NJ Revenue Collections Below Projections
Taxes and fees are being collected at about the same rate as last year, missing targets by $451 million midway through New Jersey’s fiscal year.
Legislative budget expert David Rosen says revenue collections are running far behind the robust growth rate of more than 7 percent projected by Gov. Chris Christie’s administration.
Adding to the state’s overall woes, the state finished the last fiscal year in June about $250 million behind projections, for a total shortfall of $700 million.
The Senate Budget Committee asked for the update to see if half-year budget cuts will be necessary.
The state has not hit any of its monthly budget projections. Hurricane Sandy in late October strained the state’s budget even more because of a falloff from casino revenue and other shortages.