TRENTON – State
Treasurer Bradley Abelow announced today New Jersey’s revenue
collections through the first three months of FY 2007, approximately
$6 billion, are almost exactly aligned with projections for the first
quarter of the new fiscal year.
State revenues total $5.9971 billion through September, compared to
the FY 2007 budget target of $5.9979 billion. Among the major taxes,
the Gross Income Tax (GIT), at $1.87 billion, is slightly under (-4.2%)
the projected quarterly estimate of $1.95 billion. The Sales Tax, at
$1.97 billion, is in line with targets, whiles the Corporation Business
Tax (CBT), at $499.8 million, is well above (+26.9%) the collection
target of $394 million.
“While this report factors in only a small fraction of revenue
collected over the course of the fiscal year, we’re pleased to
be on track with our projections,” said Treasurer Abelow. “These
figures do not yet reflect many of the key barometers for future revenue
performance, such as the fourth quarterly payment from CBT payers and
the balance of GIT due from taxpayers who received payment extensions.
As more of these cash receipts come in, we will have a better picture
of how well our revenues are matching up with budget targets.”
“We are encouraged by collections to date and will closely monitor
all of our taxes as we progress further into FY 2007,” Abelow
said.
STATE OF NEW JERSEY
REVENUE SOURCE
BUDGET VERSUS EARNED
MONTH OF SEPTEMBER 2006
($ Thousands)
|
|
|
September |
|
Variance |
% Variance |
|
|
|
|
|
|
Over/(Under) |
Over/(Under) |
|
|
Budget |
|
Earned |
|
Budget |
Budget |
Revenue Source |
Gross Income |
$ |
1,039,000 |
$ |
989,015 |
$ |
(49,985) |
(4.8%) |
Sales |
|
697,000 |
|
699,481 |
|
2,481 |
0.4% |
Corporation Business |
|
252,000 |
|
364,905 |
|
112,905 |
44.8% |
Lottery |
|
63,400 |
|
64,616 |
|
(1,216) |
1.9% |
Motor Fuels |
|
44,100 |
|
41,027 |
|
(3,073) |
(7.0%) |
Motor Vehicle Fees (b) |
|
- |
|
- |
|
- |
- |
Transfer Inheritance |
|
52,000 |
|
38,712 |
|
(13,288) |
(25.6%) |
Casino Revenue |
|
38,100 |
|
36,915 |
|
(1,185) |
(3.1%) |
Insurance Premium |
|
400 |
|
591 |
|
191 |
0.0% |
Cigarette (a) |
|
- |
|
- |
|
- |
- |
Petroleum Products Gross Receipts |
|
18,000 |
|
19,818 |
|
1,818 |
10.1% |
Corp. Banks & Financial Institutions |
|
14,600 |
|
15,155 |
|
555 |
3.8% |
Alcoholic Beverage Excise |
|
100 |
|
(481) |
|
(581) |
- |
Realty Transfer |
|
35,500 |
|
29,217 |
|
(6,283) |
(17.7%) |
Tobacco Products Wholesale Sales (a) |
|
1,800 |
|
973 |
|
(827) |
(45.9%) |
Public Utility |
|
- |
|
- |
|
- |
- |
Total |
$ |
2,256,000 |
$ |
2,299,944 |
$ |
43,944 |
1.9% |
All Other |
|
290,600 |
|
289,111 |
|
(1,489) |
(0.5%) |
Total Revenues |
$ |
2,546,600 |
$ |
2,589,055 |
$ |
42,455 |
1.7% |
|
(a) |
Pursuant to P.L. 06-37, revenue collections of 370.0
million from the cigarette and tobacco products wholesale sales
taxes are deposited in the Health Care Subsidy Fund starting with
fiscal year 2007. Pursuant to P.L. 04-69 $0.0325 per cigarette
is dedicated to pay debt service on the Cigarette Securitization
Bonds. |
(b) |
Pursuant to P.L. 03-013, $198.7 million
of FY 2007 Motor Vehicle Fee collections are dedicated to the New
Jersey Motor Vehicle Commission. |
|
Source: OMB 10/4/2006
|
STATE OF NEW JERSEY
REVENUE SOURCE
BUDGET VERSUS EARNED
FOR THE THREE MONTHS ENDING SEPTEMBER 30, 2006
($ Thousands)
|
|
|
September |
|
Variance |
% Variance |
|
|
|
|
|
|
Over/(Under) |
Over/(Under) |
|
|
Budget |
|
Earned |
|
Budget |
Budget |
Revenue Source |
Gross Income |
$ |
1,954,000 |
$ |
1,872,559 |
$ |
(81,441) |
(4.2%) |
Sales |
|
1,967,000 |
|
1,967,395 |
|
395 |
0.0% |
Corporation Business |
|
394,000 |
|
499,798 |
|
105,798 |
26.9% |
Lottery |
|
195,600 |
|
176,383 |
|
(19,217) |
(9.8%) |
Motor Fuels |
|
135,000 |
|
140,093 |
|
5,093 |
3.8% |
Motor Vehicle Fees (b) |
|
- |
|
- |
|
- |
- |
Transfer Inheritance |
|
161,900 |
|
156,846 |
|
(5,054) |
(3.1%) |
Casino Revenue |
|
112,100 |
|
116,074 |
|
3,974 |
3.5% |
Insurance Premium |
|
1,900 |
|
297 |
|
(1,603) |
(84.4%) |
Cigarette (a) |
|
- |
|
- |
|
- |
- |
Petroleum Products Gross Receipts |
|
62,100 |
|
60,567 |
|
(1,533) |
(2.5%) |
Corp. Banks & Financial Institutions |
|
19,300 |
|
17,667 |
|
(1,633) |
(8.5%) |
Alcoholic Beverage Excise |
|
15,600 |
|
15,105 |
|
(495) |
(3.2%) |
Realty Transfer |
|
104,500 |
|
104,366 |
|
(134) |
(0.1%) |
Tobacco Products Wholesale Sales (a) |
|
3,100 |
|
2,163 |
|
(937) |
(30.2%) |
Public Utility |
|
- |
|
19 |
|
19 |
0.0% |
Total |
$ |
5,126,100 |
$ |
5,129,332 |
$ |
3,232 |
0.1% |
All Other |
|
871,800 |
|
867,749 |
|
(4,052) |
(0.5%) |
Total Revenues |
$ |
5,997,900 |
$ |
5,997,081 |
$ |
(820) |
(0.0%) |
|
(a) |
Pursuant to P.L. 06-37, revenue collections of 370.0
million from the cigarette and tobacco products wholesale sales
taxes are deposited in the Health Care Subsidy Fund starting with
fiscal year 2007. Pursuant to P.L. 04-69 $0.0325 per cigarette
is dedicated to pay debt service on the Cigarette Securitization
Bonds. |
(b) |
Pursuant to P.L. 03-013, $198.7 million
of FY 2007 Motor Vehicle Fee collections are dedicated to the New
Jersey Motor Vehicle Commission. |
|
Source: OMB 10/4/2006
|
|