April 21 (Bloomberg) -- New York state ended its fiscal year with a $175 million surplus, allowing it to make a deposit in its rainy-day fund for the first time since 2008.
Finances were boosted by tax collections exceeding expectations by $346 million, the first time that’s happened in seven years, Comptroller Thomas DiNapoli said in a report today. The surplus was achieved even as more than $700 million was applied to debt service and personal-income-tax refunds for fiscal 2015, which began April 1, the report said.
“After a tough few years, New York state is in better shape thanks to an improving economy and difficult fiscal choices made by the governor and the legislature,” DiNapoli said in an e-mailed statement.
New York is poised for its highest rating from Standard & Poor’s since 1972 after Governor Andrew Cuomo won his fourth consecutive on-time spending plan this year. The 56-year-old Democrat is projecting a more than $2.2 billion surplus over the next five years if the state continues to cap spending growth at 2 percent. He plans to use the extra cash for property and corporate tax cuts.
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 Stacie Sherman