Additional $1.2B hole in state revenue projected — expect more budget cuts

Officials were stunned to learn Thursday that the state is expected to take in $1.2 billion less in tax revenue than previously thought between now and June 2013, the latest grim result of an economy creeping toward recovery.

The bleak forecast means the state will have to cut $385 million more from the budget for the current fiscal year, which runs through next June — on top of a $520 million across-the-board cut the governor ordered in September.