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.

Wake-Up Call

Morning Digest: September 19th

NBC News: Federal charges ruled out for Christie in Bridgegate scandal NBC News tonight is reporting that federal investigators say after nine months of investigating Bridgegate there is 'no evidence" that Gov. Chris Christie had advance knowledge about any politically motivated scheme around the bridge lane closures at the...

Op-Ed

Legislation needed for publicly financed gubernatorial elections

By JEFF BRINDLE It is critical that the Legislature soon enact a pending bill that would ensure the state’s Gubernatorial Public Financing Program is available in the event of a special election for governor.  Not only is there no current legal... Read More >

Contributors

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Quote of the Day

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“The fact is that they’ve been digging around for eight months now and have found absolutely nothing. Wrap up your work. Do your job." - Gov. Chris Christie

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