State Revenues Down $50-100M Before Fiscal Year Ends: Budget Chief
The New Jersey Legislature’s budget office says state revenues are likely to fall another $50 million to $100 million short of projections before the fiscal year concludes.
In a memo sent to lawmakers on Tuesday, Office of Legislative Services Chief Budget Officer David Rosen says the biggest surprise in May’s tax data was a drop in sales tax collections. He says those collections were 2.3 percent behind the totals for the same period last year.
Late last month, lawmakers heard competing revenue projections based on April figures.
The Christie administration estimated the state will take in $676 million less than originally forecast through July 2013. But Rosen put the shortfall at $1.3 billion over the same period. OLS and Treasury officials are expected to issue an official report in mid-June.
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