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.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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