New Jersey Quarterly Revenue Falls 4% Below Christie Budget
New Jersey revenue missed Governor Chris Christie’s forecast by 4 percent for the fiscal year’s first quarter, putting collections about $175 million short of targets in the budget he signed in June.
The state collected $4.23 billion in the first three months of the year that started July 1, according to a statement released today by Treasurer Andrew Sidamon-Eristoff. Sales taxes came in 6.7 percent under budget, at $1.3 billion, while income- tax collections were $1.8 billion, or 0.4 percent above projections. The collections of all major taxes were about 2 percent higher than in the same period a year earlier.
“Income-tax collections remain strong as the state’s economy continues to grow,” Sidamon-Eristoff said.
Christie, 50, a first-term Republican who may run for re- election next year, has battled the Democratic-controlled Legislature over a proposed tax cut. Lawmakers set aside $183 million in the current budget for the first phase of the governor’s plan, though they won’t release that funding until they deem it supported by revenue.
Collections must rise 8.2 percent to balance Christie’s $31.7 billion spending plan for the current year, and to make up a shortfall in the year ended June 30, the legislature’s chief budget officer, David Rosen, said last month. Final figures for fiscal 2012 will be published before year-end.
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