Treasury points to July revenues as positive sign

TRENTON – After releasing information Wednesday about the big-three tax revenues – income, sales and corporate taxes – the Treasury Department followed up today by issuing more details about collections in the early part of fiscal year 2013.

The administration made public further numbers after dealing with criticism from Democrats about the pace of publicizing the collections figures.

Collections in July are allocated between the just-concluded fiscal year 2012 and the just-begun fiscal year 2013, Treasury reported.

“Allocating additional July revenue for the closeout of fiscal 2012 is a prudent action based on sound accounting practice and consistent with prior years,” Treasurer Andrew Sidamon-Eristoff said in a release accompanying the numbers. “The fact that July collections were significantly higher is a clear signal that the economy continues to grow.”

Earlier today, the administration also had to absorb the news that the state jobless rate inched upward to 9.8 percent and that 12,000 jobs disappeared in July.

But the administration sought to depict the numbers and the budget in the best possible light.

Collections for all of the state’s major revenues in July totaled $1.533 billion, up 2.5 percent, according to the Treasury Department.

“An inflow of $577 million in income tax is a welcome indicator that New Jersey’s economy and personal incomes are continuing to grow,” Charles Steindel, the chief economist for the Treasury, said. “Average personal income in the state has risen 2.9 percent this year and is up 6.9 percent since the first quarter of 2010.”

Still, Democrats hammered away at their message that the governor’s “Comeback” is not working.

Earlier stories:

Buono releases OLS letter showing FY12 shortfall of $540M

Buono asks OLS for detailed revenue collection data

 

Treasury points to July revenues as positive sign