|FOR IMMEDIATE RELEASE||
CONTACTS: Tom Vincz
|September 10, 2004||
FY 2005 Revenues on Target
| TRENTON – State
Treasurer John E. McCormac announced today that New Jersey’s
revenue collections through the first two months of FY 2005 total $3.31
billion, which is fractionally (0.4 percent) above projections for
July and August.
Among the major taxes, Sales Tax collections for the first two months total $1.108 billion, which is $15.131 million (1.4 percent) above projections. Income Tax revenues for the two-month period total $815.367 million, which is $6.6 million (0.8 percent) under estimates, while the Corporation Business Tax, at $95.7 million, is running $9.7 million (11.3 percent) ahead of projections.
“In reviewing the first snapshot for the new fiscal year, we are pleased to see revenues that are closely aligned with budget projections,” said Treasurer McCormac. “July and August, however, are among the lowest months of the year for cash receipts so we need to be careful not to read too much into these results."
Treasurer McCormac added that preliminary information for FY 2004 indicates that the estimated closing balance of $826 million will be achieved pending final review by the Office of Management and Budget. The final audit of FY 2004 will be released in December through OMB’s Comprehensive Annual Financial Report.
“We are encouraged by the performance to date and we will monitor collections closely as we proceed further into the fiscal year,” McCormac said.