Revenue collections down in New Jersey

Revenue collections in New Jersey are below projections, and that could lead to some changes in the state budget.

Collections in the first four months of New Jersey’s fiscal year were more than 3 percent below target.

The state might need to make midyear budget cuts, said Assemblyman Declan O’Scanlon, Republican budget officer.

“I don’t want to inflict a sense of fear in people at this point. We’re not ready for that, but it’s not off the table,” he said Friday.

Assembly Budget Committee Chairman Lou Greenwald suggested the state could draw on its reserve fund to make up for the shortfall.

“That’s why we have a surplus,” Greenwald said. “That money is there to offset for shortfalls.”

A spokesman for the governor said it would be premature to discuss the need for additional budget cuts.

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