The state's tax receipts are nearly $3 billion off from where they were this time last year as the pandemic's toll on the state budget continues, Comptroller Tom DiNapoli found in a report released on Monday.
The September cash report, which covers the first six months of the state's April to March fiscal year, found revenue trailing by $2.8 billion.
“COVID-19 had a significant negative effect on the first half of the state’s fiscal year,” DiNapoli said.
“The pandemic has created a profound degree of uncertainty, but one thing is clear – Washington must get its act together and help states and local governments weather this economic storm,” DiNapoli said. “The state Division of the Budget’s mid-year Financial Plan update and the official start of next year’s budget process in early November will provide a clearer picture for policymakers as they prepare to address our budget shortfall.”
New York is seeking billions of dollars in aid from the federal government to cover a mutli-year budget shortfall.
Tax revenues in September reached $8.8 billion or $922.3 million higher than projections by the governor's budget office.
But sales tax revenue last month was down by $88 million compared to last year, a decrease of 5.4 percent. That's the lowest monthly drop since the fiscal year started on April 1.