NJ Revenues Down During First Half of Fiscal Year
State treasury officials say revenues fell short of budget projections during the first half of New Jersey’s fiscal year.
Data released Wednesday showed revenue collections came in 3.2 percent — or $325 million — short of expectations.
The shortfall occurred across all revenue categories, including income and sales taxes. Overall, income tax collections fell 3 percent short of expectations.
Revenue collections have lagged consistently behind state projections during the first six months of the fiscal year, a problem officials have speculated was due to the historically bad weather the state faced in 2011.
But state Treasurer Andrew Sidamon-Eristoff noted Wednesday that the state generated more revenue during the first six months of this year than last, a sign he says that the state’s economy is rebounding.
(Copyright 2012 by The Associated Press. All Rights Reserved.)