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Tax receipts decline $3.7B, per year-end Comptroller’s report

The state’s tax receipts in the most recently ended fiscal year declined $3.7 billion, a 4.7 percent reduction to $75.6 billion, according to an end-of-year cash report released Friday by Comptroller Tom DiNapoli.

It’s another example of the state’s slackening tax revenue amid concerns the broader economy is softening.

“After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” DiNapoli said. “The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential.”

Revenue in December and January were $3.2 billion lower than initial estimates due to a reduction in personal income taxes. Still, tax collections reocvered somewhat in March, posting $601.4 million higher than February estimates.

And the $7.2 billion general fund balance at end of the 2017-18 fiscal year was $1.7 billion more than originally anticipated.

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