The state ended its fiscal year on March 31 with tax receipts totaling $75.6 billion, according to the year-end state cash report.
For the month of March, tax receipts were $811.7 million above Division of the Budget projections.
“After months of concern over lower-than-expected tax collections, the state ended the fiscal year on a positive note,” DiNapoli said. “The sharp revenue declines in December and January, however, remind us to take nothing for granted. With expectations of a slowing economy and ongoing concerns regarding federal fiscal policies, a strong commitment to building robust reserves in preparation for the next economic slump is essential.”
Personal income tax receipts for the 2018-2019 fiscal year totaled $48.1 billion, a decline of $3.4 billion, or 6.6 percent, from 2017-18.
Consumption and use taxes rose to $17.4 billion, up $645 million, or 3.9 percent, from the previous year.
Business tax receipts were $7.9 billion, an increase of 10.4 percent.
Miscellaneous receipts totaled $31.2 billion, some $3.2 billion more than initially planned, in part because of unanticipated monetary settlements of more than $1 billion.