NASHVILLE (AP) — The State Funding Board has issued its official revenue projections for the current and next budget years that fall below the estimates presented by experts earlier this month.

The panel made up by the finance commissioner and the state's three constitutional officers on Monday predicted that this year's surplus will be up to $353 million, while next year's revenues could grow by up to $348 million.

The experts had estimated a range of $340 million to $422 million for the surplus; and next year's growth was pegged at $376 million to $525 million.

Members of the funding panel said they wanted to be conservative in the estimates used to shape the state's annual spending plan. They also want to treat a combined $350 million in corporate taxes as one-time revenue.