By PolitickerNJ Staff | January 16th, 2013 - 11:02am
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TRENTON – The Office of Legislative Services said the state will need revenue increases of about 12.7 percent in order to achieve the year-end targets for fiscal year 2013. 

The estimate was in light of the Treasurer reporting Tuesday that total major revenues are $425.9 million below their targets for the first six months of the fiscal year.

OLS pointed out that certified FY13 revenues assumed a growth of 8.4 percent above FY12 collections, but OLS stated that “every major revenue source is lagging its necessary year-end target growth rate.”

Regarding the corporation business tax, OLS reported that collections of $932.0 million through December are down 0.7 percent from the same period in FY12, “a sharp reversal from last month.”

“The important December quarterly payments were particularly disappointing, falling 10.9 percent below last December, indicating continuing underperformance.  On the other hand, the much smaller CBT for Banks and Financial Institutions is meeting expectations with a growth rate of 56.5 percent so far this year,” OLS said. 

Earlier stories:

FY13 first half revenues lag projections $425M

Sarlo weighs in on revenue shortfall

 

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Quote of the Day

Quote of the day

"This is my first Mark Smith event. There have been a lot of changes in Hudson County over the last year and a half, and the most important change that has happened is that there really is unity. For the first time, we really are working together. Despite political differences. Mark and I have worked very hard to repair that. I'm really happy to be here in support of him, because I recognize that when you work together, politics becomes secondary and you really have time to focus on government, which is the most important thing." - Jersey City Mayor Steven Fulop

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