This week, the Office of Legislative Services (OLS) and State Treasurer Ford M. Scudder made their annual appearances before both the Senate and Assembly budget committees to discuss the FY 2018 Budget as proposed by Governor Christie. I have included links to the OLS Tax & Revenue Outlook, as well as the remarks made by OLS and Treasurer Scudder.
The combined OLS revenue estimates are $436 million less than the estimates in the budget proposed by Governor Christie back in February. Specifically, the OLS revenue estimates for FY 2017 are $223 million below Governor Christie’s budget estimates and $213 million below Governor Christie’s budget estimates for FY 2018.
Please stay tuned for additional budget-related updates, as I plan to keep everyone informed as the budget process continues. OLS and the State Treasurer will appear before both the Senate and Assembly budget committees again in May to provide another revenue update. The FY 2018 budget must be passed by the Legislature and signed by the Governor by July 1, 2017.