ALBANY, NY |— The State Comptroller released its August Cash Report Friday, showing that August tax receipts came in over projections and over August 2022 levels:
- August 2023 receipts $8.31 billion
- August 2023 projections: $7.74 billion
- August 2022 receipts: $7.44 billion
What the cash report says:
“The New York State Comptroller’s August cash basis report shows that tax receipts for the month of August continue to stabilize for the fourth month in a row after a shortfall in April. The August receipts confirm that New York’s tax base and economy remain strong, and that shortfalls in April reflected weaker-than-expected capital gains in tax year 2022 as well as volatility in the state’s Pass-Through Entity Tax (PTET), rather than a deterioration in current economic conditions.
“Total State funds receipts for the month of August were $571 million, or 7.4 percent, above projections, and $869 million, or 11.7 percent, above August 2022 levels. Personal income tax receipts were on par with projections. Strong business receipts have lifted State funds revenue, with August business receipts exceeding projections by 21.9 percent. For all of fiscal year 2024 to date, business receipts exceed projections by $827 million, or 13.1 percent. Total fiscal year-to-date receipts remain below the same months in 2022 due entirely to decreased April 2023 receipts.
What the data indicate:
“Four months of strong tax receipts confirm that the state economy remains robust, and align with improving economic forecasts. While predictions of a recession have been revised to show less risk on the horizon, there is always the possibility of unforeseen events that change the forecasted path of the economy. However, with cash reserves of $19.5 billion, the State is in a strong position to manage any future revenue shortfalls by drawing on reserves. In the event of a prolonged economic downturn, it is imperative that the State sustain its public services by drawing on these robust reserves.”