From a new report on the state's fiscal condition released today by the Comptroller's office:

Growth in revenue collections in several major categories of taxes is slowing, and at the midpoint of the fiscal year, Personal Income Tax, sales tax, and business taxes are lagging recent projections by $400 million. If these trends continue, the state may need to adjust its revenue projections downward.

This is probably a major part of the problem. From Susanne Craig's post yesterday in the Times DealBook on Goldman Sachs and other Wall Street banks decreased profits:

New York, the nation’s financial hub, is bracing for the fallout. Wall Street, which accounts for 14 percent of the state’s tax revenue, is expected to lay off an additional 10,000 employees in the area by 2012, bringing total layoffs since 2008 to 32,000, according to a recent report by the New York State Comptroller.