TRENTON – An Office of Legislative Services’ preliminary examination of total revenue so far in fiscal year 2013 showed no appreciable growth after five months.
The “snapshot,” issued today, found that “Every major revenue source is lagging its necessary year-end target growth rate.”
“Since growth has been well below 8.4 percent, the remaining months of FY 2013 will now need revenue increases of about 11.9 percent in order to achieve the year-end targets,” OLS projected.
Regarding three major revenue streams:
*Gross Income Tax receipts of $3.3 billion are 1.8 percent above the same period last year;
*Sales Tax collections through the end of November are $2.6 billion, down 0.4 percent from the same period last year;
*And Corporation Business Tax collections of $595.0 million through November are up 6.1 percent from the same period last fiscal year.
OLS said that although that is an improvement from last month for corporation business taxes, it still is well below the 26.2 percent growth rate required to meet the certified target for FY 2013.
OLS said the actual year-to-date growth of all revenues is .1 percent, from $7.638 billion in the first five months of FY12 to $7.646 billion in the first five months of FY13.
In addition, OLS said the effect of superstorm Sandy on the income tax revenues remains unclear since that tax’s slow growth before the storm has continued.