Halfway Through Fiscal Year, Tax Receipts Remain Stable
October 18, 2023
As we have stated previously, Governor Hochul has publicly said the ’24-’25 state budget outlook demands flat and/or reduced funding in the coming fiscal year.
We thought you might be interested in this latest analysis by the Fiscal Policy Institute (FPI), which aims to shift the narrative on the status of the State’s budget.
It will be incumbent on all of us to push for a rejection of austerity budgeting, and to call for investment in the programs New Yorkers need to get the mental health and substance use disorders services they need on demand and at the right level of care.
Monica Klein, 917-565-0715
Halfway Into Fiscal Year, Tax Receipts Remain Stable — Budget Gaps Likely to Shrink
If revenue remains on current trend, New York State on track to see next year’s budget gaps shrink by roughly 50 percent
ALBANY, NY | October 17, 2023 — The State Comptroller released its September Cash Report today, showing that year to date cash receipts came in over projections but under 2022 levels.
Year to Date Actual: $63.79 billion
Following the cash report release, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statement: “Six months into the fiscal year, State receipts remain below last year’s receipts by 7.5 percent. However, compared to the Division of the Budget’s latest projections, receipts are up by 4.2 percent. If revenue remains on the trend we’ve seen since April, New York is on track to see next year’s budget gaps shrink by roughly 50 percent. These cash receipts indicate that the State’s forecasted budget gaps may be significantly smaller than originally projected, likely less than $5 billion. With robust cash reserves of $19.5 billion, the State is in a strong position to manage any future revenue shortfalls through a combination of drawing on reserves and revenue increases. Conversely, reducing or freezing State spending would undermine the State’s ongoing economic recovery.”
Personal income tax receipts by month and fiscal year (billions $).
Personal income tax receipts broken down by type.
The Fiscal Policy Institute (FPI) is an independent, nonpartisan think tank that advances sound and equitable fiscal policy to strengthen New York’s economy through research, analysis and strategic communications.
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