By Matthew Arco | October 12th, 2012 - 4:09pm
| More

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

Christie takes state helicopter to campaign in Connecticut

Gov. Chris Christie took the "upper level" -- helicoptering over the George Washington Bridge -- to beat rush hour traffic from his home state to a recent GOP fundraiser with Connecticut gubernatorial contender Tom Foley, according to a Hearst Media report.

Read More >

Wake-Up Call

Morning Digest: July 24th

  Of friends, enemies, transactions and transportation: the evolving political relationship of Bob Menendez and Steve Fulop The image yesterday in Washington D.C. of powerful U.S. Sen. Bob Menendez (D-NJ) walking the hallways with Jersey City Mayor Steve Fulop sent a signal of Menendez’s willingness to get behind...

Op-Ed

NJ Legislature must get behind statewide standard of responsible contracting

By Michael Capelli As a 30 year union carpenter, I learned first-hand how important it was to have the right tools for the job. Now as the Executive Secretary-Treasurer of the 30,000 men and women of the Northeast Regional Council of Carpenters I... Read More >

Contributors

 The following letter was sent today to Republican state legislators, county chairs, state committee members, and New Hampshire... more »
(7-23-14) Rabner Opinion Keeps “Christie for President” Alive - Gov. Chris Christie’s fight to prevent same-sex marriage in New Jersey ended with Chief Justice Stuart Rabner.... more »
The Perry-Paul Debate is Healthy for the GOP – and for America  The foreign policy debate in the media between prospective GOP Presidential candidates Texas Governor Rick Perry and... more »
(Washington DC)-- Two recent votes on Capitol Hill suggest an overdue and radical departure from our nation's Draconian and costly War on Drugs.  It's a long-overdue discussion (and not just... more »

Quote of the Day

quote of the day

"Gov. Chris Christie says he won’t campaign for the Republican gubernatorial candidate in New York because the cause is hopeless: Gov. Andrew Cuomo is ahead by more than 30 points. But he will campaign in New Hampshire, over and over, where the Republican is also trailing by more than 30 points. What’s the reason? It may be that New Hampshire holds the nation’s first presidential primary. It may be that he doesn’t want to mess with Cuomo, who knows where the skeletons are buried at the Port Authority. But one thing is certain: Gov. Straight Talk is spinning again. And it seems to be habit-forming." - columnist Tom Moran

- Star-Ledger

Poll

Which contest are you most focused on this coming season?:

Blogroll

Visit the PolitickerNJ.com/resources page for links to the best collection of information on New Jersey state government.

 

  • Polls
  • The best blogs
  • Columnists
  • State election results
  • Assembly election results
  • Local party websites
  • And more.

PolitickerNJ.com/resources