ALBANY, NY | October 17, 2023 — The State Comptroller released its September Cash Report today, showing that year to date cash receipts came in over projections but under 2022 levels.
- Year to Date Actual: $63.79 billion
- Year to Date Projection: $61.25 billion
- Year to Date 2022: $68.99 billion
Following the cash report release, FPI Executive Director Nathan Gusdorf released the following statement:
“Six months into the fiscal year, State receipts remain below last year’s receipts by 7.5 percent. However, compared to the Division of the Budget’s latest projections, receipts are up by 4.2 percent. If revenue remains on the trend we’ve seen since April, New York is on track to see next year’s budget gaps shrink by roughly 50 percent. These cash receipts indicate that the State’s forecasted budget gaps may be significantly smaller than originally projected, likely less than $5 billion. With robust cash reserves of $19.5 billion, the State is in a strong position to manage any future revenue shortfalls through a combination of drawing on reserves and revenue increases. Conversely, reducing or freezing State spending would undermine the State’s ongoing economic recovery.”