Revenue figures mixed bag

state house trenton1 31 11 Revenue figures mixed bag

A mixed bag of revenue figures were issued Friday by the state.

On one hand, October 2013 revenues compared to October 2012 revenues were up 4.2 percent, and October year to date revenues were up 6.4 percent compared to the year ago period.

Comparing actual revenues to the budgeted projections, revenues were down 2.6 percent in October, $2.04 billion compared to $1.99 billion.

And for the four months ending in October comparing actual revenues to the budgeted expectations, they were down 1.7 percent.

New Jersey collected $6.53 billion from its major taxes for the four months ended in October, 6.4 percent higher than the prior year as cash collections for sales tax were up 9.4 percent, the Treasury reported. The state budget had projected $6.64 billion for that period.

Treasury also stated that income tax collections in October totaled $880.4 million, $10 million, or 1.1 percent, below their level in October 2012. The drop was partly caused by a higher level of refund payments this year, the state said.

A total of $98.6 million in refunds was paid during October, nearly double the $50.1 million paid out in October 2012. Total refund payments that month were reduced due to disruptions caused by Superstorm Sandy.

“Sandy resulted in quite complex changes to state revenues in the latter months of 2012,” Treasury Chief Economist Charles Steindel said in a release, “complicating comparisons of this year’s monthly collections to last year’s. The fact is that the storm-induced delay in refunds boosted revenues last October, though that short-lived spur was reversed in November. Looking through the noise, the ongoing strength in sales tax collections in October is the clearest sign that the state’s economy continues to move forward.”

October Revenue Charts: