March 8 (Bloomberg) -- New Jersey’s revenue collections jumped 20 percent last month, narrowing the state’s shortfall from budget projections.
February revenue was 9.5 percent above forecasts, Treasurer Andrew Sidamon-Eristoff said in a statement today. For the first eight months of this fiscal year, collections were up 4.3 percent from the same period of 2011, and are running 1.7 percent below projections.
“As we anticipated, New Jersey’s ongoing economic recovery is beginning to strengthen our revenue,” Sidamon-Eristoff said in the statement. “Our expectation is that this strengthening will continue through the end of the current fiscal year and fiscal 2013.”
Governor Chris Christie’s $32.1 billion budget for the fiscal year that begins July 1 counts on tax revenue increasing 7.3 percent, the most since before the recession began in December 2007. Revenue through the first half of this fiscal year was 3.2 percent, or $326 million, below targets.
Standard & Poor’s, in a Feb. 24 report, said Christie’s budget is structurally unbalanced because it is built on “optimistic” economic-growth projections.
Olayinka Fadahunsi, a spokesman for S&P, declined to comment today on the revenue report.
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