New Jersey's revenue collections are on track to meet 2015 projections, according to acting State Treasurer Robert A. Romano.
The New Jersey Department of the Treasury reported on Aug. 14 that $1.99 billion was collected in July across the state's largest revenue sources, an increase of over $125 million from July 2014. Cash receipts for 13 months through July totaled $29.7 billion marking a 7% increase over the same period a year ago.
"Fiscal Year 2015 revenues have remained in line with projections from the Office of Revenue and Economic Analysis," said Romano in a statement. "We expect to see revenue growth consistent with certified projections throughout the new fiscal year."
Romano noted that July results show strong year-over-year growth in sales tax, corporate business tax and lottery revenue. Final revenue collections for the 2015 fiscal year that ended on June 30 will be published in the Department of Treasury's soon-to-be released Comprehensive Annual Financial Report.