:::: MENU ::::

Budget expert: Revenue shortage could grow

Local News | Apr 05, 2013

Budget expert: Revenue shortage could grow

TRENTON, N.J. (AP) — The Legislature’s budget analyst told lawmakers Thursday that New Jersey’s cash-collection shortage could worsen because $466 million in revenue the administration is counting on over the next 15 months may not materialize.

David Rosen says the current state budget is relying on $166 million in housing trust fund money that’s still in litigation, and $120 million from privatizing the state lottery, though the deal isn’t finalized.

The administration is also banking on $180 million from online gaming, though Rosen says the amount hasn’t been verified.

Treasurer Andrew Eristoff, who like Rosen appeared before the Assembly Budget Committee, says the administration is confident the revenue streams will be realized.

He says Gov. Chris Christie’s $32.9 billion budget keeps spending in check but makes a record contribution to the pension system.