Assembly Panel Hears Differences In Revenue Estimates
By Phil Gregory, WBGO News
Trenton. April 4, 2013
The New Jersey legislature’s budget officer is projecting revenue growth will be less than the Christie administration expects.
David Rosen with the Office of Legislative Services estimates the state will take in $637 million less through the end of the next fiscal year than the administration forecast.
Rosen says the administration is assuming the state will get a $120 million payment from a vendor to operate the New Jersey lottery.
“The state must conclude negotiations with a single bidder quickly if that revenue is to be realized in fiscal 13.”
State Treasurer Andrew Eristoff is confident that will happen.
“Although I am not at liberty to share detailed information at this time I can assure you that the process is ongoing and is expected to reach its conclusion very soon.”
Eristoff also defends the administration’s projected $180 million increase in casino revenue from recently approved Internet wagering.
“We are basing our estimate on the enacted version of this legislation, which included a 15 percent tax rate and significant changes to enhance the Internet gaming experience and streamline the regulatory process so that New Jersey can implement the statute without delay and move quickly to secure international leadership in this area.”
The Treasurer expects the state will also be getting $166 million from municipal housing trust funds.