New Jersey Fiscal Statistics

StatisNostics/State Financials/New Jersey

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20122023

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State Revenue Analysis (New Jersey: 2012–2023)

Population: 8,876,000 → 9,267,130 (4.4% change)

Overall Revenue Trends

Total Revenue▲ 83.7%

$56,646,748,000 (2012)→$104,039,524,000 (2023)

Per Capita Revenue▲ 75.9%

$6,382 (2012)→$11,227 (2023)

Fund Balances▼ 100%

$36,088,851,000 (2012)→$0 (2023)

Revenue Volatility✓ Low

Avg. fluctuation: 6.3%

Major Tax Revenue

Property Tax▼ 10.3%

$5,650,000 (2012)→$5,068,000 (2023)

Sales Tax▲ 82%

$8,099,549,000 (2012)→$14,742,322,000 (2023)

Utility Revenue

Water Utilities▼ 1.9%

$42,872,000 (2012)→$42,046,000 (2023)

Sewerage Charges▲ 22.8%

$7,024,000 (2012)→$8,624,000 (2023)

Solid Waste Charges▼ 94.7%

$40,588,000 (2012)→$2,150,000 (2023)

Growth Analysis

Fastest Growing Revenue Sources

Other In Trust - Interest Revenue▲ 6877.3%

$260,000→$18,141,000

Federal Intergovernmental Public Welfare▲ 2626.4%

$588,269,000→$16,038,598,000

Regular Highway Charges▲ 1585.1%

$932,000→$15,705,000

Declining/Slowest Growing Sources

Solid Waste Charges▼ 94.7%

$40,588,000→$2,150,000

Royalties▼ 75.6%

$344,000→$84,000

Parks & Recreation Charges▼ 64.4%

$167,670,000→$59,770,000

Revenue Forecast

Projected Revenue (Next Year)▲ 10.7%

Estimated: $115,142,576,111

Based on 3-year revenue trend

Revenue Composition

2012 Revenue Breakdown

Individual Income Tax19.6%

Total General Sales Taxes14.3%

Federal Intergovernmental Health & Hospitals12.7%

Unemployment - Contribution5.2%

Miscellaneous General Revenue Not Elsewhere Classified4.1%

Federal Intergovernmental Education3.4%

Corporation Net Income Tax3.4%

Federal Intergovernmental Other3.3%

Higher Education Tuition Charges3.1%

Interest Earnings2.0%

Toll Highway Charges2.0%

Transit Utilities Revenue1.7%

Public Utilities Tax1.7%

Net Lottery Revenue1.7%

Hospital Charges1.6%

Federal Intergovernmental Highways1.6%

Tobacco Sales Tax1.4%

Other Selective Sales Taxes1.3%

All Other Not Elsewhere Classified Charges1.2%

Death & Gift Tax1.1%

Motor Vehicle License1.1%

Federal Intergovernmental Public Welfare1.0%

Federal Intergovernmental Housing & Community Development1.0%

Higher Education Auxiliary Charges1.0%

Motor Fuels Sales Tax1.0%

Insurance Premium Tax0.9%

Occupation & Business License Not Elsewhere Classified0.8%

Other In Trust - Other Contributions0.8%

Federal Intergovernmental Transit Utilities0.6%

Documentary & Stock Transfer Tax0.6%

Local Intergovernmental Education0.5%

Amusement Tax0.4%

Donations From Private Sources0.4%

Corporation License Tax0.4%

Workers Compensation - Other Contributions0.3%

Federal Intergovernmental Employment Security Administration0.3%

Local Intergovernmental Highways0.3%

Parks & Recreation Charges0.3%

Fines & Forfeits0.3%

Alcoholic Beverage Sales Tax0.2%

Federal Intergovernmental Other Natural Resources0.2%

Local Intergovernmental Health & Hospitals0.1%

Local Intergovernmental Transit Utilities0.1%

Amusement License Tax0.1%

Motor Vehicle Operators License0.1%

Education Other State Charges Not Elsewhere Classified0.1%

Water Utilities Revenue0.1%

Solid Waste Charges0.1%

Federal Intergovernmental Sewerage0.1%

Housing & Community Development Charges0.1%

Workers Compensation - Interest Earnings0.1%

Local Intergovernmental Other0.0%

Federal Intergovernmental Water Utilities0.0%

Water Transportation & Terminal Charges0.0%

Hunting & Fishing License0.0%

Air Transportation Charges0.0%

Public Utility License Tax0.0%

Sewerage Charges0.0%

Elementary Secondary Education School Lunch Charges0.0%

Property Tax0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

Alcoholic Beverage License Tax0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Rents0.0%

Other License Tax0.0%

Regular Highway Charges0.0%

Elementary Secondary Education Tuition and Transportation Charges0.0%

Royalties0.0%

Federal Intergovernmental Air Transportation0.0%

Local Intergovernmental Public Welfare0.0%

Other In Trust - Interest Revenue0.0%

Sale of Property0.0%

2023 Revenue Breakdown

Individual Income Tax17.8%

Federal Intergovernmental Public Welfare15.4%

Total General Sales Taxes14.2%

Corporation Net Income Tax8.4%

Federal Intergovernmental Health & Hospitals5.0%

Federal Intergovernmental Other4.4%

Miscellaneous General Revenue Not Elsewhere Classified3.4%

Unemployment - Contribution3.0%

Other Selective Sales Taxes2.5%

Toll Highway Charges2.4%

Federal Intergovernmental Education2.3%

Interest Earnings2.3%

Higher Education Tuition Charges2.2%

Hospital Charges1.7%

All Other Not Elsewhere Classified Charges1.5%

Net Lottery Revenue1.2%

Public Utilities Tax1.1%

Federal Intergovernmental Highways1.0%

Documentary & Stock Transfer Tax0.8%

Transit Utilities Revenue0.7%

Occupation & Business License Not Elsewhere Classified0.7%

Insurance Premium Tax0.7%

Corporation License Tax0.7%

Motor Vehicle License0.6%

Higher Education Auxiliary Charges0.6%

Death & Gift Tax0.5%

Other In Trust - Other Contributions0.5%

Local Intergovernmental Education0.5%

Tobacco Sales Tax0.5%

Motor Fuels Sales Tax0.4%

Amusement Tax0.4%

Federal Intergovernmental Housing & Community Development0.4%

Local Intergovernmental Highways0.3%

Donations From Private Sources0.3%

Workers Compensation - Other Contributions0.2%

Local Intergovernmental Other0.2%

Federal Intergovernmental Employment Security Administration0.2%

Fines & Forfeits0.2%

Alcoholic Beverage Sales Tax0.2%

Local Intergovernmental Health & Hospitals0.1%

Amusement License Tax0.1%

Motor Vehicle Operators License0.1%

Parks & Recreation Charges0.1%

Housing & Community Development Charges0.1%

Federal Intergovernmental Sewerage0.0%

Federal Intergovernmental Other Natural Resources0.0%

Water Utilities Revenue0.0%

Water Transportation & Terminal Charges0.0%

Hunting & Fishing License0.0%

Education Other State Charges Not Elsewhere Classified0.0%

Other In Trust - Interest Revenue0.0%

Public Utility License Tax0.0%

Air Transportation Charges0.0%

Regular Highway Charges0.0%

Workers Compensation - Interest Earnings0.0%

Unemployment - Interest Revenue0.0%

Natural Resources Not Elsewhere Classified Charges0.0%

Sewerage Charges0.0%

Elementary Secondary Education Not Elsewhere Classified Charges0.0%

Property Tax0.0%

Alcoholic Beverage License Tax0.0%

Other License Tax0.0%

Rents0.0%

Elementary Secondary Education School Lunch Charges0.0%

Solid Waste Charges0.0%

Federal Intergovernmental Air Transportation0.0%

Royalties0.0%

Key Insights

1Total revenue increased by 83.7% from 2012 to 2023, representing a significant change in the state's financial position.
2Population changed by 4.4%, while per-capita revenue changed by 75.9%.
3The state's fund balances decreased by 100%, suggesting financial challenges or major capital expenditures.

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State Expense Analysis (New Jersey: 2012 - 2023)

Total Expenditure Trends

Operating Expenditures▲ 177%

$22,687,272,000→$62,924,326,000

Per Capita Spending▲ 166%

$2,556→$6,790

Population Trends

Population Change▲ 4.4%

8,876,000 (2012)→9,267,130 (2023)

⚠️ Spending growth significantly outpacing population growth

Public Safety Expenses

Police Protection▲ 90%

$600,500,000 (2012)→$1,139,086,000 (2023)

Fire Protection▼ 0%

$0 (2012)→$0 (2023)

Infrastructure Expenses

Highways Maintenance▼ 17%

$166,805,000 (2012)→$138,338,000 (2023)

Sewerage Operations▼ 7%

$16,351,000 (2012)→$15,185,000 (2023)

Administrative Expenses

Financial Administration▲ 148%

$965,154,000 (2012)→$2,389,513,000 (2023)

General Expenses▲ 288%

$1,297,252,000 (2012)→$5,027,597,000 (2023)

New Jersey Key Insights

1Per capita expenditures grew by 166%, indicating substantial service expansion or cost increases not explained by population growth alone
2General expenses increased dramatically by 288%, which may indicate classification changes, new initiatives, or reporting adjustments
3Financial Administration was the fastest growing major expense category at 148% increase

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State Debt Analysis (2012-2023)

Debt Trends

Total Long-Term Debt▲ 18%

$49,670,535,000 (2012)→$58,445,877,000 (2023)

Industrial Revenue Debt▼ 100%

$15,125,104,000 (2012)→$0 (2023)

Per Capita Debt▲ 13%

$5,596 (2012)→$6,307 (2023)

Population Trends

Population Change▲ 4.4%

8,876,000 (2012)→9,267,130 (2023)

Debt Management

Most Recent Year (2023)

Issued:$4,579,283,000

Retired:$4,434,538,000

Net Change:+$144,745,000

Debt Retirement Trend

$2,002,702,000 → $4,434,538,000▲ 121%

🔄 Significant change in retirement strategy detected

Key Insights

1There appears to be a significant shift in debt management strategy between 2012-2023, with a move toward higher debt levels.