From the Star Ledger:
A joint news conference between Gov. Chris Christie and Senate President Stephen Sweeney wasn’t the only thing that didn’t go off as scheduled today in Trenton.
The state’s Treasury Department failed to release April revenue figures as expected. The department declined to explain the delay.
April is a critical month in the budget cycle where the state receives the bulk of its income tax collections.
A memo written earlier this month by the non-partisan Office of Legislative Services said business and income tax collections in April failed to meet expectations, but did not provide specifics. In March, OLS and the Christie administration were already $537 million apart on revenue projections through fiscal year 2013, with the OLS anticipating a slightly lower revenue rebound.
The slumping revenue figures cast doubt on Christie’s and Sweeney’s ability to deliver the tax cuts — and already have some Senate Democrats rethinking the wisdom of offering them while revenue is weakening.
Christie and Sweeney were poised today to announce a compromise on their competing tax cut proposals, but the surprise news conference was abruptly canceled. Sweeney cited “minor” health issues, but sources say he failed to notify key Democratic lawmakers of the compromise and was the target of some internal criticism that prompted him to delay the announcement.