OLS

When will New Jersey really have its comeback?

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Governor Chris Christie is counting on almost $500 million in revenue that the state may or may not see.

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State revenue collections are far below Governor Chris Christie's projections even though they are up very slightly over last year.

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It's easy to get lost in the maze of politics and number-crunching when you hear about a budget deficit, but if New Jersey really is a quarter-billion-dollars in the red for the Fiscal Year that ended June 30 it could affect your wallet.

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Revenue collection for Fiscal Year (FY) 2012 missed Governor Chris Christie's targets by more than a quarter-billion dollars according to the non-partisan research arm of the legislature.

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After predicting a much larger shortfall a few weeks ago, the New Jersey Office of Legislative Services is now projecting a much smaller shortfall for fiscal year 2011.

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Revenue collection for Fiscal Year (FY) 2012 missed Governor Chris Christie's targets by more than a quarter-billion dollars according to the non-partisan research arm of the legislature.

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In a memo sent to budget committee members in the State senate and General assembly yesterday, David Rosen, the legislative budget and finance officer with the non-partisan Office of Legislative (OLS) services writes, "Assuming that the transfers and accruals follow the pattern of recent years and assuming the remaining cash collections match recent months, FY 2012 revenue collections are likely to fall $150-200 million below the FY 2012 targets announced by Treasury in May."

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There are still three competing tax cut plans in Trenton and some sort of deal has to be worked out soon if a one of them is to be included in the State Budget.

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Since taking office, Governor Chris Christie has railed against past Governors for using one-time revenue streams, known as one-shots to balance State Budgets.

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