The state is covering its shortfall through cuts to state agencies, federal help and its budget reserves -- with $1.4 billion still left in state coffers.

A recent study by Ball State University economists shows local county-level revenues may be down an average of between 2.4 and 6.8 percent this year from 2019.

Officials say they expect a $1.7 billion shortfall this fiscal year (which ends in two weeks) and another roughly $2 billion loss next fiscal year.

State revenue numbers were about $220 million below projections, or about 20 percent. Year-to-date revenue collections are almost $1 billion less than budgeted for.

State agencies are being asked to review operations, space, travel and hiring to cut their budgets by 15 percent.

State tax collections were about $960 million, or 44 percent, less than expected for April, and Gov. Eric Holcomb said the state could see a drop of more than $3 billion in tax revenue over the next 14 months.

The total revenue generated by the state in April is nearly 50 percent less than projected. The state's budget director says, its hard to predict what might happen in May.

A memo issued this week by the State Budget Agency directs department leaders to take action for reducing expenses, along with no vehicle or furniture purchases.

Tax revenues came in about $63 million less in March than the state budgeted for. But Office of Management and Budget director Cris Johnston says that doesnt yet reflect a significant impact from the ongoing pandemic.

Sales, individual and corporate income taxes all bested projections, combining to set revenues more than $50 million ahead of expected levels.