Comptroller: 1st Q NY tax revenues top projections

Posted at: 07/25/2012 11:58 AM
By: AP

Bookmark and Share

 

ALBANY, N.Y. (AP) - New York Comptroller Thomas DiNapoli says state tax revenues have exceeded projections in the most recent quarter, but notes weakness in May and June and says the government should spend cautiously for the rest of the fiscal year.
    
According to the comptroller's report, general fund tax collections of $11.4 billion for the first quarter were $83.1 million higher than projected in the budget, though $347.7 million lower than a year earlier.
    
DiNapoli says the strength limited to April reflects personal income tax receipts settling 2011 liabilities.
    
Revenues for May and June are below budget projections by $244.5 million.
    
The comptroller's report says the state general fund ended the month of June with a balance of $2.9 billion, or $813.7 million higher than projected, primarily due to lower than anticipated spending.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)





WNYT welcomes a lively and courteous discussion as long as you follow the rules of conduct set forth in our Terms of Use. Comments are not pre-screened before they post. You agree that anything you post may be used, along with your name and profile picture, in accordance with our Privacy Policy and the license you have granted pursuant to our Terms of Use.


Trending Stories