Legislative budget forecasters say New Jersey is facing a more than $430 million budget gap over two years
The Democrat-led Legislature's nonpartisan Office of Legislative Services said Wednesday that fiscal year 2017 and 2018 revenues are estimated to be $436 million below Republican Gov. Chris Christie's forecast.
The administration is set to update the Assembly budget committee later on Wednesday.
Christie has proposed a $35.5 billion budget for fiscal year 2018, which starts July 1.
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The shortfall amounts to just over 1 percent of Christie's estimate and is small compared to earlier years. In 2014, Christie was forced to slash the state's pension payment by about $1 billion to nearly $700 million.
Christie's 2018 proposal calls for a $2.5 billion pension payment, up from $1.9 billion in 2017.