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State tax revenue decreased by 4.7 percent

Apr 22, 2019 2:00 pm
David Lombardo is reporting for Capitol Confidential tax receipts in New York have declined by 4.7 percent compared to last year, according to the state comptroller's office. The state concluded its fiscal year on March 31 with a general fund balance of $7.2 billion, which exceeded recent projections. However, that was still $2.2 billion below last year’s total. “After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” state Comptroller Thomas DiNapoli said in a statement. DiNapoli did acknowledge the sharp revenue declines reported in December and January. The budget deal reached three week ago included some safeguards in response — a commitment to invest $500 million in the state’s rainy day funds over two years, and if budget revenue projections are at least $500 million short, the governor’s budget division has the authority to impose cuts. Read the full story at Capitol Confidential, a Times Union blog.
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