The state received $62.9 billion through February, about $30 million below projections, Comptroller Thomas DiNapoli said in a statement released yesterday. Total collections were $3.1 billion higher than in the same period last year, he said.
Personal-income tax revenue was $30.5 million more than expectations, offset by consumption and use taxes, which missed targets by $57.9 million, he said.
“The state is closing its fiscal year in reasonably good shape and essentially on track with revenue forecasts,” DiNapoli said in an e-mailed statement. The fiscal year ends March 31.
Spending was $723.8 million below projections, leaving New York poised for a surplus. Governor Andrew Cuomo has said the state will achieve a more than $2.2 billion surplus over the next five years by keeping spending growth at no more than 2 percent annually, which he’s done through his first three years in office.
The 56-year-old Democrat is negotiating his fourth budget, which would use the surplus to offset cuts in property and corporate taxes.
To contact the reporter on this story: Freeman Klopott in Albany at email@example.com
To contact the editors responsible for this story: Stephen Merelman at firstname.lastname@example.org Mark Schoifet, Stacie Sherman