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NJ revenue collections for May exceed projection

Local News | Jul 02, 2013

NJ revenue collections for May exceed projection

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.