end all trading activity with New Yorkers, pay $18.5 million in penalties, and take a number of steps to increase transparency — all as a result of the original 354 action she brought in 2019.

Chinese National Pleads Guilty To $20 Million COVID-19 Pandemic Loan Fraud Scheme

 

Muge Ma, a/k/a “Hummer Mars,” Lied that His Phony Companies Had Hundreds of Employees and Paid Millions in Wages to Receive COVID-19 Loan Funds

 Audrey Strauss, the United States Attorney for the Southern District of New York, announced that MUGE MA, a/k/a “Hummer Mars,” a Chinese national who resided in New York, New York, pled guilty today in connection with a fraudulent scheme to obtain over $20 million in Government-guaranteed loans designed to provide relief to small businesses during the novel coronavirus/COVID-19 pandemic.  In connection with loan applications for relief available from the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan (“EIDL”) Program, MA falsely represented to the U.S. Small Business Administration (“SBA”) and at least five financial institutions that his companies, New York International Capital LLC (“NYIC”) and Hurley Human Resources LLC (“Hurley”), had hundreds of employees and paid millions of dollars in wages to those employees, when, in fact, MA appears to have been the only employee of his companies.  MA was previously arrested on May 21, 2020, and has been detained since his arrest.  He pled guilty today before U.S. District Judge Richard M. Berman and is scheduled to be sentenced on September 22, 2021, at 11:00 a.m.

Manhattan U.S. Attorney Audrey Strauss said:  “As he admitted in court today, Muge Ma attempted to secure over $20 million in Government-guaranteed loans intended for businesses devastated by the coronavirus/COVID-19 pandemic.  In furtherance of the scheme, Ma falsely represented to banks and the SBA that he owned two companies with hundreds of employees to whom he paid millions in wages.  In truth, Ma appears to be the only employee of either company and he had no legitimate claim to the funds for which he applied.  Small businesses are facing uncertainty and unprecedented challenges, the least of which should be opportunists attempting to loot the federal funds meant to assist them.  Now Muge Ma awaits sentencing for his admitted criminal skulduggery.”

According to the allegations contained in public filings in Manhattan federal court:

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic.  One source of relief provided by the CARES Act was the authorization of hundreds of billions of dollars in forgivable loans to small businesses for job retention and certain other expenses through the SBA’s PPP.  Pursuant to the CARES Act, the amount of PPP funds a business is eligible to receive is determined by the number of employees employed by the business and their average payroll costs.  Businesses applying for a PPP loan must provide documentation to confirm that they have previously paid employees the compensation represented in the loan application.  The CARES Act also expanded the separate EIDL Program, which provided small businesses with low-interest loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing due to COVID-19. 

From at least in or about March 2020 through at least on or about May 15, 2020, MA applied to the SBA and at least five banks for a total of over $20 million in Government-guaranteed loans for his companies NYIC and Hurley (together, the “Ma Companies”) through the SBA’s PPP and EIDL Program.  In connection with these loan applications, MA represented, among other things, that he was the sole owner and executive director of the Ma Companies, that the Ma Companies were located on the sixth floor of his luxury condominium building in New York, New York, and that NYIC and Hurley together had hundreds of employees and paid millions of dollars in wages to those employees on a monthly basis.  In fact, however, MA appears to have been the only employee of NYIC since at least in or about 2019, and Hurley does not appear to have any employees.  In order to support the false representations made by MA in the loan applications about the number of employees at, and the wages paid by, the Ma Companies, MA submitted fraudulent and doctored bank records, tax records, insurance records, payroll records, and/or audited financial statements to five different banks, and also provided links to the Ma Companies’ websites, which describe them as purportedly “global” companies.  In the course of these loan applications, MA also misrepresented that he was a United States citizen, when, in fact, he is a Chinese national with lawful permanent resident status in the United States.  MA also used the name and identity of another person in connection with the submission of a fraudulent loan application and supporting documentation to at least one financial institution.

Before the discovery of the fraudulent conduct by MA, the SBA approved a $500,000 EIDL Program loan for NYIC and a $150,000 EIDL Program loan for Hurley, and at least a $10,000 loan advance was provided to NYIC.  In addition, a bank approved and disbursed over approximately $800,000 in PPP loan funds for Hurley, which were frozen in connection with this investigation.  As a result, MA sought to withdraw his loan applications from the banks and return the funds.

MA, 37 of New York, New York, pled guilty to one count of bank fraud, which carries a maximum sentence of 30 years in prison, and one count of aggravated identity theft, which carries a mandatory minimum sentence of two years to be run consecutively to any other sentence imposed.  The maximum potential sentences are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge.

Ms. Strauss praised the investigative work of the FBI’s Financial Cybercrimes Task Force, SBA-OIG, and IRS-CI.  Ms. Strauss also thanked the New York City Police Department, the Office of the New York State Comptroller, and the New York State Department of Labor for their assistance with the investigation.

NYS Office of the Comptroller DiNapoli: Tax Revenues Through May $4 Billion Over Enacted Budget Projections

 

State tax receipts through the first two months of State Fiscal Year (SFY) 2021-22 were $4 billion higher than forecast in the Enacted Budget Financial Plan, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.  

“The strong tax collections through the first two months of the state fiscal year is good news and gives reason for optimism about the economic recovery. The state is emerging from the pandemic on solid fiscal footing because of robust tax revenue growth and an unprecedented infusion of federal assistance. Still, economic uncertainties remain and caution is warranted going forward.”

 

Tax receipts through May totaled $20.9 billion, $14.1 billion more than received in the same period last year, mostly due to a $12.1 billion year-to-year increase in personal income tax (PIT) receipts. Much of this change is attributable to delays in PIT filing deadlines from April 15 to July 15 in 2020, and until May 17 in 2021. In addition, PIT collections increased this year from final returns and extension requests. Year-to-date, consumption and use tax collections were $2.9 billion, or 47.4 percent, higher than the same period last year.

State Operating Funds spending through May totaled $17.1 billion, which was $4.8 billion, or 38.8 percent, higher than last year for the same period, primarily due to higher Medicaid costs and general state charges. Spending from State Operating Funds was $1.1 billion lower than projected.  

As of May 31, the General Fund held a balance of $14.4 billion, $4.7 billion higher than the state Division of Budget projections, and $7 billion higher than last year at the same time.

May Cash Report