>N.J. officials debate budget cuts as state revenue continues to fall short of projections
New Jersey’s revenue collections continue to fall short of projections, but whether the decline is related to severe weather or a stormy economy – or combination of both – is still uncertain. But no matter the cause, the steady declines have raised the possibility that the state might have to consider painful mid-year cuts to pay its bills.
“I am not ruling that out, but it’s too early to say.” said Assemblyman Declan O’Scanlon (R-Monmouth), the ranking Republican on the Assembly Budget Committee. “We just have to keep an eye on the numbers, and see if the economy and Wall Street bounces back, but we’ll be ready to act.”
October revenue collections fell 3 percent short of projections, the third consecutive month the state has missed its target, according to figures released yesterday. Overall, the state has $210 million less revenue than it expected to collect in the first four months of the budget year, figures show. (Renshaw, The Star-Ledger)
