As the deadline for filing tax returns nears, State Comptroller Nancy Wyman says the state’s revenue remains flat.
The projected 2010 budget deficit stands at $371 million after the delay of a $100 million payment to the state’s pension fund. A $47 million Medicaid savings tied to the federal stimulus program also helps.
Wyman says the deficit is driven by weak collections in nearly all major tax categories. The two largest shortfalls are in the income tax and sales tax, she says.
The fiscal year’s final numbers will depend on how much income tax is collected around the April 15 deadline, Wyman says.
Wyman’s estimates are based on a $18.6 billion budget. It is about $14.5 million higher than the projection made by the Office of Policy and Management, the governor’s budget office.