ALBANY -- State Comptroller Thomas DiNapoli reports New York still faces "potentially unprecedented deficits," although personal income tax collections that rose more than 15 percent over the past six months helped shrink this year's anticipated shortfall.

According to the comptroller's office, business taxes dropped 13 percent compared to the same period last year, the growth in personal income taxes was beginning to fall off and year-end Wall Street bonuses are expected to drop significantly.

From April 1 to Sept. 30, general fund revenues rose $2.8 billion from the same period last year. DiNapoli praised steps by Gov. David Paterson and lawmakers to cut more state spending and urged "long-term solutions that don't make an already bad situation catastrophic."