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May 20

Office of Legislative Services Revenue Update

Posted to The Town Crier - Legislative Backgrounder on May 20, 2022 at 11:34 AM by Legislative Staff

On Monday May 16, The Office of Legislative Services (OLS) and the New Jersey State Department of Treasury provided testimony to the Senate Budget and Appropriations Committee on updated revenue projections for the FY 2023 State Budget. There is an estimated multi-billion-dollar surge in revenue with a $3.6 billion increases over the previous year’s projections. If the OLS projections are correct, there will be an estimated $6.9 billion in increased tax revenue than estimated by the Murphy Administration. New Jersey Treasury’s projections are $7.8 billion higher than initial forecasts with projected revenue for FY 2023 of $51.4 billion.

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Tag(s): OLS