N.J.’s huge $6.3B budget surplus will be even bigger, treasurer predicts
Updated 2:24 PM;
Today 12:50 PM
Treasurer Elizabeth Muoio said on Monday, Tax Day, she will provide a final revenue report in June.David Gard | For NJ Advance Medi
Facebook Share
New Jersey’s revenue outlook just keeps getting brighter, the state treasurer said Monday.
Collections of the sales tax and fees on home sales are booming, putting the state on track to pad its planned $6.3 billion surplus by hundreds of millions of dollars more by the June 30 end of the fiscal year.
Gov. Phil Murphy in February raised revenue forecasts for the current fiscal year by $3.2 billion, from about $41 billion to $44.2 billion, which represented a remarkable turnaround after early-pandemic fears of crippling economic meltdown. That extra cash will allow the state to sock billions of dollars away in reserves much of which Murphy plans to spend next year.
Despite tax filing delays, state financial analysts expect surge in new money njbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from njbiz.com Daily Mail and Mail on Sunday newspapers.