N.Y. Tax Collections Miss Target in 5 Months of Fiscal Year

“We should be prepared for the possibility that revenue growth may falter, requiring downward adjustments in the financial plan,” DiNapoli said in an e-mailed statement announcing the August cash report.

Personal-income taxes, the largest source of revenue, were $45.2 million short of projections in the financial plan updated Aug. 2, he said.

Collections from April 1 through Aug. 31 rose $3.3 billion, or 15 percent, from the period last year, DiNapoli said. DiNapoli has warned since April that the state should prepare for collections to fall below predictions as the U.S. economy continues to falter.

The lower-than-expected revenue through August may be the beginning of the drop, DiNapoli said.