Update on state revenues

I just got the weekly Commissioner's update and it contained the following:

Update on FY13 Budget:

Secretary of Administration and Finance Jay Gonzalez provided an update on state revenues earlier this week. Secretary Gonzalez said that state revenues in October 2012 were down from a year ago and came in $162 million below projections. The revenue report means that cuts to state spending could occur in the near future. We will provide you with further updates as we continue to receive guidance on the FY13 state budget from the Administration.

Heads up, folks!