As Gov. Andrew Cuomo seeks $30 billion in supplemental aid from the federal government in the aftermath of Hurricane Sandy, Comptroller Tom DiNapoli’s October cash report shows bad news for the state’s tax collections.

Tax revenue through October are $170.8 million below the July estimate and $259.8 million below an initial projection.

“Tax collections were lower than expected through October,” DiNapoli said. “Tax revenue estimates should be revised downward. Adjustments should also factor in the additional costs from Hurricane Sandy. As recovery efforts continue, realistic projections are critically important for the state to effectively manage its available resources.”

Cuomo has said the cost to recover and rebuild after Sandy will most likely add to the state’s budget deficit, but a firm number has not been applied to the gap that was expected to be under $1 billion in the coming 2013-14 fiscal year.

DiNapoli says that in order to meet overall projections, tax revenue will have to grow by 5.1 percent in the final months of the state’s fiscal year, which ends March 31.

October 12

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