Tax revenue coming into the state’s coffers is lagging behind projections, Comptroller Tom DiNapoli found in a report issued this afternoon.

DiNapoli’s December cash report found that collections through the month totaled $46.4 billion, which is $48.3 million below the most recent estimated. It’s also $685.3 million off the mark from an April projection.

With the state budget proposal due out on Tuesday from Gov. Andrew Cuomo , DiNapoli urged that the revenue estimates be realistic in order to keep the spending plan in balance.

“Tax collections are still not growing at the rate needed to meet year-end projections, and the boost in personal income taxes in December likely won’t continue,” DiNapoli said. “So far the budget has been balanced by spending less and taking advantage of one-time windfalls. With the budget process about to begin again, revenue projections should be realistic so that the budget is not balanced with revenues that won’t be there.”

In order for the state to meet projections at the end of the state’s fiscal year, April 1, the revenue would have to grow by 7.1 percent in the final three months.

December 12 by Nick Reisman

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