State tax revenue was down $3 billion in October compared to this time last year as the COVID-19 pandemic continues to take its toll on New York's finances.
The report on the state's cash situation released Wednesday by Comptroller Tom DiNapoli found New York's tax revenue through last month reached $43.8 billion.
Operating funds, which pay for day-to-day functions of the state, are also down by $6.1 billion from a year earlier. This is due in part to an increase in Medicaid reimbursement and the withholding of billions of dollars in local assistance payments through September.
“Revenues are down and New York continues to withhold billions of dollars in spending due to the fiscal impact of the coronavirus pandemic,” DiNapoli said. “Caution is needed because rising infection rates may force more shutdowns and even greater economic damage. Washington must respond with more economic stimulus, including real relief for state and local governments.”
The general fund balance as of last month was $14.9 billion, $1.2 billion lower than initially projected by the governor's budget office.
New York is seeking billions of dollars in aid from the federal government to make up the shortfall created by the pandemic.