ALBANY, N.Y. (AP) — New York's top financial officer says that despite a sharp decline in revenues, the state's financial health ended the fiscal year on a "positive note."

Democratic state Comptroller Thomas DiNapoli on Friday released figures showing state revenue dropped by $3.7 billion, or by 4.7%, during the fiscal year that ended March 31.

The revenue report wasn't all bad news, however, as March revenues surpassed projections by more than $800 million.

The state ended the fiscal year with $7.2 billion in the bank, higher than projections but less than last year.

DiNapoli says the declines in revenue and the possibility of federal funding cuts show it's "essential" that state leaders build up the state's reserves to prepare for the next economic downturn.