December 28th, 2012
The state Senate Budget and Appropriations Committee invited State Treasurer Andrew Sidamon-Eristoff and David Rosen, the budget expert from the Office of Legislative Services, to update the members on revenue projections for 2013.
The state’s two finance titans are scheduled to make their presentations on Jan. 3 at one o’clock. Their remarks come on the heels of last month’s report that the state’s tax revenues failed to meet expectations. Tax collections were off their mark by more than $183 million.
The shortfall could force state officials to make budget cuts to bridge the gap. Gov. Chris Christie has said he is prepared to reduce spending, if necessary. Given the economic upheaval caused by Hurricane Sandy, Christie has said residents will not be surprised by budget cuts. “Our state was essentially closed for the month of November. That’s not real good for your tax revenues.”
Despite the setbacks, there are indications New Jersey’s economy will rebound as the recovery and rebuilding efforts take shape. Already some industries, like construction and tree removal, are experiencing surges. Furniture and auto sales are also up as consumers replace items lost in the storm.