Bloomberg News

New Jersey Tax Collections Exceeded Christie’s Target in March

April 03, 2013

New Jersey’s tax revenue exceeded Governor Chris Christie’s forecast by $25.7 million in March, according to a statement from Treasurer Andrew Sidamon- Eristoff’s office.

It was the fourth straight month in which tax collections have beaten the governor’s target. Monthly collections were 1.4 percent ahead of projections and 4.1 percent above the same period a year earlier. For the nine months ended March 31, revenue has almost matched Christie’s forecast.

Christie, 50, a Republican seeking a second term in November, proposed a $32.9 billion spending plan for the year starting July 1 that calls for growth of about 5 percent.

“The results in March continued the positive revenue trends we have been seeing since December of last year,” Sidamon-Eristoff said in the statement. “It gives us growing confidence that the recovery in the state’s economy is getting stronger from week to week.”

In a separate memo, the nonpartisan Office of Legislative Services said revenue may trail Christie’s budget by $637 million over the next 15 months. The agency said there is uncertainty about the $180 million Christie is projecting from online gambling in fiscal 2014. The office also said it sees less income and corporate taxes than the governor does.

Assembly Budget Chairman Vincent Prieto, a Democrat from Secaucus, said the administration’s targets were lowered in January. He also said the latest revenue report doesn’t mean New Jersey is safe yet.

“We should be more cautious,” he said today in a telephone interview. Lately, he said, the Office of Legislative Services “has been more accurate than the administration.”

To contact the reporter on this story: Terrence Dopp in Trenton at tdopp@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


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