Christie administration estimates $250M budget gap
In this Tuesday, Feb. 28, 2017, file photo, New Jersey Gov. Chris Christie stands in the Statehouse as he delivers his budget address in Trenton (Mel Evans/AP Photo)
The Christie administration estimates revenues for the current fiscal year will fall about $250 million short of projections.
Treasurer Ford Scudder said Wednesday that fiscal year 2017 revenues are expected to be $247 million below what the GOP administration expected. The fiscal year ends June 30.
The projected shortfall is small compared to earlier years. In 2014, Republican Gov. Chris Christie was forced to slash the state’s pension payment by about $1 billion, to nearly $700 million.
The Democrat-led Legislature’s nonpartisan Office of Legislative Services said Wednesday that fiscal year 2017 will be $223 million below projections, a less than 1 percent difference.
The office also said that 2018 revenues are estimated to be about $213 million below Christie’s forecast.
Christie has proposed a $35.5 billion budget for fiscal year 2018.
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