A sluggish economic recovery resulted in New York tax collections falling below estimates, according to a report released Dec. 19 by New York Comptroller Thomas DiNapoli.
Tax collections totaled $39.2 billion through November, the report said. That was $702.4 million below initial estimates from April and $163.4 million below estimates that were revised downward last month.
“It is clear that tax collection growth is not going to meet year-end expectations amid a continued slow economic recovery,” DiNapoli said in a news release. “While the Division of the Budget is effectively managing cash flow, the upcoming budget proposal needs to include realistic projections for the rest of this year and next so potential cash shortfalls can be addressed effectively.”
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The state’s financial plan mid-year revision from Nov. 28 estimated tax collections would grow 2.9 percent this year. But collections had increased by only 0.4 percent through November. They would have to grow by 6.7 percent over the last four months of the state’s fiscal year in order to meet the revised estimates.
Contact Seltzer at rseltzer@cnybj.com
