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NJ tax collections fall far shy of projections

Local News | Apr 29, 2014

NJ tax collections fall far shy of projections

TRENTON, N.J. (AP) — New Jersey’s Treasury Department anticipates that tax collections will be off by $807 million for the fiscal year ending June 30, forcing late cuts to keep the budget in balance.

The sobering recalculation came Monday, after April 15 returns were tabulated.

Treasury officials say collections for April are expected to be $600 million below expectations. Collections for the first nine months of the year are off by $144 million.

Projections for the fiscal year that begins July 1 were not released.

Departmental reviews of the next fiscal year’s budget are under way in the Assembly and Senate, where .Democrats have raised questions about the size of the surplus.

Assembly Speaker Vincent Prieto expressed concern about the shortfall.

State Treasurer Andrew Sidamon-Eristoff will update the Legislature on tax collections next month.