New York Collects $2.3 Billion More Than Forecast in February

New York State collected $127.5 billion in tax revenue last fiscal year, $2.3 billion more than Governor Kathy Hochul had estimated two months earlier, according to state Comptroller Thomas DiNapoli.

A surging stock market and strong Wall Street profits boosted collections, DiNapoli said, while urging Hochul and lawmakers not to spend the entire windfall. New York State employment is expected to grow 0.2% in 2026, and the Iran war and federal cuts are further clouding the economic picture.

The revenue surprise is also a positive signal for New York City, which faces a projected $5.4 billion budget gap. With ...