TRENTON, N.J. (AP) — New Jersey collected $93 million more in taxes and fees in May than officials had projected.
The Treasury Department released the details on Monday, saying it was the sixth consecutive month of better-than-expected revenue collections. Top revenue gains came in income and sales tax collections, both of which topped revised targets.
The fiscal year began with several sluggish months, leading a legislative analyst to project a potential revenue gap of more than $900 million through June 2014. That number has since been lowered by $200 million.
The budget is based on anticipated revenues in a state where spending cannot exceed collections.