DiNapoli: State Tax Receipts and Spending Outpace Division of Budget's Projections Through December

State tax receipts totaled $85.8 billion through three quarters of the State Fiscal Year (SFY) 2025-26, $2.3 billion higher than estimates released in the Division of Budget's (DOB) Mid-Year Update to the Enacted Budget Financial Plan. On a year-over-year basis, collections were $5.9 billion higher than those through December 2024, according to the monthly State Cash Report released by New York State Comptroller Thomas P. DiNapoli.

"The state enters the final quarter of the fiscal year in good financial condition," DiNapoli said. "However, continued threats from Washington pose a risk to the state's finances, as well as its economy. The federal spending cuts necessitate a continued bolstering of reserves in order to protect the services New Yorkers rely on."

Personal income tax receipts totaled $44.9 billion and were $1.5 billion above DOB's financial plan projections and $4.2 billion higher than the same period in SFY 2024-25, reflecting, in part, the impact of wage and financial market growth over the course of the year.

Year-to-date consumption and use tax collections totaled $17.9 billion which were 5.7%, or $964.4 million, higher than the same period last year and $384.4 million higher than DOB estimates. Sales tax receipts, the largest share of these taxes, increased by $951.7 million, or 6.2%. Business taxes, which include collections from the pass-through entity tax, totaled $20.6 billion, $416.4 million higher than through December than in the prior fiscal year and $321.8 million higher than DOB's financial plan projections.

All Funds spending through December totaled $183.4 billion, which was $11.1 billion, or 6.5%, higher than last year for the same period, primarily due to increased Medicaid and other public health costs. All Funds spending through December was $1.2 billion higher than DOB projections, primarily due to higher local assistance spending partially offset by lower than anticipated spending from state capital projects funds. State Operating Funds spending totaled $100.1 billion, $9.1 billion, or 10% higher than last year and $401.2 million higher than projected.

The state's General Fund ended December with a balance of $53.9 billion, $2.4 billion higher than projected, primarily due to higher than anticipated tax collections but down by $1.3 billion, or 2.3% from the previous year.

Report
December Cash Report

Related Report
State Fiscal Year 2026 Enacted Budget and First Quarterly Financial Plans