State tax receipts totaled $79.9 billion through the first three quarters of State Fiscal Year (SFY) 2024-25, $1.2 billion higher than estimates released in the Division of the Budget’s (DOB) Mid-Year Update to the Enacted Budget Financial Plan. On a year-over-year basis, collections were $5.5 billion higher than those through December 2023, according to the monthly State Cash Report released Thursday by New York State Comptroller Thomas P. DiNapoli.
“Strong financial markets and economic growth have propelled the state’s revenues through December,” DiNapoli said. “However, recent volatility in the markets and persistent inflation are cause for concern. In addition, the direction of federal tax policy under the new administration could potentially have an impact on state revenues.”
Personal income tax (PIT) receipts totaled $40.7 billion and were $719.3 million above DOB’s financial plan projections and $4.4 billion higher than the same period in SFY 2023-24, reflecting, in part, the impact of wage and financial market growth over the course of the year.
Year-to-date consumption and use tax collections totaled $17 billion which were 2.1%, or $353.8 million, higher than the same period last year but were $53 million lower than DOB’s mid-year estimate. Sales tax receipts, the largest share of these taxes, increased by $320.8 million, or 2.1% over last year. Business taxes, which include collections from the pass-through entity tax (PTET), totaled $20.2 billion, $1.3 billion higher than through December in the prior fiscal year and $530.4 million higher than financial plan projections.
All Funds spending through December totaled $172.3 billion, which was $8.7 billion, or 5.3%, higher than last year for the same period, primarily due to higher costs in non-Medicaid public health and public welfare. All Funds spending through December was $1.2 billion lower than DOB projected, primarily due to lower than anticipated spending from state capital projects funds. State Operating Funds spending totaled $91 billion, $7.2 billion, or 8.7%, higher than last year but $2.6 billion lower than DOB projected.
The state’s General Fund ended December with a balance of $55.2 billion, $7.8 billion higher than DOB projected and $4.2 billion higher than last year at the same time primarily due to higher than anticipated tax collections and lower than anticipated spending. In addition, in December 2024, the state transferred just over $3.6 billion from the State and Local Fiscal Recovery Fund from the federal American Rescue Plan Act of 2021 to the General Fund.
Report
Related Report
Report on State Fiscal Year 2024-25 Enacted Budget Financial Plan
Report on Estimated Receipts and Disbursements: State Fiscal Years 2024-25 through 2026-27
