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Comptroller: Q1 NY tax revenues top projections

ALBANY — New York Comptroller Thomas DiNapoli says state tax revenues have exceeded projections in the most recent quarter, but notes weakness in May and June and says the government should spend cautiously for the rest of the fiscal year.

According to the comptroller’s report, general fund tax collections of $11.4 billion for the first quarter were $83.1 million higher than projected in the budget, though $347.7 million lower than a year earlier.

DiNapoli says the strength limited to April reflects personal income tax receipts settling 2011 liabilities.

Personal income tax revenues for May and June are $244.5 million below budget projections.

The comptroller’s report says the state general fund ended June with a balance of $2.9 billion, or $813.7 million higher than projected, primarily due to lower than anticipated spending.