There's good news and bad news in a cash report released on Friday by Comptroller Tom DiNapoli's office.
The good: New York's tax receipts were higher than expected. The bad: Revenue is still down by $3 billion compared to this time last year.
The ugly picture all around continues for New York's finances amid the COVID-19 pandemic and the resulting economic crisis. The state is seeking $15 billion in direct aid from the federal government to close a budget gap created by the crisis.
“With ongoing economic challenges, we continue to expect a multi-billion-dollar shortfall in state tax revenues for the fiscal year despite the November numbers,” DiNapoli said. “If leaders in Washington cannot reach agreement on help for state and local governments this week, it must be at the top of the agenda for quick action in the new year.”
The report released by DiNapoli's office found revenue in November reached $4.3 billion, which is $52.5 billion above last year. Personal income tax receipts were also higher due to higher withholding and lower refunds.
A $900 billion stimulus package on the brink of being agreed to in Congress is not expected to include direct aid from the federal government to state and local governments to recoup the lost funds.