Surprise revenue shortfall: State running $840 million short
TRENTON — Republican Gov. Chris Christie's top financial official estimates the state's revenues are about $840 million less than expected for the current and next fiscal years.
Treasurer Ford Scudder told the Democrat-led Assembly on Wednesday that fiscal year 2016 revenues are about $603 million less than expected and $240 million less than projected in 2017.
Scudder says the administration is closing the current-year gap through budget lapses, as well as $239 million from the surplus and $81 million in savings from supplemental spending because of a mild winter.
For 2017, Scudder says the administration will close the gap by slowing the payment of business tax credits and by cutting spending on charity care by $25 million.
Scudder says the state is on track to make its estimated public pension payments.
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