NEW YORK—Sales tax collections for the first quarter were higher than expected, however state Comptroller Thomas DiNapoli warned there is still a need for budgetary caution for the remainder of New York state’s 2012-2013 fiscal year.
“Revenue collections in the first quarter were unpredictable and growth appears to have slowed,” DiNapoli said in a statement Wednesday. “As has happened repeatedly in recent years, unexpected changes in the economy are creating a drag on forecasted revenues. The state must remain vigilant about managing our budget given the challenge of an uncertain economy.”
April’s tax collections were $83.1 million higher than projected, however May and June were $244.5 million weaker than projected.
Business tax collections were down 5.2 percent ($71 million) compared to the first three months of last year, but were higher than expected.
“Collections will have to increase 7.9 percent over the next nine months to meet year-end projections,” DiNapoli said according to the statement.
The first quarter will not make the year, however it is indicative of trends for the remainder of the year.
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