State tax revenue exceeds projections

ALBANY -- New York Comptroller Thomas DiNapoli says state tax revenue has exceeded projections in the most recent quarter, but notes weakness in May and June and says the government should spend cautiously 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 revenue for May and June is $244.5 million below budget projections.

The comptroller's report says that 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.