The Office of Legislative Services (OLS) periodically issues an analysis of State government revenue collections data in New Jersey. The OLS Revenue Snapshot is a brief report that includes a narrative summary of major tax collection trends in the fiscal year, and a table that compares revenues in the current fiscal year to the comparable amount received at the same point in the prior fiscal year. With the exception of New Jersey Lottery receipts, all of the revenue sources reported are taxes or fees. The table includes only those State revenues that are received on a fairly even basis throughout the year, accounting typically for about 80% of the State's annual budgeted revenues. The table omits many of New Jersey's other tax and non-tax revenues and does not include local government tax revenues such as the property tax. The table generally includes one graphical illustration of collection trends for a major tax revenue such as the gross income tax or the sales tax.
The OLS Revenue Snapshot and analysis are based upon actual cash receipts through the month indicated, as compiled by the Department of the Treasury. However, unlike the State Treasurer's monthly report, our figures do not include a current month accrual or "earned" estimate for those taxes that are transmitted to the State on a delayed basis. Taxes so affected are indicated on the OLS table with an asterisk.
The OLS Revenue Snapshot is intended to be a report about major revenues received and not a prediction of future revenues. The OLS presents formal revenue estimates to the budget committees of the Legislature in conjunction with the annual review of the Governor's budget proposal.
The following OLS Revenue Snapshot are available online: