New Jersey's revenue collection for September are up 7 percent compared with 2014 and the state's year-to-date receipts have risen nearly 5 percent from the same period in the last fiscal year.
State revenues are on pace to exceed expectations, and Gov. Chris Christie's administration will put the cash toward New Jersey's public pensions, his top treasury official said Wednesday.
With state aid to municipalities expected to hold steady again this year in New Jersey, towns all over the Garden State are scrambling to come up with innovative new ways to generate revenue, because built-in costs like pensions and benefits continue to rise.
For the past several years revenue projections presented by Gov. Chris Christie and by the non-partisan Office of Legislative Services have missed the mark which has led to finger pointing by Christie and many members of the Legislature. Now, a measure being pushed by Assembly Budget Committee Chairman Gary Schaer (D-Passaic) could bring an end to revenue disputes.
The head of the Senate Budget Committee says New Jersey is facing significant late-year budget cuts because Gov. Chris Christie's administration overestimated how much tax revenue the state would receive.
The top budget expert with the non-partisan Office of Legislative Services (OLS) says there could be a two-year State Budget shortfall of almost $1 billion.