New York tax collections $926M below projections

The taxes collected by New York state over the fiscal year ending March 31, 2011 were $926 million below projections, according to the state comptroller’s office.

Tax revenue earned during the fiscal year totaled $133.3 billion, 5.2 percent higher than the prior fiscal year. When the budget was first adopted, the receipts were anticipated to increase 6 percent.

Spending for all of the state’s funds increased 6.3 percent to $134.8 billion. It was projected to increase 7.1 percent, according to the comptroller.

Comptroller Thomas DiNapoli said in a prepared statement that revenue lagged projections throughout the year and that there are significant shortfalls in areas like businesses taxes. The general fund had business tax collections of $5.3 billion, a figure $91.7 million, or 1.7 percent, below collections for the 2009-2010 fiscal year.

“The state’s persistently slim financial margins necessitate close monitoring and attentive cash management,” DiNapoli said.