File this under not surprising: New York’s revenue took a nosedive in April as the coronavirus pandemic shutdown the state’s economic activity, a report released Friday by Comptroller Tom DiNapoli found.

What You Need To Know

  • New York’s tax revenue fell sharply last month

  • The income tax filing deadline has been moved to July

  • New York is borrowing now and needs federal aid to avoid big cuts

New York’s tax receipts totaled $3.7 billion, falling $7.9 billion from the previous April. That’s a 68.4 percent decline.

This was in large part due to the postponement of personal income tax collections from April 15 to July.

Sales tax collections were $332 million below what they were a year ago.

“New York is facing economic devastation not seen since the Great Depression,” DiNapoli said. “New York and other hard-hit states need the federal government to step up and provide assistance, or the state will have to take draconian actions to balance its budget. We need Washington to set aside the partisan bickering and deliver substantial relief to New Yorkers now.”

New York is now turning to short-term borrowing for cash, as well as banking on some form of federal assistance in the next coronavirus relief legislation.

If the stimulus bill doesn’t provide the state with direct aid, spending cuts are possible, Gov. Andrew Cuomo has warned.