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.