Tax revenue to the state’s coffers is slowing down, according to a report Friday from Comptroller Tom DiNapoli.

The quarterly update from DiNapoli’s office found receipts are $534 million below what was initially projected.

Taxes from businesses and the personal income tax are both lagging.

“The state started the fiscal year strong but it is not clear if we will end the year that way, given that some state revenue streams are slowing down,” DiNapoli said in a statement. “Business taxes are lagging behind projections and growth in personal income tax withholding is slowing down. Still, sales tax collections continue to be strong and other tax receipts may exceed projections. It is critical that we closely monitor revenue trends in the last quarter of the fiscal year. While the last three budgets have narrowed the state’s structural imbalance, there is still much to do to ensure the state’s fiscal health.”

The report found all-funds tax collections totaled $49 billion in Dec. 31, which was $2.6 billion more than that point last year. Still, it’s a half-billion below what was initially estimated in mid-year projections. The state’s largest revenue source, the personal income tax or PIT, totaled $29.8 billion or 7.4 percent higher than this point last year.

Here is the report:

2013-14 3rd Quarter Report by Nick Reisman