Report finds N.J. with more cash than expected

Posted: May 17, 2011

TRENTON - The latest revenue figures from the Legislature's budget office show New Jersey poised to end the fiscal year with $430 million more in tax collections than had been anticipated.

The Office of Legislative Services' revised forecast also estimates revenue $484 million higher than originally projected for the fiscal year that starts July 1. OLS budget officer David Rosen is to present the revised revenue forecast to the Assembly Budget Committee on Tuesday and to the Senate Budget Committee on Wednesday. The Associated Press obtained a copy of the document Monday.

The new figures show gross income-tax collection at $634 million over estimates and sales-tax receipts up $11 million over estimates. Corporate business taxes are lagging by $190 million, and some other taxes also fell short of expectations. But in the coming fiscal year, an $812 million increase in gross income-tax collections is expected to more than offset continued declines in business, sales, and other taxes.

State Treasurer Andrew Eristoff also will present his revised projections Tuesday. No word on whether the two estimates of New Jersey's fiscal picture will agree. However, Eristoff's forecast could be more conservative. - AP

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