NYS tax revenues running behind projections

The July state revenue collection report says revenues were down by over a billion dollars compared to last year, and a half billion below 2016 projections.

State Comptroller Thomas DiNapoli says lower than expected personal income taxes are partially to blame for the revenue shortfall.

Through the first four months of the fiscal year the state spent over 5 percent more than it did during the same period in 2015.

DiNapoli says while there’s still 8 months left in the fiscal year, the state must prepare to take action should revenues stay below projections.