- Associated Press - Wednesday, May 18, 2016

TRENTON, N.J. (AP) - The Latest on New Jersey’s latest budget revenue projections (all times local):

12:40 p.m.

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.

___

10:30 a.m.

Forecasters say New Jersey is facing an estimated $1.1 billion budget gap over the current and next fiscal years and earlier tax receipt estimates were too optimistic.

Office of Legislative Services budget officer Frank Haines told the Democrat-led Assembly budget committee on Wednesday that income tax receipts were weaker than expected.

Haines says fiscal year 2016 estimates are $486.6 million below what the Republican Christie administration projected and the gap for 2017 is $621.6 million.

He added that New Jersey’s weaker income tax returns mirror what’s happening in other states.

Republican Gov. Chris Christie’s treasurer Ford Scudder is scheduled to unveil new revenue projections before the Democrat-led Assembly on Wednesday.

___

9: 15 a.m.

The Republican Christie administration is set to respond to new legislative forecasts that show the state could face a $1.1 billion budget shortfall for the current and next fiscal years.

Gov. Chris Christie’s treasurer Ford Scudder is scheduled to unveil new revenue projections on Wednesday before the Democrat-led Assembly.

On Tuesday, the Office of Legislative Services circulated a memo among lawmakers showing that revised projections for fiscal year 2016 are $486.6 million below what the Republican Christie administration projected.

Forecasters say the gap for 2017 is $621.6 million.

Earlier forecasts from April showed the government and Legislature were largely aligned. But lawmakers’ forecasters are projecting a gap, which could result in cuts to programs or to the state’s public pension payment.

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