N.J. tax collections running $180M ahead of revenue projections
FEBRUARY 11, 2015, 5:29 PM LAST UPDATED: WEDNESDAY, FEBRUARY 11, 2015, 5:29 PM
BY JOHN REITMEYER
STATE HO– USE BUREAU |
THE RECORD
Tax collections for Governor Christie’s $32.5 billion state budget were running $180 million ahead of revenue projections at the halfway mark of the state fiscal year according to figures released by the administration Wednesday.
The numbers were obtained in response to a public records request filed by The Record and show a marked difference from this time last year when the state was running a $331 million revenue shortfall.
New Jersey’s constitution requires a balanced budget, and Christie was eventually forced to delay property tax relief payments and significantly reduce the state payment into the public employee pension last year to address a gap that later swelled to $1 billion.
The figures from the state Department of Treasury show tax collections in December 2014 came in $237 million above revenue projections, helping reverse a nearly $50 million shortfall from November. That left tax collections 1.6 percent ahead of revenue projections at the midway point of the state fiscal year, which runs through June 30.
Maybe we can fix a road or bridge before the politicians get there hands on it.
Use it to pay down debt of road fund
Debt service has to be where this goes. Anything else will simply be a case of money disappearing down mysterious dark alleys.