Last week, State Comptroller Tom DiNapoli announced the release of the state’s June cash report. According to the Comptroller Tom DiNapoli, Personal Income Tax (PIT) and business tax collections were down in June compared to last year, but the state’s General Fund balance ended the month higher than anticipated, in part because of a $250 million regulatory settlement.
“State finances are stronger than we’ve seen in a while. We are seeing positive signs on the revenue side of the ledger as sales tax collections continue to show growth. The economy seems to be gaining momentum, but there is also uncertainty which demonstrates the ongoing need to be cautious. The regulatory settlement dollars also helped our bottom line but should be used for nonrecurring actions, such as reducing debt or paying for capital projects.”