Tag Archive: revenues

Cheese it, Drewniak! The jig is up! Gas up the plane and get me outta state!

Too bad he’s rushing from the frying pan into the fire.

Today we find out – late in the day with the governor hot-footing it to a plane, that tax collections for the first two months of this budget year fell short – way short – of Gov. Christie’s rosy revenue projections. You knew that was coming. And you knew that’s why Christie was late providing the figures. In direct violation of his own executive order, by the way.

Boys and girls, this is what you call a news dump. Bad news immediately followed by a quick exit. Stage right, as always.

How bad is this? Pretty bad or Christie wouldn’t have delayed the painful news until he could get out of here. For months, Chris Christie has been pumping his empty Mission Accomplished Jersey Comeback message, thumping the Good News like a street preacher crossed with a carnival barker crossed with a pit bull. Until recently, when numbers began falling noisily off cliffs, the press has largely allowed him to get away with it, with far more ink for Christie’s brash, attractive personality and far less for the hard questions that finally everybody’s asking this guy.

Christie has finally swapped out his (#awkward) Jersey Comeback banner from his taxpayer-funded Town Halls political rallies, in favor of the (equally ridiculous) Middle Class Reform Agenda theme. But this is how we find out if we actually get that tax cut Christie promised (stamping his foot for emphasis as the Legislature acted as the grownups in the room and tied it to revenue levels that would show we could actually afford it). Jarrett Renshaw at the Ledger gives you the numbers:  

Asking Everyone to Pay Their Fair Share is *Not* a Partisan Issue

Well, this seems like a post that might provoke some interesting comments … promoted by Rosi

Cross-posted at NJPP.org

Efforts to ensure that everyone pays their fair share of taxes to keep our communities strong are often spun as “Democratic” or “liberal” ideas. But the truth is, fair taxation is not a partisan issue. Here in New Jersey, strong majorities that include an increasing number of independents and Republicans want big corporations and the wealthiest individuals to pay their fair share.

The latest to speak out? Former state Sen. Bill Schluter.  

Powerball helps NJ Lottery report record $2.6 billion in revenues

People may be struggling in this economy, but the NJ Lottery has posted record revenues this year. From the release put out by the lottery:

…early un-audited Fiscal Year 2010 returns show that the New Jersey Lottery has shattered previous revenue estimates, surpassing $2.6 billion in sales and $900 million in aid to education and institutions for the first time in its four-decade history. These estimated figures also mark the third consecutive year that sales have crossed the $2.5 billion mark.

These early FY’10 estimates indicate that the Lottery’s gross revenues of $2.6 billion will top the previous record by nearly $66.7 million dollars and will allow it to contribute approximately $924 million to State-sponsored programs, the largest revenue contribution amount in Lottery history, shattering the old record of $887.2 million set in FY2009 by nearly $37 million.

We’ll see what the final revenues say once all the auditing is done. The lottery stands in contrast to the gaming and horse racing industries which have seen precipitous declines in their revenues. You can see where the lottery money goes here.

Under the Dome: Senate Budget Committee gets revenue updates

The Senate Budget Committee will meet today to hear updated revenue estimates from both the State Treasurer and Director of OLS, but details of how bleak the picture is came out yesterday:

The state has a projected $765 million shortfall over the next 13 months, raising the potential for even deeper budget cuts, according to new figures to be released Tuesday.

An internal memo obtained by The Star-Ledger shows the state will have to come up with $402 million in revenues or cuts before the end of the current fiscal year June 30, and another $365 million for next year. The figures from the nonpartisan Office of Legislative Services will be presented to the Senate budget committee on Tuesday.

We’ll hear more details about what will have to be done to close the gap and there are sure to be some interesting exchanges as this is the first meeting since the Governor vetoed the Millionaire’s tax last week.

OLS will give their update at 10am and then the Treasurer will testify before the committee beginning at 1:30pm. The hearings will be streamed live with audio and NJN will be carrying the hearings as well if you want to watch. Their live coverage is scheduled to begin at 10:00 am. I’ve embeded their feed: