More bad economic news
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- November
- 17
  The growth in personal income taxes continued to decline last month, according to state Comptroller Thomas DiNapoli’s October Cash Report. Business taxes were significantly below what they were last year and are expected to continue dropping off, the report said.
  “The big picture is becoming even more dismal,” DiNapoli said in releasing the report, a day before lawmakers meet in a special budget-cutting session to deal with the state’s $1.5 billion-and-growing deficit this fiscal year. “The numbers continue to fall, and it’s expected to get worse in December and January. The massive losses in the financial sector aren’t over yet.”
  DiNapoli encouraged lawmakers to take action now, rather than wait, as some legislative leaders have proposed.
  Here are some statistics from the report:
  —General fund revenues of $31.3 billion were $44.8 million below the Budget Division’s projections.
  —General fund business-tax collections were $35.6 million in October, slightly higher than anticipated. However, general-fund business tax collections have been reduced by more than $900 million since the fiscal year began.
  —Collections of personal income taxes were $251.8 million for October, $24.8 million below what was projected through October. Total personal income-tax collections of $14.5 billion are $1.8 billion higher than last year at this time. Withholding collections have remained strong throughout the year, but growth appears to be slowing.
  —Total spending of $67.5 billion was $437.9 million below what has been planned. The difference is mainly due to lower-than-expected spending for local assistance programs, and lower-than-anticipated spending for general state charges and capital projects. This was offset by slightly higher-than-expected spending for other state programs.
This entry was posted
on Monday, November 17th, 2008 at 3:47 pm by Cara Matthews.
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