Posted at: 11/22/2012 10:48 AM
The comptroller's review of state tax revenues shows collections were $170.8 million below expectations in October even before Superstorm Sandy hit New York.
That gap is based on estimate revisions made in July. October's revenues were more than $259 million below the initial estimate contained in the state budget that was adopted in April.
The storm disrupted businesses for weeks and many could take months recover. That saps state revenue from business and income taxes. Meanwhile, the state's costs in unemployment insurance for 50,000 more workers put out of work by Sandy is rising along with social service costs for victims.
Gov. Andrew Cuomo says the overall cost in property and economic loss will be $30 billion from Sandy.