Last Tuesday, Comptroller DiNapoli released the latest state cash report. The Comptroller found that state tax receipts for the first eight months of the 2013-14 fiscal year were $40.3 million below the most recent Executive’s Financial Plan projections, and that personal income tax (PIT) collections through November were $136.3 million lower than the latest projections.
Gov. Cuomo has said that the state could see a $2 billion surplus in the 2014-15 budget year if lawmakers hold spending increases to 2% or less. The Comptroller’s Office continues to project a $1.7 billion deficit in 2014-15.
If the state does find itself having a surplus in the 2014-15 fiscal year, we will be pushing for lawmakers to provide real, broad-based tax relief, especially in those parts of the state where the economic situation is the worst.