Just what the state needs: another dose of bad financial news.
Comptroller Tom DiNapoli reported today that tax collections last month were 44 precent less than a year earlier, and about $239 million below what Gov. Paterson projected last month.
“This was a poor start to the fiscal year,” DiNapoli said. “It’s been less than a month since the state’s financial plan was released, and general-fund revenues are already off nearly a quarter of a billion dollars.”
He warned that the state has already tapped most of its reserves, “so there is very little cushion if revenues continue to fall.” He urged leaders to “watch revenues and spending very closely.”