New Jersey took in a total of $5.08 billion in tax collections during the first quarter of the 2017 fiscal year, according to official revenue data released late Friday afternoon by the state Department of Treasury. That marked an improvement of roughly $43.4 million compared with the same three-month period during the last state fiscal year, generating a year-over-year increase of 0.9 percent.
But Gov. Chris Christie’s administration is projecting tax collections to grow by 3.6 percent by the time the current fiscal year ends on June 30, 2017. Tax collections will now have to grow at a stronger pace than they have been during the final three quarters to live up to those expectations.
Since New Jersey’s Constitution requires a balanced budget, any shortfall in tax collections for the full fiscal year would force Christie’s administration to make cuts or some other spending adjustment to prevent a deficit.