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.
Zapped by the DNC on his way into New Hampshire this afternoon, Gov. Chris Christie defended his economic record while wooing NH voters for the second time in little more than a month, according to the Associated Press.Read More >
Christie to Newark hecklers: 'I've spent as much time in Newark as anyone else' BELMAR - Gov. Chris Christie's got nothing but love for The Brick City, or so he says. In response to a Newark school student here today -- a 17-year-old president of the Newark Student Union...
By Linda Stender At his most recent town hall, Gov. Chris Christie accused his predecessors of "monkeying with the math" when it comes to their handling of our state's economy. But as the old saying goes, when the governor points a finger, he... Read More >
"Go to Mayor [Cory] Booker and ask him if he thinks in the years that he was mayor if I ignored Newark. The fact is I've spent as much time in Newark as anyone else." - Gov. Chris Christie- PolitickerNJ
Press releases are submitted by PolitickerNJ users, not by staff. They do not represent the viewpoint of PolitickerNJ.com.