New Jersey's 2014 Revenue Worse Than Expected
TRENTON, N.J. (AP) — New Jersey's Treasury Department says revenue from the fiscal year that ended June 30 fell below expectations even after they were revised downward.
The numbers are contained in a bond document that was released Tuesday.
It says revenue was $275 million below projections for the fiscal year even after the state adjusted expectations for the year downward by $1.3 billion. The government bridged the budget gap mostly by reducing payments to the pension system for public workers.
Business tax, lottery and payments from casinos were all below expectations. Revenue from income taxes was slightly above the revised projections.
The disclosure also warns that because of Atlantic City casino closings, the state is in jeopardy of falling short again in the new fiscal year on revenue from casinos.
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