New Jersey Revenue $254 Million Less Than Forecast

Nine percent drop in corporation tax collections

New Jersey's revenue collections came in $254 million below estimates in fiscal 2012, the state's nonpartisan Office of Legislative Services told lawmakers on Mon day.

Total revenue grew 2.9 percent to nearly $25.4 billion during the fiscal year that ended June 30.

"The shortfall means this year's budget starts with $254 million less than anticipated, requiring even higher growth than was already assumed by (Governor Chris Christie) to meet his targets for this fiscal year," New Jersey Assembly Budget Chairman Vincent Prieto, a Democrat, said in a statement.