By Matthew Arco | October 12th, 2012 - 4:09pm
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TRENTON – Lagging revenue returns now mean state revenues need to grow by nearly 10 percent for the remainder of the fiscal year to compensate for the current shortfall, according to a memo from the Office of Legislative Services.

The nonpartisan office issued a revenue snapshot Friday just hours after the state Treasury released data that showed that revenue collections are off nearly $175 million in the first quarter of the fiscal year.

The report indicates that the state must record big gains in the coming months since Fiscal Year 2013 targets for major revenues assume 8.4 percent growth over the prior fiscal year collections.

“According to the Treasury’s September revenue report, total revenues are growing by only 1.9 percent above the same period last year,” reads OLS’ revenue snapshot. “Since first quarter growth has been well below 8.4 percent, the remaining three quarters of FY 2013 will now need to grow by about 9.6 percent to compensate.”

The total number of growth needed could rise to 9.9 percent since “significant amount of estimated payments were postponed (last September) due to delays permitted for those taxpayers impacted by Hurricane Irene,” according to the report.

The Back Room

National progressive group backs Watson Coleman in CD12

The Progressive Democrats of America Co-Founder and National Director Tim Carpenter and State Chair Mary Ellen Marino today endorsed Bonnie Watson Coleman for the Democratic nomination in the 12thCongressional District.

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Wake-Up Call

Morning Digest: April 24, 2014

Organization to honor Gov. KeanAn event next month for Community Options, Inc. will celebrate the 25th Anniversary of the organization's founding and honor Governor Tom Kean, Sr., a was an advocate over 25 years ago for bringing individuals with developmental disabilities out of state institutions into small group homes.Robert...

Op-Ed

How the City of Paterson became a city in crisis

By HAYTHAM YOUNES As the May 13th election for Paterson officials nears, I've noticed a lot of candidates running using slogans and empty promises as if they weren't around watching Paterson get to where it's at today. I think it's important that... Read More >

Contributors

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Quote of the Day

Quote of the day

"This is the only Tea Party group that endorsed Mitt Romney. These guys are the Vichy French of the Tea Party movement. They're the guys who say 'Viva la France,' and then you can't find them when the fighting starts. Come on." - GOP strategist Rick Shaftan, on the Independence Hall Tea Party group.

- PolitickerNJ.com

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