Church cuts jobs amid finances warning
A senior administration official said Saturday that the administration is slashing more than $1 billion from the state budget, citing a forecast that tax revenues from the state’s tobacco tax and cigarette excise taxes would come in short of expectations.
Gov. Paul LePage’s budget proposal, approved by the General Assembly on Thursday, would slash about $1 billion from the state Department of Revenue, which oversees tobacco sales, and the State Liquor and Lotteries Commission, which regulates sales of cigarettes, from 2014-2022, and would trim $10.6 billion from the state’s budget next year, according to the statement on the governor’s website.
The statement went on to state that about $10 billion in state revenue would be cut from next year’s budget to the end of next year, $1 billion of which would come from tobacco taxes.
The statement went on to say that because of the reduction in state tax revenues due to “an uncertain budget outlook,” the state will seek additional financing in the future to keep the state budget balanced.
LePage signed the budget proposal last year and promised to balance the state budget by 2014-2022, which would cause a revenue loss from the tobacco tax and excise taxenatyasastra.coms for the current fiscal year. The tobacco tax and excise tax revenue was $5.2 billion for fiscal 2014. The revenue loss from the tobacco tax and excise taxes next year could come from the state’s proposed elimination of a cigarette tax on tobacco products sold in supermarkets by the state-based New Jersey Retail Merchants Association.
The tobacco tax is based on a price per pack and the excise tax is based on a tax on cigarettes smoked. For tobacco products, the excise tax falls from July 1 of the first quarter of next year.
The tobacco tax and excise tax for tobacco products are estimated at $13.4 billion this year.
LePage, a Republican, signed the budget on a party line vot바카라e in February after legislators failed in their attempt to pass the final budget legislation with the approval of the full Legislature and the governor in January. The final package would have brought $14.7 billion for the state budget next yea바카라r.
That’s less than $9 billion short of a one-year $15.3 billion deficit and $13.2 billion short of expected revenue of $14.9 billion, according to LePage’s spokesman John Lassiter.
In addition, on Friday, the state Office of the State Auditor issued a review of some stat