Comptroller warns of erratic New York economy

August 21, 2012 Updated Aug 21, 2012 at 7:45 AM EDT

By WKBW News
By Business First

...
August 21, 2012 Updated Aug 21, 2012 at 7:45 AM EDT

New York State Comptroller Thomas DiNapoli is offering words of caution about the state's economy.

DiNapoli's latest report on New York's finances show that tax revenues came close to meeting expectations in July after falling short the previous two months.

July's collections of $3.9 billion were just 0.1 percent below the projected level.

But DiNapoli noted that the previous two months had been worse, raising doubts about the prospects for a short-term recovery.

"New York's fiscal picture remains tied to the strength of the economic recovery. The economic outlook has deteriorated in recent months and that is making New York's revenue outlook less certain," DiNapoli said. "Our month-to-month collections have been highly variable, and we ned to be prepared for surprises, good or bad."

The state's General Fund, which is its main operating fund, carried a balance of $2.4 billion at the end of July, which was about $171.2 million lower than projected.

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