NYS tax receipts falling short, report says
New York collected $363 million less in taxes than expected during the past nine months, which may help push the budget into a $1.5-billion deficit this year, according to a report by state Comptroller Thomas DiNapoli.
The report includes revenue from December, when tax revenue increases from Wall Street bonuses. It's the second-biggest month for collections after January, according to documents in this year's $135.3-billion budget.
"Tax collections are not keeping up with financial-plan projections," DiNapoli said in a statement Thursday.
Outlays for education and Medicaid, the largest spending categories, are also above forecasts, he said.
DiNapoli said before the report that the budget deficit for the 2012 fiscal year beginning April 1 would be $11 billion or more. That estimate hasn't changed, said Emily DeSantis, a spokeswoman for the comptroller.
'Tis the season for the NewsdayTV Holiday Show! The NewsdayTV team looks at the most wonderful time of the year and the traditions that make it special on LI.
'Tis the season for the NewsdayTV Holiday Show! The NewsdayTV team looks at the most wonderful time of the year and the traditions that make it special on LI.
