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New York Tax Receipts in ‘Good Shape,’ DiNapoli Says

March 21 (Bloomberg) -- New York tax collections are set to meet revenue forecasts, putting the state in “reasonably good shape” after the first 11 months of the fiscal year, Comptroller Thomas DiNapoli said.

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 fklopott@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Mark Schoifet, Stacie Sherman

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