Bloomberg News

New Jersey September Revenue Comes in 6.9% Below Projections

October 14, 2011

(Updates with comment from treasurer starting in third paragraph.)

Oct. 14 (Bloomberg) -- New Jersey’s September revenue collections were 6.9 percent below budget projections after Hurricane Irene delayed tax payments, Treasurer Andrew Sidamon- Eristoff said in a statement.

Collections for the first three months of the fiscal year are 3.6 percent under budget, Sidamon-Eristoff said today. Taxpayers affected by the storm and the flooding were told they could delay September tax payments until October.

The extension was “necessary and appropriate to aid businesses and individuals impacted by the storm,” Sidamon- Eristoff said in a statement.

Irene made landfall Aug. 27 in North Carolina and moved north to the Mid-Atlantic states. In New Jersey, nine deaths were confirmed and all 21 counties were declared eligible for disaster assistance. Kinetic Analysis Corp. estimated the economic loss at $2.1 billion.

The state collected $4.15 billion for the first three months of fiscal 2012, compared with $4.30 billion budgeted.

The September total was $2.20 billion, compared with $2.37 billion expected. Gross income revenue was down 10.6 percent, at $956.6 million and corporate business revenue was down 7.2 percent, at $325.3 million. Sales taxes were off 4.6 percent, at $623.2 million.

The hurricane led to a three-day closure of Atlantic City casinos, and related revenue was $17.5 million versus $20.6 million budgeted.

--Editors: Mark Schoifet, Stephen Merelman

To contact the reporter on this story: Elise Young in Trenton at eyoung30@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net


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