The Christie administration says revenues in the budget year ending June 30th are expected to be $247 million below projections.
That's less than a one percent difference from the $233 million shortfall the Office of Legislative Services anticipates.
Legislative Budget Officer Frank Haines says revenue forecasts are not perfect, and the gap is not a signal of trouble ahead for the state's economy.
"We don't see a severe economic downturn coming. In fact we see modest economic growth coming for at least a few years, but the unexpected can happen."
Catherine Brennan with of Office Legislative Services says New Jersey is mirroring national trends with the majority of states recently experiencing a softening of tax collections.
“In the Mid-Atlantic region the only state that’s currently performing a little bit better than New Jersey is probably Maryland. We see some cause for optimism with respect to New Jersey’s situation, but it’s still moderate growth by historical standards.”