Although consumer spending in the U.S. fell slightly in July for the first time in six months, New York State's top fiscal officer is still sounding hopeful about the overall impact on the state budget.
State Comptroller Tom DiNapoli, who is running for re-election, was in Rochester recently for the Labor Day parade. When asked by WXXI News about the impact of any slowdown in consumer spending on state sales tax revenues, DiNapoli says he is still cautiously optimistic.
"The concern really is moving past this year, there are still some out-year budget gaps that are going to have to be dealt with and it does reinforce the fact that we are tied to the overall health of our economy. If the economy continues to pick up more people are put to work, then you'll see more revenue collection in terms of personal income tax, sales tax, the other taxes."
DiNapoli also notes that it is still early in the state's budget cycle, since New York's fiscal year runs through the end of March, and he's hopeful the economy will continue to show growth through that period.
DiNapoli says the state budget is on track right now in terms of revenues, partly because state officials were more realistic in making revenue projections when they put the budget together.
