From Capital New York:
New York finished November nearly $590 million behind its projections, according to a monthly cash report issued by state Comptroller Tom DiNapoli.
The shortfall is mostly the result of lower-than-expected income tax revenues and expected payments from the federal government that have not materialized. The report also showed New York benefited from an unexpected $203.4 million in payments from Native American tribes who settled with the state to prevent the authorization of new casinos near their existing gambling operations.
Still, the report found that all state funds were $589.8 million behind projections, while the general fund—which by law must be balanced when the the fiscal year ends in late March—was $456.7 million ahead of projections in the state's November update to its financial plan.
Officials at Governor Andrew Cuomo's budget division said the cash reports represent only a snapshot, that has little long-term meaning. Cuomo has been speaking about a suite of tax cuts in next year's budget but it's unclear exactly where the state will find the resources necessary to pay for it.