A new report out this morning from the state’s Economic and Revenue Forecast Council indicates that tax collections for the past month fell short of expectations by $69.7 million due to an “unexpectedly large” slowdown in economic activity. You can read the report here.

The report that really matters, the state’s quarterly revenue forecast, is due to be issued on Thursday. It’s these quarterly reports that are used as the basis for determining the state’s fiscal health. A drop in anticipated revenues will effectively reduce the state’s anticipated ending fund balance.

The budget adopted by the Legislature last month and due to be signed by the governor on Wednesday leaves $723 million in reserve, though only $442 million of it is unrestricted.

Today’s report for the May 11 through June 10 period actually would have been worse had it not been for a one-time payment of taxes on activity that occurred during a prior period.

And total collections for the quarter are still above expectations but only because of a windfall provided by a program that allowed delinquent taxpayers to pay past due taxes without penalties.