STATE REVENUES FALL FAR BELOW PROJECTIONS

According to the latest state budget update, New Jersey is $700 million behind projected tax and fee revenues at the halfway point of this fiscal year. Governor Christie’s administration predicted a 7 percent increase in revenue that just never happened. As a result of this news, the Senate Budget Committee may have to consider additional cuts in the state’s spending. One of the reasons for the poor showing was a drop in casino revenue due to the effects of Hurricane Sandy.