Revenue collections in New Jersey are $426 million below the budgeted amount through the first half of the fiscal year.
A report released Tuesday by the state Treasury Department shows tax and fee collections for December exceeded the budgeted amount by $25 million. But revenues remain off 4 percent for the fiscal year.
Gov. Chris Christie’s $31.7 billion annual budget relied on revenue growth of more than 7 percent for the year, the highest forecast of any state in the nation. So far, collections of income, sales, corporation business and other taxes have not neared the amount projected.
The sales tax is off by $189 million for the year so far.
The shortfall could necessitate midyear budget cuts to keep the state’s budget in balance as required by law.