New York tax collections through February were higher than estimates in the state’s updated 2011-2012 Financial Plan, according to a report New York Comptroller Thomas DiNapoli released Wednesday.
Tax collections were $172.1 million more than estimates in the updated financial plan. Year-to-date growth was 6.4 percent, slightly higher than year-end growth of 6 percent that had been projected in the middle of February.
However, tax collections still trail behind the state’s original projections from the beginning of 2011.
“The only reason collections are up is because projections were lowered twice since last March,” DiNapoli said in a news release. “We should continue to be cautious about revenue assumptions for the coming year.”
The New York State Division of the Budget predicted tax revenue of $64.97 billion in its April 2011 projections. But it lowered that estimate by a total of $444 million in two updates in November and January.
Contact Seltzer at rseltzer@cnybj.com
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