Categories: Law, Accounting & TaxesSubscriber Only

State tax revenues run nearly $2 billion below last fiscal year

DiNapoli

tate operating funds spending through the first 10 months of the fiscal year totaled $69.8 billion, which was $9.9 billion, or 12.4 percent, lower than last year. The lower figure is “largely due” to higher federal reimbursement for Medicaid spending, as well as the withholding of certain payments. As of Jan. 31, the general fund […]

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As of Jan. 31, the general fund held a balance of $19.3 billion, which is $2.2 billion higher than DOB projections, and $8.5 billion higher than last year at the same time.

The higher balance is “driven partly” by withheld payments as well as receipts from short-term borrowing that DOB anticipates repaying before the end of the fiscal year.

The state has repaid $1 billion of that borrowing, with the remaining $3.4 billion due by March 31, DiNapoli’s office said.

Eric Reinhardt