Following the cash report release, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statements:
What the cash report says:
“The New York State Comptroller’s October cash basis report shows that tax receipts remain stable more than halfway through the fiscal year. The October receipts confirm that New York’s tax base and economy remain strong.
“Total state funds receipts for the month of October were $418 million (7.7%) above Enacted Financial Plan projections, $310 million (5.6%) above last month’s Mid-year Updated Financial Plan, and $407 million (7.5%) above October 2022 levels. Personal income tax receipts were $111 million (5.1%) above Enacted Financial Plan projections.”
What the data indicate:
“Consistent strong tax receipts more than halfway through the fiscal year confirm that the state economy remains robust, and align with improving economic forecasts and the State’s recent downward revision to the projected budget gap for the next fiscal year. 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 through a combination of drawing on reserves and revenue increases. Conversely, reducing or freezing State spending would undermine the State’s ongoing economic recovery.”