New Jersey collected just over $2.06 billion in revenue during October and remains on track to finish ahead of last year's numbers, according to Acting State Treasurer Ford M. Scudder.
The New Jersey Department of Treasury reported on Nov. 17 that through October the state has collected $7.1 billion in revenue for the 2016 fiscal year, up 2.9% from the year-ago period. Sales tax collections were up 6.1% last month compared to October 2014 and 4.5% for the fiscal year that began in July. The state projected 2.9% growth in sales tax revenue for 2016.
Scudder, who was sworn in as acting treasurer on Nov. 9, also reported that corporate business tax collections have fallen short of its growth target and are down 18.8% from the 2015 fiscal year. The state is projecting a 3.4% increase in this revenue source.
New Jersey is rated A2 by Moody's Investors Service and A by Fitch Ratings and Standard & Poor's.