N.J. Turnpike Authority says toll revenue is lower than projected

The New Jersey Turnpike Authority says toll revenue for the first 10 months of the year is more than $47 million below projections.

The authority primarily blames higher gas prices and high unemployment. But it says four major snowstorms and Hurricane Irene also were factors – resulting in millions in fewer transactions on the storm days on the Turnpike and Garden State Parkway.

In its monthly financial report, the authority Tuesday pegged total revenues through the end of October at nearly $943 million, about 5 percent below what had been predicted.

Turnpike officials say the lower-than-projected revenues will have no effect on operations or capital projects.