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

Posted: Updated:
TRENTON -

(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.

News 12 has recently updated to a brand new version of our iOS and Android apps.  If you don’t have auto updates enabled on your devices, head to the App Store or Google Play Store to update to the latest version.  This will ensure you keep getting up-to-date local news, traffic and weather information.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."