NJ Revenues Lagging Projections

Apr 5, 2017

Office of Legislative Services officials testify at Assembly Budget Committee hearing
Credit Phil Gregory

The Christie administration says revenues in the budget year ending June 30th are expected to be $247 million below projections.

That's less than a one percent difference from the $233 million shortfall the Office of Legislative Services anticipates.

Legislative Budget Officer Frank Haines says revenue forecasts are not perfect, and the gap is not a signal of trouble ahead for the state's economy.

"We don't see a severe economic downturn coming. In fact we see modest economic growth coming for at least a few years, but the unexpected can happen."

Catherine Brennan with of Office Legislative Services says New Jersey is mirroring national trends with the majority of states recently experiencing a softening of tax collections.

“In the Mid-Atlantic region the only state that’s currently performing a little bit better than New Jersey is probably Maryland. We see some cause for optimism with respect to New Jersey’s situation, but it’s still moderate growth by historical standards.”