State Comptroller Thomas DiNapoli is reporting that tax receipts for the past fiscal year have dropped nearly 5 percent from the previous year.
This equates to a $3.7 billion dollar decline. Despite the drop, the state's general fund still finished the year at higher levels than were anticipated, ending at $7.2 billion. The state's rainy day fund rose to $2 billion.
DiNapoli also reported that tax auditors have already identified more than 13,000 inappropriate refunds claimed on personal tax returns, halting payments of more than $4 million.