Business Tax Revenues Boost N.J. to a $250 Million Surplus

Braun, Martin Z.
May 2003
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p40
Trade Publication
Despite dismal income and sales tax collections, New Jersey will end the fiscal year of 2003 with a 250 million dollar surplus on account of higher business tax collections, state Treasurer John McCormac said on May 27, 2003. Nevertheless, McCormac cautioned that the projected surplus is just 1 percent of the state's 23.7 billion dollar budget and warned that income and sales tax collections, the state's top two revenue sources, remain a major focus of concern. The state projected 100 million dollars in revised estimates of February 2003. While the state estimated it saved 100 million dollar in debt service costs in fiscal 2003 through bond refundings, it does not anticipate any debt service savings from refundings in fiscal year of 2004.


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