DiNapoli: June Tax Receipts Down 17.3% From Last Year
July 16, 2020
State tax receipts in June were down $1.5 billion or 17.3 percent from the previous year, according to the monthly state cash report released by State Comptroller Thomas P. DiNapoli.
“As steps toward an economic reopening continue, state tax revenues remain far short of pre-pandemic levels,” DiNapoli said. “Currently, state spending is well below projections, as the Division of the Budget withholds some payments in response to fiscal uncertainty. All eyes are on Washington. New York and its localities badly need more federal aid if they are to respond fully to the COVID-19 crisis.”
Other items of note in the report:
June tax receipts were $475 million below DOB's latest projections, with shortfalls in personal income, consumption and business taxes.
For the combined “measurement period” of May and June, as defined in this year's enacted budget, State Operating Funds tax receipts were 93.7 percent of the level projected in the Enacted Budget Financial Plan, while State Operating Funds disbursements were 69.2 percent of the anticipated amount.
All Funds spending through June was $6.3 billion below Financial Plan projections, with Local Assistance disbursements representing $5.7 billion of that total.
Unemployment Insurance payments in June totaled just under $13.5 billion, compared to $135.6 million a year earlier.
The General Fund ended the month with a balance of $6.9 billion, $5.1 billion higher than the latest projection by DOB.