ALBANY - New York state's income will grow in the next few fiscal years, but not as fast as spending, according to an early budget forecast state Comptroller Thomas DiNapoli released Monday.

The state's income for tax receipts is expected to grow from $117.5 billion in fiscal year 2007-2008 to $126.6 billion in fiscal year 2009-2010.

Meanwhile, the state's spending is expected to total $118.8 billion in 2007-2008, and to grow to $134.1 billion in 2009-2010, leaving an expected $7.5 billion deficit.

The comptroller's office said projections could change as the state finishes out the final five months in this fiscal year.

“Wall Street, which provides as much as 20 percent of the state's revenue, is coming off a slow third quarter,” he said in a written statement. “How well Wall Street performs in the fourth quarter and the first quarter of next year will have a significant impact on the state.”

The comptroller's estimates were close, but slightly higher than those put out by the Department of Budget. For example, the DOB forecast $117.2 billion in receipts in FY 2007-2008, compared to the comptroller's $117.5 billion.

For the same fiscal year, DOB projected $118.6 billion in spending.

For fiscal year 2009-2010, the DOB forecast $126.4 billion in receipts and $133.8 billion in spending.