DiNapoli: State Tax Receipts From 1st Quarter Higher Than Division of Budget Projections

New York State Comptroller Thomas DiNapoli announced on Monday that state tax receipts through the first quarter of State Fiscal Year (SFY) totalled $29.9 billion, which is higher than original estimations.

The receipts were $594 million more than anticipated by the Division of the Budget in the Enacted Budget Financial Plan. According to the monthly State Cash report, collections were also $2.2 billion higher than they were in June 2023. All Funds spending through June neared $55 billion, which is 6.2% lower than last year during the same fiscal period.

“Record financial market levels, near full employment recovery, and easing inflation have all benefited the state’s economy,” said DiNapoli. “While the state budget is currently on-track, any sudden shock can quickly reverse this position.”

New York ended June with $49.6 billion in the General Fund, which is over $2 billion higher than the DOB projected and over $5 billion more than last year. This is due in part to tax collections that were higher than anticipated and much less spending in return.