Administration Secretary Jeb Spaulding says Vermont General Fund revenues came in almost 1.8 percent below forecasts in July.
Spaulding released Vermont's monthly revenue report on Thursday.
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In July, the first month of the fiscal year, General Fund revenues were about $1.8 million below projections.
Spaulding says the results reinforce the need to implement a spending reduction plan.
The state had projected this year's state revenues to grow 4.8 percent over last year, but last month officials reduced that estimate to 3 percent, leaving the state with about $31 million less to spend.
At the time, Gov. Peter Shumlin told state agency heads to reduce their budgets by 4 percent.
Spaulding says the transportation and education funds came in ahead of projections.