Treasurer says New Jersey faces $527M gap over for 2017

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(AP) - New Jersey state treasurer says Gov. Chris Christie's fiscal year 2017 budget is expected to be about $527 million shy of expected revenues.

Ford Scudder spoke Tuesday during a Senate budget committee hearing.

Scudder says the Republican administration will account for the shortfall by spending less than expected in a number of programs.  He also says it will divert $50 million from the Clean Energy Fund and defer homestead benefit payments to towns across the state.

Scudder said revenue projections for the 2018 budget are expected to be $191 million higher from those made earlier this year.

Scudder's estimates contrast with the nonpartisan Office of Legislative Services, which has estimated a $687 million gap to close over the two fiscal years.

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