The April figure released Wednesday follows a $54 million shortfall in March, the first month after state economists lowered the general revenue forecast due to sagging national and state economies.
If the shortfalls continue they could eat up a $322 million reserve in the budget for the current fiscal year, which expires June 30.
House Policy and Budget Chairman Ray Sansom, R-Destin, said economists expect to make technical adjustments in the state's financial outlook to avert a current year deficit, which would violate the Florida Constitution. State revenue has been in a tailspin for the past year, forcing the Legislature to conduct two rounds of cuts that have reduced the current budget by more than $1 billion.
The shortfalls have continued even though economists reduced the estimate in March by a combined $2.9 billion for the current and next budget years.
The Legislature used that estimate to craft a $66.2 billion budget for the next fiscal year. That's about $4 billion less than the state is expected to spend in the current year.
Amy Baker, coordinator of the Legislature's Office of Economic and Demographic Research, said she was still hopeful because the shortfalls appear to be stabilizing.
She pointed out sales tax collections were $49.6 million below estimate in April, little change from March's $46.9 million shortfall.
The largest component of the April shortfall was from the insurance premium tax, which came in $63 million less than expected. Baker said that's expected to be a one-time occurrence.
Corporate profits taxes were off by $32.6 million and the documentary stamp tax on real estate transactions was $3.1 million short. Some collections, though, came in over estimate including interest earnings and tobacco and beverage taxes.
The state also could benefit in June and July from the federal government's stimulus package, which will return $600 to individual taxpayers, $1,200 to couples and $600 to parents for each child under 17, Baker said. ''We still will be watching real closely to see what people do with that money,'' Baker said.
Spending it on taxable items would help the state meet its revenue forecasts.
