|FOR IMMEDIATE RELEASE||
CONTACTS: Tom Vincz
|January 25, 2005||
December Revenues Meet Budget Forecast
|TRENTON – State
Treasurer John E. McCormac said today that December revenue collections
totaled $2.7 billion, which is $34.6.million, or 1.3 percent, above
targets for the month.
The Treasurer noted that collections of the Big Three taxes -- the Gross Income, Sales and Corporate Income – all performed above projections during December, but not enough to offset previous monthly shortfalls that brought year-to-date collections about 2 percent, or $180 million, below estimates in November.
“December’s revenues were better than expected, but year-to-date revenues are still $147 million short of our targets,” Treasurer McCormac said.
Income Tax collections for December, aided by strong performance of estimated tax payments, totaled $873.6 million, which is $60 million (7.5 percent) above projections for the month.
Following what is being reported to be a strong holiday shopping season, Sales Tax collections for December totaled $695.6 million, which is $1.6 million (.2 percent) ahead of targets. The Sales Tax collections picture will become clearer after Treasury receives a full accounting of December’s receipts Collections for the Corporation Business Tax totaled $378.5 million, which is $7.5 million (2 percent) above the December target. Year to date collections for the CBT, however, are still $52.9 million (5.5 percent) under projections.
Through the first six months of the fiscal year, the State has collected
$12.3 billion, which is $147.5 million (1.2 percent) under estimates.
Projections for the current fiscal year will be revised, and new estimates
for the next fiscal year will be determined, when the Governor presents
the FY 2006 Budget to the Legislature.