NJ Could Finish Fiscal Year $150 Million In The Red

TRENTON – The state could finish the just-concluded fiscal year 2013 as much as $150 million behind revenue projections, the non-partisan Office of Legislative Services warned this week.

While the 14 major revenue categories rose 6.6 percent over the last year, 7.2 percent growth was needed to hit Gov. Chris Christie’s revised revenue projections.

“Most revenues trailed the target growth rates, with the major exception being the gross income tax, which continued to out-pace its target growth rate,” OLS Budget Officer David Rosen wrote.

The state Treasury presented a brighter view, stating that 2013 revenue collections through June totaled $25.6 billion, up 6.6 percent from fiscal year 2012 and $143 million ahead of revised projections.

“We’re continuing to see real strength in our income and sales tax collections,” said State Treasurer Andrew Sidamon-Eristoff. “The positive trend for these revenue sources  tells us that conditions in the state’s overall economy are improving month by month.”

Some fiscal year 2013 tax revenue remains to be collected and accounting adjustments still have to be made. Final official numbers will be released later this year.

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