New Jersey’s murky financial outlook did not get any clearer when the State Treasury released its monthly collections report.
The document showed that March’s lottery receipts fell by more than 27 percent last month, compared to March 2019. As a result, the state took in just $78.3 million for the month, versus $107.6 million a year ago.
The $29.3 million difference added to what was already a slow 2020 for the lottery, the proceeds from which help fund the retirement programs for police and firemen, teachers and other state employees. According to the statement, collections for the first three months of 2020 are at $707.8 million. That’s down from $805.3 million a year ago.
Read the rest of the report at The Center Square.
This article republishes selections from “New Jersey’s already precarious pension system in peril thanks to coronavirus crisis” an article by Steve Bittenbender for The Center Square, 4/22/2020.