Sandy-wracked revenues in November suffer, Treasury reports

TRENTON – State revenues continue to lag projections, coming in 10.8 percent below budgeted expectations for the month of November, the Treasury Department reported today.

And for the fiscal year to date they are 5.6 percent below FY2013 projections, Treasury reported.

For November, actual total revenues were $1.51 billion compared to a budgeted figure of $1.7 billion. And for the first five months of the fiscal year, actual revenues were $7.66 billion compared to a budgeted figure of $8.11 billion, according to Treasury.

For the big three revenues of income, sales and corporate business taxes, November was rough.

Gross income taxes, for example, were 11.2 percent behind expectations, $594,624 actual vs. $669,800. For the fiscal year to date in income taxes, , revenue was up 1.7 percent, though,$3.29 billion compared to a budgeted figure of $3.23 billion.

Income taxes reached a record level for the five months because of a surge in October, the state reported.

But Treasury blamed super storm Sandy for much of the overall problem, keeping shoppers, gamblers and commuters home and keeping many businesses closed.

“Sandy left its mark on the state’s finances in November,” Treasurer Andrew Sidamon-Eristoff said in a release. “Fortunately, year-to-date income tax collections remain strong, and spending on the recovery is expected to create opportunities that should be positive for some types of revenue in the second half of the fiscal year.”

Sales taxes, New Jersey’s second biggest revenue generator, remained flat while casino revenue was clearly affected by the storm, falling 38 percent, Treasury reported.

For November, sales taxes were down 9.4 percent, $583,964 compared to a budgeted figure of $644,200. For the fiscal year to date, they are down 6.4 percent, $2.6 billion compared to a budgeted figure of $2.78 billion.

 

"He’s obviously working very, very hard at it. I mean he’s traveling all over the country as chairman of the [Republican Governors Association] and I think at this point he has as good a chance or better than anybody else. His name is household word all across the country, and I think he would make a great president."
—former U.S. Rep. Jim Saxton (R-3), on Gov. Chris Christie