New Jersey facing billion-dollar budget shortfall
TRENTON — New Jersey legislative budget forecasters estimate the state is facing a $1.1 billion shortfall for the remainder of the current fiscal year and into 2017.
The Office of Legislative Services told lawmakers in a memo on Tuesday that revenues for the current fiscal year, which ends June 30, are $486.6 million below what Republican Gov. Chris Christie's administration projected. Forecasters say the gap for 2017 is $621.6 million.
The gap in the current year's $33.8 billion budget could mean Christie and the Democrat-led Legislature would have to shave money from some programs or potentially the state public pension payment.
Treasurer Ford Scudder is set to publicly unveil revised estimates Wednesday. Spokesmen for the administration did not immediately return emails seeking comment.
PolitickerNJ.com first reported news of the memo.