Budget officials: N.J. revenue forecast too rosy

State Treasurer Andrew Eristoff will appear before a legislative budget panel to explain how the Christie administration plans to close a $676 million budget gap.

Eristoff will present his revised revenue forecast to the Assembly Budget Committee on Wednesday, along with plans to rein in spending through July 2013 to accommodate the unanticipated shortage.
David Rosen, the Legislature’s chief budget officer, will appear before the panel earlier in the day and with a grimmer forecast. Rosen estimates that revenue collections will be off by $1.3 billion through the end of the next budget year.

The Legislature is receiving the adjusted calculations before beginning negotiations on Gov. Chris Christie’s proposed state budget.

Christie and Democrats who control the Legislature have six weeks to strike a deal on the spending plan.