The remaining revenue goes to the general revenue fund for appropriation by the Legislature.

In January, officials declared a general revenue failure, meaning general revenue for the current budget year is expected to fall at least 5 percent short of the amount projected when the budget was written last spring.

That resulted in immediate 3 percent across-the-board cuts to appropriated state agencies.

Now officials are worried that that might not be enough. There has been talk of a second revenue failure, although Miller said technically there is no such thing.

“A second declaration of revenue failure would not be necessary, but deeper across-the-board cuts remain a possibility as the trend in gross receipts collections is less than positive,” he said.

Also a possibility is that the Education Reform Revolving Fund, also known as the 1017 Fund, will fail to meet projections, causing further cutbacks to common ed.

The 1017 Fund receives money from a variety of taxes earmarked for that specific purpose.

The rolling 12-month gross revenue total maintained by the treasurer has been falling steadily since last February, when it peaked at $12.1 billion.