Preliminary figures on Sandy’s impact on revenues expected Friday

TRENTON – Gov. Chris Christie said the state should have a preliminary estimate by the end of the week on what impact, if any, the super storm will have on tax revenues and what the state thinks the losses will be.

In addition, Christie said in regards to tax cuts that “I’ve always said that if something catastrophic happens we may have to adjust our positions.

“I know how to do the math,’’ he said during a storm recovery press briefing today. “I’m a realist, but I’m not ready to make that admission yet” regarding the fate of a tax cut.

Christie reiterated his preference for an income tax cut.  The Democratic-controlled Legislature has resisted a tax cut until seeing if revenues can support it.

Also, in relation to the 2 percent tax cap that towns have to work under, Christie pointed out that one of the exceptions is for emergencies.

Calling the hurricane “truly an extraordinary circumstance,’’ Christie said the circumstances tell “taxpayers in towns that were destroyed they’re probably going to have higher taxes.  It’s gotta be paid for. There is no magic money tree.”

Christie said he felt that most people will recognize that if the money is being spent reasonably to rebuild towns they’ll support it.

Along those lines, though, Christie issued a warning that municipal actions will be monitored to ensure that expenditures are in line with the exception to the 2 percent cap.

Preliminary figures on Sandy’s impact on revenues expected Friday