New York State Tax Revenues Down $767 Million In May

Avatar
Published on June 16, 2020, 1:40 pm
FavoriteLoadingAdd to favorites 56 secs

State tax receipts in May were down $766.9 million or 19.7% from the previous year, according to the monthly state cash report released today by State Comptroller Thomas P. DiNapoli.

“With an economy still suffocated by a global pandemic, the state’s finances took another serious hit in the month of May,” DiNapoli said. “We are now clearly seeing the recession’s impact on tax receipts. As we continue to slowly re-open the economy, it is critical that Washington act on our call for more federal aid.”

Other items of note in the report:

  • Personal income tax withholding revenues were $291.8 million below May 2019, a decline of more than 9 percent reflecting both depressed economic activity and timing factors.
  • Local assistance spending through May totaled $17.9 billion, $1.4 billion less than the state Division of Budget (DOB) projected in the Enacted Budget Financial Plan. In addition, spending for capital projects totaled $915.8 million through May, $412.2 million lower than projected.
  • The Department of Education made $4 billion in general aid payments to school districts.
  • The General Fund ended the month with a balance of $7.3 billion, $1.1 billion higher than the latest projection by DOB.

Report:

May Cash Report

Find out how your government money is spent at Open Book New York. Track municipal spending, the state’s 170,000 contracts, billions in state payments and public authority data. Visit the Reading Room for contract FOIL requests, bid protest decisions and commonly requested data.

Avatar
Jonas Bronck is the pseudonym under which we publish and manage the content and operations of The Bronx Daily.™ | Bronx.com - the largest daily news publication in the borough of "the" Bronx with over 1.5 million annual readers. Publishing under the alias Jonas Bronck is our humble way of paying tribute to the person, whose name lives on in the name of our beloved borough.