NJ lawmakers to get update on budget, projections

TRENTON - (AP) - The state Senate's Budget Committee is getting an update on New Jersey's revenue collections.

The Office of Legislative Services and the Treasury Department will each present their budget overview and revenue forecasts to the panel in hearings scheduled for Tuesday. The snapshot comes before April tax collections, but will still give lawmakers a better idea of whether the current-year state budget is on target.

Gov. Chris Christie has proposed a $32.1 billion budget for the fiscal year that starts July 1. That spending plan is based on revenue growth of 7.3 percent.

Christie's budget contains the first phase of his proposed 10 percent income tax reduction, though Democrats have offered alternate tax-relief plans.

The budget and tax plan must be approved by the Legislature.

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