ALBANY, N.Y. â Tax collections for State Fiscal Year (SFY) 2020-21 totaled $82.4 billion ââ â$3 billion higher than forecast by the state Division of the Budget (DOB) in the Amended Executive Budget Financial Plan in February (latest projections), and $6.8 billion higher than forecast in May 2020 (initial projections), according to the March State Cash Report released recently by New York State Comptroller Thomas P. DiNapoli.
Total tax collections for SFY 2020-21 were $513.3 million lower than the previous year.
âThe stateâs year-end financial position was significantly better than anticipated,â DiNapoli said.
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âWe face a long road to recovery, and the stateâs economy still faces serious challenges, both in the short-term and long-term. Better-than-anticipated tax collections, federal resources and new revenues in the recently adopted budget allow for important investments in critical programs and services, but state p