State budget director Dave Schmiedicke said state revenue collections are off $3.5 billion from the projections made in June, a major factor in the $5.4 billion budget deficit now facing the state.
“It would have been a challenging budget based on the June numbers,” Schmiedicke said. The “rapid deterioration” in revenues over the past several months have the state staring at the biggest budget hole in its history, he said.