I've been tasked with developing requirements and specifications for a project our group is starting.

I realized that I don't know the difference; a Google search just confused me more -- it seems some people say that specifications are requirements, but at a lower level.

The sound-bite answer is that requirements are what your program should do, the specifications are how you plan to do it. 

Another way to look at it is that the requirements represent the application from the perspective of the user, or the business as a whole. The specification represents the application from the perspective of the technical team. Specifications and requirements roughly communicate the same information, but to two completely different audiences.
