Hevesi Releases February Cash Report

[Night Owl]

FOR RELEASE: Immediately
March 16, 2005

Hevesi Releases February Cash Report

State Comptroller Alan G. Hevesi has released the February cash report representing the first eleven months of the 2004-05 fiscal year.

More than three quarters of the way through the State’s 2004-05 fiscal year, General Fund receipts, including transfers were $1.0 billion or 2.6 percent ahead of last year’s results. General Fund spending, including transfers was $983 million or 2.9 percent higher than last year.

General Fund receipts and disbursements were both slightly different from projections in the Financial Plan Update included with the 30-Day Amendments to the Executive Budget and released on February 8, with receipts and disbursements both within 1 percent of projected amounts. The General Fund closing balance is $329.1 million over financial plan projections due to total receipts that were $204.9 million over projections and total spending that was $124.3 million below projections.

See the entire report here: http://www.osc.state.ny.us/press/rel...05/031605a.htm

[Night Owl]

General Fund Receipts and Disbursements

General Fund receipts, including transfers were 2.6 percent or $1.0 billion higher than 2003-04 levels.

General Fund personal income tax receipts prior to transfers to dedicated funds were up $3.2 billion or 14.0 percent from last year, primarily as a result of higher estimated payments than last year, although all elements of personal income tax experienced significant growth.

After transfers to dedicated funds, the net increase in personal income tax was 17.8 percent or $2.8 billion.

Consumption/Use tax receipts increased 9.9 percent or $706.2 million.

Business tax receipts increased 19.6 percent or $463.5 million from last year.

Miscellaneous and Federal Receipts were down $4.3 billion from the prior fiscal year due to the impact in 2003 of the one time sale of the State’s share of future tobacco settlement revenues and federal aid related to State fiscal relief.

Transfers from other funds increased 16.9 percent or $1.2 billion.