State Tax Collections Once Again Below Estimates
In a sign of lingering economic uncertainty, tax collections fell short of the Christie administration’s estimates for the third straight month, according to figures released Friday by the Treasury Department.
The state brought in $2.02 billion in May — off $36.4 million from Treasury estimates that had been revised downward only three weeks ago.
The disappointing numbers came a day after Democratic lawmakers drew a line in the sand in their budget battle with Gov. Chris Christie, saying they would only approve a plan to cut taxes if the governor nails his optimistic revenue targets through December.
A state Treasury Department spokesman, Andy Pratt, said the May shortfall was “manageable” and that no financial adjustments would be necessary beyond what has already been announced.
But budget analysts in the nonpartisan Office of Legislative Services said New Jersey needs a turbo-charged comeback over the next few weeks to end the fiscal year in the black.
Information from: The Star-Ledger; http://www.nj.com