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New York’s financial picture might not be so bad, and that’s not because of COVID relief

As it turns out New York State might not be in as bad a spot financially as initial predictions at the start of the coronavirus pandemic.

And that’s not solely because New York received a large chunk of money in the latest round of funding issued by the federal government in form of COVID relief.

That’s because the state is still bringing in more money in sales tax revenue than originally anticipated. It’s a trend that was surprising late last year, but has continued into 2021.


New York took in $758.4 million more than initially estimated, according to State Comptroller Tom DiNapoli.

“There is reason to be cautiously optimistic with better-than-forecasted tax revenues from February and the passing of significant additional federal assistance, thanks to President Biden’s American Recovery Plan,” DiNapoli said. “While these resources will be helpful in the state’s ongoing recovery effort, it is important to use them responsibly and think long-term, as challenges remain.”

That said, unemployment remains high- at more than 8%.



Categories: New York StateNews

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