The latest revenue report shows a shrinking bank account for the State of Arkansas.

October's $313.5-million net was $39-million (11.1-percent) less than October 2008, and $17.8-million (5.4-percent) below expectations.

Net amounts for the year so far total more than $1.4-billion, but they're off by $78.6-million over last year.

The revenue report shows declines in both corporate income taxes and individual income tax collections.

KARK 4 spoke with Governor Mike Beebe shortly after the report was released. He told us he will not be making any additional cuts to the budget right now, and he believes that the $100-million he recently cut will be sufficient.

He's been told revenue for the next two months should make up for the drop this month, however if that is not on pace then he says he could start making additional cuts.

Click here to read the full revenue report.