State spending was nearly $860 million lower than expected through the first half of the fiscal year, and tax collections were slightly lower than projections, Comptroller Thomas DiNapoli reported today.
“New York is in a stable financial position half way through the fiscal year,” DiNapoli said in a statement. “Sales tax collections are on track to exceed year-end projections and fund balances are above planned levels.”
State spending was $64.1 billion from April through September, an increase of 6.9 percent or $4.1 billion from a year ago. But that’s $859.4 million below projections.
Tax collections were up $2.8 billion, or 8.8 percent, to $34.4 billion. Still, that’s $54.9 million lower than projections, he said.