New Jersey’s revenue collections were as much as $540 million less than targeted by Governor Chris Christie through the fiscal year ended June 30, according to a memo from the nonpartisan Office of Legislative Services.
The total was $24.2 billion, compared with $24.7 billion projected by Treasurer Andrew Sidamon-Eristoff, according to David Rosen, legislative budget officer. The gap will narrow by as much as $300 million after year-end accounting adjustments, Rosen wrote in a letter yesterday to Senator Barbara Buono, a Metuchen Democrat who requested an analysis.
“Even allowing for typical adjustments of $200 million to $300 million, that means we will have started off this fiscal year with about half of Governor Christie’s projected surplus already gone,” Buono said in a statement.
Collections for all of the state’s major revenues were 2.5 percent higher last month than in July 2011, Sidamon-Eristoff said in a statement. Corporate taxes were 26 percent higher and sales levies were 4.4 lower, while income taxes were up by 10 percent.
“The fact that July collections were significantly higher is a clear signal that the economy continues to grow,” Sidamon- Eristoff said.
Christie has traveled the state touting a “Jersey Comeback,” an economic-recovery plan that includes a tax cut. The $31.7 billion budget for fiscal 2013 didn’t include a tax reduction because Democrats, who control the Legislature, weren’t certain whether revenue would meet Christie’s targets. His plan maintained a surplus of more than $600 million.