The state budget’s been in place for just less than two months, and already there are signs that tax revenues may be significantly lower than expected. Anticipated federal tax reductions later this year may be one of the reasons.
Late on the Friday before the Memorial Day holiday weekend, Gov. Andrew Cuomo’s budget division released its financial analysis of the new state budget approved in early April.
If you look closely at the numbers, they show that tax revenues reported in May declined by just over $600 million from projections made as recently as February.