The $1.6 billion budget hole that was stitched together in January is bursting at the seams and lawmakers probably will be required to patch another $500 million deficit during the next three months.

Richard Stavneak, director of the Joint Legislative Budget Committee, told Democratic lawmakers in the state House of Representatives on March 17 that tax collections for the month of February are coming in far short of expectations.

Early reports show significant drops in sales tax and income tax collections, and February revenues are estimated to be $70 million less than predicted.

That is on top of an $80 million slide in state revenue in January, bringing the total shortfall since the fiscal 2009 budget was fixed to $150 million.

That, Stavneak said, means the budget will likely have a deficit between $450 million and $500 million.

The budget fix in January bridged the $1.6 billion gap by cutting $580 million in state spending, sweeping nearly $600 million into the general fund from dedicated funds and anticipating $500 million in federal stimulus money. The budget revisions were approved before Congress finished its work on the federal stimulus bill.

However, Arizona is slated to receive far more than the $500 million estimated in the budget fix. It will receive $503 million for public healthcare, plus an additional $832 million for education and $185 million in aid that could be spent on anything.

The education money and general purpose aid can be spent in either the current fiscal year or the upcoming year.