Administration Secretary Justin Johnson says revenues for the first two months of the fiscal year are not meeting projections, but he says it's much too soon to panic about the situation.
The administration had projected that revenues in the General Fund would rise roughly 4 percent this year. But the state has been unable to meet this target because the personal income tax, the sales tax and the meals and rooms tax have not met their target goals.
Johnson notes that overall revenues are running two and a half percent higher than last year and he says the state has 10 months to make up the lost revenue.
"We're not far off. We'll keep a close eye on it," said Johnson. "I think the next couple of months will be important though and obviously it's something we have to keep an eye on."
Johnson points out that fuel prices are at a 10 year low, and he thinks this will help bolster the state economy.
"And we have people looking to book in winter fuel buys and that sort of thing," said Johnson. "Particularly propane prices and fuel oil prices are lower than we've experienced over the last few years, so that can help free up money for spending on other things."
Revenues for the Transportation Fund are actually lower than last year largely because diesel fuel prices have plummeted this summer.
