OLS says Murphy's surplus overestimated by 25%

Frank Haines, the Office of Legislative Services budget and finance officer, told lawmakers on the Assembly Budget Committee Monday that he anticipates needing more state revenue for Murphy’s spending plans. OLS projects $182.8 million less revenue than the Gov. Phil Murphy's administration.

“I think the cumulative effect is that the surplus will be 25 percent lower,” said Haines. “So we would say that the surplus projection, adjusting only for our revenue forecast, is not a comfortable projection – it is an over projection.”

overestimated