Comptroller Releases Report on Tax Collections

The Comptroller announced in a release that the fiscal year 2018-2019 tax receipts show that despite a $3.7 billion dollar decline in overall receipts, the month of March outpaced projections by $811.7 million. According to the state cash report the $7.2 billion General Fund balance at the end of March was $1.7 billion higher than initially anticipated and $660.7 million higher than DOB’s latest projection from February. A deposit of $250 million was made to the Rainy Day Reserve Fund, bringing the combined total in the state’s statutory rainy day reserves (including the Tax Stabilization Reserve Fund) to $2 billion.

DiNapoli said:

“After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note. The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential.”