on Thursday, 27 June 2013.
State tax collections through May rose 25.8% from collections during this same period last year. State Comptroller Thomas DiNapoli reported that the $12.6 billion in collections was primarily due to non-recurring estimated Personal Income Tax payments made in April. Personal Income Tax collections grew 33.3% through May 31, compared to the same period last year. However, more than 87% of this growth is due to estimated tax collections from April, primarily driven by federal tax increases in January. DiNapoli adds that this level of growth is not likely to continue. The General Fund closing balance of $3.7 billion at the end of May was $287.9 million higher than Enacted Budget projections. This reflects $448.9 million in higher than anticipated receipts offset by $161 million in higher than anticipated spending.
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