DiNapoli: State tax collections slightly above projections

New York state-tax collections totaled $38.6 billion through Oct. 31, an increase of $2.7 billion, or 7.6 percent, compared to the same period last year.

But total receipts were more than $133 million below the most recent projections from the New York State Division of the Budget.

That’s according to the October cash report that New York State Comptroller Thomas DiNapoli released Nov. 22.

Overall revenue growth to date this fiscal year has been “strong, but is slowing,” DiNapoli said in a news release.

“It will be important to monitor revenue growth, as well as spending, closely for the rest of the year,” he added.

New York state’s tax collections increased in the first seven months of fiscal year 2013-14, primarily due to growth in personal income-tax (PIT) collections.

Those PIT collections totaled nearly $24 billion, an increase of $2.1 billion, or 9 percent, with almost 75 percent of that growth resulting from collections in April, the report said.

Withholding collections, the state’s second largest revenue source after federal receipts, increased nearly 3 percent through Oct. 31, less than the projected growth of 3.5 percent for the fiscal year, DiNapoli’s office said.

Miscellaneous receipts totaled $14.1 billion through October, more than $371 million higher than collections during the same period last year. The total includes a $250 million settlement from Bank of Tokyo Mitsubishi UFJ and a $250 million transfer from the New York State Insurance Fund, DiNapoli’s office said.

Federal receipts increased 11 percent, primarily due to disaster-assistance spending.

The general fund closing balance of $5.5 billion at the end of October was nearly $43 million higher than projections. Receipts were about $11 million higher than anticipated and spending was nearly $32 million lower than expected, according to DiNapoli’s office.

Contact Reinhardt at ereinhardt@cnybj.com