By State Street Wire Staff | February 21st, 2013 - 6:36pm
| More

TRENTON – The state is approximately $350 million behind projected revenues for the first seven months of fiscal year 2013, the state reported today.

The state budget was $13.43 billion compared to actual revenues of $13.08 billion so far this fiscal year, as the state awaits the governor’s fiscal year 2014 budget address next week. Revenues were down 2.6 percent actual compared to budgeted figures.

The state touted some good news for the month of January itself, with actual revenues of $3.057 billion, better than the budgeted figure of $2.982 billion.

Much of that was due to income and sales taxes for January, with income taxes up $101 million over projections, and sales taxes up $34 million.  Corporation business taxes, however, were down $41 million for January compared to budgeted expectations.

For the first seven months of FY13, sales and corporation business taxes remain a problem.

Sales taxes collected are at $4.14 billion compared to a budgeted figure of $4.29 billion.  And corporation business taxes are at $1.01 billion compared to a budgeted figure of $1.22 billion.

Income taxes so far this fiscal year are up, $6.13 billion actual compared to $5.93 billion budgeted.

Treasury stated that on a year-over-year basis, collections in January were up 18.3 percent for the income tax and 11.4 percent for the sales tax. The monthly income tax receipts exceeded targets that took into account the fact that January 2013 included an extra Wednesday of withholding tax payments compared to January 2012, Treasury stated.

 

“What is most striking,” said Charles Steindel, the Treasury’s Chief Economist, “is the resurgence of sales tax revenue, which appears to be a combination of a catch-up of spending deferred by Sandy, additional spending coming in line to make up for losses to Sandy, and the strengthening of the underlying trend in spending late last year.”

 

 

 

The Back Room

Newark state correction officer sentenced to prison for drug trafficking

A former senior state correction officer from Newark was sentenced to prison today for trafficking 22 kilograms of cocaine from Texas to New Jersey, according to acting Attorney General John J. Hoffman.

Read More >

Wake-Up Call

Morning Digest: August 20th

Bergen County Exec's race: Fort Lee Mayor Sokolich sees Bridgegate investigations as potential election catalyst FORT LEE - Fort Lee Mayor Mark Sokolich was the emcee of Tuesday's meet-and-greet event at the Richard A. Nest Adult Activity Center in his Bergen County borough, introducing U.S. Sen. Cory Booker...

Op-Ed

Simplify Pay-to-Play with one state law

By Jeff Brindle A lone PAC contribution to Trenton Mayor Eric Jackson’s campaign highlights the need for pay-to-play reform in New Jersey. During the recent mayoralty election in Trenton, newly elected Mayor Eric Jackson received an $8,200 campaign... Read More >

Contributors

(8-20-14) Can You Take the ‘Partisan’ out of ‘Partisan Politics’? - Redistricting will not take place for another seven years. Yet the debate has already... more »
    My Richard Nixon Ambivalence   Today is the fortieth anniversary of President Richard Nixon’s resignation address to the nation on August 8, 1974. At that time, I was ambivalent about... more »
 The following letter was sent today to Republican state legislators, county chairs, state committee members, and New Hampshire... 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

Poll

Which of these candidates does Gov. Chris Christie absolutely need to win?:

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